Author: CA

January 2026 Compliance Calendar

Posted on by CA

7th January 2026

  • TDS/TCS Payment (Dec 2025)
    • Deposit TDS/TCS deducted/collected in December 2025

10th January 2026

  • GSTR-7
    • Return for TDS under GST (Dec 2025)
  • GSTR-8
    • Return for e-commerce operators (Dec 2025)

11th January 2026

  • GSTR-1 (Monthly)
    • Outward supplies return for Dec 2025 (for monthly filers)

13th January 2026

  • GSTR-6
    • Input Service Distributor return (Dec 2025)

15th January 2026

  • Advance Tax (3rd Installment for FY 2025–26)
    • 75% of total tax liability to be paid

20th January 2026

  • GSTR-3B (Monthly)
    • Summary return for Dec 2025

25th January 2026

  • PMT-06
    • GST payment for QRMP taxpayers (Dec 2025)

30th January 2026

  • TDS Return (Form 26Q, 24Q, etc.) – Q3 FY 2025–26
  • TCS Return (Form 27EQ) – Q3 FY 2025–26

31st January 2026

  • Income Tax Return (ITR) – Belated/Revised
    • For AY 2025–26 (if not filed earlier)
  • Form 15G/15H Submission (Quarterly)
  • Statement of Financial Transactions (if applicable)

Taxable Sales and Non-Taxable Sales is important for GST (Goods and Services Tax) and accounting.

Posted on by CA

Taxable Sales

Meaning:
Taxable sales are transactions on which GST is charged and collected.

Key Points:

  • GST is applicable (CGST + SGST or IGST).
  • Seller must issue a tax invoice.
  • Input Tax Credit (ITC) can be claimed (subject to conditions).

Examples:

  • Sale of goods like electronics, clothes, furniture
  • Providing services like consultancy, digital marketing, etc.
  • Interstate or intrastate sales (tax depends on location)

👉 Example:
If you sell a laptop for ₹50,000 + 18% GST → GST is charged → Taxable Sale

🔹 Non-Taxable Sales

Meaning:
Non-taxable sales are transactions on which GST is NOT charged.

Types of Non-Taxable Supplies:

1. Exempt Supplies

  • Goods/services specifically exempt by government
  • No GST charged

Examples:

  • Basic food items (like fresh fruits, milk)
  • Educational services (in certain cases)

2. Nil-Rated Supplies

  • GST rate is 0%
  • Treated differently in reporting but no tax collected

Examples:

  • Some essential goods under GST schedule

3. Non-GST Supplies

  • Completely outside GST law

Examples:

  • Alcohol for human consumption
  • Petroleum products (like petrol, diesel)

4. Zero-Rated Supplies

  • GST rate is 0%, but ITC can be claimed

Examples:

  • Exports
  • Supplies to SEZ units

🔸 Key Differences

BasisTaxable SalesNon-Taxable Sales
GST ApplicabilityYesNo
Tax ChargedYesNo
ITC AvailableYesUsually No (except zero-rated)
ExamplesGoods & servicesExempt goods, exports, petrol

Compliance Calendar – March 2026

Posted on by CA

INCOME TAX / TDS / TCS

Due DateComplianceApplicable To
07 Mar 2026Deposit of TDS/TCS for February 2026All deductors/collectors
14 Mar 2026Issue of TDS Certificates (Form 16B/16C/16D) for Jan 2026Buyers / Tenants u/s 194-IA / 194-IB / 194M
15 Mar 20264th Instalment of Advance Tax (100% payment) – FY 2025–26All taxpayers liable for advance tax
15 Mar 2026Advance Tax for presumptive taxpayers (Sec 44AD/44ADA)Eligible presumptive taxpayers
31 Mar 2026Last date for tax-saving investments (Sec 80C, 80D, etc.)Individuals / HUFs
31 Mar 2026Last date for payment to claim certain deductions (salary, bonus, etc.)Businesses
31 Mar 2026Filing of Updated ITR (AY 2023–24, if applicable)Eligible taxpayers
31 Mar 2026Last date for passing board resolutions for certain compliance (where required)Companies

✅ GST COMPLIANCE

Due DateComplianceApplicable To
10 Mar 2026GSTR-7 (TDS) & GSTR-8 (TCS) for Feb 2026GST deductors / e-commerce operators
11 Mar 2026GSTR-1 (Monthly) for Feb 2026Monthly filers
13 Mar 2026GSTR-6 for Feb 2026Input Service Distributors
13 Mar 2026IFF for Feb 2026 (Optional)QRMP taxpayers
20 Mar 2026GSTR-3B (Monthly) for Feb 2026Monthly filers
22 Mar 2026GSTR-3B (QRMP – Group A States) for Jan–Mar 2026QRMP taxpayers
24 Mar 2026GSTR-3B (QRMP – Group B States) for Jan–Mar 2026QRMP taxpayers

