““Live as if you were to die tomorrow. Learn as if you were to live forever.”
—Mahatma Gandhi
Statutory and Tax Compliance Calendar for month of December 2024
This article compiles due-dates for GST, Income Tax, ESI, PF Acts, and Companies Act compliances with a primary focus on Individuals, Professionals, and SME Businesses.
These due-dates are subject to extensions based on stakeholder representations and circumstances. We will notify you as soon as any due-dates are extended.
In accordance with applicable laws and regulations, colour coding is employed for better understanding.
Total days – 31
No. of due dates- 13
Public Holiday/Festivals- 10
News and updates
Important Income Tax Changes Applicable from 1 October 2024
1. Vivad Se Vishwas Scheme 2024:
The Central Board of Direct Taxes (CBDT) has officially announced the implementation of the Direct Tax Vivad Se Vishwas Scheme, 2024 via Notification No. 103/2024 dated September 19, 2024. This scheme will be in effect starting October 1, 2024.
Purpose of the Scheme:
- Reduction of Litigation: The scheme aims to reduce the burden of ongoing disputes related to direct taxes, offering a one-time settlement to taxpayers.
- Faster Resolution: Taxpayers are encouraged to resolve issues quickly with incentives for early settlement.
The legal basis for this scheme is established under sub-section (2) of section 88 of the Finance (No. 2) Act, 2024. It is part of the government’s ongoing efforts to simplify tax administration and reduce the compliance burden on taxpayers.
2. TDS Rate Changes:
Changes introduced in the Union Budget 2024 by Finance Minister Nirmala Sitharaman will take effect on October 1, 2024. Below is a summary of revised TDS rates applicable from October 1, 2024:
| Section | Present TDS Rate | Revised TDS Rate | Effective Date |
|---|---|---|---|
| Section 194D – Payment of insurance commission (non-companies) | 5% | 2% | April 1, 2025 |
| Section 194DA – Life insurance policy payouts | 5% | 2% | October 1, 2024 |
| Section 194G – Commission on lottery ticket sales | 5% | 2% | October 1, 2024 |
| Section 194H – Commission or brokerage payments | 5% | 2% | October 1, 2024 |
| Section 194-IB – Rent payments by individuals/HUF | 5% | 2% | October 1, 2024 |
| Section 194M – Payment by individuals/HUF | 5% | 2% | October 1, 2024 |
| Section 194O – E-commerce transactions | 1% | 0.1% | October 1, 2024 |
| Section 194F – Repurchase of units by mutual funds | Omitted | N/A | October 1, 2024 |
3. Buyback tax – Buyback of shares will be taxable as deemed dividends for the recipient. Companies will now be mandated to withhold TDS on buyback proceeds @ 10% for resident individuals and 20% for non-resident individuals.
4. There will be an increase in the STT applicable to Futures & Options (F&O) trading. The STT on the sale of options will rise from 0.0625% to 0.1% of the option premium, and for futures, it will increase from 0.0125% to 0.02% of the trade price.
5. Withdrawal of 20% TDS on mutual fund repurchase – One of the major tax relief measures announced was the withdrawal of the 20% TDS on mutual fund repurchases.
6. Aadhar Card – There is discontinuation of the provision that allows individuals to quote Aadhar Enrolment ID instead of the Aadhar number in the application form for PAN allotment application and in their income tax returns.
7. TDS on Sale of Immovable Property: The amendment clarifies that for TDS purposes under Section 194-IA, the consideration for transfer of immovable property should be calculated on an aggregate basis, even if there are multiple buyers or sellers involved.
8. Amendments to Tax Assessment and Reassessment: Starting from September 1, 2024, changes in tax assessment rules, particularly for cases involving searches and requisitions, have been introduced. This includes the implementation of the block assessment regime, designed to reduce the burden of multiple assessments and provide quicker resolutions for taxpayers.
This calendar is prepared for the benefits of clients and well-wishers of M/s Kanhaiya Gautam and Associates, Chartered Accountants. This should not be used as substitute for professional advice. Best efforts are placed to compile these due dates, still we would appreciate if you draw our attention to any inaccuracy.