Navigating the November Tax Maze: A Comprehensive Income Tax Calendar 2023 Guide

As we step into the month of November, it’s crucial for taxpayers to stay informed about the upcoming income tax deadlines. November brings several significant dates that require your attention and careful planning to avoid any potential consequences. Staying organized and adhering to these crucial dates is essential, as it helps ensure you meet your tax obligations promptly. Let’s take a closer look at the important dates for income tax payers in November 2023.

1. November 7, 2023:
   • Deadline for depositing tax deducted or collected in October 2023.
   • Government offices must remit the sum deducted or collected to the central government on the same day without requiring an income-tax challan.
2. November 14, 2023:
   • Issuance of Tax Deducted at Source (TDS) certificates for tax deducted under sections 194-IA, 194-IB, 194M, and 194S in September 2023.
3. November 15, 2023:
   • Quarterly TDS certificate submission deadline (applies to tax deducted for payments other than salary) for the quarter ending September 30, 2023.
   • Government offices must furnish Form 24G for TDS/TCS paid in October 2023 without producing a challan.
   • Stock exchanges need to submit statements in Form no. 3BB for transactions where client codes were modified after registration in the system for October 2023.
4. November 30, 2023:
   • A crucial date for all taxpayers with multiple obligations, including:
     • Furnishing challan-cum-statement for tax deducted under sections 194-IA, 194-IB, 194M, and 194S for October 2023.
     • Filing income tax returns for the assessment year 2023-24 under section 92E related to international or specified domestic transactions.
     • Submitting copies of audit accounts for companies eligible for weighted deduction under section 35(2AB) to the Secretary, Department of Scientific and Industrial Research.
     • Mandatory statement submission under rules 5D, 5E, and 5F for scientific research associations, colleges, universities, and Indian scientific research companies.
     • Providing income tax details in Form ITR-7 for the assessment year 2023-24 in case of assessments mentioned in clause (a) of Explanation 2 to section 139(1).

These dates are critical for individuals, businesses, and organizations to ensure they meet their tax-related responsibilities for November. Make a note of these dates in your calendar to avoid last-minute hassles and potential penalties.