Key Income Tax Deadlines in October 2024: Essential Dates to Remember


The knowledge of tax due dates is very important for everybody in India – both, individuals and legal entities. Financial year is from April to March and income tax department lays down certain dates for compliance during the year. Failure to meet such time lines usually triggers some form of penalty and affects the overall strategic financial planning. Here are the key tax deadlines for October 2024 that you should keep in mind:

October 7, 2024: TDS/TCS Deposit As per this due date, the tax deducted or collected in September 2024 has to be deposited. Any tax deducted in a government office, can be paid on the same day without requiring an income tax challan. This is also the due date for those taxpayers who are assessed to TDS payment quarterly under sections 192, 194A, 194D or 194H for the July – September quarter.

October 7, 2024: CBDT Extends Tax Audit Report Filing Date beyond Sep 30, 2024 till Oct 7, 2024. This applies to certain individuals under the tax act of 1979 section 139(1).

October 15, 2024: Due Date for filing Form 24G and TDS Certificates Government offices need to file Form 24G for TDS or TCS payments made in September 2024 up to this date. Also, TDS certificates for sections 194-IB, 194-IA, 194M, and 194S of August 2024 are required.

October 15, 2024: Due Date for TCS Return Businesses that have collected tax in the July-September quarter of FY 2024-25 must file the TCS return by today. Moreover, any declarations received in Form 15G or 15H during this period must be uploaded.

October 30, 2024: Section 194-IA, 194-IB, 194M and 194S This is the due date of filing challan-cum-statements for the tax deducted in September 2024. TCS certificates for the quarter at least up to July-September must be issued by this date also certifications for the TCS of the July to September quarter must also be tendered by this date.

October 31, 2024: Several filing deadlines are as follows : Many of the important filings are due by October 31.

Additional Statement (Form 3CEB) in case of international or specified domestic transaction relating to transfer pricing audit report.

The proposed Form 3CEAB is applicable to entities in an international group for the accounting period from January 2023 to March 2024.

A TDS return for the three months of July to September.

ITR Filing for the Financial Year 2023-24, both for individuals and corporate assesses along with those who are subject to mandatory audit.

Others include filing of audited accounts under section 35(2AA), filing of Quarterly returns by banks and filing of Form 60 declarations. Other categories of investors include Pension funds and Sovereign Wealth Funds also report investment information for the period to September 2024.

These are deadlines that when missed, will cost the business dearly or when complied with, the business will reap big tax benefits.