As we move into November 2024, it's crucial for businesses and professionals to stay compliant with various regulatory requirements. This month features several important deadlines related to GST, TDS/TCS, FEMA, and more. Below is a detailed compliance calendar to help you navigate these critical dates effectively.
Key Compliance Dates
| Due Date | Category | Form/Return | Description |
|---|---|---|---|
| 7th Nov 2024 | FEMA | ECB-2 Return | Submission of ECB-2 return for External Commercial Borrowings. |
| TDS/TCS | - | Payment of TDS/TCS for October 2024. | |
| 10th Nov 2024 | GST | GSTR 7 | Return for authorities deducting tax at source. |
| GSTR 8 | Monthly return for e-commerce operators regarding supplies and tax collected. | ||
| 11th Nov 2024 | GST | GSTR 1 | Details of outward supplies of taxable goods/services for October 2024. |
| 13th Nov 2024 | GST | GSTR 1 – IFF | Invoice Furnishing Facility (IFF) for October 2024 for QRMP filers. |
| GSTR 6 | Monthly return for Input Service Distributors. | ||
| 14th Nov 2024 | TDS/TCS | - | Issue TDS Certificates for non-salary TDS returns. |
| - | Issue TDS Certificates for tax deducted u/s 194-IA, 194-IB, 194M for September 2024. | ||
| 15th Nov 2024 | Audit | - | Extended Due Date for Audit Returns (previously 31st Oct 2024). |
| PF/ESIC | - | Monthly PF/ESIC payment for October 2024. | |
| 20th Nov 2024 | GST | GSTR 3B | Monthly return if aggregate turnover exceeds ₹5 crore. |
| GSTR 5 | Monthly return for non-resident taxable persons. | ||
| 22nd Nov 2024 | GST | GSTR 3B | Return for October 2024 if aggregate turnover is below ₹5 crore (Note 1). |
| 24th Nov 2024 | GST | GSTR 3B | Return for October 2024 if turnover is below ₹5 crore (Rest of India). |
| 25th Nov 2024 | GST | Challan PMT06 | Monthly payment for October 2024 for QRMP filers. |
| 29th Nov 2024 | FEMA | Form OPI | Report of overseas portfolio investments for the half-year ending 30th September 2024. |
| 30th Nov 2024 | TDS/TCS | Form 26QB | Deposit of TDS u/s 194-IA for property purchase payments made in October 2024. |
| Form 26QD | TDS deposit u/s 194M for payments made to professionals in October 2024 exceeding ₹50 lakh by non-tax-audited IND/HUF. | ||
| Income Tax | - | Return of Income for AY 2024-25 for assessees subject to transfer pricing. | |
| Form 67 | Claim of foreign tax credit. | ||
| Form 3CEAA | Report by a constituent entity of an international group. | ||
| Form 3CEJ | Submission by eligible investment funds. | ||
| Form 3CEAC | Intimation by a constituent entity. | ||
| Form 3CEAD | Country-by-Country report for the reporting year. | ||
| Form 3CEAE | Intimation for an international group. | ||
| Professional Tax | - | Monthly return for entities with tax liability of ₹1,00,000 or above for October 2024. |
Importance of Compliance
Staying compliant with these deadlines is essential for avoiding penalties and ensuring smooth business operations. Missing deadlines can lead to financial implications and impact your reputation with regulatory authorities.
Conclusion
November 2024 is a pivotal month for compliance across various sectors, particularly with the extended due date for audit returns now set for 15th November 2024. By adhering to these deadlines, businesses can mitigate risks and enhance their operational efficiency. Stay proactive, and ensure all submissions are made timely to maintain compliance with Indian regulatory frameworks.
