Upcomming - know your dues for income tax in india -2023

Know your dues for income tax in india

 

Income Tax Calendar

Due Dates for selected month and year

No. 1 

7 October 2023 -

​Due date for deposit of tax deducted/collected for the month of September, 2023. However, all sum deducted/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.

 

7 October 2023 -

​​Due date for deposit of TDS for the period July 2023 to September 2023 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H.

 

15 October 2023 -

​Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of September, 2023 has been paid without the production of a challan.

 

15 October 2023 -

​​Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of August, 2023.

 

15 October 2023 -

​​Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of August, 2023​.

 

                                                                   15 October 2023 -

Due date for issue of TDS Certificate for tax deducted under section 194M in the month of August, 2023​.

 

15 October 2023 -

​​Due date for issue of TDS Certificate for tax deducted under section 194S in the month of August, 2023

Note: Applicable in case of specified person as mentioned under section 194S.

 

15 October 2023 -

​Quarterly statement of TCS deposited for the quarter ending September 30, 2023.

 

15 October 2023 -

​Upload declarations received from recipients in Form No. 15G/15H during the quarter ending September, 2023.

 

15 October 2023 -

​Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of September, 2023.

 

                                                                   15 October 2023 -

​Quarterly TCS certificate in respect of tax collected by any person for the quarter ending June 30, 2023

Note: Due to extension of due date of TCS statement vide Circular no. 9/2023, dated 28-06-2023, the revised due date for furnishing TCS certificate shall be October 15, 2023.

 

                                                                  15 October 2023 -

​Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending June 30, 2023

Note: Due to extension of due date of TDS statement vide Circular no. 9/2023, dated 28-06-2023, the revised due date for furnishing TDS certificate shall be October 15, 2023.

 

 

 30 October 2023 -

​​Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of September, 2023.

 

 30 October 2023 -

​​Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of September, 2023​

                                                                    30 October 2023 -

​​Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of September, 2023​
 

30 October 2023 -

​ Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S in the month of September, 2023​

Note: Applicable in case of specified person as mentioned under section 194S

 

30 October 2023 -

​Quarterly TCS certificate (in respect of tax collected by any person) for the quarter ending September 30, 2023
 

31 October 2023 -

​Intimation by a designated constituent entity, resident in India, of an international group in Form no. 3CEAB for the accounting year 2022-23​​.

31 October 2023 -

​Quarterly statement of TDS deposited for the quarter ending September, 2023
 

31 October 2023 -

​​​Due date for furnishing of Annual audited accounts for each approved programmes under section 35(2AA).

31 October 2023 -

​Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending September, 2023
 

31 October 2023 -

​Copies of declaration received in Form No. 60 during April 1, 2023 to September 30, 2023 to the concerned Director/Joint Director​.

31 October 2023 -

​​Due date for filing of return of income for the assessment year 2023-24 if the assessee (not having any international or specified domestic transaction) is (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c)partner of a firm whose accounts are required to be audited or the spouse of such partner if the provisions of section 5A apply.

Note: The due date of furnishing of Return of Income in Form ITR-7 in the case of assessees referred to in clause (a) of Explanation 2 to section 139(1) has been extended from October 31, 2023 to November 30, 2023, vide Circular no. 16/2023, dated 18-09-2023.

​

31 October 2023 -

​​Audit report under section 44AB for the assessment year 2023-24 in the case of an assessee who is also required to submit a report pertaining to international or specified domestic transactions under section 92E.

31 October 2023 -

​Report to be furnished in Form 3CEB in respect of international transaction and specified domestic transaction.​

31 October 2023 -

​Due date for e-filing of report (in Form No. 3CEJ) by an eligible investment fund in respect of arm's length price of the remuneration paid to the fund manager (if the assessee is required to submit return of income on October 31, 2023).

31 October 2023 -

​​Statement by scientific research association, university, college or other association or Indian scientific research company as required by rules 5D, 5E and 5F (if due date of submission of return of income is October 31, 2023).​

31 October 2023 -

​​Submit copy of audit of accounts to the Secretary, Department of Scientific and Industrial Research in case company is eligible for weighted deduction under section 35(2AB) [if company does not have any international/specified domestic transaction]

31 October 2023 -

​Intimation in Form 10BBB by a pension fund in respect of each investment made in India for quarter ending September, 2023​.

31 October 2023 -

​Intimation in Form II by Sovereign Wealth Fund in respect of investment made in India for quarter ending September, 2023​

31 October 2023 -

​​Furnishing of Audit report in Form no. 10B/10BB by a fund or trust or institution or any university or other educational institution or any hospital or other medical institution.

