Due date for deposit of Tax deducted/collected for the month of July, 2026. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan
07.08.2026
2.
Uploading of declarations received in Form No. 127 (Income-tax Rules, 2026) from the buyer in the month of July, 2026
07.08.2026
3
Issue of certificate in Form No. 132 (Income-tax Rules, 2026) under section 395(4) of the Income-tax Act 2025 for tax deducted at source under section 393(1) [Table Sl. No. 2(i), 3(i), 6(ii) & 8(vi)] of the Income-tax Act 2025 in the month of June, 2026
14.08.2026
4
Issuance of TCS certificate in Form No. 133 (Income-tax Rules, 2026) under section 395(4) of the Income-tax Act, 2025 for tax collected at source for the quarter ending June 30, 2026
15.08.2026
5
Issuance of TDS certificate in Form No. 131 (Income-tax Rules, 2026) for TDS other than on salary, pension or interest income of specified senior citizen under section 393(1) of the Income-tax Act, 2025 for the quarter ending June 30, 2026
15.08.2026
6
Due date for furnishing Form No. 137 (Income-tax Rules, 2026) by an office of the Government where TDS/TCS for the month of July, 2026 has been paid without the production of a challan
15.08.2026
7
Statement in Form 1 (Income-tax Rules, 2026) by the stock exchange for the month of July, 2026, in respect of transactions in which client codes have been modified after registering in the system.
15.08.2026
8
Furnishing of challan-cum-statement in Form No. 141 (Income-tax Rules, 2026) in respect of deduction of tax under section 393(1) [Table Sl. No. 2(i), 3(i), 6(ii) & 8(vi)] of the Income-tax Act, 2025 for the month of July, 2026
30.08.2026
9
Furnishing of statement in Form No. 10-EE (Income-tax Rules, 1962) for exercising the option to claim relief under section 89A (Income-tax Act, 1961) for income arising from retirement benefit account maintained in a notified country at the time of withdrawal or redemption (if the assessee is required to submit the return of income on or before August 31, 2026)
31.08.2026
10
Furnishing of Form No. 10BBD (Income-tax Rules, 1962) reporting details of funds received from eligible persons, directly or through an Alternative Investment Fund, during the Previous Year 2025-26 (if the assessee is required to submit return of income on or before August 31, 2026)
31.08.2026
11
Furnishing of declaration in Form No. 10BA (Income-tax Rules, 1962) by an assessee claiming deduction under Section 80GG (Income-tax Act, 1961) in respect of the rent paid for residential accommodation (if the assessee is required to submit the return of income on or before August 31, 2026)
31.08.2026
12
Due date for furnishing the return of income for the Assessment Year 2026–27 by the following assessees: An assessee having income from business or profession whose accounts are not required to be audited, and to whom the provisions of Section 92E of the Income-tax Act, 1961 do not apply; andA partner of a firm whose accounts are not required to be audited, or the spouse of such partner (where Section 5A of the Income-tax Act, 1961 applies), to whom the provisions of Section 92E of the Income-tax Act, 1961 do not apply.
31.08.2026
13
Furnishing of Form No. 10E (Income-tax Rules, 1962) by an employee claiming relief under section 89 (Income-tax Act, 1961) when salary is paid in arrears or in advance, etc. (if the assessee is required to submit the return of income on or before August 31, 2026)
31.08.2026
14
Furnishing of certificate in Form No. 10CCD (Income-tax Rules, 1962) by a resident individual being an author (including a joint author) claiming deduction under section 80QQB (Income-tax Act, 1961) in respect of royalty income (if the assessee is required to submit return of income on or before August 31, 2026)
31.08.2026
15
Furnishing of certificate in Form No. 10CCE (Income-tax Rules, 1962) by a resident individual being a patentee claiming deduction under section 80RRB (Income-tax Act, 1961) in respect of royalty income on patents (if the assessee is required to submit return of income on or before August 31, 2026)
31.08.2026
16
Furnishing of certificate of foreign inward remittance in Form No. 10H (Income-tax Rules, 1962) by a resident individual being an author/patentee claiming deduction under Section 80QQB/80RRB (Income-tax Act, 1961) in respect of income earned from any source outside India (if the assessee is required to submit the return of income on or before August 31, 2026)
31.08.2026
17
Furnishing of the certificate in Form No. 10-IA (Income-tax Rules, 1962) from the medical authority certifying ‘person with disability’, ‘severe disability’, ‘autism’, ‘cerebral palsy’ or ‘multiple disability’ for the purposes of sections 80DD and 80U (Income-tax Act, 1961). (If the assessee is required to furnish the return of income on or before August 31, 2026)
31.08.2026
18
Furnishing of Form No. 3CT (Income-tax Rules, 1962) by the transferor of shares or interests in, a company or an entity that derives its value substantially from assets located in India, duly certified by an accountant for apportionment of income attributable to assets located in India (if the assessee is required to submit the return of income on or before August 31, 2026)
31.08.2026
19
Application in Form No. 9A (Income-tax Rules, 1962) for exercising the option available under Explanation to Section 11(1) (Income-tax Act, 1961) to apply income of previous year in the next year or in future (if the assessee is required to submit return of income on October 31, 2026). Note: The benefit of a deemed application will not be denied to a trust, even if Form No. 9A is not filed at least two months before the due date for filing the income tax return. However, Form 9A must be submitted on or before the due date for filing the return to avail of this benefit [Circular No. 6/2023, dated 24-5-2023]
31.08.2026
20
Statement in Form No. 10 (Income-tax Rules, 1962) to be furnished to accumulate income for future application under Section 10(21) or Section 11(1) (Income-tax Act, 1961) (if the assessee is required to submit return of income on October 31, 2026) Note: The benefit of accumulation will not be denied to a trust, even if Form 10 is not filed at least two months before the due date for filing the income tax return. However, Form 10 must be submitted on or before the due date for filing the return to avail of this benefit [Circular No. 6/2023, dated 24-5-2023
31.08.2026
21
Furnishing of statement in Form No. 3CFA (Income-tax Rules, 1962) for exercising the option to pay tax at a concessional rate under section 115BBF (Income-tax Act, 1961) for income in the nature of royalty arising from patent developed and registered in India (if the assessee is required to submit return of income by August 31, 2026)
31.08.2026
22
Furnishing of Form No. 3CT (Income-tax Rules, 1962) by the transferor of shares or interests in, a company or an entity that derives its value substantially from assets located in India, duly certified by an accountant for apportionment of income attributable to assets located in India (if the assessee is required to submit the return of income on or before August 31, 2026)
31.08.2026
2. Compliance Requirement under GST, 2017
A. Filing of GSTR –3B / GSTR 3B QRMP
Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
Tax period
Due Date
Particulars
July, 2026
20th August, 2026
Due Date for filling GSTR – 3B return for the month of July, 2026 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year.
B. Filing Form GSTR-1:
Tax period
Due Date
Remarks
Monthly return (July, 2026)
11.08.2026
1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceding year, opted for monthly filing of return under QRMP.
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Details of outward supply-IFF & Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
GST QRMP monthly return due date for the month of July, 2026 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore. Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
13th of succeeding month – Monthly Quarterly Return
13.08.2026
E. GST Refund:
Form No.
Compliance Particulars
Due Date
RFD -10
Refund of Tax to Certain Persons
2 years from the last day of the quarter in which supply was received
F. Monthly Payment of GST – PMT-06:
Compliance Particular
Due Date
Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
25.08.2026
G. GSTR 11: Statement of inward supply of goods or services or both received by UIN holders –due date 28.08.2026
GSTR-11 is the return to be filed by the persons who have been issued a Unique Identity Number and claims a refund of the taxes paid on their inward supplies.
Due date:Must be filed by the 28th of the month following the month in which inward supply is received by the UIN holders.
Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.
Tax Compliance Tracker – July, 2026: The Tax Compliance Tracker for July 2026 outlines various due dates for tax-related submissions under the Income Tax Act and GST, including TDS deposits, GSTR filings, and certificate submissions. Key deadlines occur on July 7, July 15, and July 31, with specific requirements for different taxpayer categories discussed.
Compliance requirement under Income Tax act, 1961
Sl.
Compliance Particulars
Due Dates
1
Due date for the deposit of tax deducted/collected for the month of June 2026. However, all sums deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day on which tax is paid without production of an Income-tax Challan.
07.07.2026
2.
