Income Tax Deadlines For July: TDS, TCS, And ITR Filing, See Details Here

In order to avoid fines, manage their money wisely, fulfill filing deadlines, and stay up to speed on any changes to tax rules and regulations, taxpayers must be aware of the key dates relating to taxes. Taxpayers who file their returns on time may also avoid the rapidly building up penalty and interest costs.

Taxpayers should strategically organize their finances and avoid any legal or financial ramifications by understanding the dates for tax payments, including advance tax payments and self-assessment tax payments.

Additionally, correct adherence to tax rules and regulations depends on staying current with any changes. In conclusion, being aware of the important dates related to taxes helps taxpayers stay in accordance with the law, prevent negative financial and legal repercussions, and effectively manage their money.

The key tax-related dates for the month of July are listed below.

Dates of Payment for July 2023

The following notable dates for the month of July 2023 are included in the tax calendar located on the official website of the Income Tax Department;

July 7, 2023

Date by which tax deductions and collections for the month of June 2023 must be deposited. However, any funds deducted or collected by a government agency must be deposited to the credit of the Central Government on the same day that tax is paid even if an income-tax challan is not produced.

When the Assessing Officer has authorized the quarterly deposit of TDS under Sections 192, 194A, 194D, or 194H, the due date for the TDS deposit is for the period from April 2023 to June 2023.

July 15, 2023

Date by which TDS Certificates for taxes deducted under Section 194-IA in the month of May 2023 are due to be issued
Date by which TDS Certificates for taxes deducted under Section 194-IB in the month of May 2023 are due to be issued
Date by which TDS Certificates for taxes deducted under Section 194M in the month of May 2023 are due to be issuedDate by which TDS Certificates for taxes deducted under Section 194S in May 2023 must be issued. Note: Only applicable to the individuals listed in section 194S.
Quarterly declaration about foreign remittances in Form No. 15CC for the quarter ending June 2023, should be provided by authorized dealers.
TCS’s quarterly statement for the period ending June 30, 2023.Upload the recipient declarations received in Form No. 15G/15H for the quarter ending in June 2023.
Due date for a stock exchange to submit a Form 3BB statement about transactions where client codes were changed after enrolling in the system for the month of June 2023.

July 30, 2023

quarterly TCS certificate for taxes that were paid for the period ending June 30, 2023
Date by which the challan-cum-statement for the tax deducted under section 194-IA for the month of June 2023 must be provided.
Date by which the challan-cum-statement for the tax deducted under section 194-IB for the month of June 2023 must be provided.
Date by which the challan-cum-statement for the tax deducted under section 194M for the month of June 2023 must be provided.
Date by which the challan-cum-statement that relates to the tax deducted under section 194S in the month of June 2023 must be provided. Note: Only applicable to the individuals listed in section 194S.

July 31, 2023

Statement of TDS deposits for the period ending June 30, 2023, on a quarterly basis
Return of income for all assessees for the assessment year 2023–2024, excluding (a) corporate assessees, (b) non-corporate assessees (whose books of accounts are required to be audited), (c) partners of firms whose accounts are required to be audited or the spouse of such partners, if the provisions of section 5A apply, and (d) assessees required to furnish reports under section 92E.
Time deposit interest that was not deducted from it at source by a banking firm for the quarter that ended June 30, 2023.
Statement needed under regulations 5D, 5E, and 5F from a scientific research association, university, college, or other organization, as well as an Indian scientific research firm (if the return of revenue is due by July 31, 2023)A pension fund’s notification in Form 10BBB of each investment made in India for the quarter ending June 2023.Sovereign Wealth Fund’s notification on Form II about an investment made in India for the quarter ending June 2023