The GST Returns in the Month of Nov- 2024

Due date	Period	Form to be filed
10.11.2024	Oct- 2024	GSTR 8
10.11.2024	Oct- 2024	GSTR 7
11.11.2024	Oct- 2024	GSTR 1
13.11.2024	Oct- 2024	GSTR 6 (Input Service Distributors)
13.11.2024	Oct- 2024	GSTR 1 (QRMP)
20.11.2024	Oct- 2024	GSTR 3B
20.11.2024	Oct- 2024	GSTR 5 & 5A
25.11.2024	Oct- 2024	GST Challan Payment

Income Tax Compliance: PF / ESI in the Month of Nov- 2024

Due date	Period	Form to be filed
07.11.2024	Oct- 2024	Challan No. ITNS-281
14.11.2024	Sep- 2024	TDS Certificate (Section 194IB in the month of Sep-2024)
14.11.2024	Sep- 2024	TDS Certificate (Section 194S in the month of Sep- 2024)
14.11.2024	Sep- 2024	TDS Certificate ( Section 194M in the month of Sep- 2024)
14.11.2024	Sep- 2024	TDS Certificate (Section 194IA in the month of Sep-2024)
15.11.2024	Oct- 2024	TDS Certificate( Quarterly TDS Certificate for the quarter ending Sep- 30, 2024)
15.11.2024	Oct- 2024	ESI Challan
15.11.2024	Oct- 2024	Electronic Challan cum Return (ECR) (PF)
30.11.2024	FY 2023-24	Form ITR-7
30.11.2024	FY 2023-24	Form No. 64D
30.11.2024	FY 2023-24	Return of Income
30.11.2024	FY 2023-24	Form No. 64A
30.11.2024	FY 2023-24	Form No. 3CEAA
30.11.2024	FY 2023-24	Form No. 64
30.11.2024	Oct- 2024	TDS Certificate (section 194S in the month of Oct- 2024)

Section 10AA of the Income Tax Act, 1961, provides a tax deduction for businesses operating in Special Economic Zones (SEZs) in India. This incentive aims to encourage exports and boost foreign exchange earnings by offering a phased tax deduction based on the profits derived from export activities. Here’s a breakdown of how the deduction works:

Eligibility for Section 10AA Deduction

To qualify for the Section 10AA deduction, a business must:

1. Operate in a Special Economic Zone (SEZ) and engage in the manufacture, production, or provision of services.
2. Commence operations after April 1, 2006.
3. Ensure the income is derived from export activities of goods or services.
4. Maintain separate books of accounts for the SEZ unit to calculate the profit attributable to exports.

Deduction Phases

The deduction is available for a total of 15 consecutive years, divided into three phases:

• First 5 years: 100% deduction on the profits derived from exports.
• Next 5 years: 50% deduction on export profits.
• Last 5 years: 50% deduction is allowed, provided the business transfers an equivalent amount to the Special Economic Zone Re-investment Reserve Account and reinvests it in assets within the specified timeframe.

Conditions and Limitations

• Transfer of Goods to DTA: Profits from sales in the Domestic Tariff Area (DTA) are not eligible.
• SEZ Re-investment Reserve Account: For the third phase (last 5 years), reinvested funds must remain in the account for three years and be used to acquire plant or machinery for business use.
• Losses and Unabsorbed Depreciation: Losses can be carried forward, but the deduction is available only for the eligible SEZ profits.

Points to Note

• MAT and AMT Applicability: SEZ units are subject to Minimum Alternate Tax (MAT) under Section 115JB and Alternate Minimum Tax (AMT) under Section 115JC.
• Sunset Clause: Section 10AA benefits are gradually being phased out, and new SEZ units may have restricted eligibility based on recent tax amendments and government policies.

This deduction under Section 10AA is beneficial for businesses looking to reduce taxable income by leveraging their export profits, as long as they meet the eligibility and operational requirements.

Gandhi Jayanti, celebrated on October 2nd, marks the birth anniversary of Mahatma Gandhi, a pivotal leader in India’s struggle for independence and a proponent of non-violence and civil disobedience. It’s a day to honor his principles and contributions to peace and social justice. The day is observed as a national holiday in India and is also recognized as the International Day of Non-Violence. Many people commemorate the occasion by participating in prayer services, discussions, and community service activities.

Due Dates for GST Returns in the Month of August-24

Forms to be filled	Period	Due Date
GSTR-08	July 2024	10-08-2024
GSTR-07	July 2024	10-08-2024
GSTR-01	July 2024	11-08-2024
GSTR-06	July 2024	13-08-2024
GSTR-05	July 2024	13-08-2024
GST-CMP-08	July 2024	18-08-2024
GSTR-3B	July 2024	20-08-2024
GSTR-5A	July 2024	20-08-2024

Due Dates for Income Tax Compliance/PF/ESI in the Month of August-24

Forms to be filled	Period	Due Date
TDS and TCS(deduct tax at the source before making certain payments, such as salaries, interest, rent, commission, etc.)	July 2024	07.08.2024
TDS Certificate (Form 16D)	July 2024	15.08.2024
PF/ESI	July 2024	15.08.2024
TDS Certificate (Form 16C)	July 2024	15.08.2024
Challan cum TDS statement [Tax deducted under 194IA,194IB and 194M]	July 2024	30.08.2024
Statement in Form no. 10	July 2024	31.08.2024
Application in Form 9As	July 2024	31.08.2024

The DPT-3 form is a mandatory compliance form for companies in India under the Companies Act, 2013. It is used for filing returns of deposits or particulars of transactions not considered deposits or both, by companies. Here’s a detailed look at the form, filing process, and documents required

FORM DPT-3

Purpose:

To provide information regarding the loans, deposits, and outstanding receipts of money that are not considered deposits as per the Companies Act, 2013.

