Taxpayers, direct or indirect, are always at risk of paying penalties if filings are not done timely. The government at times extends dates for various tax filings and other things, while in many cases, it doesn’t. Now, April 30 is the last date for the following filings which you must know.
TDS Payment Due Date for March 2023
TDS is the tax deducted at source. It means TDS is deducted from income at its source, including bank deposit interest, rents, consultation fees, commissions, cryptocurrency or virtual digital assets, and stamp duty, among others. It is deposited with the government.
The normal TDS rate can be as low as 1 per cent on various incomes and investments, and it can be as high as 30 per cent (like in the case of gains on cryptocurrency).
The TDS payment due date for March 2023 is April 30, 2023.
Due Date For GSTR-4 (Composition Dealer) for FY 2022-23
GSTR-4 is a return under the goods and services tax regime for those taxpayers who are opting for the composition scheme. It is now filed in a year, as against until FY 2018-19 when the return was filed every quarter.
The last date for filing the annual GSTR-4 return for the financial year 2022-23 is April 30, 2023.
A late fee of Rs 50 per day is levied up to a maximum of Rs 2,000. In the case where the tax liability is zero, the maximum late fee is Rs 500.
The composition scheme is a scheme for payment of GST available to small taxpayers, whose aggregate turnover in the preceding financial year did not cross Rs 1.5 lakh. Those who have opted in can pay a special tax rate of 6 per cent without the input tax credit.
Last Date For Filing 15G and 15H for Q4FY23 (January-March 2023)
If you have a deposit in a bank and have earned an interest of over Rs 40,000 in a year, the bank will deduct TDS on it. The limit for senior citizens is Rs 50,000 a year. However, there is a way save TDS on interest income. If you total annual income is below the taxable limit, you can submit self-declaration Form 15G and 15H requesting the bank not to deduct the TDS from the interest income.
The last date for submitting forms 15G and 15H to save TDS on interest income for the January-March 2023 quarter is April 30, 2023.