The beginning of a year always means a fresh start for everybody right from the tax payers to the tax assessing officers that very well means the beginning of the tax season. For every business entrepreneurs, its very important to not to miss the due dates of tax payment. However it is very easy to miss a deadline but that follows a heavy set of penalties which is not so fun as missing it. So here are the five most important tax dates that one should mark in their calendars, so as to make their business more organised and relevant and most importantly in compliance all months.
January 7: Due date for deposit of tax which is either collected or deducted for the month of December 2016: this is the date when all the taxes that have been collected or deducted and, the sum so collected, by the office of a government shall be credited to the account of central government on the same day. This should actually be kept as a reminder to pay the TDS for the period of October 2016 to December 2016 when such quarterly taxes are deposited under Section 192 , 194A , 194D , or 194H .
January 14: Due date for issue of the TDS certificate: By January 14th , the assessing officer shall issue a tax deducted at source (TDS) certificate under the section 194-IA in the month of November 2016.
January 15: Due date to furnish form 24G: by this date the officers shall furnish the form 24G by an office of the government where the TDS of the month of December 2016 has been paid without producing the challan. Though every online seller has a sales tax filing due date throughout January. One shall make sure, that they check dates and filings of each states, since its different in every state.
January 30: due date to collect quarterly TCS certificate , Deposit challan cum statement , deposit TDS for the period of January 2017 to march 2017 , : From this date the periodic payment of taxes begin. And on this date one needs to pay taxes of the assessment year for filing electronic and other paper tax returns for the tax year. As a matter of fact , it is expected that as many as around 153 million tax returns to be filed in 2017.On this date the quarterly TCS certificate is collected by the assessing officers and also the due date to submit and furnish the TDS for the period of January 2017 – march 2017 whenever the assessing officer has permitted the quarterly deposit of TDS under section 192 , 194A , 194D or 194 and it is also the last date of the submission or furnishing of the bank challan under the section 194-IA in the month of December 2016.
January 31: quarterly statement of TDS that has been deposited for the end of the quarter of December 2016: -
It’s the due date of furnishing the quarterly return of non-deduction at a source by a banking company from interest on time and also the date for filing the bank transactions or the post offices in respect to the cash deposits made during the period of November 2016 to December 2016 aggregating to :-
(i) Rs. 12,50,5000 or more, in one or more current account of a person: or
(ii) Rs. 2,50,000 or more , in one or more accounts.
(iii) Cash deposits made during the period of 1st April, 2016 to 9th November, 2016 in the respective accounts.
And there are specified extensions for such dates which shall be as deemed by the concerned authorities. All of the above mentioned dates are the important dates that the assesses need to comply with in the month of January.
This article has been contributed by Vivek Tyagi, Content Writer LegalRaasta - an online portal for legal services such as company registration, trademark registration, patent registration etc. LegalRaasta is an online CA/CS companion which claims to deliver the legal services like income tax return filing, tds filing and many other services to make it hassle-free for entrepreneurs.