With the beginning of April, all the changes related to income tax have also come into effect. Taxpayers are most concerned about filing their ITR, but even before that it is necessary to meet several other tax-related deadlines.
The deadline for 4 works related to income tax is falling in the month of May itself. Taxpayers will have to settle all these works within the stipulated time. If the deadline is missed, not only will you have to pay the full tax, but also fine and late fees.
For the convenience of the taxpayers, the Income Tax Department has issued a calendar regarding tax related work and its time limit. All the necessary dates are mentioned in it and taxpayers can complete their tax compliance accordingly. The deadline for many such tax matters is going to come in the coming month as well. If taxpayers miss this deadline, they may have to face legal process as well.
May 7 deadline for companies
The first deadline in May for companies and firms is falling on the 7th. The last date for depositing TCS and TDS collected in April is May 7, 2023. This TDS is deducted on the earnings of the employees, which is deposited by the employer with the Income Tax Department by the 7th of every month. Late fees and fines can also be imposed for missing the deadline.
15 May It is mandatory to issue TDS certificate of tax deducted under Section 194-IA, 194-IB, 194M and 194S of Income Tax by May 15, especially in March 2023. The Income Tax Department has fixed this deadline. Apart from this, the same is the deadline for submitting Form 24G. Along with this, the deadline for depositing TDS-TCS without challan for April has also been kept as May 15. Not only this, the deadline for submission of TCS statement for the March quarter is also May 15.
It is necessary to settle many things by May 30.
For such NRIs who run their company in India, it is mandatory for them to submit the statement of Form 49C by 30th May. This form will be for the financial year 2022-23. Apart from this, the same is the deadline for submission of challan statement of TDS deducted under section 194-IA, 194M, 194-IB and 194S in the month of April. Apart from this, the TCS certificate for the fourth quarter will also have to be submitted on the same date.
Many important works on 31 May
May 31 is the last date for issue of financial transaction details of Form 61A. The deadline for filing annual statement of matters reportable under section 285BA is also May 31. Non-resident Indians who are MDs, directors, partners, trustees, authors, founders or CEOs of any company in India have also been given a deadline of May 31. To apply for PAN.
(PC economics times)
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