October Tax Calendar Alert! Stay On Top Of Key Dates Set By IT Dept, Check Details

Knowing the Income Tax department’s tax calendar is important for taxpayers to stay informed about the latest tax changes and updates. The IT department releases a number of notifications and circulars throughout the year, which may contain important changes to the tax laws. By knowing the tax calendar, taxpayers can stay up-to-date with the latest tax changes and ensure that they are in compliance with the law.

The IT department has a number of compliance requirements for taxpayers. By knowing the tax calendar, taxpayers can ensure that they meet all the compliance requirements on time and avoid any penalties or fines.

Here’s what you need to know in the month of October;

The first important date in this month was October 7, 2023.

October 7, 2023.

• Due date for deposit of tax deducted/collected for the month of September, 2023. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan
• ​​Due date for deposit of TDS for the period July 2023 to September 2023 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H

Other dates which are approaching in October 2023 are listed below;

15 October 2023

• Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of September, 2023 has been paid without the production of a challan
• ​​Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of August, 2023
• ​​Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of August, 2023​
• Due date for issue of TDS Certificate for tax deducted under section 194M in the month of August, 2023​
• ​​Due date for issue of TDS Certificate for tax deducted under section 194S in the month of August, 2023. Applicable in case of specified person as mentioned under section 194S
• ​Quarterly statement of TCS deposited for the quarter ending September 30, 2023
• ​Upload declarations received from recipients in Form No. 15G/15H during the quarter ending September, 2023
• ​Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of September, 2023
• ​Quarterly TCS certificate in respect of tax collected by any person for the quarter ending June 30, 2023. Due to extension of the due date of TCS statement, the revised due date for furnishing TCS certificate shall be October 15, 2023.
• ​Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending June 30, 2023. Due to extension of due date of TDS statement, the revised due date for furnishing TDS certificate shall be October 15, 2023

30 October 2023

• ​​Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of September, 2023
• ​Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of September, 2023​
• Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of September, 2023​
• Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S in the month of September, 2023​. It is applicable in case of a specified person as mentioned under section 194S.
• ​Quarterly TCS certificate (in respect of tax collected by any person) for the quarter ending September 30, 2023

31 October 2023

• ​Intimation by a designated constituent entity, resident in India, of an international group in Form no. 3CEAB for the accounting year 2022-23​​
• ​Quarterly statement of TDS deposited for the quarter ending September, 2023
• ​​​Due date for furnishing of Annual audited accounts for each approved programmes under section 35(2AA)
• ​Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending September, 2023
• ​Copies of declaration received in Form No. 60 during April 1, 2023 to September 30, 2023 to the concerned Director/Joint Director​
• ​​Due date for filing of return of income for the assessment year 2023-24 if the assessee (not having any international or specified domestic transaction) is (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c)partner of a firm whose accounts are required to be audited or the spouse of such partner if the provisions of section 5A apply

(The due date of furnishing of Return of Income in Form ITR-7 in the case of assessees referred to in clause (a) of Explanation 2 to section 139(1) has been extended from October 31, 2023 to November 30, 2023)

• ​​Audit report under section 44AB for the assessment year 2023-24 in the case of an assessee who is also required to submit a report pertaining to international or specified domestic transactions under section 92E
• ​Report to be furnished in Form 3CEB in respect of international transaction and specified domestic transaction.​
• ​Due date for e-filing of report (in Form No. 3CEJ) by an eligible investment fund in respect of arm’s length price of the remuneration paid to the fund manager (if the assessee is required to submit return of income on October 31, 2023).
• ​​Statement by scientific research association, university, college or other association or Indian scientific research company as required by rules 5D, 5E and 5F (if due date of submission of return of income is October 31, 2023).​
• ​​Submit copy of audit of accounts to the Secretary, Department of Scientific and Industrial Research in case company is eligible for weighted deduction under section 35(2AB) [if company does not have any international/specified domestic transaction]
• ​Intimation in Form 10BBB by a pension fund in respect of each investment made in India for the quarter ending September, 2023​.
• ​Intimation in Form II by Sovereign Wealth Fund in respect of investment made in India for quarter ending September, 2023​.
• ​​Furnishing of Audit report in Form no. 10B/10BB by a fund or trust or institution or any university or other educational institution or any hospital or other medical institution.

The due date for furnishing the audit report in Form no. 10B/10BB has been extended from September 30, 2023 to October 31, 2023.