If taxpayers do not do direct or indirect tax filing on time, then there is always a risk of penalty on them. Sometimes the government extends due dates for individual tax filings.
Although many times the date is not extended by the government. In such a situation, April 30 is also the last date for many tax filings, about which you need to know.
TDS Payment Due Date for March 2023
TDS is the tax deducted at the source of your income. This means TDS is deducted from income from other sources including bank deposit interest, rent, consultancy fees, commission, cryptocurrency or virtual digital assets and stamp duty. It is deposited with the government. The normal TDS rate on certain incomes and investments can be as low as 1 percent, and as high as 30 percent (such as in the case of gains on cryptocurrencies). The last date for TDS payment for March 2023 is 30 April 2023.
GSTR-4 last date for FY 2022-23
GSTR-4 is a return under the Goods and Services (GST) regime for taxpayers who have opted for the composition scheme. Till the financial year 2018-19 when every quarterly return was filed. Now the filing is done in a year. The last date for filing annual GSTR-4 return for FY 2022-23 is April 30, 2023. After this date, taxpayers are charged a late fee of Rs 50 per day for liabilities up to Rs 2,000. Where there is no liability, the maximum late fee is Rs 500. Composition scheme is a system of filing GST for small taxpayers. This includes those whose total turnover in the previous financial year did not exceed Rs 1.5 lakh.
Last date for filing 15G and 15H for Q4 FY23
If you have earned more than Rs 40,000 in a year as interest on your money deposited in the bank, the bank will deduct TDS on that. For senior citizens, this limit is Rs 50,000 per annum. However, there is a way to save TDS on interest income. If your annual income is less than the taxable income, you can submit self-declaration Form 15G and 15H requesting the bank not to deduct TDS from the interest. The last date for submission of Form 15G and 15H to save TDS on interest income for the quarter January-March 2023 is April 30, 2023.
(PC rights of employees)
Taxpayers Alert!
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