Upload the declarations received from recipients in Form No. 121 (Income-tax Rules, 2026) during the quarter ending June, 2026
07.07.2026
3
Due date for deposit of TDS for the period April 2026 to June 2026, when the Assessing Officer has permitted quarterly deposit of TDS under section 392(1) or 393(1) [Table Sl. Nos. (1)(i) and (ii), and 5(ii) and (iii)] of the Income-tax Act, 2025.
07.07.2026
4
Uploading of declarations received in Form No. 127 (Income-tax Rules, 2026) from the buyer in the month of June, 2026
07.07.2026
5
Issue of certificate in Form No. 132 (Income-tax Rules, 2026) under section 395(4) of the Income-tax Act 2025 for tax deducted at source under section 393(1) [Table Sl. No. 2(i), 3(i), 6(ii) & 8(vi)] of the Income-tax Act, 2025 in the month of May, 2026
15.07.2026
6
Furnishing of quarterly statement in Form 147 (Income-tax Rules, 2026) to be furnished by an authorised dealer in respect of remittances made for the quarter ending June 2026
15.07.2026
7
Statement in Form 1 (Income-tax Rules 2026) by the stock exchange for the month of June, 2026, in respect of transactions in which client codes have been modified after registering in the system
15.07.2026
8
Furnishing of quarterly statement in Form 148 (Income-tax Rules, 2026) to be furnished by a unit of IFSC, as referred to section 147(1)(b) of the Income-tax Act, 2025, in respect of remittances made for the quarter ending June 2026
15.07.2026
9
Furnishing of statement in Form No. 92 (Income-tax Rules 2026) by the specified fund or stock broker in respect of a non-resident referred to in Rule 157 of the Income-tax Rules 2026 for the quarter ending June 30, 2026
15.07.2026
10
Due date for furnishing Form No. 137 (Income-tax Rules 2026) by an office of the Government where TDS/TCS for the month of June, 2026 has been paid without the production of a challan
15.07.2026
11
Furnishing of challan-cum-statement in Form No. 141 (Income-tax Rules 2026) in respect of deduction of tax under section 393(1) [Table Sl. No. 2(i), 3(i), 6(ii) & 8(vi)] of the Income-tax Act, 2025 for the month of June, 2026
30.07.2026
12
Filing of quarterly statement of tax deposited in Form No. 142 (Income-tax Rules 2026) in relation to transfer of virtual digital asset under section 393(1) [Table: S. No. 8(vi)] of the Income-tax Act, 2025 to be furnished by an Exchange for the quarter ending June 30, 2026
31.07.2026
13
Filing of quarterly statement of collection of tax at source under section 397(3)(b) of the Income-tax Act, 2025 in Form No. 143 (Income-tax Rules 2026) for the quarter ending June 30, 2026
31.07.2026
14
Furnishing of certificate in Form No. 10CCD (Income-tax Rules, 1962) by a resident individual being an author (including a joint author) claiming deduction under section 80QQB (Income-tax Act, 1961) in respect of royalty income (if the assessee is required to submit return of income on or before July 31, 2026)
31.07.2026
15
Furnishing of certificate in Form No. 10CCE (Income-tax Rules, 1962) by a resident individual being a patentee claiming deduction under section 80RRB (Income-tax Act, 1961) in respect of royalty income on patents (if the assessee is required to submit return of income on or before July 31, 2026)
31.07.2026
16
Furnishing of certificate of foreign inward remittance in Form No. 10H (Income-tax Rules, 1962) by a resident individual being an author/patentee claiming deduction under Section 80QQB/80RRB (Income-tax Act, 1961) in respect of income earned from any source outside India (if the assessee is required to submit the return of income on or before July 31, 2026)
31.07.2026
17
Furnishing of Form No. 10E (Income-tax Rules, 1962) by an employee claiming relief under section 89 (Income-tax Act, 1961) when salary is paid in arrears or in advance, etc. (if the assessee is required to submit the return of income on or before July 31, 2026)
31.07.2026
18
Filing of quarterly statement of TDS in Form No. 144 (Income-tax Rules 2026) in respect of payments other than salary made to non-residents for quarter ending June 30, 2026
31.07.2026
19
Furnishing of statement in Form No. 3AF (Income-tax Rules, 1962) containing the particulars of expenditures specified under Section 35D(2)(a) (Income-tax Act, 1961) (if the assessee is required to submit the return of income on or before August 31, 2026)
31.07.2026
20
Furnishing of the certificate in Form No. 10-IA (Income-tax Rules, 1962) from the medical authority certifying ‘person with disability’, ‘severe disability’, ‘autism’, ‘cerebral palsy’ or ‘multiple disability’ for the purposes of sections 80DD and 80U (Income-tax Act, 1961). (if the assessee is required to submit the return of income on or before July 31, 2026)
31.07.2026
21
Due date for furnishing the return of income for the Assessment Year 2026–27 by an assessee, other than the following: • An assessee, including a partner of a firm or the spouse of such partner (where Section 5A of the Income-tax Act, 1961 applies), to whom the provisions of Section 92E of the Income-tax Act, 1961 apply; • A company to whom the provisions of Section 92E of the Income-tax Act, 1961 do not apply; • An assessee whose accounts are required to be audited, to whom the provisions of Section 92E of the Income-tax Act, 1961 do not apply; • A partner of a firm whose accounts are required to be audited, or the spouse of such partner (where Section 5A of the Income-tax Act, 1961 applies), to whom the provisions of Section 92E of the Income-tax Act, 1961 do not apply; • An assessee having income from business or profession whose accounts are not required to be audited, and to whom the provisions of Section 92E of the Income-tax Act, 1961 do not apply; and • A partner of a firm whose accounts are not required to be audited, or the spouse of such partner (where Section 5A of the Income-tax Act, 1961 applies), to whom the provisions of Section 92E of the Income-tax Act, 1961 do not apply.
31.07.2026
22
Intimation in Form No. 175 (Income-tax Rules, 2026) by a pension fund in respect of each investment made in India for quarter ending June, 2026
31.07.2026
23
Filing of quarterly statement in Form No. 140 (Income-tax Rules 2026) by deductors responsible for deduction of tax at source on non-salary payments such as commission, brokerage, professional fees, rent, etc., made to residents for the quarter ending June 30, 2026
31.07.2026
24
Filing of quarterly statement of tax deposited in Form No. 142 (Income-tax Rules 2026) in relation to transfer of virtual digital asset under section 393(1) [Table: S. No. 8(vi)] of the Income-tax Act, 2025 to be furnished by an Exchange for the quarter ending June 30, 2026
31.07.2026
25
Filing of quarterly statement of TDS in Form No. 144 (Income-tax Rules 2026) in respect of payments other than salary made to non-residents for quarter ending June 30, 2026
31.07.2026
26
Furnishing of certificate in Form No. 10CCD (Income-tax Rules, 1962) by a resident individual being an author (including a joint author) claiming deduction under section 80QQB (Income-tax Act, 1961) in respect of royalty income (if the assessee is required to submit return of income on or before July 31, 2026)
31.07.2026
27
Furnishing of Form No. 5C (Income-tax Rules, 1962) containing details of attribution of capital gain taxable under section 45(4) (Income-tax Act, 1961) to the capital asset remaining with the firm, AOP, or BOI after reconstitution (if the firm, AOP, or BOI is required to furnish return of income on or before July 31, 2026)
31.07.2026
28
Furnishing of Form No. 10BBD (Income-tax Rules, 1962) reporting details of funds received from eligible persons, directly or through an Alternative Investment Fund, during the Previous Year 2025-26 (if the assessee is required to submit return of income on or before July 31, 2026)
31.07.2026
29
Furnishing of certificate in Form No. 10CCE (Income-tax Rules, 1962) by a resident individual being a patentee claiming deduction under section 80RRB (Income-tax Act, 1961) in respect of royalty income on patents (if the assessee is required to submit return of income on or before July 31, 2026)
31.07.2026
30
Furnishing of Form No. 3CT (Income-tax Rules, 1962) by the transferor of shares or interests in, a company or an entity that derives its value substantially from assets located in India, duly certified by an accountant for apportionment of income attributable to assets located in India. (if the assessee is required to submit the return of income on or before July 31, 2026)
31.07.2026
31
Furnishing of statement in Form No. 3AF (Income-tax Rules, 1962) containing the particulars of expenditures specified under Section 35D(2)(a) (Income-tax Act, 1961) (if the assessee is required to submit the return of income on or before August 31, 2026)
31.07.2026
2. Compliance Requirement under GST, 2017
A. Filing of GSTR –3B / GSTR 3B QRMP
Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
Tax period
Due Date
Particulars
June., 2026
20th July, 2026
Due Date for filling GSTR – 3B return for the month of June, 2026 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year.
