Income Tax alert! I-T payers must not miss these important deadlines
Paying taxes and filing for Income Tax Returns (ITR) are two most important practice for taxpayers notified by Income Tax Department. Any salaried individual is liable to pay taxes depending upon their income group and tax rates. Then there are terms like tax deducted at source (TDS) and tax collected at source (TCS) which are levied by various companies and collected as per Income Tax Act. However, the IT department does give a breather for reducing taxes, claiming returns by filing various forms. An individual or company is needed to communicate their incomes and gains in a statement to the department. But they all have a specific time period. Now that, a little over 2 weeks are left for May month to end, there are a host of due dates you would not want to miss out in regards to your tax-related services.
May 30 due date:
1. Submission of a statement (in Form No. 49C) by non-resident having a liaison office in India for the financial year 2018-19
2. Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of April, 2019. Under this section, any person either being a transferee who is responsible for paying to a resident transferor a sum for immovable property except agriculture land. He or she can deduct an amount equal to 1% as income tax, at the time of credit of the sum to the account of transferor or during the time of payment either by cash, cheque or draft or any other mode. However, it needs to be noted that, no deductions will be made where the transfer of an immovable property is less than Rs 50 lakhs.
3. Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of April, 2019. Under this section, any individual or HUF who is responsible for paying income by way of rent to a resident, can deduct 5% of such income as taxes. Notably, the rent amount has to exceed Rs 50,000 for a month. Deductions can be followed at the time of credit of rent, for the last month of the previous year or the last month of tenancy, if the property is vacated during the year.
May 31 deadlines!
1. Quarterly statement of TDS deposited for the quarter ending March 31, 2019
2. Return of tax deduction from contributions paid by the trustees of an approved superannuation fund.
3. Due date for furnishing of statement of financial transaction (in Form No. 61A) as required to be furnished under sub-section (1) of section 285BA of the Act respect of a financial year 2018-19. This section is meant for any assessee who is a government employee either be Post Master, RBI office, or local authority whoever is responsible for registering, or, maintaining books of account or other document containing a record of any specified financial transaction or any reportable account as may be prescribed. They shall furnish a statement in respect of such specified financial transaction to the income-tax authority or such other authority or agency as may be prescribed.
4. Due date for e-filing of annual statement of reportable accounts as required to be furnished under section 285BA(1)(k) (in Form No. 61B) for calendar year 2018 by reporting financial institutions.
5. Application for allotment of PAN in case of non-individual resident person, which enters into a financial transaction of Rs. 2,50,000 or more during FY 2018-19 and hasn’t been allotted any PAN.
6. Application for allotment of PAN in case of person being managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in Rule 114(3)(v) or any person competent to act on behalf of the person referred to in Rule 114(3)(v) and who hasn’t allotted any PAN.