India Compliance Calendar 2024

If you are running a business in India, you need to stay on top of your compliance game to ensure smooth business operations and avoid hefty penalties. You must ensure legal and tax compliance by filing different forms for GST, TDS, ITR, etc. To help you out, we have compiled a list of all important forms and their due dates into a crisp calendar.

Let us delve deeper to understand the requirements of each form.

(1) GST Forms

GSTR-1 

This is filed by all registered taxpayers monthly/quarterly for all outward supplies (B2B and B2C) of goods and services. All registered taxpayers include normal and casual taxpayers. Taxpayers can opt for a quarterly return if the turnover in the previous financial year exceeds INR 5 crores or the expected financial turnover in the current year exceeds INR 5 crore (if the company is registered in the current year).

• Documents required: Invoices of all outward supplies, including inter-state supplies, debit and credit notes, details of export, and amendments to previously reported information.
• Due date for filing
  • Monthly filing: 11th of the subsequent month
  • Quarterly filing: 13th day of the first month in the next quarter
• Modes of filing: Online through GST portal, uploading documents in Returns Offline Tool, or use of third-party application through GST Suvidha Providers.

You can find more details about GSTR-1 here.

GSTR-3B 

This is filed by all registered taxpayers monthly/quarterly to declare their GST liabilities for the tax period. If no business has taken place in that tax period, you must file a GSTR-3B Nil form.

• Documents required: No specific document is required. The GSTR-3B form is automatically updated based on details provided in GSTR-1 and a system-generated GSTR-2B. However, there is an option to edit these values.
• Due date for filing
  • Monthly filing: 20th of the following month
  • Quarterly filing: 22nd and 24th of the first month in the following quarter (varies for different states and UTs)

• Modes of filing: Online through the Returns Section of the GST website.

You can find more details about GSTR-3B here.

GSTR-9 

This form is filed annually by normal taxpayers, including SEZ units, providing details about purchases, sales, input tax credit, and refund. If taxpayers have opted for the GST Composition scheme, they need to file the GSTR-9A form instead of GSTR-9.

• Prerequisites: You must have an active GSTIN for the period concerned and filed GSTR-1 and Form GSTR-3B before filing annual returns.
• Due date for filing: December 31 of the subsequent financial year. In case of non-filing, there is a late fee.
• Modes of filing: Online through the Returns Section of the GST website or offline.

You can find more details about GSTR-9 here.

(2) Forms related to TDS

TDS forms are filed by employers and organizations with a valid TAN (Tax Deduction and Collection Account).

Form 24Q

It is used for quarterly filing of TDS (tax deducted at source) returns on salary payments.

Form 26Q

It is used for quarterly filing of TDS returns on non-salary payments.

Form 27Q

It is used for quarterly filing of TDS returns on payments other than salary to non-resident Indians (NRIs). Besides government-allowed deductions, all other deductors must specify the PAN in the form.

Form 27EQ 

It is used for quarterly filing of TCS (tax collected at source) returns. Companies must use TAN number while filing the form and PAN as well, for non-government allowed deductors.

The process for filing all the above-mentioned 4 forms is the same:

• Prerequisites: You must be a registered TAN user in the E-Filing portal with an 'Active' TAN status. Mode of filing: The completed TDS forms (based on format in NSDL portal) can be uploaded online in the E-Filing portal. 
• Due date for deposit of TDS: 7th of the next month. 
• Due date for TDS return: Last date of the first month after the end of a quarter. For example, for a quarter ending on June 30, the due date is July 31.

Form 16 

This certificate provided to the employee by the employer provides a summary of the tax deducted at source pertaining to salary payments made during the financial year.

Parts under Form 16:

• Part A pertains to the details of TDS on salary quarter-wise for the financial year.
• Part B pertains to the amount of salary paid to the employee.

Both these forms must contain the official TRACES (TDS Reconciliation Analysis and Correction Enabling System) logo to verify authenticity.

Due date for filing: June 15.

TDS Challan 281 

This form is used by employers to pay the tax deducted at source (TDS) collected to the Income Tax Department.

• Due date for filing: For non-government taxpayers, March taxes must be paid by April 30. For other months, TDS Challan 281 must be filed by the 7th of the next month.
• Fee for late filing: A monthly penalty of 1.5% is levied for late filing.

