As the year draws to a close, businesses and taxpayers must remain informed about the many Income Tax and Goods and Services Tax (GST) compliance deadlines for December 2024. Missing certain dates can lead to penalties and interest, impacting financial stability. To help you stay on track, this guide lists the crucial compliance dates for December 2024.
December 2024 Compliance Deadlines: Income Tax & GST
| Compliance Type | Description | Due Date | Applicable To |
|---|---|---|---|
| TDS/TCS Deposit | Deposit of Tax Deducted or Collected at Source for November 2024. | 7th December 2024 | All entities required to deduct/collect TDS/TCS. |
| GSTR-7 Filing | Filing of GST TDS return for November 2024. | 10th December 2024 | GST deductors. |
| GSTR-8 Filing | Filing of GST TCS return for November 2024. | 10th December 2024 | E-commerce operators. |
| GSTR-1 Filing | Filing of monthly GST outward supplies return for November 2024. | 11th December 2024 | Monthly GST taxpayers. |
| GSTR-3B Filing (Monthly) | Filing of GST summary return and payment of tax for November 2024. | 20th December 2024 | Monthly GST taxpayers. |
| GSTR-3B Filing (Quarterly - IFF) | Quarterly filers using Invoice Furnishing Facility (IFF) for outward supplies in November 2024. | 13th December 2024 | Small GST taxpayers under QRMP scheme. |
| CMP-08 Filing | Filing of quarterly GST statement-cum-challan for composition scheme taxpayers. | 18th December 2024 | Composition scheme taxpayers. |
| Advance Tax (3rd Installment) | Payment of 3rd installment (75%) of advance tax for FY 2023–24. | 15th December 2024 | All taxpayers with tax liability over Ôé╣10,000. |
| ITR Filing (Revised/Belated) | Filing of revised or belated Income Tax Returns for FY 2023–24. | 31st December 2024 | Taxpayers who missed or revised original ITRs. |
Key Notes
- Timely Compliance: Ensure compliance with these deadlines to avoid penalties and interest under the relevant acts.
- Technology Use: Utilize online portals (Income Tax e-filing and GSTN) for seamless submission.
- Professional Help: Seek assistance from tax consultants or chartered accountants if needed.
Stay informed and compliant to secure your financial stability as the year ends.
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