Author: CA

Compliance Calendar For The Month of January-2025

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GST Returns Due Date in the month of Jan-2025

Form to be filedDue datePeriod
13.01.2025GSTR 5 & 5ADecember 2024
13.01.2025GSTR 6December 2024
13.01.2025GSTR 1(Taxpayers under the QRMP scheme)October-December 2024
18.01.2025CMP-08 (Composition taxpayers.)October-December 2024
20.01.2025GSTR 3B (Taxpayers with an annual turnover exceeding ₹ 5 Crores)December 2024
22.01.2025GSTR 3B (Taxpayers in South India under the QRMP scheme)October-December 2024
24.01.2025GSTR 3B (Taxpayers in North India under the QRMP scheme)October-December 2024

Income Tax Compliance / PF / ESI Due Date in the month of Jan-2025

Due DateFormPeriod
14.01.2025TDS Certificate(Issue of TDS Certificate under Section 194M )November 2024
14.01.2025TDS Certificate ( Issue of TDS Certificate under Section 194S)November 2024
14.01.2025TDS Certificate(Issue of TDS Certificate under Section 194IB)November 2024
14.01.2025TDS Certificate(Issue of TDS Certificate under Section 194IA)November 2024
15.01.2025Form No. 49BADecember 2024
15.01.2025Form 15G/15HDecember 2024
15.01.2025Form 15CCDecember 2024
15.01.2025Form 24G by the GovernmentDecember 2024
15.01.2025PF & ESI PaymentDecember 2024
15.01.2025TCS Certificate (Issue of TCS Certificates in Form 27EQ)December 2024
15.01.2025Professional TaxOctober-December 2024
30.01.2025TDS Certificate (Issue of TDS Certificate under Section 194S)December 2024
30.01.2025TCS Certificate (Issue of TCS Certificates in Form 27D.)December 2024
30.01.2025TDS Payment (TDS payment for December 2024 under Forms 26QB, 26QC, and 26QD)December 2024
30.01.2025TDS Challan-cum-statementOctober-December 2024
31.01.2025TDS Return PaymentOctober-December 2024

Due Dates for Income Tax Returns in October-24

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Form to be filedDue datePeriod
TDS Certificate-TDS Certificate for tax deducted under section 194-IB15.10.2024August 2024
TDS Certificate-TDS Certificate for tax deducted under section 194S in the month of August 2024 Note: Applicable in case of a specified person as mentioned under section 194S15.10.2024August 2024
TDS Certificate-TDS Certificate for tax deducted under section 194M 15.10.2024August 2024
TDS Certificate-TDS Certificate for tax deducted under section 194-IA 15.10.2024August 2024
Form No. 3BB15.10.2024September 2024
Provident Fund (PF)15.10.2024September 2024
Provident Tax (PT)15.10.2024September 2024
TCS Certificate30.10.2024July to September 2024
TDS Challan-cum-statement30.10.2024September 2024
ITR (Income Tax Return)31.10.2024AY 2024-25
Audit Report31.10.2024AY 2024-25
Copies of Form No. 6031.10.2024April to September 2024
Non-TDS Return31.10.2024July to September 2024
Annual Audited Account31.10.2024FY 2023-24
Form no. 3CEAB for the accounting year 2023-2431.10.2024FY 2023-24
TDS Payment31.10.2024July to September 2024
Form 3CEB in respect of international transactions and specified domestic transactions.31.10.2024AY 2024-25

GST COMPLIANCE CALENDAR FOR THE MONTH OF OCTOBER

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Forms to be filledDue Date
GSTR-7 10-10-2024
GSTR-810-10-2024
GSTR-1-Other than QRMP11-10-2024
GSTR-1-QRMP ( Furnishing Facility)13-10-2024
GSTR-5 (Non-Resident Taxable Person)13-10-2024
GSTR-6 (Input Service Distributor)13-10-2024
GST-CMP-08 (Composition Scheme)18-10-2024
GSTR-3B-(Other than QRMP )20-10-2024
GSTR-5A20-10-2024
GSTR-3B(QRMP-Invoice Furnishing Facility)22-10-2024
ITC-04 (PFY Turnover < Rs. 5 Crores)25-10-2024

Digital Accounting

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Digital accounting refers to the use of digital tools and technologies to manage and process accounting tasks. This can include a variety of software solutions and systems that automate traditional accounting functions, making them more efficient and accurate. Here are some key aspects of digital accounting:

1. Accounting Software

  • ERP Systems: Enterprise Resource Planning systems like SAP, Oracle, and Microsoft Dynamics integrate accounting with other business processes.
  • Cloud Accounting: Software such as QuickBooks Online, Xero, and FreshBooks offer cloud-based solutions that allow for remote access and real-time updates.

