Compliance Calendar For The Month of May 2024

Due Dates for the GST Returns in the Month of May 2024

Form to be filedPeriodDue date
GSTR 8April 202410.05.2024
GSTR 7April 202410.05.2024
GSTR 1April 202411.05.2024
GSTR 5 & 6April 202413.05.2024
GSTR 5AApril 202420.05.2024
GSTR 3BApril 202420.05.2024

Due Dates for the Income Tax Compliance in the Month of May 2024

Form to be filedPeriodDue date
TDS cum-challan Statement-Deducted under Section 194S in Apr-2024.April 202430.05.2024
Form -15G/15H during the Quarter ending Apr-2024April 202430.05.2024
TDS cum-challan Statement-Deducted under Section 194IA,Section 194IB and Section 194M in Apr-2024.April 202430.05.2024
TDS Return- TDS Statement- 26Q, 24Q, 27Q for the quarter January – March 2024April 202431.05.2024

COMPLIANCE CALENDER FOR THE MONTH APRIL 2024

DUE DATES FOR THE GST RETURN IN THE MONTH OF APRIL -24

DUE DATEPERIODFORM
11-04-2024MAR-24GSTR-1
13-04-2024MAR-24GSTR 1 (QRMP)
13-04-2024MAR-24GSTR 5 & 6
18-04-2024MAR-24 CMP-08
20-04-2024MAR-24GSTR 5A
20-04-2024MAR-24GSTR 3B
22-04-2024MAR-24GSTR 3B

DUE DATES FOR THE INCOME TAX IN THE MONTH OF APRIL-24

DUE DATEPERIODFORM
14.04.2024FEB-2024TDS Certificate
15.04.2024MAR-2024FORM No.15CC
15.04.2024MAR-2024FORM-3BB
15.04.2024MAR-2024ESI,PF & Professional Tax Payment
30.04.2024MAR-2024TDS Challan
30.04.2024MAR-2024TDS Challan Statement for tax deducted under Section 194S is March -2024

FEE AND PENALTY FOR DELAY IN FURNISHING OF TDS AND PENALTY FOR INCORRECT INFORMATION IN TDS

Delay in furnishing of TDS statement, it is provided that :-

  • To levy fee of Rs.200 per day for late furnishing of TDS statement from the due date of furnishing of TDS statement to the date of furnishing of TDS statement.The total amount of fee shall not exceed the total amount of tax deductible during the period for which TDS is delayed
  • To provide that in addition to said fee, a penalty ranging from Rs. 10,000 – Rs.1,00,000 shall also be levied for not furnishing TDS statement within the prescribed time.

In order to discourage the deductors to furnish incorrect information in TDS statement, it is provided that a penalty ranging from Rs.10,000- Rs.1,00,000 shall be levied for furnishing incorrect information in the TDS statement

TDS RATE CHART FOR FY 2023-24

SectionDeductee Nature of TransactionThreshold Limit (Rs)TDS Rate
192Resident, Non-ResidentPayment of SalaryBasic exemption limitNormal slab rates
192AResident, Non-ResidentPremature Withdrawal from EPF50,00010% rate of TDS if PAN is provided.
If EPF withdrawal is made without a PAN, the applicable rate is 20%.
193ResidentInterest on securities250010% budget 2023: The exemption of TDS on interest from listed debentures has been removed. Therefore, tax has to be deducted on the interest on such specified securities.
194ResidentDividend500010%
194AResidentInterest from other than interest from securities (from deposits bank/post office/ co-operative society)Senior Citizens- 50,000 Others-40,00010% for both
194AResidentInterest from other than interest on securities and interest on bank deposits.5,00010%
194BResident, Non-ResidentIncome from lottery winnings, puzzles, crosswords, card games and other games of any type10,00030%
194BAResident, Non-ResidentIncome from online gamesNil30%
194BBResident, Non-ResidentIncome from horse race winning10,00030%
194CResidentPayment to Contractor/ Sub-contractorSingle transaction- 30,000
Aggregate transactions- 1,00,000
HUF/Individuals: 1%
Others: 2%
194DResidentInsurance commission to:
a) Domestic Companies15,00010%
b) Individuals15,0005%
194DAResidentIncome for the Insurance Pay-out, While Payment of any sum in respect of a life insurance policy1,00,0005%
194ENR Sport men, NR Sports Association, NR EntertainerPayment to non-resident sports association/ sportsmenNo limit20% The rate will be subject to an additional surcharge and 4% cess.
194EEResident, Non-Resident National Savings Scheme2,50010%
194FPayment for the re-purchase of the unit by Mutual Fund or UTINo specified limit20%
194GResident, Non-ResidentPayments, Commission on the sale of lottery tickets15,0005%
194HResidentCommission or brokerage on other 15,0005%
194-IResidentRent :
194-I(a)Rent on plant and machinery2,40,0002%
194-I(b) Rent on land/building/furniture/fitting2,40,00010%
194-IAResidentPayment on transfer of immovable property except agricultural land50,00,0001%
194-IBResidentRent paid by HUF/Individual who is not required to conduct tax audit50,000 per month5%
194-ICResidentPayment under JDA, Joint Development AgreementsNo specified limit10
194JResidentFees paid for –
– Technical services
– Royalty in nature of consideration for sale, Exhibition of cinematographic films
– Operation of the call center.
30,000

2%
194JResidentFees paid for any other professional services or technical service30,00010%
194JResidentPaid for Remuneration/Fee/Commission to a Director 30,00010%
194LAResidentCompensation on acquiring certain an immovable property2,50,00010%
194MResidentPayment of Individual / HUF commission except income tax commission under Section 194C, 194H, and 194J50,00,0005%
194NResident, Non-ResidentCash withdrawal exceeding a certain amount Co-Operative
Society: 3Crore
Others: 1Crore

2%
194NResident, Non-ResidentCash withdrawal from multiple bank accounts during the previous year
Amount exceeding 1 crore1 crore2%

GST RETURNS

GSTR- 9

Maximum late fee is restricted to ₹20,000 (10,000/- CGST + ₹10,000/- SGST) for filing of Annual Return in Form GSTR -9 for any Financial Year from 2017-18 to 2021-22, if filed on or before 30-06-2023.

Late fee of GSTR -9 for Financial Year 2022-2023:

There are three categories, which are as follows:

(a)  Turnover up to 5 Crore – Late fee CGST ₹25/- + SGST ₹25/- per day subject to a maximum up to 0.04% (0.02% CGST+ 0.02% SGST) of Turnover.

(b)  Turnover between 5 Crore to 20 Crore – Late fee CGST ₹50/- + SGST ₹50/- Per day subject to a maximum up to 0.04% of Turnover

(c)  Turnover above 20 Crore – Late fee CGST ₹100/- + SGST ₹100/- per day maximum up to 0.50% of turnover.

GSTR – 10

As per the GST Provisions on cancellation of GST Registration, a tax payer has to file Final Return (GSTR -10) within 3 months from the date of cancellation.

*  Late fee is restricted to ₹1,000/- (₹500/- CGST + ₹500/- SGST),  if Return GSTR-10 Filed between 01-04-2023 to 30-06-2022