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

ROC Due Dates For Filing of Forms-Company FY 2023-24 Annual Return, DIR-KYC, ADT-1, MSME/Company/ LLP Filing Due Dates

FORMPERIODCOMPLIANCEDUE DATE
MSME-011st Oct 2023 to 31st Mar 2024For furnishing half yearly return with the registrar respect of outstanding payments to Micro or small Enterprises.30th Apr 2024
MSME-011st Apr 2024 to 30th Sept 2024For furnishing half yearly return with the registrar respect of outstanding payments to Micro or small Enterprises.31st Oct 2024
PAS-061st Oct 2023 to 3st Mar 2024Reconciliation of Share Capital Audit Report (Half-Yearly)30th May 2024
PAS-061st Apr 2024 to 30th Sept 2024Reconciliation of Share Capital Audit Report (Half-Yearly)29th Nov 2024
DPT-03FY 2023-2024Form DPT-3 shall be used for filing return of deposit or particulars of transaction not considered as deposit or both by every company other than Government company30th Jun 2024
DIR-03 KYCFY 2023-2024Form No. DIR-3-KYC is used for filing application for KYC of Directors30th Sept 2024
AGMFY 2023-2024AGM for FY 2023-24 can be done upto 30th Sept 202430th Sept 2024
ADT-01FY 2023-2024Form-ADT-01 is filed for informing ROC about Appointment of the Auditor.
Filed in 15days from the conclusion of AGM.
14th Oct 2024
AOC-04FY 2023-2024Form for filling financial statement and other documents with the Registrar.
Filed in 30days from the conclusion of AGM.
30th Oct 2024
AOC-04FY 2023-2024Form for filling financial statement and other documents with the Registrar.
Filed in 180days from the end of FY
27th Sept 2024
MGT-7A /MGT-07FY 2023-2024Form for Filling Abridged Annual Return for OPCs and Small Companies.
Filed in 60days from the conclusion of AGM.
29th Nov 2024
Form-11FY 2023-2024Annual Return of LLP30th May 2024
DIR-03 KYCFY 2023-2024Form No. DIR-3 KYC is used for filing application for KYC of Directors.30th Sept 2024
Form-08FY 2023-2024Statement of Account & Solvency and Charge filing30th Oct 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%

MANDATORY INFORMATION REQUIRED BY A CLIENT TO FILE A FORM 15CA & 15CB

DETAILS OF REMITTER

  • Name of the Remitter
  • Address of the Remitter
  • PAN of the Remitter
  • Principal place of business of the Remitter
  • E-Mail address and phone no. of Remitter
  • Status of the Remitter (Firm/Company/Other)

DETAILS OF REMITTEE etails of Remittee

  • Name and Status of the remittee
  • Address of the Remittee
  • Country of the Remittee (Country to which remittance is made)
  • Principal place of the business of Remittee

DETAILS OF REMITTANCE

  • Country to which remittance is made
  • Currency in which remittance is made
  • Amount of remittance in Indian Currency
  • Proposed date of remittance
  • Nature of remittance as per agreement

BANK DETAILS OF REMITTEE

  • Name of the Bank of the Remitter
  • Name of branch of the bank
  • BSR Code of the bank

DOCUMENTS FROM THE REMITTEE

  • Form 10F duly filled by the authorized person of the remittee
  • Tax residency certificate from the remittee
  • Certificate that the remittee does not have any permanent establishment in India

COMPLIANCE CALENDAR FOR MARCH,2024

The terms of compliance, both businesses and individuals have various requirements they need to fulfill, especially at the end of the financial year. Here’s a general overview of who should file what:

  1. GST Compliance:
    • Businesses registered under GST: They need to file their GST returns for the month of March 2024 within the prescribed due dates.
    • Individuals or entities liable to pay GST: If you are registered under GST or if your turnover exceeds the threshold limit, you must file your GST returns accordingly.
  2. Income Tax Compliance:
    • Businesses: They need to file their Income Tax Returns (ITRs) for the financial year 2023-24, including TDS certificates, PF, and other relevant documents within the due dates specified by the tax authorities.
    • Individuals: Employees, freelancers, professionals, and other individuals earning taxable income need to file their Income Tax Returns for the financial year 2023-24 within the prescribed due dates.
  3. TDS Compliance:
    • Businesses: Employers need to issue TDS certificates to their employees and other deductees for tax deducted at source during the financial year 2023-24 within the specified due dates.
    • Individuals: Individuals who have faced TDS deductions need to ensure they receive their TDS certificates from the deductors and use them while filing their Income Tax Returns.
  4. PF Compliance:
    • Employers: Employers need to ensure timely deposit of PF contributions and filing of necessary returns with the EPFO (Employees’ Provident Fund Organization) within the prescribed due dates.

It’s essential for both businesses and individuals to stay updated with the specific compliance requirements applicable to them and ensure timely filing and payment to avoid penalties and legal consequences. It’s also advisable to consult with a tax advisor or compliance expert for personalized guidance based on your specific situation and obligations.

FOUR PARTS OF FORM 15CA

The furnishing of information for payment to Non-Residents in Form 15CA has been classified into Four Parts. Depending upon the case, you will need to fill the relevant part.

  • PART A: Where the remittance or the aggregate of such remittance does not exceed ₹5 lakh during the F.Y.
  • PART B: Where remittance or the aggregate of such remittances exceed ₹5 lakh during the FY and an order/ Certificate u/s 195(2)/ 195(3)/197 of the Act (for lower TDS/Nil TDS) has been obtained from the Assessing Officer.
  • PART C: Where the remittance or the aggregate of such remittance exceed ₹5 lakh during the FY and a certificate in Form No 15CB from an Chartered Accountant has been obtained.
  • PART D: Where the remittance is not chargeable to tax under the income Tax Act, 1961.