To minimise tax deduction and maximise the benefit of government Tax saving schemes it is important to be punctual and complete filing and documentation before the Income Tax department’s deadline. In May, the IT department laid out four important dates related to income tax.
The IT department has mentioned due dates for tasks like filing TDS for April, applying for PAN cards for NRIs, submitting TCS certificates for the quarter ending in March of FY23, etc.
As per the IT department’s calendar, it is important to deposit tax deducted or collected for the preceding month. Hence, people need to mandatorily submit their TDS for April by May 7. Failure to do so might lead to the imposition of penalties.
It is the due date for the issuance of the TDS Certificate for tax deducted under section 194-IA in March is May 15. The date is also crucial for the issuance of the TDS certificate for tax deducted under section 194-IB, 194M, 194S, of March month. The last date for the submission of the quarterly statement of TCS deposited for the March quarter lies on May 15.
It is important to deposit a quarterly statement of the deposited TDS for the March quarter of FY23 by May 31, 2023. It is also mandatory to furnish a statement of financial transaction in Form No. 61A), as per the format laid under sub-section (1) of section 285BA of the IT Act, 1961, for the financial year 2022-23 by May 31, 2023.