B. Filing Form GSTR-1:
Tax period
Due Date
Remarks
Monthly return (June., 2026)
11.07.2026
1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceding year, opted for monthly filing of return under QRMP.
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Details of outward supply-IFF & Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
GST QRMP monthly return due date for the month of June., 2026 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore. Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
13th of succeeding month – Monthly Quarterly Return
13.07.2026
E. GST Refund:
Form No.
Compliance Particulars
Due Date
RFD -10
Refund of Tax to Certain Persons
2 years from the last day of the quarter in which supply was received
F. Monthly Payment of GST – PMT-06:
Compliance Particular
Due Date
Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
25.07.2026
G. GSTR 11: Statement of inward supply of goods or services or both received by UIN holders –due date 28.07.2026
GSTR-11 is the return to be filed by the persons who have been issued a Unique Identity Number and claims a refund of the taxes paid on their inward supplies.
Due date:Must be filed by the 28th of the month following the month in which inward supply is received by the UIN holders.
H. Monthly Payment of GST – CMP-08:
Compliance Particular
Due Date
Form GST CMP-08 is used to declare the details or summary of self-assessed tax payable by taxpayers who have opted for a composition levy. Period: (Apr-June, 2026)
Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.
Due date for deposit of Tax deducted/collected for the month of April, 2026. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of a challan.
07.05.2026
2.
Declaration under section 394(2) of the Income-tax Act 2025 to be made by a buyer for obtaining goods without collection of tax in the month of April, 2026
07.05.2026
3
Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB, 194M and (Income-tax Act, 1961) in the month of March, 2026
15.05.2026
4
Due date for furnishing of Form 24G (Income-tax Rules, 1962) by an office of the Government where TDS/TCS for the month of April, 2026 has been paid without the production of a challan
15.05.2026
5
Monthly statement in prescribed Form by stock exchange in respect of transactions in which client codes been modified after registering in system for the month of April, 2026
15.05.2026
6
Quarterly statement of TCS deposited for the quarter ending March 31, 202
15.05.2026
7
Due date for furnishing statement by a recognised association in respect of transactions in which client codes have been modified after registering in the system for the month of April, 2026
15.05.2026
8
Issue of TCS certificates for the 4th Quarter of the Financial Year 2025-26
30.05.2026
9
Furnishing of statement required under Section 285B (Income-tax Act 1961) for the previous year 2025-26
30.05.2026
10
Challan-cum-statement of deduction of tax under section 393(1) of the Income-tax Act 2025 [Table Sl. No. 2(i), 3(i), 6(ii) & 8(vi) in the month of April, 2026
30.05.2026
2. Compliance Requirement under GST, 2017
A. Filing of GSTR –3B / GSTR 3B QRMP
Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
Tax period
Due Date
Particulars
Apr., 2026
20th May, 2026
Due Date for filling GSTR – 3B return for the month of Apr, 2026 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year.
B. Filing Form GSTR-1:
Tax period
Due Date
Remarks
Monthly return (Apr., 2026)
11.05.2026
1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceding year, opted for monthly filing of return under QRMP.
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Details of outward supply-IFF & Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
GST QRMP monthly return due date for the month of Apr., 2026 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore. Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
13th of succeeding month – Monthly Quarterly Return
13.05.2026
E. GST Refund:
Form No.
Compliance Particulars
Due Date
RFD -10
Refund of Tax to Certain Persons
2 years from the last day of the quarter in which supply was received
F. Monthly Payment of GST – PMT-06:
Compliance Particular
Due Date
Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
25.05.2026
G. GSTR 11: Statement of inward supply of goods or services or both received by UIN holders –due date 28.05.2026
GSTR-11 is the return to be filed by the persons who have been issued a Unique Identity Number and claims a refund of the taxes paid on their inward supplies.
Due date:Must be filed by the 28th of the month following the month in which inward supply is received by the UIN holders.
Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.
This newsletter contains various Compliance requirements for the Month of April, 2026under various Statutory Laws.
In today’s rapidly evolving regulatory landscape, staying abreast of the latest compliance requirements is not just a best practice, but an absolute necessity. The sheer volume and complexity of regulations across various sectors can be daunting, and the consequences of non-compliance — ranging from hefty fines and reputational damage to legal penalties — underscore the critical importance of a proactive and informed approach.
“A robust Corporate Governance framework is the compass that guides an organization towards long-term success, ensuring transparency and accountability at every step.”
Compliance Requirement Under:
1. Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications
2. Income Tax Act, 1961
3. Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars
4. Other Statutory Laws and Updates
5. SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015
6. SEBI (Prohibition of Insider Trading) Regulations, 2015
7. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
8. SEBI (Buyback of Securities) Regulations, 2018
9. SEBI (Depositories and Participants) Regulations 2018) and Circulars / Notifications
10. Companies Act, 2013 (MCA/ROC Compliance) and Notifications
11. FSSAI Compliance & Updates
We encourage you to engage with the content, share your feedback, and reach out with any questions or topics you’d like to see covered in future editions. Your insights are invaluable as we continue to refine and enhance this resource for our community.
Thank you for your continued trust and readership.
Key Compliances under FEMA / RBI
Applicable Laws/Acts
Due Dates
Compliance Particulars
Forms / (Filing mode)
FEMA ACT 1999
15th July 2026
Annual return on Foreign Liabilities and Assets (FLA) is required to be submitted by all the companies which have received FDI and/or made overseas investment in any of the previous year(s), including the current year.
FLA
FEMA ACT 1999
Not later than 30 days from the date of issue of Capital instrument
FC-GPR is a form filed when the Indian company receives the Foreign Direct Investment and the company allots shares to a person resident outside India.
Form FC-GPR
FEMA ACT 1999
Within 60 days of receipt/ remittance of funds or transfer of capital instruments whichever is earlier.
Reporting of transfer of shares and other eligible securities between residents and non-residents and vice- versa is to be made in Form FC-TRS. The onus of reporting shall be on the resident transferor/ transferee.
Form FC-TRS.
FEMA ACT 1999
Within 30 days from the date of receipt of the amount of consideration.
A Limited Liability Partnership receiving amount of consideration and acquisition of profit shares is required to submit a report in the Form FDI LLP-1
Form FDI LLP-I
FEMA ACT 1999
within 60 days from the date of receipt of funds in
A Limited liability Partnership shall report disinvestment/ transfer of capital contribution or profit share between a resident and a non-resident (or vice versa)
Form FDI LLP-II
FEMA ACT 1999
within 30 days from the date of allotment of capital instruments
The domestic custodian shall report the issue/ transfer/ of sponsored/ unsponsored depository receipts
Downstream statement -Form DI & reporting at FIFP too
FEMA ACT 1999
7th April, 2026 Within 7 working days of the end of the month to which it relates.
The borrowers are required to report actual ECB transactions through Form ECB- 2 Return through the AD Category I bank on monthly basis.
Form ECB 2
RBI Circulars / Notifications: March, 2026
Sl.
Particulars of the Circulars
Link
1
Reserve Bank of India (Trade Relief Measures) Directions, 2026
Uploading of declarations received in Form 27C from the buyer in the month of March, 2025
07.04.2026
2.
Due date for deposit of Tax deducted/collected by an office of the government for the month of March, 2025. However, all sum deducted by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan
07.04.2026
3
Due date for issue of TDS Certificate for tax deducted under Section 194-IA, 194-IB, 194M and 194S (by specified person) in the month of February, 2025
14.04.2026
4
Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of March, 2025
15.04.2026
5
Due date for furnishing statement by a recognised association in respect of transactions in which client codes been modified after registering in the system for the month of March, 2025
15.04.2026
6
Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending March, 2025
15.04.2026
7
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of March, 2025 has been paid without the production of a challan
30.04.2026
8
Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA, 194-IB, 194M and 194S (by specified person) in the month of March, 2025
30.04.2026
9
Due date for deposit of TDS for the period January 2025 to March 2025 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H
30.04.2026
10
Due date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 2025
30.04.2026
11
Due date for deposit of Tax deducted by an assessee other than an office of the Government for the month of March, 2025
30.04.2026
12
Intimation by a pension fund in respect of investment made in India for quarter ending March 31, 2025
30.04.2026
13
Intimation by Sovereign Wealth Fund in respect of investment made in India for quarter ending March 31, 2025
30.04.2026
14
Due date for e-filing of a declaration in Form No. 61 containing particulars of Form No. 60 received during the period Oct. 1, 2024 to March 31, 2025.
