Due Date for Income tax Compliance (May 2023)
| Due Date |
Compliance |
| 7th May 2023 |
Deposit of TDS/ TCS deducted/collected for the month of April, 2023 |
| 15th May 2023 |
Issue of TDS Certificates for TDS deducted in the month of March, 2023 :
• Purchase of Immovable Property
• Payment of rent above ₹ 50,000 p.m. by Individual or HUF
• On Commission, Contractual Payment, Professional Fee above ₹ 50 Lakhs in a financial year
• Payment on transfer of Virtual Digital AssetsFurnishing of Form 24G for payment of TDS deducted in the month of April, 2023 by Government Office.Furnishing of Form 24G for payment of TDS deducted in the month of April, 2023 by Government Office.Filing of Quarterly statement of TCS deposited for the quarter ending March 31, 2023 |
| 30th May 2023 |
Furnishing of Challan Cum Statement for TDS withheld in the Month of April,2023:
• Purchase of Immovable Property
• Payment of rent above ₹ 50,000 p.m. by Individual or HUF
• On Commission, Contractual Payment, Professional Fee above ₹ 50 Lakhs in a financial year.
• Payment on transfer of Virtual Digital AssetsIssue of TCS Certificates for the Quarter ended March, 2023
Issue of TCS Certificates for the Quarter ended March, 2023 |
| 31st May 2023 |
Quarterly statement of TDS deposited for the quarter ending March 31, 2023
Furnishing of Statement of Financial Transaction (SFT) in Form No. 61A as required for financial year 2022-23 in respect of Transactions mentioned therein.
Furnishing of annual statement of reportable accounts by a Prescribed Financial Institution in Form No. 61B for Calendar Year 2022.
Application for Allotment of PAN, who hasn’t allotted any PAN in case of –
• Person being Managing Director, Director, Partner, Trustee, Author, Founder, Karta, CEO, Principal Officer etc..
• Non-Individual Resident Person whose enters into Financial Transaction of ₹ 2,50,000 or more during FY 2022-23
Application in Form 9A by Charitable Trust/ Institution /Association to apply income of previous year in the next year or in future if they require to file return of income on or before 31/07/2023.
Application in Form 10 by Charitable Trust/ Institution /Association to accumulate income for future application if they require to file return of income on or before 31/07/2023. |
Notifications/Circulars/Case Laws
1. Wanted to opt for Old Tax Regime for FY 2023-24? Give Declaration to Employer Else TDS will be as per New Tax Regime
CBDT Vide Circular No. 4/2023 dated 05.04.2023, clarified regarding deduction of Tax on salary/pension.
For detailed information please refer our article on the same by referring the link :
https://skpatodia.in/blog/income-tax-circular-wanted-to-opt-for-the-old-tax-regime-for-fy-23-24-give-declaration-to-employer-else-tds-will-be-as-per-new-tax-regime
2. CBDT notifies 348 as provisional cost Inflation Index for FY 2023-24
CBDT vide Notification No. 21 of 2023 dt. Apr 10, 2023, notifies ‘348’ as Cost Inflation Index (Provisional) for FY 2023-24; The Notification comes into force from Apr 1, 2024, thus, applies to AY 2024-25 onwards.
Judgements
1. No TDS on Transfer of Immovable Property, if consideration paid to Co-owner is less than 50 Lakhs?
There is ambiguity whether TDS is to be deducted transferee wise or transferor wise. In this regard please refer our article on the same by referring the link :
https://skpatodia.in/blog/debatable-issue-no-tds-on-transfer-of-immovable-property-if consideration-paid-to-the-co-owner-is-less-than-50-lacs
2. Recently Supreme Court Ruling and end to certain controversies?
Supreme Court recently given judgements on reassessment, Penalty on delay no depositing TDS, TDS on foreign payments.
For detailed information please refer our article on the same by referring the link :
https://skpatodia.in/blog/recent-supreme-court-ruling-and-end-to-certain-controversies-reassessment-penalty-on-delay-in-depositing-tds-tds-on-foreign-payment
