Income Tax Deadline: The Income Tax Department has fixed the deadline for many important works in the month of May. Taxpayers must complete their tax compliance work before these dates. If they miss this deadline, they will have to face the legal process and also have to pay fines and late fees.
New Delhi. With the beginning of April, all the changes related to Income Tax have also started coming into force. Taxpayers are most concerned about filing their ITR, but even before that it is necessary to meet many 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 you will also have to pay fine and late fees.
The Income Tax Department has issued a calendar regarding tax related work and its deadline for the convenience of the taxpayers. All the necessary dates have been mentioned in this and taxpayers can complete their tax compliance accordingly. In the coming month also, the deadline for many such tax cases is coming. If the taxpayers miss this deadline, then they may also have to face the legal process.
May 7 deadline for companies
The first deadline for companies and firms is falling on the 7th of May. 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.
May 15 special in many ways
It is mandatory to issue TDS certificate of tax deducted under sections 194-IA, 194-IB, 194M and 194S in March 2023 by May 15. The Income Tax Department has fixed this deadline. Apart from this, this is also the deadline for submitting Form 24G. Along with this, the deadline for depositing TDS-TCS without challan for April has also been kept on May 15 only. Not only this, the deadline for submission of TCS statement for the March quarter is also May 15.
It is necessary to settle many works by May 30
Such non-resident Indians who run their company in India, it is mandatory for them to submit the statement of Form 49C by 30 May. This form will be for the financial year 2022-23. Apart from this, this is also the deadline for submitting the challan statement of TDS deducted under sections 194-IA, 194M, 194-IB and 194S in the month of April. Apart from this, the TCS certificate for the fourth quarter will also be submitted on the same date.
Many important works on 31 May
May 31 is the last date for issuing the financial transaction statement of Form 61A. The deadline for filing annual statement of matters reportable under section 285BA is also May 31. Non-resident Indians who are MD, Director, Partner, Trustee, Author, Founder or CEO of any company in India have also been kept the deadline of May 31 to apply for PAN.
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