Tax Compliance & Statutory due dates for the month of September, 2021

The Government and concerned Government Departments such as Ministry of Corporate Affairs, Central Bureau of Direct Taxes, Income Tax Department, and Ministry of Finance etc have announced extensions in various due dates from time to time to facilitate the stakeholders and taxpayers at large.

GSTR 7

GSTR-7 is a monthly return to be filed by the persons required to deduct Tax Deducted at Source (TDS) under the Goods and Services Tax (GST). Every GST registered person required to deduct TDS under GST shall provide a return in Form GSTR-7 by the 10th of September. It carries information of TDS deducted, TDS payable, TDS refund, etc.

As per GST law, the following persons/entities need to deduct TDS: 

  • A department or establishment of the Central or State Government, or 
  • A local authority, or 
  • Governmental agencies, or 
  • Persons or categories of persons as may be notified by the Central or a State Government on the Council’s recommendations. 

As per Notification No. 33/2017 – Central Tax, 15th September 2017, The following entities also need to deduct TDS-

  • An authority or a board or any other body set up by Parliament or a State Legislature or by a government, with 51% equity (control) owned by the government
  • A society established by the Central or any State Government or a Local Authority and the society is registered under the Societies Registration Act, 1860
  • Public sector undertakings

The due date is 10.09.2021 for GSTR 7 is a return to be filed by the persons who is required to deduct TDS (Tax deducted at source) under GST

GSTR 8

GSTR-8 is a return to be filed by the e-commerce operators who’re required to deduct TCS (Tax collected at source) under GST. GSTR-8 incorporates the information of supplies affected through e-commerce platform and amount of TCS collected on such supplies.

Every e-commerce operator registered under GST is required to file GSTR-8. E-commerce operator has been defined under GST Act as any person who owns or manages a digital or electronic facility or platform for electronic commerce such as Amazon etc. All such e-commerce operators are mandatory required to obtain GST registration as well as registered for TCS (Tax collection at source). The due date is 10.09.2021.

GSTR 1

GSTR-1 is a monthly or quarterly return that needs to be filed by each registered GST taxpayer, except some as given in further sections. It carries information of all outward supplies i.e. sales.

 The return has a total of 13 sections, indexed down as follows: Tables 1, 2 & 3: GSTIN, legal and trade names, and aggregate turnover in the preceding year

 Table 4: Taxable outward supplies to registered people (which include UIN-holders) with the exception of zero-rated supplies and deemed exports

Table 5: Taxable outward inter-state supplies to unregistered people in which the bill cost is greater than Rs.2.five lakh

Table 6: Zero-rated supplies as well as deemed exports

Table 7: Taxable supplies to unregistered people aside from the supplies included in table five (net of debit notes and credit notes)

 Table 8: Outward supplies which might be nil rated, exempted and non-GST in nature

 Table 9: Amendments to outward supplies that are taxable and said in table 4,5 & 6 of the earlier tax periods’ GSTR-1 return (which include debit notes, credit notes, refund vouchers issued throughout the current period)

 Table 10: Debit note and credit note issued to unregistered person

 Table 11: Details of advances received or adjusted in the current tax duration or amendments of the information said in the earlier tax period.

 Table 12: Outward supplies summary primarily based totally on HSN codes

 Table 13: Documents issued during the period.

The due date is 11.09.2021

GSTR 1 IFF (QRMP)

The Invoice Furnishing Facility (IFF) is a facility in which quarterly GSTR-1 filers can choose to add their Business-to-business (B2B) invoices each month, presently under the QRMP scheme only. It is ruled by Rule 59(2) of the CGST Rules, available to regular taxpayers having an annual aggregate turnover of as much as Rs.5 crore. One ought to maintain the subsequent factors in thoughts before making use of the IFF:

  • The IFF is an non-compulsory facility. Non-utilization will not attract any overdue fee.
  • The invoices referring to the last month of a quarter are to be uploaded in the GSTR-1 return only.
  • There is no requirement to upload invoices in GSTR-1 if the same has been uploaded in the IFF.
  • The general fee of invoices that may be uploaded per month is confined to Rs.50 lakh.
  • The information submitted in IFF might be reflected in the GSTR-2A and GSTR-2B of the recipients.
  • The Invoice Furnishing Facility will come into impact from 01.01.2021 and the primary cut-off date become 13th February 2021 for January 2021 (being the primary month for the January-March 2021 quarter).