30.04.2026
Key Notifications:
Sl.
Particulars of the Notification(s)
File No. / Circular No.
Link(s)
1.
Clarification regarding power to condone delay in filing Form No. 10A under sub-clause (i) clause (ac) of sub-section (1) of section 12A of the Income Tax Act, 1961
Order under section 119 of the Income-tax Act, 1961 for extension of timeline for issuance of tax deducted at source (TDS) certificate under section 203 of the Act for the quarter ending 31st December 2025
Procedure, formats and standards for generation and allotment of Unique Identification Number (UIN) in respect of Form No. 121 and quarterly furnishing of Part B thereof by the payer
a) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
Tax period
Due Date
Particulars
Mar., 2026
20th April, 2026
Due Date for filling GSTR – 3B return for the month of Mar, 2026 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year.
b). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
Tax period
Due Date
Particulars
Mar., 2026
22nd April, 2026
Due Date for filling GSTR – 3B return for the month of Mar, 2026 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep
c). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
Tax period
Due Date
Particulars
Mar., 2026
24th April, 2026
Annual Turnover Up to INR 5 Cr in Previous FY But Opted Quarterly Filing
Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi
B. Filing Form GSTR-1:
Tax period
Due Date
Remarks
Monthly return (Mar., 2026)
11.04.2026
1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceding year, opted for monthly filing of return under QRMP.
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Return for Tax Deducted at source to be filed by Tax Deductor
10th of succeeding month
10.04.2026
GSTR -8
E-Commerce operator registered under GST liable to TCS
10th of succeeding month
10.04.2026
D. GSTR – 1 QRMP monthly / Quarterly return
Form No.
Compliance Particulars
Timeline
Due Date
Details of outward supply-IFF & Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
GST QRMP monthly return due date for the month of Feb., 2026 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore. Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
13th of succeeding month – Monthly Quarterly Return
13.04.2026
E. GST Refund:
Form No.
Compliance Particulars
Due Date
RFD -10
Refund of Tax to Certain Persons
2 years from the last day of the quarter in which supply was received
F. Monthly Payment of GST – PMT-06:
Compliance Particular
Due Date
Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
25.04.2026
G. GSTR 11: Statement of inward supply of goods or services or both received by UIN holders –due date 28.04.2026
GSTR-11 is the return to be filed by the persons who have been issued a Unique Identity Number and claims a refund of the taxes paid on their inward supplies.
Due date:Must be filed by the 28th of the month following the month in which inward supply is received by the UIN holders.
H. Monthly Payment of GST – CMP-08:
Compliance Particular
Due Date
Form GST CMP-08 is used to declare the details or summary of self-assessed tax payable by taxpayers who have opted for a composition levy. Period: (Jan-Mar, 2026)
18.04.2026
GST UPDATES – March, 2026:
Sl.
Notification Particulars
Notification No.
Link (s)
1.
Advisory on the Payment of pre-deposit while filing of appeal before First Appellate authority
Compliance Requirement under SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015
A. Quarterly Compliances:
Sl. No.
Regulation reference(Reg.)
Compliance Particulars
Timeline / Due Date(For the Quarter Ended September, 2024)
Due Dates
1
27(2)
Within 30 days from the end of the quarter
21 days from end of quarter
30.04.2026
2
13(3)
Within 30 days from the end of the quarter
21 days from end of quarter
30.04.2026
3
31 (1) (b)
Shareholding Pattern
21 days from end of quarter
21.04.2026
B. Regular / Annual Compliances:
Reg No
Regulation No
Particulars
Timeline
47 Advertisements in Newspapers.
47 (1) Publish financial results advertisement in newspapers.
1 English National Daily + 1 Regional Daily (at Registered Office location). Must contain a QR Code and a link to the webpage where complete results are available. (Information must be sent to the Exchange at the same time it is sent for publication.)
Within 48 hours of the conclusion of the Board Meeting.
46 Website
46(2)(s)
The listed entity shall disseminate the required information under a separate section on its website: (s) separate audited financial statements of each subsidiary of the listed entity in respect of a relevant financial year.
At least 21 days prior 1 days prior to the date of AGM
Annual Disclosure requirements for large entities
Circular No. SEBI/HO/DDHS/CIR/P/2018/144
Annual Disclosure to be made by an entity identified as a Large Corporates Reporting the details of incremental borrowings and the percentage raised through debt (Annexure B1/B2).
Within 45 days of the end of the FY
C. Other Quarterly compliance which included half year compliance except
FR (Financial Results)
Reg No
Regulation No
Particulars
Timeline
Intimation
Reg 29 read with Reg 33*
intimation regarding item specified in clause 29(1) be discussed at the meeting of board of directors shall be given at least Two working days in advance (excluding the date of the intimation and date of the meeting), and such intimation shall include the date of such meeting of board of directors.
at least 2 working days in advance, excluding the date of the intimation and date of the meeting
Intimations and Disclosure of events or information to Stock Exchanges.
87B: Intimations and Disclosure of events or information to Stock Exchanges. READ WITH PART E OF Schedule III
The listed entity shall first disclose to stock exchange(s) of all events or information, as specified in Part E of Schedule III, as soon as reasonably possible but not later than twenty four hours from occurrence of the event or information:
not later than 24 HOURS from occurrence of the event or information.
Valuation, Rating and NAV disclosure.
87C(1) (iii)
An issuer whose security receipts are listed on a stock exchange shall ensure that: (iii) the net asset value is calculated on the basis of such independent valuation and the same is declared by the asset reconstruction company within fifteen days of the end of the quarter.
Within 15 Days of the end of the quarter.
Certificate from Practicing Company Secretary.
Regulation 40 (9) (Regulation 40 (10)- certificate mentioned at sub-regulation (9), shall befiled with the stock exchange(s) simultaneously.)
The listed entity shall ensure that the share transfer agent and/or the in-house share transfer facility, as the case may be, produces a certificate from a practicing CS within 30 days from the end of the FY, certifying that all certificates have been issued within thirty days of the date of lodgement for transfer, subdivision, consolidation, renewal, exchange or endorsement of calls/ allotment monies.
Within 30 days from the end of the financial year.
Indian Depository Receipt holding pattern & Shareholding details.
69(1)
The listed entity shall file with the stock exchange the Indian Depository Receipt holding pattern on a quarterly basis within fifteen days of end of the quarter in the format specified by the Board.
15 days from end of each quarter
D. Event based Compliances
Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Reg. No.
Description / Category
Compliance Details(What to Disclose)
Disclosure Timeline
30(2)
Deemed Material Events (Schedule III, Part A, Para A)
Events like strikes, lock-outs, change in name, frauds/ defaults by KMPs/ Promoters, and acquisition/ disposal of units.
As soon as possible, and not later than 24 hours from occurrence.
30(4)
Materiality-Based Events (Schedule III, Part A, Para B)
Events like commencement of commercial production, capacity addition, or product launch, based on the company’s Materiality Policy.
As soon as possible, and not later than 24 hours from occurrence.
30(4)(i)
Quantitative Thresholds (New)
Disclosure is mandatory if the value/impact exceeds the lower of: 1. 2% of turnover 2. 2% of net worth 3. 5% of average profit/loss (last 3 years).
Same as above (within 24 hours of identifying the impact).
30(6)
Outcome of Board Meetings
Decisions on Dividends, Buy-backs, Financial Results, Fund-raising (Rights Issue/QIP), and Voluntary Delisting.
Within 30 minutes of the closure of the Board Meeting.
30(11)
Market Rumour Verification
Top 100 (from Oct 2023) / Top 250 (from April 2024) entities must confirm, deny, or clarify material market rumours.
Within 24 hours from the reporting of the event in mainstream media.
30(8)
Website Disclosure
All disclosures made to stock exchanges must be hosted on the company’s website.
Within 2 working days of disclosure; host for min. 5 years.
30(13)
Regulatory Actions
Disclosures of any search, seizure, or action by enforcement/regulatory authorities.
As soon as possible; typically within 24 hours.
6. SEBI (Prohibition of Insider Trading) Regulations, 2015
Reg. No.
Compliance Description
Compliance Details
Timeline / Frequency
3(5) & 3(6)
Structured Digital Database (SDD)
Maintain a digital database containing the nature of UPSI and the names of persons with whom information is shared along with their PAN. The database must be non-tamperable and maintained internally.
Real-time (Entry must be made upon sharing UPSI). Retention: 8 years.
7(1)(a)
Initial Disclosure
Every person being appointed as a KMP/Director or becoming a Promoter/Member of Promoter Group must disclose their holding of securities.