Note: the due date for furnishing the Audit report in Form no. 10B/10BB has been extended from September 30, 2023 to October 31, 2023 vide Circular no. 16/2​023, dated 18-09-2023.

Income Tax 1. Inserted by the Income-tax (Twenty first Amendment) Rules, 2021, w.e.f. 29-7-2021.

 Income Tax

1. Inserted by the Income-tax (Twenty first Amendment) Rules, 2021, w.e.f. 29-7-2021.

1[Electronic furnishing of Forms, Returns, Statements, Reports, orders etc.

131. (1) The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case may be, may with the approval of the Board specify that any of the Forms, returns, statements, reports, orders, by whatever name called, prescribed in Appendix II, shall be furnished electronically— (i) under digital signature, if the return of income is required to be furnished under digital signature; or

(ii) through electronic verification code in a case not covered under clause (i).

(2) The Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case may be, shall-

(i) with the approval of the Board specify the Forms, returns, statements, reports, orders, referred to in sub-rule (1), which are to be furnished electronically;

(ii) lay down the data structure, standards and procedure of furnishing and erification of such Forms, returns, statements, reports, orders, including modification in format, if required, to make it compatible for furnishing electronically; and

(iii) be responsible for formulating and implementing appropriate security, archival and retrieval policies in relation to the said Forms, returns, statements, reports, orders.]

Income Tax 1. Inserted by the Income-tax (Fifth Amendment) Rules, 2023, w.e.f. 25-5-2023.

Income Tax 

1. Inserted by the Income-tax (Fifth Amendment) Rules, 2023, w.e.f. 25-5-2023.

1[133. (1) Net winnings from online games during the previous year, for the purposes of section 115BBJ, shall be calculated using the following formula, namely:-

Net winnings =(A+D)-(B+C), where -

A = Aggregate amount withdrawn from the user account during the financial year;

B = Aggregate amount of non-taxable deposit made in the user account by the assessee during the financial year;

C = Opening balance of the user account at the beginning of the financial year; and

D= Closing balance of the user account at the end of the financial year.

(2) Net winnings comprised in the first withdrawal during the financial year, for the purposes of section 194BA, shall be calculated using the following formula, namely:-

Net winnings =A-(B+C), where -

A = Amount withdrawn from the user account;

B = Aggregate amount of non-taxable deposit made in the user account by the owner of such account during the financial year, till the time of such withdrawal; and

C = Opening balance of the user account at the beginning of the financial year.

(3) Net winnings in the formula given in sub-rule (2) shall be zero, if the sum of amounts B and C is equal to or greater than the amount A.

(4) Net winnings comprised in each subsequent withdrawal during the financial year, for the purposes of section 194BA, shall be calculated using the following formula, namely:-

Net winnings =A-(B+C+E), where -

A = Aggregate amount withdrawn from the user account during the financial year till the time of subsequent withdrawal including the amount of such subsequent withdrawal;

B = Aggregate amount of non-taxable deposit made in the user account by the owner of such account during the financial year, till the time of such subsequent withdrawal;

C = Opening balance of the user account at the beginning of the financial year; and

E= Net winnings comprised in the earlier withdrawal or withdrawals computed under sub-rule (2), or under this sub-rule, during the financial year till the time of subsequent withdrawal if tax has been deducted in accordance with the provision of section 194BA on winnings comprised in such withdrawal or withdrawals.

(5) Net winnings in the formula given in sub-rule (4) shall be zero, if the sum of amounts B, C and E is equal to or greater than the amount A.

(6) Net winnings comprised in the user account at the end of the financial year, for the purposes of section 194BA, shall be calculated using the following formula, namely:-

Net winnings =(A+D)-(B+C+E), where -

A = Aggregate amount withdrawn from the user account during the financial year;

B = Aggregate amount of non-taxable deposit made in the user account by the owner of such account during the financial year;

C = Opening balance of the user account at the beginning of the financial year;

D= Closing balance of the user account at the end of the financial year; and

E= Net winnings comprised in the earlier withdrawal or withdrawals computed under sub-rule (2), or sub-rule (4), during the financial year if tax has been deducted in accordance with the provision of section 194BA on winnings comprised in such withdrawal or withdrawals.

(7) Net winnings in the formula given in sub-rule (6) shall be zero, if the sum of amounts B, C and E is equal to or greater than the sum of amount A and D.

Explanation 1.—For the purposes of this rule -

(a) "non-taxable deposit" means the amount deposited by the user in his user account and which is not taxable;

(b) "taxable deposit" means any amount deposited in the user account which is not a non-taxable deposit and includes any amount paid directly to the user not through the user account; and

(c) "withdrawal" means any amount withdrawn by the user from any user account.

