According to the tax calendar given on the official website of the Income Tax Department, check the important dates for the month of May
Income Tax Due Dates: Some of the key dates taxpayers should know in May 2023.
Knowing the key dates is crucial in income tax matters, as failure to meet these deadlines can result in penalties and fines. Knowing these tax-related dates is crucial for taxpayers to avoid penalties, manage their finances, file their returns on time, and stay up to date with any changes in tax laws and regulations.
By understanding the due dates for tax payments, such as advance tax payments and self-assessment tax payments, taxpayers can plan their finances accordingly and avoid any legal or financial consequences.
Knowing key tax dates can help taxpayers comply with tax laws, avoid financial and legal consequences, and manage their finances effectively.
Here are some of the key dates taxpayers need to know in May 2023;
Due dates for May 2023
According to the tax calendar published on the official website of the Income Tax Department, here are the important dates for the month of May;
May 07, 2023: Due date for filing tax deducted/collected for the month of April 2023. However, any monies deducted/collected by a government office must be credited to the central government on the same day the tax is paid without production of an income tax Challan
May 15, 2023
- ​Deadline for issuance of TDS certificate for tax deducted under Section 194-IA in March 2023
- Deadline for issuance of TDS certificate for tax deducted under Section 194-IB in March 2023​
- ​Due date for issuance of TDS certificate for tax deducted under Section 194M in March 2023
- Deadline for issuance of TDS certificate for tax deducted under Section 194S in March 2023
Note: Applicable in the case of a specified person, as mentioned in article 194S
- ​Due date for provision of Form 24G by a government office where TDS/TCS for the month of April 2023 has been paid without the production of a challan
- ​Quarterly TCS statement filed for the quarter ending March 31, 2023
- ​Deadline for providing the declaration in form no. 3BB by an exchange for transactions whose client codes have been changed after registration in the system for the month of April 2023
May 30, 2023
- ​Submission of a Declaration (on Form No. 49C) by a Non-Resident with a Liaison Office in India for the Financial Year 2022-23
- April 2023 filing deadline for tax deducted tax deducted under Section 194-IA
- ​Due date for providing a dispute statement regarding tax deducted under Section 194M in April 2023​
- ​Due date for the provision of a statement of dispute relating to the tax deducted under article 194-IB in the month of April 2023
- April 2023 due date for filing dispute statement regarding tax deducted under Section 194S
Note: Applicable in the case of a specified person, as mentioned in article 194S
- ​Issue of TCS certificates for the 4th Quarter of Fiscal Year 2022-23
May 31, 2023
- ​Quarterly TDS statement filed for the quarter ending March 31, 2023
- Withholding tax statement on contributions made by trustees of a registered pension fund
- ​Due date for the provision of the financial transaction record (Form No. 61A) required to be provided under subsection (1) of section 285BA of the Act in respect of the financial year 2022-23
- ​Due Date for Electronic Filing of Annual Statement of Reportable Accounts Required to be Provided Under Section 285BA(1)(k) (on Form No. 61B) for Calendar Year 2022 by Reporting Financial Institutions
- ​Application for allotment of PAN in the case of a non-individual resident person, who enters into a financial transaction of Rs. 2,50,000 or more during the financial year 2022-23 and has not received any PAN
- ​Application for PAN grant in the case of a person who is a managing director, director, partner, trustee, author, founder, karta, managing director, principal officer or member of the office of the person referred to in Rule 114(3) (v) or any person competent to act on behalf of the person referred to in Rule 114(3)(v) and who has not assigned a PAN
- ​Request on Form 9A to exercise the option available under the Section 11(1) explanation to apply the previous year’s income to the next or future year (if the assessee is required to submit a tax return no later than July 31, 2023)
- ​Declaration in form no. 10 to be provided to accrue income for future application under Section 10(21) or Section 11(1) (if assessee is required to submit a tax return by July 31, 2023 )​
Timely compliance with these deadlines helps avoid last-minute rushes, facilitates efficient investment planning, and avoids any undue interest or penalties.
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