An individual resident in India needs to pay taxes as per their income and tax slab they fall in and income tax department also provides some of the ways by which deductions on the taxes payable can be claimed by submitting some of the valid proofs and documents. For the same, a deadline is assigned and so here are given some tax services which need to be complied with by May end:
Financial tasks that need completion by May 30
1. For any payment made by a transferee to a resident transferor for any of the immovable property except agricultural land a challan-cum-statement in respect of tax deducted under section 194-IA in the month of April 2019 has to be submitted. Herein the transferee against the amount being credited to the transferor's account can deduct an amount equal to 1% as tax.
But it is noteworthy when the value of the immovable property under the transaction is less than Rs. 50 lakhs no deductions are allowed.
2. Also, as part of section 194-IB, challan cum statement for the tax deducted for the April month has to be deposited by May 30. Herein against the rent payable to the resident Indian, the other party can deduct 5% of such income as taxes. But for the deduction, rent amount for a month should be over Rs. 50000.
3. Also, an NRI who has a liaison officer appointed in Indian shore has to submit a statement in Form 49C for the financial year 2018-19.
Also, you need to adhere to some of the timelines until May 31 which are as follows:
For the quarter ending March 2019, you need to submit TDS deposit statement with the tax department.
Also, non-individuals resident who has entered into a financial transaction of Rs. 2.5 lakhs or more during FY 2018-19, need to apply for PAN application.