Due Date for Income tax Compliance (June 2023)
| Due Date |
Compliance |
| 7th June 2023 |
Deposit of TDS/ TCS deducted/collected for the month of May, 2023 |
| 14th June 2023 |
Issue of TDS Certificates for TDS deducted 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 Assets |
| 15th June 2023 |
Furnishing of Form 24G for payment of TDS deducted in the month of May, 2023 by Government Office.
Issue of Quarterly TDS Certificates for tax deducted on payments other than salary in the Quarter 4 of FY 2022-23.
FY 2023-24| AY 2024-25 – Quarter I – First Installment of Advance Tax
Certificate of TDS to employees in respect of salary paid and tax deducted during Financial Year 2022-23. |
| 30th June 2023 |
Furnishing of Challan Cum Statement for TDS withheld in the Month of May,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
Return in respect of securities transaction tax for the financial year 2022-23Quarterly return of non-deduction of TDS by a banking company from interest on time deposit in respect of the quarter ending March 31, 2023.Furnishing of Equalisation Levy statement for the Financial Year 2022-23.Deadline for linking PAN with Aadhaar to avoid PAN becoming inoperative. |
Notifications/Circulars/Case Laws
1. Income Tax Notification – Clarifications Regarding Provisions Relating to Charitable Trust.
The CBDT Circular No.6 of 2023 dated 24th May 2023, gives clarifications regarding Provisions relating to Charitable Trust and Extended due date for Furnishing of form 10BD till 30.06.2023 and also granted Extension for statement of accumulation.
For detailed information please refer our article on the same by referring the link :
https://www.linkedin.com/posts/skpatodia.in_incometax-incometaxcircular-taxation-activity-7067773557694414848-MYMn?utm_source=share&utm_medium=member_android
2. Leave Encashment Exemption Limit u/s 10(10AA) Increased.
CBDT Vide Notification No. 31/2023 and Press Release dated 25th May 2023, clarified Exemption Limit under section 10(10AA) with regards to leave encashment received by non-government employees on retirement.
For detailed information please refer our article on the same by referring the link :
https://www.linkedin.com/posts/skpatodia.in_incometax-incometaxcircular-taxation-activity-7067775039290433536-XCoK?utm_source=share&utm_medium=member_android
3. Inapplicability of Section 56(2)(viib) for issue of shares at premium
CBDT Vide Notification No. 29/2023 and Press Release dated 25th May 2023, notifies class of persons for inapplicability of Section 56(2)(viib). The notification includes government and government-related investors, regulated banks or insurance business, Entities registered with SEBI, associated with a university, hospitals, charities or pension funds in specific countries and specified territories. (Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Finland, France, Germany, Iceland, Israel, Italy, Japan, Korea, New Zealand, Norway, Russia, Spain, Sweden, UK, USA)
4. CBDT Notifies Income Tax e-Appeals Scheme, 2023
First authority for appeal, Commissioner (Appeals) are currently overburdened due to the huge number of appeals and the pendency being carried forward every year. In order to clear this bottleneck, Finance Act 2023 created appeal authority at the Joint Commissioner/ Additional Commissioner level [JCIT(A)] to handle certain classes of cases involving small amounts of disputed demand.
Vide notification No. 33/2023/F.No. 370142/10/2023-TPL dated 29th May 2023, e-Appeals Scheme, 2023 notified. Power, duties and functioning of JCIT(A) are similar to CIT(A).
Randomised allocation of cases will be done, by using suitable technological tools, including artificial intelligence and machine learning, with a view to optimise the use of resources. Electronic communication will be done to the e-mail address available in Income tax portal portal; or Last income-tax return or PAN; or Aadhaar or In the case of a company, e-mail address available at MCA.
On assignment of an appeal, the JCIT (A) can condone the delay, give notice, direct officer for further inquiry, ask for report from assessing officer in case of additional evidence or additional ground is filed by assessee, examination of any other person, being a witness, enhance an assessment or a penalty or reduce the amount of refund, Personal hearing through video conference etc
5. Withdrawal of 2000 Denomination and deposit and/Exchange Notes Until September 30,2023.
CBDT Vide Press Release No. 2023-2024/257 RBI decided to withdraw ₹2000 denomination banknotes from circulation. Banknotes in ₹2000 denomination will continue to be legal tender
For detailed information please refer our article on the same by referring the link :
https://skpatodia.in/blog/income-tax-updaterbi-decided-to-withdraw-2000-denomination-part-1will-banks-be-required-to-report-cash-deposit-transactions-to-the-income-tax-department
https://skpatodia.in/blog/income-tax-update-withdrawal-of-2000-denomination-and-deposit-and-exchange-notes-until-september-302023-part-2recent-judicial-precedents-on-2016-demonetisation-for-cash-depositor
6. TCS impact on use of credit cards for expenses in abroad
All International transactions by individuals using credit cards when outside India, brought under RBI’s LRS. TCS is to be collected @ 20% from 01-07-2023.
For detailed information please refer our article on the same by referring the link :
https://skpatodia.in/blog/how-will-rbis-new-notification-impact-the-use-of-credit-cards-for-expenses-when-you-are-abroad-and-how-tax-will-be-collected-at-source
Judgements
Assesse is not in default if remitters of money (being the person responsible for paying) has not deducted TDS for payment made by it to drivers, restaurants & Courier Partners.
In Assessment Proceeding Assessing Officer considered Uber India as assessee in default for non deduction of TDS for payment made by it to drivers, restaurant & Courier partners. Decision has been reversed by Hon’ble Mumbai ITAT.
For detailed information please refer our article on the same by referring the link :
https://skpatodia.in/blog/caption-1st-image-content-uber-india-is-not-assessee-in-default-for-non-deduction-of-tds-mumbai-itat-dy-commissioner-of-income-tax-osd-circle-23-mumbai-vs-uber-india-systems-pvt-ltd-ita-no
