Due Date for Income tax Compliance (August 2023)
| Due Date |
Compliance |
| 7th August
2023 |
Deposit of TDS/ TCS deducted/collected for the month of July, 2023 |
| 14th August
2023 |
Issue of TDS Certificates for TDS deducted in the month of June, 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 Assets |
| 15th August
2023 |
Furnishing of Form 24G by an office of the Government where TDS/TCS for the month of July, 2023 has been paid without the production of a challan.
Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending June 30, 2023
Note: Due to extension of due date of TDS statement vide Circular no. 9/2023, dated 28-06-2023, the revised due date for furnishing TDS certificate shall be October 15, 2023 |
| 30thAugust
2023 |
Furnishing of Challan Cum Statement for TDS withheld in the Month of July, 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 Assets |
|
31thAugust
2023 |
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 31/10/2023.
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 31/10/2023. |
Aadhar PAN not linked ? – TDS/TCS will be at higher rate
PAN card became inoperative from 01st July 2023 if PAN holders did not linked PAN with their Aadhaar card. Hence after 1st July, 2023 whose PAN is not linked with Aadhar card then it will be presumed that person does not have PAN, shall result into TDS/TCS at higher rate and other consequences will follow
For detailed information please refer our article on the same by referring the link:
https://skpatodia.in/blog/aadhaar-pan-not-linked-tds-tcs-will-be-at-higher-rate
Non Linking of Aadhar-PAN by Non-Resident And Steps For Re-Activation
Non-resident assessee face challenges in filing their tax returns as due to the non-linkage of PAN and Aadhaar. Hence how PAN can be re-activated and what would be processing time, please refer our article on the same by referring the link:
https://skpatodia.in/blog/non-linking-of-aadhar-pan-by-non-resident-and-steps-for-re-activation
Notifications/Circulars/Case Laws :
Condonation of delay u/s119(2)(b) for filing ITR by Co-operative Societies for AY 2018-19 to AY 2022-23. – Circular No. 13/2023 dated 26th July, 2023
The Central Board of Direct Taxes (CBDT) received various applications from cooperative societies claiming deductions under section 80P for AY 2018-19 to AY 2022-23 to condone the delay in furnishing of return of income and treat return filed u/s 139(1) caused by delays in getting their accounts audited under respective state laws.
CBDT has authorize CCIT’s/DGIT’s to admit all pending as well as new applications for condonation of delay in furnishing return of income claiming deduction u/s 80P and decide the application on merit in accordance where audit required as per respective state laws.
Judgements
Trust formed for managing gratuity payable to employees of parent trust eligible for Sec. 12A registration: ICRW Group Gratuity Trust v. Commissioner of Income-tax (Exemptions) (Delhi – Trib.)
In this case, the ICRW Group Gratuity Trust, established to protect the financial interests of employees of the non-profit organization ICRW under the provisions of the Payment of Gratuity Act, 1972, applied for registration under section 12AA of the Income Tax Act, 1961. The trust’s objective was to manage the gratuity obligations of ICRW employees.
However, the Commissioner (Exemptions) denied the registration, claiming that the trust’s purpose was limited to managing statutory obligations and did not qualify as a ‘charitable purpose’ under section 2(15) of the Income Tax Act.
On appeal, the court ruled in favor of the ICRW Group Gratuity Trust with the following key points:
- The Commissioner’s claim that no documentary evidence was provided by the trust to justify its formation was factually incorrect. The trust had indeed submitted relevant documents, including its registered trust deed and financial statements.
- Upon reviewing the objects of the trust and the response provided by the trust to the Commissioner, the Tribunal found that the trust’s activities fell squarely within the definition of ‘advancement of general public utility’ as per section 2(15). Hence, the trust’s activities were deemed to be charitable in nature.
- The Tribunal confirmed that the trust’s case did not fall within the ambit of the proviso to section 2(15), which imposes restrictions on charitable purposes not advancing general public utility.
- The Commissioner’s objection that a trust created solely for managing the statutory obligations of another parent trust could not be considered charitable was refuted. The Tribunal referred to a previous Supreme Court decision in the case of Asstt. CIT (Exemption) v. Ahmedabad Urban Development Authority, which established that such trusts can be considered charitable activities under section 2(15).
Based on the above observations, the directed the Commissioner (Exemptions) to grant registration under section 12AA to the ICRW Group Gratuity Trust, allowing the trust to avail tax exemption on its income. The case sets a precedent by recognizing that a trust formed to manage the statutory obligations of a parent trust can still be considered a charitable activity under section 2(15) of the Income Tax Act, falling within the ambit of ‘advancement of general public utility.