(3) Forms for Limited Liability Partnerships

Form 11 

This form is used by limited liability partnerships to submit their returns to the Registrar of Companies under the Ministry of Corporate Affairs (MCA) annually. This must be submitted along with other relevant documents. To file this form, the partnership must have a valid Limited Liability Partnership Identification Number (LLPIN).

• Mode of filing: The digital-signature affixed LLP form 11 can be submitted in the MCA portal. 
• Due date for filing: May 30 of each year 
• Fee payment: Fees must be paid within 7 days of successful upload or 2 days after the due date, whichever is earlier.

You can find more instructions on filing LLP form 11 here.

Form 8

This form is used by existing limited liability partnerships to file their Statement of Account and Solvency and Charge to the Registrar of Companies annually.

• Mode of filing: The digital-signature affixed LLP form 8 can be submitted in the MCA portal. 
• Due date for filing: October 30 of each year 
• Fee payment: Fees must be paid within 7 days of successful upload or 2 days after the due date, whichever is earlier.

You can find more instructions on filing LLP form 8 here.

(4) Income Tax Audit Forms

Tax audit is usually carried out by a Chartered Accountant to verify the financial information provided by the company. There are 2 forms available for income tax audit under the Income Tax Department.

Form 3CA

This form is to be filed by a taxpayer in case they are already mandated to carry out a tax audit under any other law (like the Companies Act) besides the Income Tax Act, 1961.

Form 3CB

This form is to be filed by a taxpayer who has not been mandated to carry out a tax audit under any other law.

The forms, 3CA and 3CB, must be filed with the Income Tax Department by September 30 each year.

(5) Income Tax Return Forms

There are 7 types of income tax return forms for different types of taxpayers. ITR 5 and ITR 6 cover the income tax returns for the common legal structures for business entities - namely limited liability partnership, cooperative banks, company and others.

ITR 5

This is to be filed by limited liability partnerships, association of persons, body of individuals, cooperative banks, and trusts (other than those required to file ITR 7).

ITR 6

This is to be filed by all (domestic and foreign) companies, except companies that are exempt under Section 11. Before filing the income tax return form, companies must ensure that they have filed all the relevant statutory forms.

The prerequisites and due dates are the same for both the ITR forms stated above.

• Prerequisites:
  • You must be a registered user on the e-filing portal with 'Active' PAN
  • You must update key person information and digital signature
  • You must pre-validate and nominate a bank account for income tax refund
• Due date: July 31 of the current year for income earned in the previous financial year

You can find updates on Income Tax Return Forms here.

(6) Annual Return Forms

MGT-7 

This form is filed by all companies annually to provide information about annual returns to the Ministry of Corporate Affairs.

• Due date for filing: This can be filed electronically within 60 days of a company's annual general meeting. 
• Exemptions: For small companies (with paid-up capital less than INR 4 crores and turnover less than INR 40 crores) and one-person companies, MGT-7A form must be filed instead. 
• Fees: The fee for filing the form varies with the size of nominal share capital of the firm.

AOC-4 

This form is used by corporations to submit their financial statements to the Ministry of Corporate Affairs annually.

• Due date for filing: This can be filed electronically within 30 days of a company's annual general meeting. 
• AOC-4 XBRL: Certain companies (listed in Indian stock exchange or paid capital of INR 5 crores and more or turnover of INR 100 crores and more) should file their financial statements in the XBRL format under AOC-4 XBRL. You can find more details of the XBRL format here.

(7) Other Forms

DIR-3 KYC 

This form is to be filed annually by individuals who have a 'Director Identification Number' to update their KYC (know your customer/client) details with the Ministry of Corporate Affairs. The details to be filled in the form include name, date of birth, permanent address, PAN number, Aadhaar and other personal details. Along with DIN holding individuals, a CA/CS/CMA professional acts as a signatory to the form.

• Due date for filing: September 30 of the next financial year 
• Modes of filing: While filling the form for the first time, the DIN holder must file e-Form DIR-3 KYC. Subsequently, they can file KYC through the web-service in later years.

You can find more details on DIR-3 KYC here.

Form 3CEB 

This form requires companies to furnish an accountant's report relating to international and certain domestic transactions. It must be filed by October 31. To find out more about Form 3CEB, you can refer to our earlier blog.

The rules and regulations for compliance can be updated from time to time. It's important to watch out for these changes. Don't worry, we will update the same here for you. If you need any help with ensuring compliance, book a free consultation with us today.