Being aware of the due dates for tax payments, including advance tax payments and self-assessment tax payments, empowers taxpayers to effectively plan their finances and steer clear of potential legal or financial repercussions.
Timely filing of tax returns also helps taxpayers avoid penalties and accrued interest charges, which can accumulate rapidly.
Moreover, staying informed about any updates or modifications in tax laws and regulations is crucial for ensuring effective compliance.
In summary, being knowledgeable about important tax-related dates enables taxpayers to maintain compliance with tax laws, mitigate financial and legal risks, and effectively manage their finances.
Due Dates For May 2023
As per the tax calendar available on the official website of the Income Tax Department, the following dates are crucial for the month of May:
May 07, 2023
The deadline for depositing tax deducted/collected for the month of April 2023 is approaching.
However, it’s important to note that for tax deducted/collected by a government office, the payment should be made to the credit of the Central Government on the same day, even if an Income-tax Challan is not produced.
May 15, 2023
The deadline for issuing TDS Certificate for tax deducted under section 194-IA in the month of March 2023 is approaching.
May 15, 2023
The deadline for issuing TDS Certificate for tax deducted under section 194-IB in the month of March 2023 is approaching.
May 15, 2023
The deadline for issuing TDS Certificate for tax deducted under section 194M in the month of March 2023 is approaching.
May 15, 2023
The deadline for issuing TDS Certificate for tax deducted under section 194S in the month of March 2023 is approaching.
Note: This applies to specified persons as mentioned under section 194S.
May 15, 2023
The deadline for furnishing Form 24G by a government office, where TDS/TCS for the month of April 2023 has been paid without the production of a challan, is approaching.
May 15, 2023
The quarterly statement of TCS deposited for the quarter ending March 31, 2023.
May 15, 2023
The deadline for submitting statement in Form no. 3BB by a stock exchange in relation to transactions in which client codes have been modified after registration in the system for the month of April, 2023.
May 30, 2023
The submission of a statement (in Form No. 49C) by a non-resident with a liaison office in India for the financial year 2022-23.
May 30, 2023
The deadline for furnishing challan-cum-statement for tax deducted under section 194-IA in the month of April, 2023.
May 30, 2023
The deadline for furnishing challan-cum-statement for tax deducted under section 194M in the month of April, 2023.
May 30, 2023
The deadline for furnishing challan-cum-statement for tax deducted under section 194-IB in the month of April, 2023.
May 30, 2023
The deadline for furnishing challan-cum-statement for tax deducted under section 194S in the month of April, 2023.
Note: Applicable to specified persons as mentioned under section 194S.
May 30, 2023
The issuance of TCS certificates for the 4th Quarter of the Financial Year 2022-23.
May 31, 2023
The quarterly statement of TDS deposited for the quarter ending March 31, 2023.
May 31, 2023
Return of tax deduction from contributions paid by the trustees of an approved superannuation fund
May 31, 2023
The deadline for furnishing the statement of financial transaction (in Form No. 61A) as required under sub-section (1) of section 285BA of the Act for the financial year 2022-23.
May 31, 2023
The deadline for electronically filing the annual statement of reportable accounts (in Form No. 61B) as required under section 285BA(1)(k) for the calendar year 2022 by reporting financial institutions.
May 31, 2023
The application for PAN allotment in the case of non-individual resident persons who have entered into financial transactions amounting to Rs. 2,50,000 or more during FY 2022-23 and have not been allotted any PAN.
May 31, 2023
The application for PAN allotment in the case of individuals holding positions such as managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of an entity as referred to in Rule 114(3)(v), or any person authorized to act on behalf of such entity, who has not been allotted any PAN.
May 31, 2023
The application in Form 9A for opting to apply the income of the previous year in the next year or in future, as per the option available under the Explanation to section 11(1), in case the assessee is required to submit a return of income on or before July 31, 2023.
May 31, 2023
The statement in Form No. 10 to be furnished for accumulation of income for future application under section 10(21) or section 11(1), if the assessee is required to submit a return of income on or before July 31, 2023.
