As the year comes to a close, December becomes a vital month for taxpayers to fulfil important financial and compliance duties. It is the time to claim deductions, make advance tax payments, and file returns, ensuring all tax responsibilities are wrapped up before the year ends.
Failing to meet these deadlines can lead to penalties, which makes early planning essential. Staying on top of the crucial deadlines in December 2024 is key to ensuring smooth compliance and taking full advantage of available tax benefits.
By understanding the key dates, taxpayers can avoid last-minute stress and ensure they complete all obligations on time.
Here’s a look at the important income tax deadlines to keep in mind for the month.
DECEMBER 7, 2024
The last date to deposit tax deducted or collected for the month of November 2024.
However, all taxes deducted or collected by a government office must be credited to the Central Government on the same day if no Income-tax Challan is used for payment.
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DECEMBER 15, 2024
The deadline for submitting Form 24G by government offices for TDS/TCS payments made without a challan for the month of November 2024.
The third instalment of advance tax for the assessment year 2025-26.
The due date to issue TDS Certificates for deductions made in October 2024 under sections 194S (for specified persons), 194-IA, 194-IB, and 194M.
The deadline for filing Form 3BB by stock exchanges for modified client codes for the month of November 2024.
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DECEMBER 30, 2024
Last date to furnish challan-cum-statements for tax deductions for the month of November 2024 under sections 194S (specified persons), 194-IA, 194-IB, and 194M.
The final date to file belated or revised income tax returns for AY 2024-25, provided assessments are not completed by December 31, 2024.
By adhering to these deadlines, taxpayers can avoid penalties, stay compliant, and wrap up their tax obligations efficiently before the year concludes.
