Important Deadlines in July 2023: ITR Filing, EPFO Pension, and TDS
Whether you are an individual taxpayer, a pension beneficiary, or an employer, staying informed about these deadlines will help you navigate the financial landscape smoothly and stay on the right side of the law.
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Important Deadlines in July 2023: ITR Filing, EPFO Pension, and TDS
July 2023 brings forth a set of crucial deadlines that individuals and businesses should be aware of. From income tax return (ITR) filing to EPFO pension and TDS obligations, understanding and meeting these deadlines is essential to ensure compliance and avoid penalties.
This article highlights the important deadlines in July 2023 and provides valuable insights into the necessary actions to be taken.
Whether you are an individual taxpayer, a pension beneficiary, or an employer, staying informed about these deadlines will help you navigate the financial landscape smoothly and stay on the right side of the law. So, let's dive in and explore the key deadlines that demand our attention in July 2023.
July 31, 2023 (Income Tax Filing Deadline)
The deadline for submitting your income tax return for the financial year 2022-23 (AY 2023-24) is July 31, 2023. It is recommended to ensure timely submission of your ITR before the deadline. However, if you are unable to file it within the specified timeframe, you have the option to file a belated ITR.
For the financial year 2022-23 (assessment year 2023-24), the last date for filing a belated ITR is December 31, 2023, unless extended by the government.
If you file your ITR after the due date (July 31) but before December 31, 2023, a late fee will be imposed. The late fee for a belated return is determined according to Section 234F, which outlines the following criteria:
- Gross total income up to Rs 2.5 lakh: No penalty
- Gross total income between Rs 2.5 lakh and Rs 5 lakh: Rs 1,000 fee
- Gross total income above Rs 5 lakh: Rs 5,000 fee
July 7 (TDS Deducted)
July 15 marks another important date on the calendar, as it is the deadline for providing Tax Deducted at Source (TDS) certificates for May tax deductions. Additionally, any tax deducted or collected in the month of June must be submitted by July 7.
Furthermore, during this month, the Quarterly Tax Collection at Source (TCS) certificate for the fiscal quarter ending June 30 is typically issued. These deadlines play a significant role in ensuring proper compliance with tax regulations and should be diligently observed by individuals and businesses alike.
July 11 (Higher pension)
The Employees’ Provident Fund Organisation (EPFO) has recently announced an extension of the deadline until July 11, 2023, for individuals to opt for a higher pension.
In an effort to provide greater flexibility, EPFO has introduced an online platform that enables employees to select increased pension contributions, should they wish to do so.
This can be done through a joint application process, with the support of the EPFO utility, making it convenient and accessible for employees to make their desired pension choices. It is an opportunity for individuals to take advantage of enhanced benefits and secure their financial future through proactive decision-making.
Also Read: GSTR-9 & GSTR-9C Filing Requirement Waived For Taxpayers with 2 Cr. & 5 Crore Turnover
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Krishna Gopal Varshney
An editor at MyitronlinenewsKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.