Explanation 2.—For the removal of doubts, it is hereby clarified that -

(a) user account shall include every account of user, by whatever name called, which is registered with the online gaming intermediary and where any taxable deposit, non-taxable deposit or the winnings made by the user is credited and withdrawal by the user is debited;

(b) whenever there is payment to the user in kind or in cash, or partly in kind and partly in cash, which is not from the user account, the provisions of this rule shall apply to calculate net winnings by deeming that the money equivalent to such payment has been deposited as taxable deposit in the user account and the equivalent amount has been withdrawn from the user account at the same time and shall accordingly be included in amount A;

(c) whenever there are multiple user accounts of the same user, each user account shall be considered for the purposes of calculating net winnings and the deposit, withdrawal or balance in the user account shall mean aggregate of deposit, withdrawal or balance in all user accounts;

(d) whenever there are multiple user accounts of the same user, transfer from one user account to another user account, maintained with the same online gaming intermediary, of the same user shall not be considered as withdrawal or deposit, as the case may be, for the purposes of deducting tax under section 194BA;

(e) whenever there is taxable deposit in the form of bonus, referral bonus, incentives, promotional money, discount by whatever name called; and such deposit can only be used for playing the online games and not for withdrawal or any other purposes, such deposit shall be ignored for the purposes of calculation of net winnings and shall not be included in amount B or amount C or amount D; and

(f) whenever any bonus, referral bonus, incentives, promotional money, discount, by whatever name called, is not considered as part of amount B or amount C or amount D under clause (e) and subsequently they are recharacterised and allowed to be withdrawn, they shall be deemed as taxable deposit at the time of such recharacterisation and it shall be deemed that the equivalent amount has been deposited in the user account at that time.]

Income Tax 1. Inserted by the Income-tax (Thirty-second Amendment) Rules, 2022, w.e.f. 1-10-2022.

Income Tax 

1. Inserted by the Income-tax (Thirty-second Amendment) Rules, 2022, w.e.f. 1-10-2022.

1[Application for recomputation of income under sub-section (18) of section 155.

132. (1) An application requesting for recomputation of total income of the previous year without allowing the claim for deduction of surcharge or cess, which has been claimed and allowed as deduction under section) 40 in the said previous year, shall be made in Form No. 69 on or before the 31st day of March, 2023.

(2) Form No. 69 shall be furnished electronically to the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) or the person authorized by the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems).

(3) Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) shall lay down the procedures and standards for furnishing and verification of Form No. 69 and to forward the application received in Form No. 69 to the Assessing Officer.

(4) The Assessing Officer shall, on receipt of the application in Form No. 69, recompute the total income by amending the relevant order and issue notice under section 156 specifying the time period within which amount of tax payable, if any, is to be paid,-

(i) for the assessment year relevant to the previous year referred to in sub-rule (1); and

(ii) for the assessment years subsequent to the assessment year referred to in clause (i), if the order for such assessment year results in variation in carry forward of loss or allowance for unabsorbed depreciation or credit for tax under section 115JAA or section 115JD.

(5) The assessee shall, after making the payment of the tax determined under sub-rule (4), furnish the details of payment of tax in Form No. 70 to the Assessing Officer within thirty days from date of making the payment.]

Rule-10TH, Income-tax Rules

 Rule-10TH, Income-tax Rules

[Safe Harbour Rules for Specified Domestic Transactions

10TH. Definitions.— For the purposes of this rule and rules 10THA to 10THD,—

(a) "Appropriate Commission" shall have the same meaning as assigned to it in sub-section (4) of section 2 of the Electricity Act, 2003 (36 of 2003);

(b) "Government company" shall have the same meaning as assigned to it in sub-section (45) of section 2 of the Companies Act, 2013 (18 of 2013); ]

Rule-10TG, Income-tax Rules

 Rule-10TG, Income-tax Rules

[Mutual Agreement Procedure not to apply.

10TG. Where transfer price in relation to an eligible international transaction declared by an eligible assessee is accepted by the income-tax authorities under section 92CB, the assessee shall not be entitled to invoke mutual agreement procedure under an agreement for avoidance of double taxation entered into with a country or specified territory outside India as referred to in section 90 or 90A.]

Rule-10TF, Income-tax Rules

 Rule-10TF, Income-tax Rules

[Safe harbour rules not to apply in certain cases.

10TF. Nothing contained in rules 10TA, 10TB, 10TC, 10TD or rule 10TE shall apply in respect of eligible international transactions entered into with an associated enterprise located in any country or territory notified under section 94A or in a no tax or low tax country or territory.]