✅ PF / ESI COMPLIANCE

Due DateComplianceApplicable To
15 Mar 2026PF & ESI contribution for Feb 2026All covered employers

Union Budget 2026–27 News Highlights

Posted on by CA

📈 1. Macro & Fiscal Framework

📊 Fiscal and Growth Targets

  • Fiscal Deficit: Target set at 4.3 % of GDP for FY 2026–27 (down from ~4.4 % current), showing continued fiscal consolidation.
  • GDP Growth: Real GDP estimated to grow ~7.4 % for 2025–26 with a projected nominal growth of ~10 % for 2026–27.
  • Total Budget Outlay: Around ₹53.5 lakh crore for FY 2026–27.
  • Capital Expenditure: Allocated ₹12.2 lakh crore — the highest ever in India’s history — to support infrastructure and growth.
    These targets emphasize a balance between fiscal discipline and investment-led expansion.

🧮 2. Taxation & Compliance Reforms

✔ Direct Tax Measures

  • New Income Tax Act, 2025: To be implemented from April 1, 2026 with simplified rules and redesigned return processes aimed at reducing compliance burden.
  • Return Revision: Taxpayers can revise income tax returns up to 31 March of next year (extended from earlier timelines).
  • Foreign Asset Disclosure Window: One-time 6-month window for disclosure of foreign assets/income to ease compliance.
    These changes aim to make tax filing clearer and less punitive.

✔ TCS & TDS Adjustments

  • LRS TCS Rates Cut: Overseas tour packages, education, and medical remittances under the Liberalised Remittance Scheme (LRS) see TCS reduced to 2 %, down from 5–20 %.
  • Concessional TDS: Lower TDS rates (1–2 %) on manpower services and related transactions.
    Reducing collection burdens on common expenditures overseas reduces everyday costs for citizens.

✔ Penalty & Litigation Reforms

  • Pre-deposit for tax disputes reduced from 20 % to 10 %.
  • Procedural defaults decriminalised; minor non-compliance attracts immunity on payment of additional tax.
    These moves are targeted to ease dispute resolution and compliance anxiety.

🚆 3. Infrastructure & Connectivity Push

🏗 Record Capital Spending

  • Public CapEx Increase: ₹12.2 lakh crore, nearly 9 % more than last year’s.
  • Infrastructure Risk Guarantee Fund: Helps share project risk with lenders to attract private investment.
  • Special Assistance to States: Increased capital investment support to amplify infrastructure rollout nationwide.
    This reflects the government’s continued prioritization of building physical and logistical assets.

🚄 Major Projects

  • Dedicated Freight Corridors: New corridors like Dankuni–Surat to improve logistics.
  • High-Speed Rail Corridors: Seven new corridors announced to connect key metro and regional hubs.
  • 20 National Waterways: To be operationalised in the next 5 years, enhancing inland and coastal freight movement.
  • Coastal Cargo Promotion Scheme: Incentives to increase coastal shipping share.
  • Ship Repair Ecosystems: Promoted for waterways to support cargo movement.
    These efforts aim to lower transport costs and improve economic linkages across regions.

🏙 Urban & City Growth

  • City Economic Regions (CERs): Framework to develop Tier-II & III cities and temple towns with dedicated funding.
    CERs will help balance economic activity and pull urbanization benefits beyond primary metros.

🏭 4. Manufacturing, Strategic Sectors & Tech

🔋 Manufacturing & Value Chains

  • Rare Earth Corridors: Support for mineral-rich states (Odisha, Kerala, AP, TN) from extraction to processing and manufacturing.
  • Chemical and Container Parks: Cluster-based models for competitiveness.
  • Capital Goods & Tool Rooms: Hi-Tech Tool Rooms for precision manufacturing.
    These aim to boost domestic manufacturing capability and reduce import dependence.

💻 Technology & Semiconductors

  • India Semiconductor Mission 2.0: Scales up semiconductor manufacturing, supply chain and training initiatives.
  • Data Centre & Cloud Policies: Long-term tax holiday up to 2047 to attract foreign cloud providers using Indian data centres.
  • AI & Digital Customs: AI tools for agriculture and AI scanning platforms for customs integrated systems.
    This positions India as a competitive player in advanced technology and digital infrastructure.

