“Important May Deadlines for TDS Filing and Certificate Submission: A Must-Know Guide”

To minimize tax deduction and maximize the benefit of government tax-saving schemes, it’s essential to file and document accurately before the Income Tax department’s deadline. In May, the IT department provided four crucial dates related to income tax. The IT department stated due dates for tasks such as filing TDS for April, applying for PAN cards for NRIs, and submitting TCS certificates for the quarter ending in March of FY23. As per the IT department’s calendar, people need to mandatorily submit their TDS for April by May 7th to deposit tax deducted or collected for the previous month. Failure to do so might lead to the imposition of penalties. Another crucial date is May 15th, which is the due date for the issuance of the TDS Certificate for tax deducted under section 194-IA in March. The date is also vital for the issuance of the TDS certificate for tax deducted under sections 194-IB, 194M, and 194S of March month. The last date for the submission of the quarterly statement of TCS deposited for the March quarter is also on May 15th. Taxpayers must furnish their challan-cum-statement in respect of tax deducted under sections 194-IA, 194M, 194-IB, and 194S in the April month by May 30th. It’s also the last date to issue TCS certificates for the March quarter of FY23. Additionally, taxpayers must deposit a quarterly statement of the deposited TDS for the March quarter of FY23 by May 31st, 2023. It’s also mandatory to furnish a statement of financial transactions in Form No. 61A as per the format laid under sub-section (1) of section 285BA of the IT Act, 1961, for the financial year 2022-23 by May 31st, 2023. It’s also the last date to apply for the allotment of PAN in case of a non-individual resident person. Non-individual persons with financial transactions of Rs. 2,50,000 or more during FY 2022-23 won’t be allotted any PAN card after the date.