Within 7 days of such appointment or becoming a promoter.
7(2)
Continual Disclosure
Promoters, members of promoter group, designated persons, and directors must disclose the number of securities acquired or disposed of if the value exceeds ₹10 Lakhs.
Within 2 trading days of the transaction.
8(1)
Code of Fair Disclosure
The Board of Directors must formulate and publish on its website a code of practices and procedures for fair disclosure of UPSI.
One-time (Amendments to be intimated to stock exchanges immediately).
9(1)
Code of Conduct
The Board must formulate a code of conduct to regulate, monitor, and report trading by its designated persons and their immediate relatives.
Continuous adherence (Review at least once a year).
Schedule B (Cl. 4)
Trading Window Closure
Restrict trading by Designated Persons during the period when UPSI is expected to be available (e.g., Financial Results).
From end of quarter till 48 hours after results are made public.
Schedule B (Cl. 10)
Pre-clearance of Trades
Designated persons must seek pre-clearance from the Compliance Officer for trades above a certain threshold (defined in the CoC).
Prior to execution of the trade.
Schedule B (Cl. 14)
Contra-trade Restriction
Designated persons are prohibited from executing a “contra-trade” (opposite trade) for a specific period after a transaction.
Within 6 months of the prior trade.
7. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
Regulation No.
Description
Compliance Details
Timeline / Frequency
Reg 8A
Promoter Shareholding Calculation
Promoters’ holdings for “Offer for Sale” (OFS) must be calculated based on shareholding as of the date of filing the Draft Offer Document.
At the time of filing DRHP
Reg 9 & 95
Reporting of Transactions
Report all transactions in securities by the promoter/promoter group and any Pre-IPO placements to the Stock Exchanges.
Within 24 hours of the transaction
Reg 15 & 16
Promoter Lock-in & CapEx
If issue proceeds are used for CapEx (including loan repayment for CapEx), promoter contribution is locked for 3 years (otherwise 18 months).
From the date of allotment
Reg 17
Lock-in of Pledged Shares
Pledged shares held by non-promoters are now deemed “locked-in.” If the pledge is invoked, the lock-in transfers to the lender.
For 6 months post-allotment
Reg 25
Public Announcement (DRHP)
Issuer must make a public announcement in newspapers (English, Hindi, and Regional) within a specific timeframe of filing.
Within 2 working days of filing DRHP
Reg 26
Public Comments on DRHP
The draft offer document must be hosted on SEBI/Exchange websites for public review.
Minimum 21 days from the Public Announcement
Reg 43 & 141
Pre-Issue Advertisement
Notice must be published in the same newspapers where the public announcement was made.
After filing RHP, before issue opens
Reg 71
Rights Issue Filing
Submission of the draft letter of offer to Stock Exchanges and the Board for dissemination.
At the time of filing with the Board
Reg 85
Issue Opening (Rights)
The rights issue must open within a timeframe specified by SEBI from the date of observations.
As specified by SEBI (periodic)
Reg 175
QIP Placement Document
Placement document must contain all material info, simplified under the 2025 rationalization to avoid duplication of LODR data.
Before opening the QIP
Reg 281A
Exit to Dissenting Shareholders
Promoters must provide an exit option if there is a change in the “Objects of the Issue” or variation in contract terms.
Post-listing (if objects change)
Schedule VI
Disclosure of Litigation
Mandatory disclosure of all criminal proceedings and regulatory actions against KMP and Senior Management.
Ongoing / Update in Offer Doc
Schedule VI
Material Agreements
Disclosure of all material agreements (as per SEBI LODR) must now be included in the offer document.
At the time of filing DRHP/RHP
Schedule VI
Proforma Financials
Voluntary disclosure allowed for acquisitions/divestments even if below the 20% materiality threshold.
Included in Offer Document
8. SEBI (Buyback of Securities) Regulations, 2018 (Buyback Regulations)
Reg. No.
Description
Compliance Details
Timeline
5(i)
Board Approval
Buy-back must be authorized by a resolution passed by the Board of Directors. (Limited to 10% of total paid-up equity capital + free reserves).
Date of the Board Meeting.
5(i)(b)
Special Resolution
If buy-back exceeds 10% (up to 25%), a special resolution must be passed by shareholders.
Within 45 days of Board approval (via Postal Ballot).
5(vi)
Filings with SEBI/Exchanges
Copy of the Board resolution/Special resolution must be filed with SEBI and Stock Exchanges.
Within 2 working days of passing the resolution.
7(i)
Public Announcement
A public announcement must be made in newspapers (English, Hindi, and Regional language) after the board/shareholder approval.
Within 2 working days of the resolution/result declaration.
8(i)
Filing Letter of Offer
The company must file a draft Letter of Offer with SEBI through a Merchant Banker.
Within 2 working days of the Public Announcement.
9(ii)
Dispatch of Letter of Offer
The Letter of Offer must be dispatched to the shareholders of the company.
Within 2 working days from the record date.
9(iv)
Record Date
Date for determining the entitlement and names of shareholders who are eligible to participate.
Not less than 7 working days and not more than 10 working days from the date of public announcement.
9(v)
Opening of Offer
The buy-back offer shall open for subscription.
Within 4 working days from the record date.
9(vi)
Closing of Offer
The period for which the buy-back offer remains open.
Shall remain open for 5 working days.
10
Escrow Account
Opening of an escrow account and depositing the required amount (25% for first ₹100 Cr; 10% thereafter).
On or before the opening of the offer.
11
Verification of Tenders
Verification of buy-back tenders by the company/registrar.
Within 3 working days from the date of closure of the offer.
11
Payment of Consideration
Completion of payment to shareholders whose offers are accepted.
Within 5 working days from the date of closure of the offer.
11
Extinguishment of Shares
Physical destruction/extinguishment of share certificates or securities in dematerialized form.
Within 7 days of the completion of the buy-back.
11
Post-Buy-back Report
Filing of a certificate of extinguishment and completion with SEBI.
Within 15 days of the completion of the buy-back.
24(i)
Restriction on Fresh Issue
Prohibition on making a further issue of the same kind of shares (including rights issue).
For a period of 6 months from the expiry of the buy-back period.
9. SEBI (Depositories and Participants) Regulations 2018)
Sl.
Particulars
Due Date
1.
Regulation 76 -Reconciliation of Shares and Capital Audit.
Within 30 days from end of quarter. (30.04.2026)
2.
Regulation 74 (5): Processing of demat requests form by Issuer/RTAs – Certificate Received from Registrar.
Chairman, SEBI today launched an important investor protection measure in the form of Verified Label for stock trading apps of brokers registered with SEBI, on Google Play Store
Ease of doing business measures – Relaxations in certain reporting requirements for certain Stock Brokers and doing away with the requirement of reporting of demat account
Request for informal guidance by way of an interpretative letter under the Securities and Exchange Board of India (Informal Guidance) Scheme, 2003 received from Sanguine Wealth Advisors LLP
Request for Informal Guidance by way of an interpretative letter under the Securities and Exchange Board of India (Informal Guidance) Scheme, 2025 received from FRR Shares and Securities Limited
Consultation Paper on Ease of investing – Simplification of documentation requirement for transmission of securities and revision in threshold limits for simplified documentation. Click here to provide your comments
Ease of Doing Business – Relaxation in certification requirement for Persons Associated with Research Services (PARS) – Sales and other non-core services
10. Compliance Requirement UNDER Companies Act, 2013 and Rules made thereunder;
Applicable Laws/Acts
Due Dates
Compliance Particulars
Forms / Filing mode
Companies Act, 2013
Within 15 days of appointment of an auditor.
The Ministry in its General Circular No. 12/2018 dated 13th December, 2018 clarified that filing of Form NFRA-1 is applicable only for Bodies Corporate and ruled out filing by Companies as defined under sub-section (20) of Section 2 the Act.
E – FormNFRA -1
Companies Act, 2013
Within 30 days of the board meeting
Filing of resolutions with the ROC regarding Board Report and Annual Accounts. The details of the resolutions passed should be filed.
MGT-14 (Filing of resolution with MCA)
Companies Act, 2013
One Time compliances
Registration of Entities for undertaking CSR activities – Trust/ Society/ Section 8 Company need to file before Acceptance of Donation as CSR w.e.f. 01st April 2021.
E-FormCSR-1
Companies Act, 2013
30th April, 2026 (for Oct.2025 to Mar. 2026)
Pursuant to Order dated 22 January, 2019 issued under Section 405 of the Companies Act, 2013, specified companies shall submit a half yearly return to MCA in respect of outstanding payments to Micro or Small Enterprises exceeding 45 days.