🧠 5. MSMEs, Exports & Business Support

🛠 MSME Sector

  • ₹10,000 crore SME Growth Fund: To support scaling and competitiveness.
  • Self-Reliant India Fund Top-up: Additional capital infusion.
  • Corporate Mitras Initiative: Helps MSMEs with compliance and procedural support.
    These measures aim to strengthen small business growth, liquidity and formalisation.

🎯 Export & Strategic Clusters

  • Focus on Mega Textile Parks, integrated textile support schemes, and legacy industrial cluster revivals to boost employment and exports.
  • Sports Goods Initiative: Dedicated strategy for sports equipment manufacturing.
    This improves value addition in both traditional and modern sectors.

🌾 6. Agriculture & Rural Development

  • 500 Reservoirs & Amrit Sarovars Initiative: Integrated development for irrigation, fisheries, and rural livelihoods.
  • Support for allied sectors like dairy, poultry, coconut, cashew and cocoa value chains.
  • AI-based tools for improving agricultural productivity and advisory services.
    These support rural incomes and agricultural resilience.

💡 7. Financial Sector, Markets & Credit

  • NBFC Role Strengthened: Clearer role for NBFCs to expand credit to underserved sectors and MSMEs.
  • Municipal Bonds Incentives: To support city infrastructure financing.
  • Easier Foreign Investment Rules: Reforms to FEMA non-debt instruments and higher PROI investment limits.
  • STT Changes: Increases proposed on futures and options — a mixed impact for markets.
    These aim to deepen financial markets and broaden credit access to growth segments.

🎓 8. Education, Skills & Social Programs

  • Fellowships & Research Support: 10,000 research fellowships in tech institutes.
  • Girls’ Hostels in STEM: One per district to boost women’s participation.
  • Tourism Training & AVGC Labs: Skills development for tourism guides and studios for animation, VFX, Gaming & Comics.
    Human capital investments are highlighted across education and employment.

🏥 9. Health & Welfare

  • Health Allocation Increased: Over ₹1,06,000 crore for health and family welfare (up ~10 %).
  • Cancer & Critical Drugs: Customs duty exemptions to make medicines more affordable.
  • Medical Tourism Boost: Infrastructure and policy support for medical tourism growth.
    This builds on preventive and affordable healthcare initiatives.

Compliance Calendar – February 2026

Posted on by CA

INCOME TAX / TDS / TCS

Due DateComplianceApplicable To
07 Feb 2026Deposit of TDS/TCS for January 2026All deductors / collectors
14 Feb 2026Issue of TDS Certificates (Form 16B / 16C / 16D) for Dec 2025Buyers / Tenants / Deductors u/s 194-IA / IB / M
15 Feb 2026Quarterly statement of Equalisation LevyE-commerce / digital service operators
28 Feb 2026TCS Return (Form 27EQ) for January 2026TCS collectors

GST COMPLIANCE

Due DateComplianceApplicable To
10 Feb 2026GSTR-7 (TDS) & GSTR-8 (TCS) for Jan 2026GST deductors / e-commerce operators
11 Feb 2026GSTR-1 (Monthly) for Jan 2026Monthly filers (Turnover > ₹5 Cr / opted)
13 Feb 2026GSTR-6 for Jan 2026Input Service Distributors (ISD)
13 Feb 2026IFF for Jan 2026 (Optional)QRMP taxpayers
20 Feb 2026GSTR-3B (Monthly) for Jan 2026Monthly filers
22 Feb 2026GSTR-3B (QRMP – Group A States) for Jan 2026QRMP taxpayers
24 Feb 2026GSTR-3B (QRMP – Group B States) for Jan 2026QRMP taxpayers

PF / ESI COMPLIANCE

Due DateComplianceApplicable To
15 Feb 2026PF & ESI contribution for Jan 2026All covered employers

Importance of Annual Report Filing

Posted on by CA

Compliance with Law

Under the Companies Act, 2013, all companies must file annual financial statements and annual returns with the Registrar of Companies (ROC). This keeps the company in legal standing and prevents penalties, prosecution, or director disqualification if you miss deadlines.

Transparency & Governance

Annual filings provide critical information about:

  • Financial health and audited accounts
  • Shareholders, directors & corporate actions
  • Corporate governance & compliance records
    These filings help investors, regulators, and the public understand the company’s operations.

Avoiding Penalties

Missing deadlines can lead to:

  • Daily penalties (e.g., ₹100 per day for some ROC forms)
  • Possible disqualification of directors
  • Risk of the company being struck off the register
    These consequences can be serious for business continuity and reputation.

