Knowing key dates related to tax can help taxpayers stay compliant with tax laws, avoid financial and legal consequences.
Knowing the key dates related to taxation is crucial for taxpayers to avoid penalties, manage their finances, file their returns on time, and stay updated with any changes in tax laws and regulations. By understanding the due dates of tax payments, such as advance tax payments and self-assessment tax payments, taxpayers can plan their finances accordingly and avoid any legal or financial consequences.
Filing tax returns on time can also help taxpayers avoid penalties and interest charges that can accumulate quickly. Additionally, staying updated with any changes in tax laws and regulations is essential to comply with tax laws and regulations effectively. Overall, knowing key dates related to tax can help taxpayers stay compliant with tax laws, avoid financial and legal consequences, and manage their finances effectively.
Due Dates For May 2023
According to the tax calendar given on the official website of the Income Tax Department, following are the important dates for the month of May;
May 07, 2023
Due date for deposit of Tax deducted/collected for the month of April, 2023. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan
May 15, 2023
Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of March, 2023
May 15, 2023
Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of March, 2023
May 15, 2023
Due date for issue of TDS Certificate for tax deducted under section 194M in the month of March, 2023
May 15, 2023
Due date for issue of TDS Certificate for tax deducted under section 194S in the month of March, 2023
Note: Applicable in case of specified person as mentioned under section 194S
Source: https://www.news18.com/business/tax/income-tax-challan-tds-tcs-due-date-itr-7616113.html
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