MSMEForm 1
Companies Act, 2013
once in three years (w.e.f. 31.03.2026)
Last date for filing DIR-3 KYC is 30th September. For Every DIN / DPIN Holders. Starting 31 March 2026, the annual filing is being replaced by a, a “3-year compliance cycle” Penalty after due date is Rs. 5000/- (one time)
DIR – 3 KYC / DIR 3 Web- KYC
Companies Act, 2013
Within 60 (sixty) days from the conclusion of each half year.
Reconciliation of Share Capital Audit Report (Half-yearly) Pursuant to sub-rule Rule 9A (8) of Companies (Prospectus and Allotment of Securities) Rules, 2014
E-Form PAS – 6
Companies Act, 2013
With in 60 days from the last day of its financial year.
Every foreign company shall prepare and file, within sixty days from the last day of its financial year, to the Registrar annual return in Form FC4.
FC-4
Companies Act, 2013
within a period of 60 days after the holding of AGM
IEPF Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019 Statement of unclaimed and unpaid amounts. This e-form shall be filed within a period of 60 days after the holding of AGM or the date on which it should have been held as per the provisions of section 96 of the Act, whichever is earlier.
IEPF -2
Companies Act, 2013
Within 30 days from the conclusion of half year
Return of Nidhi Company for the half year: Every nidhi company shall file half yearly return in e-form NDH-3 within 30 days of conclusion of half year duly certified by Practicing Professional having Valid COP.
NDH – 3
*After the expiry of due dates, the respective forms can be filed with respective ROC via MCA21 portal by paying statutory filing fee & delayed filing fee, in accordance with the provisions of the rules and regulations (amended from time to time) as mentioned under the Company Law.
The Food Safety and Standards Authority of India (FSSAI) mandates that specific Food Business Operators (FBOs) submit regular lab test reports via the FoSCoS (Food Safety Compliance System) platform. This is governed by Condition of License No. 12 of the FSS Regulations, 2011.
1. Scope and Mandatory Requirements
Feature
Details
Applicable FBOs
All Manufacturers, Repackers, and Relabellers.
Testing Scope
Relevant chemical and/or microbiological contaminants in food products.
Laboratory Criteria
Must be an NABL-accredited or FSSAI-notified laboratory.
Testing Frequency
At least once every six months.
Spacing Rule
A minimum gap of three months is required between two mandatory tests for the same product.
2. Submission Deadlines on FoSCoS
Reports must be uploaded or linked on the FoSCoS portal within one month of the half-yearly period’s conclusion.
Testing Period
Last Date for Uploading on FoSCoS
April to September
October 31st
October to March
April 30th
3. Consequences of Non-Compliance
Failure to upload reports twice a year or adhere to testing standards can result in strict penalties:
Type of Penalty
Description
Licensing Action
Suspension or complete cancellation of the FSSAI license.
Legal/Financial
Significant fines and legal action under the FSS Act, 2006.
Note for FBOs:To comply, log in to your FoSCoS account, navigate to the “Upload Six Monthly Lab Testing Report” section, and ensure the laboratory used meets FSSAI notification standards.
————————————————————————————————————-
This Compliance Calendar / Tracker is updated till 31st March, 2026 with all Laws / Regulations and their respective amendments.
———————————————-THE END—————————————————-
Disclaimer:Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information. Many sources have been considered including newspapers (PIB, ET, BS & HT etc.).
Uploading of declarations received in Form 27C from the buyer in the month of March, 2025
07.04.2026
2.
Due date for deposit of Tax deducted/collected by an office of the government for the month of March, 2025. However, all sum deducted by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan
07.04.2026
3
Due date for issue of TDS Certificate for tax deducted under Section 194-IA, 194-IB, 194M and 194S (by specified person) in the month of February, 2025
14.04.2026
4
Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of March, 2025
15.04.2026
5
Due date for furnishing statement by a recognised association in respect of transactions in which client codes been modified after registering in the system for the month of March, 2025
15.04.2026
6
Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending March, 2025
15.04.2026
7
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of March, 2025 has been paid without the production of a challan
30.04.2026
8
Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA, 194-IB, 194M and 194S (by specified person) in the month of March, 2025
30.04.2026
9
Due date for deposit of TDS for the period January 2025 to March 2025 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H
30.04.2026
10
Due date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 2025
30.04.2026
11
Due date for deposit of Tax deducted by an assessee other than an office of the Government for the month of March, 2025
30.04.2026
12
Intimation by a pension fund in respect of investment made in India for quarter ending March 31, 2025
30.04.2026
13
Intimation by Sovereign Wealth Fund in respect of investment made in India for quarter ending March 31, 2025
30.04.2026
14
Due date for e-filing of a declaration in Form No. 61 containing particulars of Form No. 60 received during the period October 1, 2024 to March 31, 2025.
30.04.2026
2. Compliance Requirement under GST, 2017
A. Filing of GSTR –3B / GSTR 3B QRMP
a) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
Tax period
Due Date
Particulars
Mar., 2026
20th April, 2026
Due Date for filling GSTR – 3B return for the month of Mar, 2026 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year.
b). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
Tax period
Due Date
Particulars
Mar., 2026
22nd April, 2026
Due Date for filling GSTR – 3B return for the month of Feb, 2026 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep
c). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
Tax period
Due Date
Particulars
Mar., 2026
24th April, 2026
Annual Turnover Up to INR 5 Cr in Previous FY But Opted Quarterly Filing
Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi
B. Filing Form GSTR-1:
Tax period
Due Date
Remarks
Monthly return (Mar., 2026)
11.04.2026
1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceding year, opted for monthly filing of return under QRMP.
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Return for Tax Deducted at source to be filed by Tax Deductor
10th of succeeding month
10.04.2026
GSTR -8
E-Commerce operator registered under GST liable to TCS
10th of succeeding month
10.04.2026
D. GSTR – 1 QRMP monthly / Quarterly return
Form No.
Compliance Particulars
Timeline
Due Date
Details of outward supply-IFF & Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
GST QRMP monthly return due date for the month of Mar., 2026 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore. Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
13th of succeeding month – Monthly Quarterly Return
13.04.2026
E. GST Refund:
Form No.
Compliance Particulars
Due Date
RFD -10
Refund of Tax to Certain Persons
2 years from the last day of the quarter in which supply was received
F. Monthly Payment of GST – PMT-06:
Compliance Particular
Due Date
Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
25.04.2026
G. GSTR 11: Statement of inward supply of goods or services or both received by UIN holders –due date 28.04.2026
GSTR-11 is the return to be filed by the persons who have been issued a Unique Identity Number and claims a refund of the taxes paid on their inward supplies.
Due date:Must be filed by the 28th of the month following the month in which inward supply is received by the UIN holders.
H. Monthly Payment of GST – CMP-08:
Compliance Particular
Due Date
Form GST CMP-08 is used to declare the details or summary of self-assessed tax payable by taxpayers who have opted for a composition levy. Period: (Jan-Mar, 2026)
18.04.2026
Regulatory Updates:
Regular taxpayers can opt for the Composition Scheme for the Financial Year 2026–27 by accessing the GST Portal and navigating to Services -> Registration -> Application to Opt for Composition Levy, where they can file Form CMP 02. This facility will remain available until March 31, 2026.
Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.
This newsletter contains various Compliance requirements for the Month of March, 2026under various Statutory Laws.
In today’s rapidly evolving regulatory landscape, staying abreast of the latest compliance requirements is not just a best practice, but an absolute necessity. The sheer volume and complexity of regulations across various sectors can be daunting, and the consequences of non-compliance — ranging from hefty fines and reputational damage to legal penalties — underscore the critical importance of a proactive and informed approach.
“A robust Corporate Governance framework is the compass that guides an organization towards long-term success, ensuring transparency and accountability at every step.”
Compliance Requirement Under:
1. Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications
2. Income Tax Act, 1961
3. Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars
4. Other Statutory Laws and Updates
5. SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015
6. SEBI (Prohibition of Insider Trading) Regulations, 2015
7. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
8. SEBI (Buyback of Securities) Regulations, 2018
9. SEBI (Depositories and Participants) Regulations 2018) and Circulars / Notifications
10. Companies Act, 2013 (MCA/ROC Compliance) and Notifications
11. MSME Key Updates
12. Insolvency and Bankruptcy Board of India (IBBI) Updates
13. Cabinet Decisions / New Acts
14. Competition Commission of India (CCI) Updates
We encourage you to engage with the content, share your feedback, and reach out with any questions or topics you’d like to see covered in future editions. Your insights are invaluable as we continue to refine and enhance this resource for our community.
