If taxpayers do not do direct or indirect tax filing on time, then there is always a risk of penalty on them. Sometimes the government extends the due dates for different tax filings.
Although many times the date is not extended further by the government. In such a situation, April 30 is also the last date for many tax filings, about which you need to know.
TDS Payment Due Date for March 2023
TDS is the tax deduction that is levied at the source of your income. This means that TDS is deducted from income from other sources, including bank deposit interest, rent, consultancy fees, commission, cryptocurrency or virtual digital assets, and stamp duty. It is deposited with the government. The normal TDS rate on certain incomes and investments can be as low as 1 percent, and can be as high as 30 percent (such as in the case of gains on cryptocurrencies). The last date for TDS payment for March 2023 is April 30, 2023.
GSTR-4 Last Date for FY 2022-23
GSTR-4 is a return under the Goods and Services (GST) system for taxpayers who have opted for the composition scheme. Till FY 2018-19 when returns were filed every quarter. Now filing is done in a year. The last date for filing annual GSTR-4 return for FY 2022-23 is April 30, 2023. After this date, a late fee of Rs 50 per day is levied on taxpayers for liabilities up to Rs 2,000. Where there is no liability, the maximum late fee is Rs.500. Composition scheme is a system for filing GST for small taxpayers. This includes those people whose total turnover in the previous financial year did not exceed Rs 1.5 lakh.
Last date for filing 15G and 15H for Q4 FY23
If you have earned more than Rs 40,000 in a year by way of interest on your money deposited in the bank, then the bank will deduct TDS on it. For senior citizens, this limit is Rs 50,000 per annum. However, there is a way to save TDS on interest income. If your annual income is less than the taxable income, you can submit self-declaration Form 15G and 15H requesting the bank not to deduct TDS from the interest. The last date for submission of Form 15G and 15H to save TDS on interest income for the quarter January-March 2023 is April 30, 2023.
