5 Important Dates – From TDS, TCS to Filing ITR

Source: The Economic Times

An individual or company is required to share their incomes and gains in a statement to the department.

The rules and norms of Income Tax are systematic and are needed to be exercised by citizens on scheduled due dates specified by the Income Tax Department. Paying taxes and filing for Income Tax Returns properly are the two most important practices for taxpayers notified by the Income Tax Department.

Every salaried individual is liable to pay his/her taxes depending upon their income group and tax rates. Then there are terms, such as, Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) which are levied and/or collected by companies as per the Income Tax Act. However, the IT department does allow a grace period for reducing taxes, claiming returns by filing appropriate forms. So, an individual or company is should communicate to their incomes and gains properly in a statement to the department.

Henceforth, now that hardly a week is left for the next month. There are various deadlines for taxpayers which require to be fulfilled in June 2019. In fact, the next month seems to be very busy for ITR filers and TDS and TCS depositors. Below is a list of 5 important deadlines, which taxpayers must not miss in June 2019.

June 7^th, 2019:

This is the Due date set for deposition of Tax deducted/collected for the month of May 2019. However, the whole amount deducted or collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan.

June 14^th, 2019:

1. This is the Due date for issuing TDS Certificates for tax deducted (under section 194-IA) in the month of April 2019.
2. This is the Due date for issuing TDS Certificates for tax deducted (under section 194-IB) in the month of April 2019.

June 15^th, 2019:

1. This is the Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of May 2019 has been paid without generating a challan.
2. Quarterly TDS certificates (in respect of tax deducted for payments other than salary) for the quarter ending March 31^st, 2019.
3. This is the Due date for the first installment of advance tax for the Assessment Year 2020-21.
4. This is the Due date for issuing Certificate of Tax Deducted at Source to employees in respect of salary paid and tax deducted during Financial Year 2018-19.
5. This is the Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes had been modified after registering in the system for the month of May 2019.

June 29^th, 2019:

1. This is the Due date for E-filing of a statement (in Form No. 3CEK) by an eligible investment fund under section 9A in respect of its activities during Financial Year 2018-19.

June 30^th, 2019:

1. This is the Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of May 2019.
2. This is the Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of May 2019.
3. This is the Due date for filing Returns in respect of securities transaction tax for the Financial Year 2018-19.
4. This is the Due date for filing Quarterly Return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending March 31^st, 2019.
5. This is the Due date for furnishing of statements (in Form No. 64C) by Alternative Investment Fund (AIF) to units holders in respect of income distributed during the previous year 2018-19.
6. Report by an approved institution/public sector company under Section 35AC (4) / (5) for the year ending March 31^st, 2019.
7. This is the Due date for furnishing of statement of income distributed by business trust to its unitholders during the Financial Year 2018-19. This statement needs to be furnished to the unitholders in form No. 64B.