ITR Filing 2023: April 30 Is Deadline For TDS Payment, GSTR-4 Filing, 15G Form Submission

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The deadline for the TDS payment for March 2023 is April 30, 2023.

Income Tax Return Latest Update: Taxpayers, direct or indirect, need to know the deadline of certain filings as they are always at risk of paying penalties if filings are not done on time. On several occasions, the Centre extends dates for various tax filings and other things, while in many cases, it doesn’t. The taxpayers need to know that April 30 is the last date for the following filings.

Also Read- Attention Taxpayers! April 30 is The Last Date For THESE Income Tax, GST Filings

TDS Payment:

Taxpayers need to understand that TDS is the tax deducted at source and it means TDS is deducted from income at its source, including bank deposit interest, rents, consultation fees, commissions, cryptocurrency or virtual digital assets. The deadline for the TDS payment for March 2023 is April 30, 2023.

 GSTR-4 Filing:

The GSTR-4 is a return that comes under the goods and services tax regime and it is meant for those taxpayers who opt for the composition scheme. GSTR-4 is filed in a year, as against until FY 2018-19 when the return was filed every quarter. The deadline for filing the annual GSTR-4 return for the financial year 2022-23 is April 30, 2023. If failed to file it on time, a late fee of Rs 50 per day is imposed up to a maximum of Rs 2,000. In some cases where the tax liability is zero, the maximum late fee is Rs 500.

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15G and 15H Form Submission:

If the bank customers have a deposit in a bank and earn an interest of over Rs 40,000 in a year, then the bank deducts TDS on it. The limit of TDS for senior citizens is Rs 50,000 a year. However, you can save TDS on interest income. If the total annual income is below the taxable limit, you can submit self-declaration Form 15G and 15H requesting the bank not to deduct the TDS from the interest income.

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And the bank customers need to know that the deadline for submitting 15G and 15H forms to save TDS on interest income for the January-March 2023 quarter is April 30, 2023.