The due date is 13.09.2021

GSTR 6

GSTR 6 is a monthly return that has to be filed by an Input Service Distributor. It contains details of ITC received by an Input Service Distributor and distribution of ITC. There are a total of 11 sections in this return. GSTR 6 contains details of all the documents issued for distribution of Input Tax Credit and the manner of distribution of credit and tax invoice on which credit is received. GSTR 6 has to be filed by every ISD even if it is a nil return. GSTR 6 has to be filed by every Input Service Distributor.

The due date is 13.09.2021

GSTR 5 & 5A

Online Information and Database Access or Retrieval (OIDAR)

In today’s world, the businesses aren’t certain with the aid of using the country wide boundaries. One of the mediums to offer services in India from overseas is through the usage of the internet. There are numerous models through which those services are presented to the service users. OIDAR services are brought under GST with a view to make sure that the domestic service providers have an equal opportunity (in terms of cost as well).

GST on OIDAR Services The OIDAR services were added into the tax bracket under the GST regime as well. A Return in Form GSTR-5A has been prescribed that is to be supplied by the OIDAR service vendors providing services to unregistered service recipients in India There is category of service recipients for such services:

 A. Registered person/entity The taxes on services obtained by such person/entity are imposed via a reverse charge mechanism (i.e. the recipient of services is susceptible to pay GST to the government) The GST as defined is paid via way of means of the recipients via the reverse charge mechanism. The returns are to be filed therefore i.e. the service receipts are to file returns or consist of those offerings while filing the returns.

 B. An unregistered person, Government, Local authority When the services are received by such recipients, the service providers are susceptible to pay GST to the government. The services received in this case need to be for a reason aside from commercial enterprise or commerce. For those service recipients, the GSTR 5A is to be filed.

The due date is 20.09.2021

GSTR 3B

GSTR-3B is a self-declared summary GST return filed every month (quarterly for QRMP scheme). It has to be filed by a registered taxpayer from July 2017 onwards.

  • A separate GSTR-3B has to be filed for every GSTIN
  • The GST liability has to be paid on or before the date of submitting GSTR-3B, earlier of its due date
  • The GSTR-3B once filed cannot be revised
  • Even in case of a zero liability, GSTR-3B must be compulsorily filed

The due date is 20.09.2021

GST Challan Payment

GST bills process mostly stays the same for all taxpayers under GST. If there is a enough cash balance in the digital cash ledger, then payment isn’t always required. In different words, if there may be no enough cash balance, then the taxpayer must use a challan for depositing money into the cash ledger, the usage of prescribed modes of payment. These taxpayers are the ones who’ve opted into the QRMP scheme under GST. They should deposit tax in the first months of 1 / 4 directly using the PMT-6 and make payment even as filing GSTR-3B for the last month of the quarter.

The due date is 25.09.2021

Challan No. ITNS-281

In 2004, the manual process of collection of taxes was replaced by Online Tax Accounting System (OLTAS). It was introduced with an intention to minimize human intervention, thereby reducing errors and facilitating online transmission of details of tax collected, deposited, refunded etc. OLTAS issues a single copy of a Challan and enables taxpayers to track the status of their challans or e-challan deposited in banks online.

Challan ITNS 281 is issued, when the taxpayer deposits TDS and TCS. Therefore, it has to comply with the timelines laid out for deducting and depositing tax.

Due dates for payment of TDS

  • TDS deducted on payments (excluding the purchase of property): 7th of the subsequent month.
  • TDS deducted on the purchase of property: 30th of the subsequent month.
  • TDS deducted in the month of March: 30th April.

In case of delay in deposit of tax, an interest is levied at the rate of 1.5% per month or part of the month from the date of deduction.

The due date is 07.09.2021

TDS Certificate

TDS or Tax Deducted at Source is income tax reduced from the money paid at the time of creating special bills inclusive of rent, commission, expert fees, salary, interest etc. by the persons making such payments. Usually, the individual receiving income is vulnerable to pay income tax. But the authorities with the assist of Tax Deducted at Source provisions makes sure that income tax is deducted earlier from the bills being made by you. The recipient of income gets the net amount (after reducing TDS). The recipient will add the gross amount to his income and the amount of TDS is adjusted towards his final tax liability. The recipient takes credit of the amount already deducted and paid on his behalf.

Form 16, Form 16A, Form 16 B and Form 16 C are all TDS certificates. TDS certificates have to be issued by a person deducting TDS to the assessee from whose income TDS was deducted while making payment. For instance, banks issue Form 16A to the depositor when TDS is deducted on interest from fixed deposits. Form 16 is issued by the employer to the employee.

