Important Compliance Deadlines for November 2024

 November 2024 is a crucial month for businesses, accountants, and tax professionals to ensure they meet all tax and compliance requirements. Missing these deadlines can lead to penalties or complications, so staying on top of these obligations is essential.



Here’s a list of the key compliance tasks you need to complete this month:

1️⃣ Challan-cum-Statement Filing

If you have deducted tax under sections 194-IA, 194-IB, 194M, or 194S during October 2024, make sure to file the challan-cum-statement by the due date.

2️⃣ Filing Return of Income (AY 2024-25)

Assessees involved in international or specified domestic transactions must submit a report under section 92E and file their income tax return for the assessment year 2024-25.

3️⃣ Form 3CEAA for International Groups

Constituent entities of international groups must file Form No. 3CEAA for the accounting year 2023-24. This ensures compliance with transfer pricing documentation requirements.

4️⃣ Income Distribution Statement by Venture Capital Entities

Venture Capital Companies and Venture Capital Funds must file Form No. 64 for income distributed during the financial year 2023-24.

5️⃣ Annual Compliance Report on Advance Pricing Agreement

Entities with an Advance Pricing Agreement (APA) need to submit their annual compliance report if their return filing deadline was October 31, 2024.

6️⃣ Safe Harbour Rules for Transactions

If opting for Safe Harbour Rules for:

  • International transactions: File Form 3CEFA.
  • Specified domestic transactions: File Form 3CEFB.

7️⃣ Statement of Income Distribution by Business Trusts

Business trusts must electronically file Form No. 64A for income distributed to unit holders during FY 2023-24.

8️⃣ Accountant's Report for R&D Activities

Companies engaged in in-house scientific research and development must submit a report under section 35(2AB) to claim tax benefits.

9️⃣ Statement by Research Institutions

Scientific research associations, universities, or other institutions must submit statements as per Rules 5D, 5E, and 5F to comply with tax benefits related to research activities.

Why Meeting These Deadlines is Important

Adhering to these compliance deadlines ensures that your business operates smoothly without facing penalties, legal complications, or loss of tax benefits. Proper tax compliance also reflects well on your business and helps maintain trust with stakeholders.

📞 Need Help? Contact Power of Factorial Business Solutions!
We specialize in tax compliance, income tax return filing, and other related services.

📧 Email: poweroffactorial024@gmail.com
📱 Phone: +91 8105021287
📍 Location: K R Puram, Bangalore

Let us handle your compliance worries while you focus on growing your business!

🔖 #TaxCompliance #IncomeTax #NovemberDeadlines #VentureCapital #BusinessTrusts #SafeHarbourRules #Form64A #RAndDCompliance #PowerOfFactorial #BangaloreBusinessExperts

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