Audit & Tax Implications

Annual reports support tax filings and audits, linking ROC compliance with income tax returns for companies for each assessment year (like AY 2026-27).

January 2026 Compliance Calendar

Posted on by CA

Income Tax & TDS / TCS

Due DateCompliance
07 Jan 2026Deposit TDS/TCS for Dec 2025 & quarterly TDS (if permitted quarterly).
15 Jan 2026Quarterly TCS Return (Form 27EQ) for Q3 (Oct–Dec 2025).
15 Jan 2026Issue TDS certificates (Form 16B/16C/16D).
31 Jan 2026Quarterly TDS Returns (Forms 24Q/26Q/27Q) for Q3.

📊 GST Compliance

Due DateGST Return / Compliance
10 Jan 2026GSTR-8 (e-commerce statement) for Dec 2025.
10 Jan 2026GSTR-7 (GST TDS return) for Dec 2025.
11 Jan 2026GSTR-1 (monthly outward supplies) for Dec 2025.
13 Jan 2026GSTR-1 QRMP (quarterly).
13 Jan 2026GSTR-5 (non-resident monthly return).
13 Jan 2026GSTR-6 (Input Service Distributor) for Dec 2025.
18 Jan 2026CMP-08 for composition taxpayers (quarterly).
20 Jan 2026GSTR-5A (OIDAR) for Dec 2025.
22 / 24 Jan 2026GSTR-3B (QRMP quarterly). Due 22nd for Group-1 states & 24th for Group-2.

🏢 Companies Act / ROC Filings

Due DateCompliance
14 Jan 2026ADT-1 (Intimation of Auditor appointment) where applicable.
31 Jan 2026MGT-7 / MGT-7A (Annual Return) and AOC-4 (Financials) for FY 2024-25 — extended relief with no extra fees.

👷‍♂️ PF / ESI / Labour Compliance

Due DateCompliance
15 Jan 2026EPF & ESI contributions & returns for Dec 2025.

Other Notes

  • FEMA / RBI Reporting: Form ECB-2 for ECB reporting due by early January (around 7–9 Jan).

Compliance Calendar – December 2025

Posted on by CA

🔵 GST Compliance

📌 11 December 2025

  • GSTR-1 (Monthly) – For taxpayers with turnover > ₹5 Cr or who have opted for monthly filing
    (For outward supplies of November 2025)

📌 13 December 2025

  • GSTR-1 IFF (Quarterly) – Optional for QRMP taxpayers (Nov 2025)

📌 20 December 2025

  • GSTR-3B (Monthly) filing for Nov 2025
  • GSTR-5 (Non-resident taxable persons)
  • GSTR-5A (OIDAR service providers)

📌 25 December 2025

  • PMT-06 – Tax payment for QRMP taxpayers for Nov 2025

📌 31 December 2025

  • GSTR-7 – TDS under GST
  • GSTR-8 – TCS under GST
  • GSTR-6 – ISD Return
  • GSTR-4 – (Annual return for composition taxpayers, if applicable notification continues)

🟠 Income Tax / TDS / TCS Compliance

📌 7 December 2025

  • TDS/TCS deposit for deductions collected in Nov 2025

📌 15 December 2025

  • Advance Tax – 3rd Instalment (FY 2025-26)
    (Individuals, Companies, Firms, etc.)

📌 31 December 2025

  • Form 24Q/26Q/27Q – TDS Statements (Q3 FY 2025-26)
  • Form 27EQ – TCS Statement (Q3 FY 2025-26)
  • Belated / Revised ITR filing deadline (AY 2025-26)
  • Tax Audit Report (if extended due date applies)

🟡 MCA / ROC Compliance (Companies & LLPs)

📌 30 December 2025

  • AOC-4 / AOC-4 XBRL (Financial Statements) – For FY 2024-25 (Last date depends on AGM date)

📌 31 December 2025

  • MGT-7 / MGT-7A (Annual Return) – For FY 2024-25
  • LLP Form 8 (if extended)

Actual due dates depend on AGM dates; many companies will fall in December if AGM occurred on 30 Sept and extensions applied.

🟣 PF / ESI Compliance

📌 15 December 2025

  • PF Payment for Nov 2025

📌 15 December 2025

  • ESI Payment for Nov 2025

📌 25 December 2025

  • PF Return (Form 12B) – Monthly return
  • ESI Return – Monthly

🟤 Other Labour Law Compliances

  • 31 December 2025 –
    • CLRA returns (Annual)
    • Shops & Establishment annual renewals (varies by state)