Key Dates for Indian Taxes Part I

Increase in your income give you joy. But if proper accounting of the transactions and book keeping is not done it can lead to lot of trouble. Hence filing income tax return well before the last date of return is very necessary. There are various key dates for Indian taxes and depending upon your source of income and the amount earned through various other resources you will have to file the returns according to the stipulated filing date and format.

For example, for an employee who only earns through his salary, the last date for fling returns is 30th June. Similarly, the last date for an individual earning through business where auditing is not necessary is 31st August. In case of non-auditable accounts return filing, the last date for filing tax returns has now been extended from 31 July to 31st October. People who gain income through capital gains and properties or belong to salaried class have to file their tax returns latest by 31st July or else they have to pay the interest according to the taxes levied on them.

Some of the most important key dates for Indian taxes are listed below:

14th January: The deducted tax against dividend, interest, or any amount which has been paid to a non-resident Indian in between 1st October to 31st December should be submitted prior to this date. For this you need to use Form No. 27.

15th March: A company is expected to pay its 4th installment advance for the current financial year on or before this date. Similarly, in case of installment payment other than the company, you have to pay the 3rd installment advance for the current financial year by this date.

14th April: If the taxes are deducted against dividend, interest or amount paid during the period of 1st January to 31st March to non-resident, its statement has to be submitted along with form no. 27 on or before this date.

30th April: This date is very important as it is the last date for the submissions of lot of certificates and return filing. These are:

• A company has to submit the certificates of taxes that are deducted from the salary of employees according to their salary amount. In this case Form no. 16 is required.

• A company needs to submit certificates of taxes that are deducted on account of amount paid as insurance commissions. In this case Form no. 16A is required.

• A company or an individual need to submit certificate in case the tax is deducted from any other earning source other that the salary. Form no. 16A is used for this purpose.

• It is also the last date for filing return for income obtained from units and dividends according to 1961 Income Tax Act section 206. Form no 26 is required for this purpose.

So, is that all you need in your calander.

There are more key dates that are important as far as Indian Taxes are concerned. Find out