Section 194IA

The buyer has to pay several taxes, however, while making a purchase of the property, the buyer is liable to deduct and pay taxes. Section194IA deals with the requirement of TDS deduction by the buyer at the time of purchase of the property.

The due date is 14.09.2021

Section 194IB

According to Section 194IB, it is mandatory for any person, i.e. individuals / HUF not liable to audit u/s 44AB, to deduct taxes for a rent paid to a resident, exceeding Rs 50,000 per month.

TDS must be deducted, by the individuals or HUFs, earlier of:

  • At the time of credit of rent (for the last month in the previous year or the last month of the tenancy if the property is vacated before during the year), or
  • At the time of payment (via cash or cheque or draft or any other mode) .

The due date is 14.09.2021

Section 194M

An individual and/or Hindu undivided family (HUF) has to deduct tax at source under Section 194M. Such individuals and HUF must not be required to get their books of accounts audited. Books of Accounts are required to be audited if total turnover or receipts of a business exceed Rs. 1 crore or where receipts of a profession exceed Rs. 50 lakh.

The due date is 14.09.2021

Form 24G by Government officer

The Pay and Accounts Office (PAO)/ District Treasury Office (DTO)/ Cheque Drawing and Disbursing Office (CDDO) are required to file Form 24G. In case of an office of the Government, where tax has been paid to the credit of Central Government without the production of a challan associated with deposit of the tax in a bank, the PAO / CDDO / DTO or an equivalent office (herein after called as AO in this document) is required to file Form 24G.

The due date is 15.09.2021

Advance Tax Payment

Advance tax means income tax should be paid in advance instead of lump sum payment at year end. It is also known as pay as you earn tax. These payments have to be made in installments as per due dates provided by the income tax department.

The due date is 15.09.2021

Form No. 3BB

Income tax form 3BB is a monthly statement to be furnished by a stock exchange in respect of transactions wherein client codes been changed after registering in the system for the month.

The due date is 15.09.2021

Electronic Challan cum Return (ECR) (PF)

ECR stands for Electronic Challan cum Return. It is an digital monthly return to be uploaded by employers through the Employer e-Sewa portal. The return will have the memberwise information of the wages and contributions such as simple information for the brand new and present members (contributors who’ve joined or have left service in the salary month for which the return is uploaded). The approval of uploaded ECR will result in the generation of a Challan using which the employer has to remit the dues through on line payment. Thus, every ECR could be connected with a remitted Challan and the ECRs uploaded however not remitted will lapse after 12 days of the generation of the Challan. The upload of ECR every month will relieve the employers from submitting any paper return and also the various monthly and annual returns.

The due date is 15.09.2021

ESI Challan

An ESIC challan is a completely unique layout used for depositing or transferring the offer or statutory payment in favour of ESIC. In the brand new system, the financial institution has a crucial role in receiving contributions and collating the important data concerning the contributions and sending them to the ESI corporation.

The due date is 15.09.2021

TDS Challan cum statement

TDS return is a quarterly statement to be given to the I-T department. It is compulsory for deductors to submit a TDS return on time. The details required to file TDS returns are:

  • PAN of the deductor and the deductee
  • Amount of tax paid to the government
  • TDS challan information
  • Others, if any

The due date is 30.09.2021

Income Tax Return

Income Tax Return (ITR) is a form which a person is meant to submit to the Income Tax Department of India. It incorporates records about the person’s earnings and the taxes to be paid on it all through the year. Information filed in ITR must pertain to a selected financial year, i.e. starting on 1st April and ending on 31st March of the subsequent year.

The due date is 30.09.2021

Linking of Aadhaar

While linking Aadhaar on your mobile number refers to imparting it to UIDAI and asking for it to link it on your 12-digit particular identification number, imparting your Aadhaar on your telecom services provider involves the biometric verification of your Aadhaar info with the aid of using the telecom service provider (TSP). The due date is 30.09.2021

Form AOC 4

Form AOC 4 is used to record the financial statements for every economic year with the Registrar of Companies (ROC). In the case of consolidated financial statements, the company shall record the AOC 4 CFS.

The due date is 27.09.2021

DIR 3 KYC

Directors’ KYC is a brand new technique initiated by the Ministry of Corporate Affairs (MCA) in the year 2018 to test the existence of Directors of Company/s. This Form updates the KYC of the Directors.

The due date is 30.09.2021

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