COMPLIANCE CALENDAR FOR MARCH,2024

08-03-2024

The terms of compliance, both businesses and individuals have various requirements they need to fulfill, especially at the end of the financial year. Here’s a general overview of who should file what:

1. GST Compliance:
   • Businesses registered under GST: They need to file their GST returns for the month of March 2024 within the prescribed due dates.
   • Individuals or entities liable to pay GST: If you are registered under GST or if your turnover exceeds the threshold limit, you must file your GST returns accordingly.
2. Income Tax Compliance:
   • Businesses: They need to file their Income Tax Returns (ITRs) for the financial year 2023-24, including TDS certificates, PF, and other relevant documents within the due dates specified by the tax authorities.
   • Individuals: Employees, freelancers, professionals, and other individuals earning taxable income need to file their Income Tax Returns for the financial year 2023-24 within the prescribed due dates.
3. TDS Compliance:
   • Businesses: Employers need to issue TDS certificates to their employees and other deductees for tax deducted at source during the financial year 2023-24 within the specified due dates.
   • Individuals: Individuals who have faced TDS deductions need to ensure they receive their TDS certificates from the deductors and use them while filing their Income Tax Returns.
4. PF Compliance:
   • Employers: Employers need to ensure timely deposit of PF contributions and filing of necessary returns with the EPFO (Employees’ Provident Fund Organization) within the prescribed due dates.

It’s essential for both businesses and individuals to stay updated with the specific compliance requirements applicable to them and ensure timely filing and payment to avoid penalties and legal consequences. It’s also advisable to consult with a tax advisor or compliance expert for personalized guidance based on your specific situation and obligations.