New Delhi: In order to serve welfare to its citizens and carry out projects to boost the economy of the county, the Government of India collects taxes from its citizens.
Government collects two kinds of Taxes
a. Direct tax meaning when an organization or an individual pays directly to the institution that imposed it. Real property tax is one such example.
b. Indirect tax means when the tax is levied on the consumption of goods and services, such as TDS (Tax Deducted at Source) and TCS (Tax Colected at Source).
Let’s dive more into TDS and TCS:-
One should not confuse TDS with TCS. TDS (Tax Deducted at Source) means when an employer deducts some form of tax from the employee’s income upon exceeding a certain limit.
On the other hand, TCS (Tax Collected at Source) means when a seller collects tax from its customers who buy goods for trading and not for manufacturing, processing, or production of those goods.
Tax dates for May 2023
TDS and TCS are required to be filed on a quarterly basis with their quarterly statements being accepted by the Income Tax Department.
May 7th, 2023
One will have to pay the deposits of TDS and TDS by this date.
May 15th,2023
On this date, one will have to issue a TDS certificate for tax deducted under sections 194-IA, 194-IB, 194M and 194S at the time of March 2023.
Statement of TCS for the quarter ending March 31, 2023
has to be given by this date.
Furnishing of Form 24G by a Government office where TDS/TCS has been paid for the month of April 2023 without the production of a challan.
The deadline for Furnishing the statement in form No. 3Bb by the stock exchange in regards to transactions after registration in the system for the month of April 2023 in which the client codes must have been modified is also this.
May 30th, 2023
Final date for furnishing of the statement (in Form No. 49C) by a non-resident holding a liaison office in India for the financial year 2022-23.
Also, it is the due date for furnishing of challan-cum-statement with respect to tax deducted under sections 194-IA, 194M, 194-IB and 194S at the time of April 2023.
Final date for issue of TCS certificate for the fourth quarter of the financial year 2022-23 and for submission of quarterly statement of TDS for the quarter ending 31st March 2023.
May 31st, 2023
Final date for a refund of tax deductions made from the contributions paid by the trustees of an approved superannuation fund.
Deadline for furnishing f the statement of financial transactions(in form No. 61A) under sub-section (1) of section 285BA of the Act for the financial year 2023-24.
Also, for e-filing of annual statements of reportable accounts to be furnished under section 285BA(1)(k) (in Form No. 61B) by any reporting financial institutions for the year 2022.
It is also the last date for drawing an application in form 9A for exercising the option available under Explanation to Section 11(1) for applying the income of the previous year in the next year or in future.
