May 2023 Tax Compliance Calendar for Businesses in India

May 4, 2023 Posted by India Briefing Written by Naina Bhardwaj Reading Time: 4 minutes

This article provides a tax compliance calendar for the month of May 2023, outlining various income tax and GST related deadlines and requirements that businesses must meet to avoid incurring penalties and fines imposed by the government.

Staying compliant is vital for businesses to maintain their financial and reputational standing. For assistance in navigating the complex tax landscape in India, contact our experts at india@dezshira.com.

India’s tax compliance calendar for May 2023

The May 2023 tax compliance calendar outlines various tax-related deadlines and requirements that businesses must adhere to, including GST return filing, TDS payment, and Income-tax return filing.

Income tax compliances for May 2023

Due date	Compliance particulars	Sections/Forms
May 7, 2023	Due date for deposit of tax deducted/collected (TDS/TCS) for the month of April 2023. However, all sum deducted/collected by 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	TDS/TCS
May 15, 2023	Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB, 194M and 194S in the month of March 2023 Note: Applicable in case of a specified person as mentioned under section 194S	Section 194-IA, Section 194-IB, Section 194M and Section 194S
May 15, 2023	Due date for furnishing of Form 24G by the Government where TDS/TCS for the month of April 2023 has been paid without the production of a challan	Form 24G
May 15, 2023	Quarterly statement of TCS deposited for the quarter ending March 31, 2023	TCS Quarterly
May 15, 2023	Due date for furnishing statement in Form 3BB by a stock exchange in respect of transactions in which client codes have been modified after registering in the system for the month of April 2023	Form 3BB
May 30, 2023	Submission of a statement (in Form No. 49C) by non-resident having a liaison office in India for the financial year 2022-23	Form 49C
May 30, 2023	Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, section 194-IB, section 194M and section 194-S in the month of April 2023 Note: Applicable in case of a specified person as mentioned under section 194S	Section 194-IA, Section 194-IB, Section 194M and Section 194S
May 30, 2023	Issue of TCS certificates for the fourth quarter (Q4) of the FY 2022-23	TCS Certificate
May 31, 2023	Quarterly statement of TDS deposited for the quarter ending March 31, 2023	TDS Quarterly
May 31, 2023	Due date for furnishing of statement of financial transaction (in Form No. 61A) as required to be furnished under sub-section (1) of section 285BA of the Act with respect for the FY 2022-23	Form 61A
May 31, 2023	Due date for e-filing of annual statement of reportable accounts as required to be furnished under section 285BA(1)(k) (in Form No. 61B) for the calendar year 2022 by reporting financial institutions	Form 61B
May 31, 2023	Application for allotment of PAN in case of a non-individual resident person, which enters into a financial transaction of INR 250,000 or more during FY 2022-23 and hasn’t been allotted any PAN	PAN allotment
May 31, 2023	Application in Form 9A for exercising the option available under Explanation to section 11(1) to apply the income of the previous year in the next year or in future (if the assessee is required to submit return of income on or before July 31, 2023)	Form 9A
May 31, 2023	Statement in Form 10 to be furnished to accumulate income for future application under section 10(21) or section 11(1) (if the assessee is required to submit a return of income on or before July 31, 2023)	Form 10

GST compliances for May 2023

Due dates	Compliance particulars	Forms
May 10, 2023	The due date for filing GSTR 7 for the period of April 2023 is 10th May.	GSTR 7
May 10, 2023	The due date for furnishing GSTR 8 for the period April 2023 for registered e-commerce taxpayers in India who are liable to pay TCS should be deducted on or before deducted on or before 10th May.	GSTR 8
May 11, 2023	The last date to file the GSTR-1 form is May 11, 2023, for taxpayers having an annual aggregate turnover of more than INR 50 million or the ones who have opted for the monthly return filing.	GSTR 1
May 13, 2023	Details of B2B supply of a registered person with turnover up to INR 50 million during the preceding year and who has opted for quarterly filing of return under QRMP.	Invoice Furnishing Facility (IFF)
May 13, 2023	Details of Input Tax Credit (ITC) received and distributed by an Input Service Distributors (ISD).	GSTR 6
May 13, 2023	Summary of outward taxable supplies and tax payable by a non-resident taxable person.	GSTR 5
May 20, 2023	Annual turnover of more than INR 50 million in previous fiscal.	GSTR 3B
May 20, 2023	Annual turnover of up to INR 50 million in previous fiscal.	GSTR 3B
May 20, 2023	All the non-resident ODIAR services providers should file their monthly return GSTR-5A on or before the given due date of 20th April 2023, for the month of March 2023.	GSTR 5A
May 25, 2023	Registered person opted to file return under QRMP Scheme.	PMT 06
May 28, 2023	Statement of inward supplies received by persons having Unique Identification Number (UIN).	GSTR 11

Staying compliant with tax regulations in India is crucial for businesses to maintain their financial and reputational standing. However, navigating the complexities of tax compliance can be challenging, especially with the ever-changing tax landscape.

OUR TAX ADVISORY SERVICES HELP FOREIGN FIRMS STAY COMPETITIVE AND COMPLIANT IN INDIA

Therefore, businesses may require the assistance of experts to navigate through the complexities of tax compliance. Our team of tax experts is well-equipped to provide businesses with customized tax advice, helping them fulfill their tax obligations while also maximizing their tax benefits.

Apart from aiding businesses with tax compliance, our experts are capable of assisting them with various other aspects of their operations in India, such as market entry, location analysis and site selection, corporate establishment, HR and payroll, among others.

Contact us at india@dezshira.com to learn more about how we can assist your business in navigating the complex tax landscape in India.

Also read

About Us

India Briefing is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in Delhi and Mumbai. Readers may write to india@dezshira.com for more support on doing business in India.

We also maintain offices or have alliance partners assisting foreign investors in Indonesia, Singapore, Vietnam, Philippines, Malaysia, Thailand, Italy, Germany, and the United States, in addition to practices in Bangladesh and Russia.