Income Tax Calendar 2023: The Income Tax Department of India is conducting multiplier activities that are related to tax facilities throughout the year. The department has uploaded a notification on the official website of the upcoming events which are important for individuals who are involved in tax-paying activities. If you are also an individual who is paying the text to the Income Tax Department then you should check the following important dates of the Income Tax Department. In this article, you will not face any difficulty in submitting these forms before the deadline.
Important dates in the Income Tax Department
If you are an individual or business owner who deducted or collected tax from employees, you must deposit that tax with the government. However, if you are warning in a government office that deducted or collected tax from employees, you must pay that tax to the Central Government on the same day that you deducted or collected the tax. Companies and government offices that are collecting tax from their employees from the monthly salaries have to prepare that TDS. You have to issue the TDS Certificate to the employees.
All the employees in private companies, government departments, and Stock Exchange persons have to Submit the following documents according to their categories. If you delay submitting these documents you will have to pay extra charges as plenties to the Income Tax Department.
- Quarterly TDS Certificate: The Quarterly TDS certificate, applicable to the quarter, provides a comprehensive overview of the tax deducted at source (TDS) on payments other than salary. This certificate is mandatory for deductors to issue to their respective deductees.
- Form 24G: Form 24G is specifically applicable to government offices and serves as a declaration form acknowledging the deduction of TDS/TCS for the month of October 2023, without the production of a challan. This form plays a vital role in ensuring that government offices maintain compliance with tax regulations.
- Form 3BB: Form 3BB, relevant to stock exchanges, is a statement that meticulously details transactions where client codes have undergone modifications following registration. This form must be submitted to the Income Tax Department on a monthly basis.
The income tax department has issued a deadline to submit various documents related to the submitting of Income Tax. You can check the following documents according to your category.
- Challan-cum-Statements for Tax Deductions: Individuals and entities responsible for deducting tax under sections 194-IA, 194-IB, 194M, and 194S must submit the respective challan-cum-statements. These statements provide a detailed account of the tax deducted at source (TDS) and must be filed electronically.
- Income Tax Returns for Assessment Year 2023-24: Assessees required to submit reports under section 92E, pertaining to international or specified domestic transactions, must file their income tax returns. These returns provide a comprehensive overview of the taxpayer’s income and taxable income.
- Form 3CEAA by Constituent Entities of International Groups: Constituent entities of international groups are obligated to submit Form 3CEAA. This form details the group’s financial transactions and is crucial for tax compliance purposes.
- Statements of Income Distribution: Venture capital companies, venture capital funds, alternative investment funds, and business trusts must submit statements of income distribution. These statements disclose the income distributed to unitholders and are essential for tax assessment.
- Safe Harbor Option Forms: Assesses opting for the safe harbour rules for international or specified domestic transactions must file the respective forms, 3CEFA and 3CEFB. These forms provide documentation of the safe harbour option exercised.
- Audit Reports for Weighted Deductions: Companies eligible for weighted deductions under section 35(2AB) must submit their audit reports to the Secretary, the Department of Scientific and Industrial Research. These reports verify the company’s financial transactions and compliance with tax regulations.
- Statements by Scientific Research Institutions: Scientific research associations, universities, colleges, and other scientific research institutions must submit statements as required by rules 5D, 5E, and 5F. These statements outline the institution’s research activities and expenditures.
- E-filing of Reports by Eligible Investment Funds: Eligible investment funds must e-file reports (in Form No. 3CEJ) regarding the arm’s length price of remuneration paid to fund managers. These reports ensure transparency in the remuneration paid to fund managers.
- Return of Income in Form ITR-7: Assessees referred to in clause (a) of Explanation 2 to section 139(1) must file their Return of Income in Form ITR-7. This form is applicable to specific categories of taxpayers, such as trusts and estates.