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Happy Gandhi Jayanti

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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.

COMPLIANCE CALENDAR FOR THE MONTH OF AUGUST

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

Forms to be filledPeriodDue Date
GSTR-08July 202410-08-2024
GSTR-07July 202410-08-2024
GSTR-01July 202411-08-2024
GSTR-06July 202413-08-2024
GSTR-05July 202413-08-2024
GST-CMP-08July 202418-08-2024
GSTR-3BJuly 202420-08-2024
GSTR-5AJuly 202420-08-2024

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

Forms to be filledPeriodDue Date
TDS and TCS(deduct tax at the source before making certain payments, such as salaries, interest, rent, commission, etc.)July 202407.08.2024
TDS Certificate (Form 16D)July 202415.08.2024
PF/ESIJuly 202415.08.2024
TDS Certificate (Form 16C)July 202415.08.2024
Challan cum TDS statement
[Tax deducted under 194IA,194IB and 194M]		July 202430.08.2024
Statement in Form no. 10July 202431.08.2024
Application in Form 9AsJuly 202431.08.2024

What is Form DPT-3? Filing process and Document Requires for Form DPT-3

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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.

COMPLIANCE CALENDAR FOR THE MONTH OF JULY, 2024

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GST Returns in the Month of July, 2024

Form to be FiledDue DatePeriod
GSTR-3B20-07-2024June 2024
GSTR 5A20-07-2024June 2024
GSTR-3B (QRMP)22-07-2024June 2024

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

Form to be FiledDue DatePeriod
Challan cum TDS statement
[Tax deducted under 194IA (Form 26 QB), 194IB (Form 26 QC), and 194M(Form 26 QD)]		30-07-2024June 2024
Quarterly TCS Certificate30-07-2024April-June 2024

HAPPY CA DAY

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“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.

FORM -10IEA

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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.

Exemptions and Deductions available under the New Regime

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  • Transport allowances in case of a specially-abled person.
  • Conveyance allowance received to meet the conveyance expenditure incurred as part of the employment.
  • Any compensation received to meet the cost of travel on tour or transfer
  • Daily allowance received to meet the ordinary regular charges or expenditure you incur on account of absence from his regular place of duty.
  • Gifts up to Rs.50,000
  • Exemption on voluntary retirement 10(10C), Gratuity u/s 10(10) and Leave encashment u/s 10(10AA).
  • Interest on Home Loan on Let-Out Property (Section 24)
  • Budget also introduced deduction under sec.57(iia) of family pension income
  • Budget 2023 further introduced deduction of amount paid or deposited in the Agniveer Corpus Fund Under Sec.80CCH(2)
  • Standard Deduction of Rs.50,000 under New Tax Regime applicable From FY 2023-24
  • Deduction for Employer’s Contribution to NPS account [Sec.80CCD(2)]

Due Dates for Income Tax Compliance in the Month of June-2024

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Date DuePeriodForms to be Filed
07-06-2024May 2024TDS and TCS
14-06-2024May 2024TDS Certificate- FORM 16D
14-06-2024May 2024TDS Certificate- FORM 16C
14-06-2024May 2024TDS Certificate- FORM 16
14-06-2024May 2024TDS Certificate- FORM 16A
14-06-2024May 2024TDS Certificate- FORM 16B
15-06-2024May 2024PF/ESI
15-06-2024May 2024Professional tax returns
30-06-2024May 2024TDS Statement-Tax deducted under 194IA,194IB &194M