Taxpayers can also save money by filing their returns on time and avoiding fines and interest costs that can mount up quickly. To properly comply with tax rules and regulations, it is also necessary to keep up with any changes in such laws and regulations.
Overall, keeping track of important tax-related dates can help taxpayers manage their finances wisely, avoid financial and legal repercussions, and maintain compliance with tax rules.
Due Date for May 2023
The following important dates for the month of May are listed in the tax calendar located on the official website of the Income Tax Department;
May 07, 2023
Date by which tax deductions and collections for the month of April 2023 must be deposited. However, any funds deducted or collected by a government office must be paid to the credit of the Central Government on the same day that tax is paid even if an income-tax challan is not produced.
May 15, 2023
March 2023 is the deadline for issuing TDS Certificates for taxes deducted under Section 194-IA.
May 15, 2023
Date by which TDS Certificates for taxes owing under Section 194-IB for the month of March 2023 must be issued
May 15, 2023
Date by which TDS Certificates for taxes deducted under Section 194M in the month of March 2023 are due to be issued
May 15, 2023
March 2023 is the deadline for issuing TDS Certificates for taxes deducted under Section 194S.
Note: Only applicable to the individuals listed in section 194S.
May 15, 2023
Date by which a government agency must submit Form 24G if TDS/TCS for April 2023 has been paid without the production of a challan.
May 15, 2023
TCS's quarterly statement for the period ending March 31, 2023.
May 15, 2023
Due date for stock exchanges to submit Form 3BB statements for transactions involving updated client codes following system registration for the month of April 2023.
May 30, 2023
submitting a statement (in Form No. 49C) for the fiscal year 2022–2023 from a non-resident with a liaison office in India
May 30, 2023
Due date for submitting challan-cum-statement paperwork for taxes deducted under section 194-IA in April 2023
May 30, 2023
Due date for challan-cum-statement submissions for taxes deducted under section 194M in April 2023
May 30, 2023
Due date for submitting challan-cum-statement paperwork for taxes deducted under section 194-IB in April 2023
May 30, 2023
Due date for providing challan-cum-statement information regarding tax deducted under section 194S in April 2023
Note: Only applicable to the individuals listed in section 194S.
May 30, 2023
Creating TCS certificates for the fourth quarter of the 2022–23 fiscal year
May 31, 2023
Statement of TDS deposits for the period ending March 31, 2023, on a quarterly basis
May 31, 2023
Return of tax deduction from contributions made by trustees of a superannuation fund that has been approved
May 31, 2023
Date by which a statement of financial transactions (in Form No. 61A) must be provided in accordance with Section 285BA of the Act's Subsection (1) with regard to the fiscal year 2022–2023
May 31, 2023
Due date for reporting financial institutions to submit their annual statement of reportable accounts (in Form No. 61B) electronically for the calendar year 2022, as required by Section 285BA(1)(k).
May 31, 2023
Application for PAN allotment for non-individual residents who engage in financial transactions of at least Rs. 2,50,000 in FY 2022–23 but have not yet been given a PAN.
May 31, 2023
Application for allotment of PAN in the case of a person who holds the position of managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer, or office holder of the person mentioned in Rule 114(3)(v) and who hasn't received an allotment of PAN.
May 31, 2023
If the assessee is obliged to submit a return of income on or before July 31, 2023, a Form 9A application must be submitted in order to exercise the option provided by the Explanation to Section 11(1) to apply income from the previous year in the next year or in the future.
May 31, 2023
If the assessee is required to file a return of income on or before July 31, 2023, a statement in Form No. 10 must be provided in order to accrue revenue for a future application under Section 10(21) or Section 11(1).