Here’s a list of things that one needs to look out for: The Income Tax Department has made it mandatory for PAN holders to link it with Aadhaar by the end of March this year or it will be rendered ‘inoperative.’
Individuals will be restricted from filing the income-tax return or accessing PAN-related services failing to link Aadhaar and PAN card by 31 March, 2023.
“After 31st March 2023, the PAN of taxpayers who fail to intimate their Aadhaar, as required, shall become inoperative and all the consequences under the Act for not furnishing, intimating or quoting the PAN shall apply to such taxpayers,” the Central Board of Direct Taxes (CBDT) said in a notification on March 30, 2022.
A late fee of ₹1,000 will be applicable to link PAN and Aadhaar.
Advance tax payment
The last date to pay final installment of advance tax payment for Financial year 2022 – 2023 is 15th March, 2023, according to the Income Tax department. On this date 100 per cent of advance tax liability has to be paid by taxpayers.
As per section 208 of the Income Tax Act, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of “advance tax”.
However, a resident senior citizen (i.e., an individual of the age of 60 years or above during the relevant financial year) not having any income from business or profession is not liable to pay advance tax.
Advance tax is tax payable by individuals who have sources of income other than their salary. This is applicable to rent, capital gains from shares, fixed deposits, lottery winnings, etc.
File updated ITR for FY19-20
The deadline to file updated income tax return (ITR) for FY 2019-20 is March 31, 2023.
Taxpayers who missed filing it for FY19-20 or have missed reporting any income can file an updated ITR or ITR-U. The Finance Act of 2022 introduced the concept of updated returns to allow a longer duration for an assessee to file the return of income.
Updated return can be filed within 24 months from the end of the relevant assessment year, subject to certain conditions.
Investing in Pradhan Mantri Vaya Vandana Yojana
Pradhan Mantri Vaya Vandana Yojana (PMVVY), introduced in 2019, provides a regular income to senior citizens. The last date to invest in it is 31 march, 2023.
Anyone above the age of 60 years can participate in the scheme, and there is no maximum entry age, with a tenure of 10 years from the date of issue.
Presently, the scheme offers an interest rate of 7.4 per cent per annum. The interest rate remains the same for the entire tenure of 10 years. Senior citizen can invest a maximum amount of ₹15 lakh in PMVVY.
Tax saving investment
The deadline for tax-saving investments for FY2022-23 will end on March 31, 2023. This is important for ones who opt for the old tax regime for the financial year 2022-23. Taxpayers can claim various deductions for their investments under the old tax regime.
If you fall into taxable income category and have not yet done any tax saving for the soon to be FY 2022-23. One of popular deductions is section 80 which allows a taxpayer to claim a deduction of up to ₹1.5 lakh from various investments including premiums paid for life insurance policies, PPF, and ELSS among others. The other one is 80D, which is premiums paid for health insurance policies. An additional deduction of ₹50,000 for investing in the National Pension System (NPS).
Tax Compliance Tracker – March, 2023
- Compliance requirement under Income Tax act, 1961
| Sl. | Compliance Particulars | Due Dates |
| 1 | Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of January, 2023 | 02.03.2023 |
| 2. | Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of January, 2023 | 02.03.2023 |
| 3 | Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of January, 2023 | 02.03.2023 |
| 4 | Due date for deposit of Tax deducted/collected for the month of February, 2023. 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 | 07.03.2023 |
| 5 | Fourth instalment of advance tax for the assessment year 2023-24 | 15.03.2023 |
| 6 | Due date for payment of whole amount of advance tax in respect of assessment year 2023-24 for assessee covered under presumptive scheme of section 44AD / 44ADA | 15.03.2023 |
| 7 | Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of February, 2023 has been paid without the production of a Challan | 15.03.2023 |
| 8 | Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of January, 2023 | 17.03.2023 |
| 9 | Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of January, 2023 | 17.03.2023 |
| 10 | Due date for issue of TDS Certificate for tax deducted under section 194M in the month of January, 2023 | 17.03.2023 |
| 11 | Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of February, 2023 | 30.03.2023 |
| 12 | Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of February, 2023 | 30.03.2023 |
| 13 | Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of February, 2023 | 30.03.2023 |
| 14 | Country-By-Country Report in Form No. 3CEAD for the previous year 2021-22 by a parent entity or the alternate reporting entity, resident in India, in respect of the international group of which it is a constituent of such group | 31.03.2023 |
| 15 | Country-By-Country Report in Form No. 3CEAD for a reporting accounting year (assuming reporting accounting year is April 1, 2021 to March 31, 2022) by a constituent entity, resident in India, in respect of the international group of which it is a constituent if the parent entity is not obliged to file report under section 286(2) or the parent entity is resident of a country with which India does not have an agreement for exchange of the report etc. | 31.03.2023 |
| 16 | Uploading of statement [Form 67], of foreign income offered to tax and tax deducted or paid on such income in previous year 2021-22, to claim foreign tax credit [if return of income has been furnished within the time specified under section 139(1) or section 139(4) | 31.03.2023 |
2. Compliance Requirement under GST, 2017
A. Filing of GSTR –3B / GSTR 3B QRMP
a) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
| Tax period | Due Date | Particulars |
| February, 2023 | 20th March, 2023 | Due Date for filling GSTR – 3B return for the month of February, 2023 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year. Due Date for filling GSTR – 3B return for the quarter of January to March 2022 for the taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP. |
b). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
| Tax period | Due Date | Particulars | |
| February, 2023 | 22nd March, 2023 | Due Date for filling GSTR – 3B return for the month of February, 2023 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B |
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep
c). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
| Tax period | Due Date | Particulars | |
| February, 2023 | 24th March, 2023 | Annual Turnover Up to INR 5 Cr in Previous FY But Opted Quarterly Filing |
Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi
B. Filing Form GSTR-1:
| Tax period | Due Date | Remarks |
| Monthly return (February, 2023) | 11.03.2023 | 1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceeding year, opted for monthly filing of return under QRMP. |
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
| Form No. | Compliance Particulars | Timeline | Due Date |
| GSTR-5 & 5A | Non-resident ODIAR services provider file Monthly GST Return | 20th of succeeding month | 20.03.2023 |
| GSTR -6 | Every Input Service Distributor (ISD) | 13th of succeeding month | 13.03.2023 |
| GSTR -7 | Return for Tax Deducted at source to be filed by Tax Deductor | 10th of succeeding month | 10.03.2023 |
| GSTR -8 | E-Commerce operator registered under GST liable to TCS | 10th of succeeding month | 10.03.2023 |
D. GSTR – 1 QRMP monthly / Quarterly return
| Form No. | Compliance Particulars | Timeline | Due Date |
| Details of outward supply-IFF & Summary of outward supplies by taxpayers who have opted for the QRMP scheme. | GST QRMP monthly return due date for the month of April, 2022 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore. Summary of outward supplies by taxpayers who have opted for the QRMP scheme. | 13th of succeeding month – Monthly Quarterly Return | 13.03.2023 |
E. GST Refund:
| Form No. | Compliance Particulars | Due Date |
| RFD -10 | Refund of Tax to Certain Persons | 18 Months after the end of quarter for which refund is to be claimed |
F. Monthly Payment of GST – PMT-06:
| Compliance Particular | Due Date |
| Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP. | 25.03.2023 |
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