Taxpayers, direct or indirect, always risk paying penalties if returns are not made in a timely manner.
Taxpayers should file GSTR-4, TDS and Forms 15G and 15H as soon as possible as their due date is tomorrow April 30
Taxpayers, direct or indirect, always risk paying penalties if returns are not made in a timely manner. The government sometimes extends the dates of various tax returns and other things, while in many cases it does not. Now, April 30 is the deadline for subsequent filings that you need to be aware of.
TDS payment due date for March 2023
The TDS is the tax deducted at source. This means that TDS is deducted from income at its source, including interest on bank deposits, rent, consulting fees, commissions, cryptocurrency or virtual digital assets, and stamp duty, among others. . It is filed with the government.
The normal TDS rate can be as low as 1% on various income and investments, and it can be as high as 30% (as in the case of cryptocurrency earnings).
The TDS payment due date for March 2023 is April 30, 2023.
Due Date for GSTR-4 (Composition Concessionaire) for FY 2022-23
GSTR-4 is a return under the Goods and Services Tax regime for taxpayers opting for the arrangement regime. It is now filed in one year, compared to until the 2018-2019 financial year when the declaration was filed quarterly.
The deadline for filing the GSTR-4 annual return for the 2022-23 financial year is April 30, 2023.
A late fee of Rs 50 per day is levied up to a maximum of Rs 2,000. In case the tax debt is nil, the maximum late fee is Rs 500.
The compounding scheme is a GST payment scheme available to small taxpayers, whose total turnover in the previous financial year did not cross Rs 1.5 lakh. Those who opted into membership can pay a special tax rate of 6% without the input tax credit.
15G and 15H filing deadline for Q4FY23 (January-March 2023)
If you have a deposit in a bank and you have earned interest of more than Rs 40,000 in one year, the bank will deduct the TDS on it. The limit for the elderly is Rs 50,000 per year. However, there is a way to save TDS on interest income. If your total annual income is below the taxable limit, you can submit self-declaration forms 15G and 15H requesting the bank not to deduct TDS from interest income.
The deadline for submitting Forms 15G and 15H to save TDS on interest income for the January to March 2023 quarter is April 30, 2023.
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