Income Tax and GST Deadline Compliance Tracker December 2023

As the year draws to a close, businesses and individuals alike prepare for the looming deadlines in tax compliance. December 2023 presents a crucial period for tax-related responsibilities, particularly concerning Income Tax and Goods and Services Tax (GST). Staying informed and organized is key to meeting these obligations efficiently. Let’s delve into the important deadlines and essential information to guide you through this critical phase.

Deadlines for Income Tax Compliance:

1. 07-12-2023 - Tax Deposit:

Due date for depositing Tax deducted/collected for November 2023. Government office deductions go directly to the Central Government on the same day without an Income-tax Challan.

2. 15-12-2023:

✅ Form 24G: Deadline for furnishing Form 24G by a Government office if TDS/TCS for November 2023 was paid without a challan.

✅ Advance Tax: Third instalment of advance tax for assessment year 2024-25.

✅ TDS Certificate: Deadline for issuing TDS Certificate for tax deducted under specified sections in October 2023.

✅ Form 3BB: Due date for furnishing Form no. 3BB by a stock exchange for transactions with modified client codes in November 2023.

3. 30-12-2023:

✅ Challan-Cum-Statement: Deadline for furnishing challan-cum-statement for tax deducted under specified sections in November 2023.

✅ Form No. 3CEAD: Furnishing of report in Form No. 3CEAD for a reporting accounting year by a constituent entity.

4. 31-12-2023 - Belated/Revised Return:

✅ Filing of belated/revised return of income for assessment year 2023-24 if assessment is incomplete before December 31, 2023.

Deadlines for GST Compliance:

1. 11.12.2023 - GSTR-1:

✅ Last date for filing GSTR-1 for taxpayers with an annual turnover exceeding INR 1.5 crore or those opting for monthly return filing. 

2 13.12.2023: 

✅ IIF: Monthly filing for November 2023.

✅ GSTR-5: Filing by non-resident persons for November 2023.

✅ GSTR-6: Filing by Input Service Distributors for November 2023.

3. 20.12.2023:

✅ GSTR-3B: Filing for November 2023 based on previous fiscal year turnover (above or below INR 5 crore).

✅ GSTR-5A: Filing by non-resident ODIAR service providers for November 2023.

4. 10.12.2023:

✅ GSTR-7: Due date for filing GSTR 7 for November 2023.

✅ GSTR 8: Filing for registered e-commerce taxpayers liable to pay TCS for November 2023.

5. 31.12.2023 - GSTR 9 & 9C:

✅ Annual and Audit Return for the year.

What to keep in mind for smooth compliance?

✅ Stay Updated:

Regularly check official government tax portals such as-  https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calender & https://www.gst.gov.in/  or consult with tax advisors to stay tuned with updates or changes in deadlines.

✅ Organize Documentation:

Ensure all financial records, receipts, invoices, and other relevant documents are in order to facilitate smooth and accurate tax filings.

✅ Seek Professional Guidance:

If unsure about any aspect of tax compliance, consider seeking guidance from tax professionals or accountants to avoid errors.

✅ Plan Ahead:

Anticipate upcoming deadlines and plan your finances accordingly to meet tax payment obligations without last-minute rushes.

December 2023 brings forth critical deadlines for Income Tax and GST compliance, necessitating vigilance and timely action. The consequences of missing these deadlines can be financially burdensome, making it difficult for individuals and businesses to prioritize tax-related responsibilities. By staying informed, organized, and proactive, navigating these deadlines becomes more manageable, ensuring smooth compliance and avoiding unnecessary penalties.

For more information, Visit us at: https://academy.tax4wealth.com/