Thank you for your continued trust and readership.
Key Compliances under FEMA / RBI
Applicable Laws/Acts
Due Dates
Compliance Particulars
Forms / (Filing mode)
FEMA ACT 1999
15th July 2026
Annual return on Foreign Liabilities and Assets (FLA) is required to be submitted by all the companies which have received FDI and/or made overseas investment in any of the previous year(s), including the current year.
FLA
FEMA ACT 1999
Not later than 30 days from the date of issue of Capital instrument
FC-GPR is a form filed when the Indian company receives the Foreign Direct Investment and the company allots shares to a person resident outside India.
Form FC-GPR
FEMA ACT 1999
Within 60 days of receipt/ remittance of funds or transfer of capital instruments whichever is earlier.
Reporting of transfer of shares and other eligible securities between residents and non-residents and vice- versa is to be made in Form FC-TRS. The onus of reporting shall be on the resident transferor/ transferee.
Form FC-TRS.
FEMA ACT 1999
Within 30 days from the date of receipt of the amount of consideration.
A Limited Liability Partnership receiving amount of consideration and acquisition of profit shares is required to submit a report in the Form FDI LLP-1
Form FDI LLP-I
FEMA ACT 1999
within 60 days from the date of receipt of funds in
A Limited liability Partnership shall report disinvestment/ transfer of capital contribution or profit share between a resident and a non-resident (or vice versa)
Form FDI LLP-II
FEMA ACT 1999
within 30 days from the date of allotment of capital instruments
The domestic custodian shall report the issue/ transfer/ of sponsored/ unsponsored depository receipts
Downstream statement -Form DI & reporting at FIFP too
FEMA ACT 1999
7th March, 2026 Within 7 working days of the end of the month to which it relates.
The borrowers are required to report actual ECB transactions through Form ECB- 2 Return through the AD Category I bank on monthly basis.
Form ECB 2
RBI Circulars / Notifications: February, 2026
Sl.
Particulars of the Circulars
Link
1
Reserve Bank of India (Non-Banking Financial Companies – Miscellaneous) Amendment Directions, 2026
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of January, 2026
02.03.2026
2.
Fourth instalment of advance tax for the assessment year 2026-27
15.03.2026
3
Due date for payment of whole amount of advance tax in respect of assessment year 2026-27 for assessee covered under presumptive scheme of section 44AD / section 44ADA
15.03.2026
4
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of February, 2026 has been paid without the production of a Challan
15.03.2026
5
Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of January, 2026
17.03.2026
6
Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of January, 2026
17.03.2026
7
Due date for issue of TDS Certificate for tax deducted under section 194M in the month of January, 2026
17.03.2026
8
Due date for issue of TDS Certificate for tax deducted under section 194S (by specified person) in the month of January, 2026
17.03.2026
9
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of February, 2026
30.03.2026
10
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of February, 2026
30.03.2026
11
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of February, 2026
30.03.2026
12
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S (by specified person) in the month of February, 2026
30.03.2026
13
Country-By-Country Report in Form No. 3CEAD for the previous year 2024-25 by a parent entity or the alternate reporting entity, resident in India, in respect of the international group of which it is a constituent of such group
31.03.2026
14
Country-By-Country Report in Form No. 3CEAD for a reporting accounting year (assuming reporting accounting year is April 1, 2024 to March 31, 2025) by a constituent entity, resident in India, in respect of the international group of which it is a constituent if the parent entity is not obliged to file report under section 286(2) or the parent entity is resident of a country with which India does not have an agreement for exchange of the report etc.
31.03.2026
15
Uploading of statement [Form 67], of foreign income offered to tax and tax deducted or paid on such income in previous year 2024-25, to claim foreign tax credit [if return of income has been furnished within the time specified under section 139(1) or section 139(4)
31.03.2026
16
Furnishing of an updated return of income for the AY 2021-22
31.03.2026
Important Notifications – For the month of Feb. – 2026:
Key Notifications:
Sl.
Particulars of the Notification(s)
File No. / Circular No.
Link(s)
1.
Approval under Section 35 for Scientific Research – Income Tax Notification (S.O. 433(E))
a) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
Tax period
Due Date
Particulars
Feb., 2026
20th March, 2026
Due Date for filling GSTR – 3B return for the month of Feb, 2026 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year.
b). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
Tax period
Due Date
Particulars
Feb., 2026
22nd March, 2026
Due Date for filling GSTR – 3B return for the month of Feb, 2026 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep
c). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
Tax period
Due Date
Particulars
Feb., 2026
24th March, 2026
Annual Turnover Up to INR 5 Cr in Previous FY But Opted Quarterly Filing
Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi
B. Filing Form GSTR-1:
Tax period
Due Date
Remarks
Monthly return (Feb., 2026)
11.03.2026
1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceding year, opted for monthly filing of return under QRMP.
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Return for Tax Deducted at source to be filed by Tax Deductor
10th of succeeding month
10.03.2026
GSTR -8
E-Commerce operator registered under GST liable to TCS
10th of succeeding month
10.03.2026
D. GSTR – 1 QRMP monthly / Quarterly return
Form No.
Compliance Particulars
Timeline
Due Date
Details of outward supply-IFF & Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
GST QRMP monthly return due date for the month of Feb., 2026 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore. Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
13th of succeeding month – Monthly Quarterly Return
13.03.2026
E. GST Refund:
Form No.
Compliance Particulars
Due Date
RFD -10
Refund of Tax to Certain Persons
2 years from the last day of the quarter in which supply was received
F. Monthly Payment of GST – PMT-06:
Compliance Particular
Due Date
Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
25.03.2026
G. GSTR 11: Statement of inward supply of goods or services or both received by UIN holders –due date 28.03.2026
GSTR-11 is the return to be filed by the persons who have been issued a Unique Identity Number and claims a refund of the taxes paid on their inward supplies.
Due date:Must be filed by the 28th of the month following the month in which inward supply is received by the UIN holders.
Regular taxpayers can opt for the Composition Scheme for the Financial Year 2026–27 by accessing the GST Portal and navigating to Services -> Registration -> Application to Opt for Composition Levy, where they can file Form CMP 02. This facility will remain available until March 31, 2026.
Compliance under Other Statutory LAws
Applicable Laws/Acts
Timeline / Due Dates
Compliance Particulars
Forms / (Filing mode)
EPF (The Employees’ Provident Funds And Miscellaneous Provisions Act, 1952)
15.03.2026
PF Payment
ECR
ESIC (Employees’ State Insurance Act, 1948)
15.03.2026
ESIC Payment
ESI Challan
Contract Labour (Regulation & Abolition) Act, 1970
Within 15 Days of commencement/ completion of contract work
Return/Notice by the Principal employer
Form VI-B
Contract Labour (Regulation & Abolition) Act, 1970
Within 15 Days of commencement/ completion of contract work
Notice of commencement/ completion of contract work by the Contractor
Form VI-A
Payment of Gratuity Rule
Within 30 Days of applicability of the Act & any change
Notice of applicability of the Act & any change
Form A or B
Professional Tax
State-wise
Deposit of Professional Tax and filing of return
Online mode
Updates TRACKER under Labour LAws – Feb., 2026:
Sl.
Particulars
Link
1
International Update: Saudi Arabia tightens labour laws: SR10,000 fine for employers hiring foreign workers without a permit an
Compliance Requirement under SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015
A. Regular / Annual Compliances:
Reg No
Regulation No
Particulars
Timeline
47 Advertisements in Newspapers.
47 (1) Publish financial results advertisement in newspapers.
1 English National Daily + 1 Regional Daily (at Registered Office location). Must contain a QR Code and a link to the webpage where complete results are available. (Information must be sent to the Exchange at the same time it is sent for publication.)
Within 48 hours of the conclusion of the Board Meeting.
46 Website
46(2)(s)
The listed entity shall disseminate the required information under a separate section on its website: (s) separate audited financial statements of each subsidiary of the listed entity in respect of a relevant financial year.
At least 21 days prior 1 days prior to the date of AGM
Annual Disclosure requirements for large entities
Circular No. SEBI/HO/DDHS/CIR/P/2018/144
Annual Disclosure to be made by an entity identified as a Large Corporates Reporting the details of incremental borrowings and the percentage raised through debt (Annexure B1/B2).