2. Automation

  • Automated Data Entry: Scanning and uploading invoices and receipts which are then automatically processed.
  • Recurring Transactions: Automation of regular transactions such as payroll, rent, and utilities.

3. Data Analytics

  • Financial Reporting: Tools that provide detailed financial reports and dashboards for better decision-making.
  • Predictive Analytics: Using historical data to forecast future financial trends and outcomes.

4. Compliance and Security

  • Regulatory Compliance: Ensuring that all financial activities adhere to local and international laws.
  • Cybersecurity: Protecting sensitive financial data through encryption, access controls, and secure data storage.

5. Integration

  • Bank Integration: Direct connections with bank accounts for real-time transaction updates.
  • Third-party Apps: Integration with other business tools such as CRM systems, e-commerce platforms, and payment processors.

6. Collaboration

  • Multi-user Access: Allowing multiple users to work on the same accounting data simultaneously.
  • Remote Work: Enabling accountants and bookkeepers to work from anywhere, enhancing flexibility and productivity.

Benefits of Digital Accounting:

  • Accuracy: Reduced human error through automated data entry and calculations.
  • Efficiency: Faster processing of transactions and financial reporting.
  • Cost Savings: Lower operational costs by reducing the need for physical storage and manual labor.
  • Real-time Data: Instant access to up-to-date financial information for timely decision-making.

Challenges:

  • Learning Curve: Initial training and adaptation to new software.
  • Cybersecurity Risks: Protecting against data breaches and cyber-attacks.
  • Dependence on Technology: Ensuring system reliability and dealing with potential downtime or technical issues.

Digital accounting is transforming the accounting profession by leveraging technology to enhance efficiency, accuracy, and decision-making. By adopting digital tools, businesses can streamline their financial processes, gain better insights into their financial health, and stay competitive in a rapidly evolving marketplace.

TDS Rate Chart For Assessment Year 2024-25

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Nature of PaymentSectionThresholdRate of TDS
Salary Payment192Taxable Income that is liable to taxNormal slab rates or New Tax Regime Slab Rate as opted by the employee(Basic exemption limit for employees)
Premature Withdrawal from EPF192A50,00010%
Interest on Securities1932,50010%
Dividend1945,00010%
Interest other than interest on securities (Bank Deposit/Post Office Deposit/Banking Co-Society Deposit)194A5,00010%
(a) Senior Citizens50,000
(b) Others40,000
Winnings from lotteries, crossword puzzles, card games and other games194B10,00030%
Income earned from winning in horse races194BB10,00030%
Winning from Online Games194BA _30%
Payment of Contractors and sub-contractors194CSingle Transaction: 30,000/ Aggregate of Transactions: 1,00,0001% (individual/HUF)
2% (others)
Insurance Commission194D15,000 5% (Individual)
10% (Companies)
Payment in respect of life insurance policy194DA1,00,0005%
Payment to non-resident sportsmen/sports association194E _20%
Payments in respect of deposits under National Savings Scheme194EE2,50010%
Payments on account of re-purchase of Units by Mutual Funds or UTI194F
 _20%
Commission, prize etc., on sale of lottery tickets194G15,0005%
Commission or brokerage194H15,0005%
Rent for plant and machinery194-I(a)2,40,0002%
Rent for immovable property194-I(b)24000010%
Payment for acquisition of immovable property other than agriculture land194-IA50 Lakhs1%
Payment of rent by individual or HUF194-IB50,000 per Month5%
Payment for Joint Development Agreements194-IC _10%
Fee for Professional or Technical Services (FTS), Royalty, etc.194J30,0002% (FTS, certain royalties, call center) 10% (others)
Payment of dividend by Mutual Funds194K _10%
Payment of Compensation on acquisition of immovable property194LA2,50,00010%
Payment of income by Business trust194LBA(1)
 _10%
Payment of income by Investment fund194LBB(i) _10%
Income by securitization trust194LBC(1) _25% (Individual/HUF) 30% (Others)
Payment to commission, brokerage etc. by Individual and HUF194M50 Lakhs5%
TDS on e-commerce participants194-O5 Lakhs1%
TDS on Senior Citizen above 75 Years194S
 _1%
Purchase of goods (applicable w.e.f 01.07.2021)194Q20,0000.1%
TDS on benefit or perquisite of a business or profession
194R _10%

ROC Compliance Calendar -2024-2025

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Due DateForms to be filled
FLA30-09-2024
KYC of Directors30-09-2024
PAS-629-11-2024 (Apr 24-Sept 24)
MSME31-10-2024
MGT-7/ MGT-7A- Annual ReturnWithin 30 days of AGM
MGT-14-Financials & Directors ReportWithin 30 days from the date the resolution is duly passed and approved by the board members
AOC-4/AOC-4 (XBRL)-Financial StatementWithin 30 days of AGM