Filing Process for DPT-3

a. Gather Required Documents and Information:

• Financial statements for the relevant financial year.
• Details of loans, advances, or any amount received that is not considered a deposit.
• Auditor’s certificate, if required.

b. Preparation:

• Prepare the necessary data and ensure all details are accurate. This includes details of deposits, amounts not considered deposits, and particulars of receipts.

c. Form Filling:

• Access the Ministry of Corporate Affairs (MCA) portal.
• Download the DPT-3 form.
• Fill in the required information, such as company details, net worth, total outstanding money or loan received, and the amount not considered as deposits.

d. Attachment of Documents:

Attach all necessary documents such as:

• Audited financial statements.
• Auditor’s certificate.
• Copy of the board resolution authorizing the filing.
• Other relevant documents, if any.

e. Verification and Certification:

• Ensure that the form is properly verified and certified by the authorized signatory.
• The form may need to be digitally signed by the director or the company secretary.

f. Upload and Payment:

• Upload the filled and signed form on the MCA portal.
• Pay the requisite fee for filing the form.

g. Submission:

• After successful payment, submit the form.
• Ensure to receive an acknowledgment for the filing.

Documents Required for Form DPT-3 Filing

a. Financial Statement:

Audited financial statements for the relevant financial year.

b. Auditor’s Certificate:

A certificate from the auditor of the company certifying the particulars provided in the form.

c. Board Resolution:

A copy of the board resolution authorizing the filing of the form.

d. Details of Outstanding Receipts:

Detailed information about the amounts received by the company that are not considered deposits.

e. Other Relevant Documents:

Any other documents that support the information provided in the DPT-3 form.

NOTE:

• Due Date: The DPT-3 form must be filed annually and within the prescribed time limit as per the MCA guidelines.
• Penalties: Failure to file the DPT-3 form within the stipulated time may result in penalties and fines as per the Companies Act, 2013.
• Applicability: This form is applicable to all companies except Government companies.

GST Returns in the Month of July, 2024

Form to be Filed	Due Date	Period
GSTR-3B	20-07-2024	June 2024
GSTR 5A	20-07-2024	June 2024
GSTR-3B (QRMP)	22-07-2024	June 2024

Income Tax Compliance/ESI/PF in the month of July, 2024

Form to be Filed	Due Date	Period
Challan cum TDS statement [Tax deducted under 194IA (Form 26 QB), 194IB (Form 26 QC), and 194M(Form 26 QD)]	30-07-2024	June 2024
Quarterly TCS Certificate	30-07-2024	April-June 2024

“CA Day” refers to “Chartered Accountants Day,” which is celebrated in various countries to honor the contributions of chartered accountants. The date and specific traditions can vary by country

• In India, CA Day is celebrated on July 1st to mark the establishment of the Institute of Chartered Accountants of India (ICAI) in 1949.
• In other countries, there might be similar observances or recognition for chartered accountants, though the specific date and customs may differ.

Chartered Accountants play a crucial role in the financial and business sectors, and CA Day is an occasion to acknowledge their work and contributions to the economy.

What is Form-10IEA?

Form 10IEA is a form introduced by the Income Tax Department of India, enabling taxpayers to exercise their option to choose between the old or new tax regime for the financial year. This form is specifically used for the following purposes:

Purpose of Form 10IEA

• Opting for the New Regime: Taxpayers can opt for the new tax regime introduced under section 115BAC of the Income-tax Act, 1961.
• Switching Between Regimes: Taxpayers who previously opted for the new regime and now wish to revert to the old regime, or vice versa, for the new financial year.

Who Should Use Form 10IEA?

• Individuals and Hindu Undivided Families (HUFs): Who want to switch their tax regime.
• Business Owners and Professionals: Who may have previously chosen a particular regime and now want to change.

Features of the Old and New Regimes

Old Regime:

• Higher tax rates.
• Allows various exemptions and deductions like HRA, standard deduction, etc.

New Regime:

• Lower tax rates.
• Minimal exemptions and deductions.
• Simplified tax calculations.

When to File Form 10IEA

• The form must be submitted before the due date of filing the income tax return for the relevant financial year.
• It is generally used at the start of the financial year or when a taxpayer decides to switch the tax regime for that year.

How to File Form 10IEA

• Log in: Go to the “Income Tax e-Filing Portal” and log in using your credentials.
• Navigate: Select “e-File” and then “Income Tax Forms” from the menu.
• Form Selection: Choose “Form 10IEA” from the list.
• Fill Details: Provide details like financial year, PAN, Personal information, and the tax regime you are opting for.
• Submit: Review the filled form and submit it.

Key Points to Remember

• Lock-in Period: Once you opt for a regime using Form 10IEA, you must stick with it for the financial year. You cannot switch mid-year.
• Annual Choice: Salaried individuals can switch back to the old regimes every financial year. Business owners and professionals can only switch back to the old regime once they opt for the new regime.