In order to minimize tax deductions and maximize the benefits of government tax saving schemes, it is important that timely and complete filing and documentation is done well before the income tax department’s deadline. In May, the IT department released four important dates related to income tax.
IT dept mentions due dates for tasks like filing TDS for April, applying for PAN card for NRIs, depositing TCS Certificate for the quarter ending March of FY23, etc.
May 7
It is important to deposit the tax deducted or collected for the previous month, as per the calendar of the IT department. Hence, people must compulsorily deposit their TDS for April by 7th May. Failure to do so may result in penalty.
May 15
The due date for issue of TDS certificate for tax deducted in March under section 194-IA is 15th May. Also important is the date of issue of TDS certificate for tax deducted under section 194-IB, 194M, 194S, of the month of March. The last date for submission of quarterly statement of TCS deposited for March quarter is May 15.
May 30
It is important for taxpayers to furnish their challan-cum-statement in respect of tax deducted under section 194-IA, 194M, 194-IB and 194S in the month of April. This is also the last date for issue of TCS certificate for the March quarter of FY23.
May 31
It is important to submit the quarterly statement of TDS deposited for the March quarter of FY23 by May 31, 2023. It is also mandatory to furnish details of financial transactions in Form No. 61A as per the format prescribed under sub-s. Section (1) of section 285BA of the IT Act, 1961 by 31st May, 2023 for the financial year 2022-23.
This is the last date to apply for allotment of PAN in case of non-individual resident individual. After the date, non-individuals having financial transactions of Rs. 2,50,000 or more will not be allotted any during the financial year 2022-23 Pan Card,
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