Paying taxes and filing Income Tax Returns (ITR) are two of the most important tasks of a taxpayer. Any salaried individual is liable to pay taxes depending upon their income group and tax rates. Then there are tax deducted at source (TDS) and tax collected at source (TCS) which are levied by various companies and collected as per Income Tax Act that taxpayers should be aware of. However, the I-T department does give a breather by reducing taxes if various forms are filed.
With July 2019 kicking in, it will be a very busy month for Income-Tax return (ITR) filers and other taxpayers either, be it individuals or corporates. Here’s a list of deadlines a taxpayer must not forget in July 2019.
July 07, 2019:
Due date for deposit of Tax deducted/collected for the month of June, 2019. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan.
Due date for deposit of TDS for the period April 2019 to June 2019 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H.
July 10, 2019:
Due date for issuing quarterly TDS certificates in respect of salary paid and tax deducted has been extended from June 15, 2019 to July 10, 2019.
July 15, 2019:
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of June, 2019 has been paid without the production of a challan.
Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of May, 2019.
Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of May, 2018.
Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending June, 2019.
Upload the declarations received from recipients in Form No. 15G/15H during the quarter ending June, 2019.
Furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of June, 2019.
Issue quarterly TDS certificates and TDS certificate in respect of salary paid and tax deducted has been extended from June 15, 2019 to July 15, 2019 for the deductors of the State of Odhisha.
July 30, 2019:
Quarterly TCS certificate in respect of tax collected by any person for the quarter ending June 30, 2019.
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA for the month of June, 2019.
Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of June, 2019.
July 31, 2019:
Quarterly statement of TDS deposited for the quarter ending June 30, 2019.
Annual return of income for the assessment year 2019-20 for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited or (d) an assessee who is required to furnish a report under section 92E.
Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending June 30, 2019.
Statement by scientific research association, university, college or other association or Indian scientific research company as required by rules 5D, 5E and 5F (if due date of submission of return of income is July 31, 2019).
Application in Form 9A for exercising the option available under Explanation to section 11(1) to apply income of previous year in the next year or in future (if the assessee is required to submit return of income on or before July 31, 2019).
Statement in Form no. 10 to be furnished to accumulate income for future application under section 10(21) or 11(1) (if the assessee is required to submit return of income on or before July 31, 2019).
Due date for claiming foreign tax credit, upload statement of foreign income offered for tax for the previous year 2018-19 and of foreign tax deducted or paid on such income in Form no. 67. (If the assessee is required to submit return of income on or before July 31, 2019.)