We're about to enter tax season, so it's time to plan for the critical deadlines. There are a few important dates that you must remember in India if you are a business owner or an individual taxpayer to avoid fines and guarantee prompt adherence to tax laws. In this blog post, you should know the ten most crucial tax deadlines for FY 2022-2023 and AY 2023-2024.

Advance Tax Payment

The amount of income tax paid in instalments throughout the year instead of in one large sum at the end is known as "advance tax." The income tax department establishes due dates for advance tax, also known as earning tax. "advance tax" refers to tax paid in advance for income received within a specific fiscal year. However, the payer must still estimate their income for the whole year according to the tax regulations for advance tax.

TDS and TCS Payment and Filing

Every payer or deductor who collects TDS or TCS is required by the Income Tax Act to file their TDS or TCS return. The following deductors must submit a TDS/TCS return each quarter if they withhold any TDS from a payment:

• A corporation or company
• Government institutions
• People who are subject to section 44AB's (required audit) requirements.

The set deadlines must submit quarterly TDS and TCS returns. TDS/TCS returns must be filed quarterly. The deadlines are as follows:

TDS and TCS

TDS is the tax deducted from a company's payment to an individual when the amount exceeds a certain threshold, i.e. INR 30000 (If a single payment) or INR 100000 (If paying once for the whole financial year). For example, sellers collect a TCS tax when selling something to a buyer. All prices are subject to TDS, including salaries, rent, professional fees, brokerage commissions, etc.

Income Tax Return (ITR) Filing

The taxpayer can record their income, spending, tax deductions, investments, taxes, etc., on an income tax return. The Income Tax Act of 1961 makes filing an income tax return a requirement in several circumstances. However, there may be other justifications for filing an income tax return, such as carrying over losses, requesting an income tax refund, claiming tax deductions, etc., even in the absence of income.

Tax Audit

Cost audits, stock audits, and statutory audits required by business law requirements are only a few of the audits carried out by various laws. A tax audit, as its name suggests, is an examination or review of the financial records of any business or occupation carried on by taxpayers with an eye towards their income taxes.

Transfer Pricing

Transfer pricing is when one firm's division charges another for goods and services. Through transfer pricing, subsidiaries, affiliates, or businesses under shared ownership within the same larger organisation can determine costs for exchanges of goods and services.

Goods and Services Tax (GST)

Goods and services are charged the Goods and Services Tax. Multiple stages of the Goods and Services Tax Law affect all value additions in India, based on the destination. Indirect taxes are governed nationally by a single indirect tax law known as the GST.

Foreign Remittances

An overseas worker who sends money home to their family or relatives is said to be sending money abroad. Remittances are a significant contributor to the economic prosperity of many nations, as indicated by their GDP.

Tax Saving Investments

Every time the ITR filing deadline gets closer, many people look for tax-saving investment opportunities and ways to reduce their income tax in India. According to the Income Tax Act of 1961, various legal ways exist to minimise taxes, including tax-saving mutual funds, NPS, insurance premiums, health insurance, house loans, and many more.

Annual Information Return (AIR) Filing

In addition to the ordinary return described in Section 139, an annual information return is a format for filing a supplementary return with the Income Tax Department. High-value financial transactions made by assesses during the financial year are disclosed in the Annual Information Return (AIR). According to Section 285BA of the Income Tax Act of 1961, the designated people must provide the AIR with the specialised transactions listed in the Act.

Revised Return Filing

A revised return is filed under Section 139(5) to amend the initial return to correct mistakes and omissions made during the initial income tax return filing. For example, if you find an error in your first ITR or the income tax department notifies you of any inaccuracies in the ITR, you can file a revised return.

Conclusion

Tax compliance is crucial for all individuals and businesses in India, and keeping track of important tax deadlines is essential to ensuring timely compliance. You can avoid penalties and file taxes on time by knowing the ten critical tax deadlines for FY 2022-2023 and AY 2023-2024. So don't wait any longer; grab a coffee and prepare for these vital deadlines today!