“It is during our darkest moments that we must focus to see the light. ”
—Aristotle
Statutory and Tax Compliance Calendar for month of April 2023
This article compiles due-dates for GST, Income Tax, ESI, PF Acts, and Companies Act compliances with a primary focus on Individuals, Professionals, and SME Businesses.
These due-dates are subject to extensions based on stakeholder representations and circumstances. We will notify you as soon as any due-dates are extended.
In accordance with applicable laws and regulations, colour coding is employed for better understanding.
Total days – 31
No. of due dates- 09
Changes in Income Tax w.e.f 01.04.2023
- New income tax regime to be default regime
- Tax rebate on income of Rs 7 lakh
- Standard deduction of Rs 50000 under new income tax regime.
- Tax slab changes under new income tax regime
Rs 0-3 lakh – nil
Rs 3-6 lakh – 5%
Rs 6-9 lakh- 10%
Rs 9-12 lakh – 15%
Rs 12-15 lakh – 20%
Above Rs 15 lakh- 30% - Debt mutual funds to be taxed as short-term gains
- Life insurance proceeds with premiums above Rs 5 lakh taxable
- Tax relief for HNIs on surcharge from 37 percent to 25 per cent on income above Rs 5 crore annually
- Physical gold can be converted to EGR without tax implications
- Limiting the roll over benefit claimed under section 54 and 54F
- Disallowance of expenses if Delayed Payments To MSME Vendors
- Increase in Threshold for MSME’s and Professionals u/s 44AD and 44ADA from Rs 2 crores to Rs 3 crores and for professionals u/s 44ADA from Rs 50 lakhs to Rs 75 lakhs. However, cash receipts should not be more than 5%.
This calendar is prepared for the benefits of clients and well-wishers of M/s Kanhaiya Gautam and Associates, Chartered Accountants. This should not be used as substitute for professional advice. Best efforts are placed to compile these due dates, still we would appreciate if you draw our attention to any inaccuracy.
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