Within 45 days of the end of the FY
B. Other Quarterly compliance which included half year compliance except
FR (Financial Results)
Reg No
Regulation No
Particulars
Timeline
Intimation
Reg 29 read with Reg 33*
intimation regarding item specified in clause 29(1) be discussed at the meeting of board of directors shall be given at least Two working days in advance (excluding the date of the intimation and date of the meeting), and such intimation shall include the date of such meeting of board of directors.
at least 2 working days in advance, excluding the date of the intimation and date of the meeting
Intimations and Disclosure of events or information to Stock Exchanges.
87B: Intimations and Disclosure of events or information to Stock Exchanges. READ WITH PART E OF Schedule III
The listed entity shall first disclose to stock exchange(s) of all events or information, as specified in Part E of Schedule III, as soon as reasonably possible but not later than twenty four hours from occurrence of the event or information:
not later than 24 HOURS from occurrence of the event or information.
Valuation, Rating and NAV disclosure.
87C(1) (iii)
An issuer whose security receipts are listed on a stock exchange shall ensure that: (iii) the net asset value is calculated on the basis of such independent valuation and the same is declared by the asset reconstruction company within fifteen days of the end of the quarter.
Within 15 Days of the end of the quarter.
Certificate from Practicing Company Secretary.
Regulation 40 (9) (Regulation 40 (10)- certificate mentioned at sub-regulation (9), shall befiled with the stock exchange(s) simultaneously.)
The listed entity shall ensure that the share transfer agent and/or the in-house share transfer facility, as the case may be, produces a certificate from a practicing CS within 30 days from the end of the FY, certifying that all certificates have been issued within thirty days of the date of lodgement for transfer, subdivision, consolidation, renewal, exchange or endorsement of calls/ allotment monies.
Within 30 days from the end of the financial year.
Indian Depository Receipt holding pattern & Shareholding details.
69(1)
The listed entity shall file with the stock exchange the Indian Depository Receipt holding pattern on a quarterly basis within fifteen days of end of the quarter in the format specified by the Board.
15 days from end of each quarter
C. Event based Compliances
Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Reg. No.
Description / Category
Compliance Details(What to Disclose)
Disclosure Timeline
30(2)
Deemed Material Events (Schedule III, Part A, Para A)
Events like strikes, lock-outs, change in name, frauds/ defaults by KMPs/ Promoters, and acquisition/ disposal of units.
As soon as possible, and not later than 24 hours from occurrence.
30(4)
Materiality-Based Events (Schedule III, Part A, Para B)
Events like commencement of commercial production, capacity addition, or product launch, based on the company’s Materiality Policy.
As soon as possible, and not later than 24 hours from occurrence.
30(4)(i)
Quantitative Thresholds (New)
Disclosure is mandatory if the value/impact exceeds the lower of: 1. 2% of turnover 2. 2% of net worth 3. 5% of average profit/loss (last 3 years).
Same as above (within 24 hours of identifying the impact).
30(6)
Outcome of Board Meetings
Decisions on Dividends, Buy-backs, Financial Results, Fund-raising (Rights Issue/QIP), and Voluntary Delisting.
Within 30 minutes of the closure of the Board Meeting.
30(11)
Market Rumour Verification
Top 100 (from Oct 2023) / Top 250 (from April 2024) entities must confirm, deny, or clarify material market rumours.
Within 24 hours from the reporting of the event in mainstream media.
30(8)
Website Disclosure
All disclosures made to stock exchanges must be hosted on the company’s website.
Within 2 working days of disclosure; host for min. 5 years.
30(13)
Regulatory Actions
Disclosures of any search, seizure, or action by enforcement/regulatory authorities.
As soon as possible; typically within 24 hours.
6. SEBI (Prohibition of Insider Trading) Regulations, 2015
Reg. No.
Compliance Description
Compliance Details
Timeline / Frequency
3(5) & 3(6)
Structured Digital Database (SDD)
Maintain a digital database containing the nature of UPSI and the names of persons with whom information is shared along with their PAN. The database must be non-tamperable and maintained internally.
Real-time (Entry must be made upon sharing UPSI). Retention: 8 years.
7(1)(a)
Initial Disclosure
Every person being appointed as a KMP/Director or becoming a Promoter/Member of Promoter Group must disclose their holding of securities.
Within 7 days of such appointment or becoming a promoter.
7(2)
Continual Disclosure
Promoters, members of promoter group, designated persons, and directors must disclose the number of securities acquired or disposed of if the value exceeds ₹10 Lakhs.
Within 2 trading days of the transaction.
8(1)
Code of Fair Disclosure
The Board of Directors must formulate and publish on its website a code of practices and procedures for fair disclosure of UPSI.
One-time (Amendments to be intimated to stock exchanges immediately).
9(1)
Code of Conduct
The Board must formulate a code of conduct to regulate, monitor, and report trading by its designated persons and their immediate relatives.
Continuous adherence (Review at least once a year).
Schedule B (Cl. 4)
Trading Window Closure
Restrict trading by Designated Persons during the period when UPSI is expected to be available (e.g., Financial Results).
From end of quarter till 48 hours after results are made public.
Schedule B (Cl. 10)
Pre-clearance of Trades
Designated persons must seek pre-clearance from the Compliance Officer for trades above a certain threshold (defined in the CoC).
Prior to execution of the trade.
Schedule B (Cl. 14)
Contra-trade Restriction
Designated persons are prohibited from executing a “contra-trade” (opposite trade) for a specific period after a transaction.
Within 6 months of the prior trade.
7. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
Regulation No.
Description
Compliance Details
Timeline / Frequency
Reg 8A
Promoter Shareholding Calculation
Promoters’ holdings for “Offer for Sale” (OFS) must be calculated based on shareholding as of the date of filing the Draft Offer Document.
At the time of filing DRHP
Reg 9 & 95
Reporting of Transactions
Report all transactions in securities by the promoter/promoter group and any Pre-IPO placements to the Stock Exchanges.
Within 24 hours of the transaction
Reg 15 & 16
Promoter Lock-in & CapEx
If issue proceeds are used for CapEx (including loan repayment for CapEx), promoter contribution is locked for 3 years (otherwise 18 months).
From the date of allotment
Reg 17
Lock-in of Pledged Shares
Pledged shares held by non-promoters are now deemed “locked-in.” If the pledge is invoked, the lock-in transfers to the lender.
For 6 months post-allotment
Reg 25
Public Announcement (DRHP)
Issuer must make a public announcement in newspapers (English, Hindi, and Regional) within a specific timeframe of filing.
Within 2 working days of filing DRHP
Reg 26
Public Comments on DRHP
The draft offer document must be hosted on SEBI/Exchange websites for public review.
Minimum 21 days from the Public Announcement
Reg 43 & 141
Pre-Issue Advertisement
Notice must be published in the same newspapers where the public announcement was made.
After filing RHP, before issue opens
Reg 71
Rights Issue Filing
Submission of the draft letter of offer to Stock Exchanges and the Board for dissemination.
At the time of filing with the Board
Reg 85
Issue Opening (Rights)
The rights issue must open within a timeframe specified by SEBI from the date of observations.
As specified by SEBI (periodic)
Reg 175
QIP Placement Document
Placement document must contain all material info, simplified under the 2025 rationalization to avoid duplication of LODR data.
Before opening the QIP
Reg 281A
Exit to Dissenting Shareholders
Promoters must provide an exit option if there is a change in the “Objects of the Issue” or variation in contract terms.
Post-listing (if objects change)
Schedule VI
Disclosure of Litigation
Mandatory disclosure of all criminal proceedings and regulatory actions against KMP and Senior Management.
Ongoing / Update in Offer Doc
Schedule VI
Material Agreements
Disclosure of all material agreements (as per SEBI LODR) must now be included in the offer document.
At the time of filing DRHP/RHP
Schedule VI
Proforma Financials
Voluntary disclosure allowed for acquisitions/divestments even if below the 20% materiality threshold.
Included in Offer Document
8. SEBI (Buyback of Securities) Regulations, 2018 (Buyback Regulations)
Reg. No.
Description
Compliance Details
Timeline
5(i)
Board Approval
Buy-back must be authorized by a resolution passed by the Board of Directors. (Limited to 10% of total paid-up equity capital + free reserves).
Date of the Board Meeting.
5(i)(b)
Special Resolution
If buy-back exceeds 10% (up to 25%), a special resolution must be passed by shareholders.
Within 45 days of Board approval (via Postal Ballot).
5(vi)
Filings with SEBI/Exchanges
Copy of the Board resolution/Special resolution must be filed with SEBI and Stock Exchanges.
Within 2 working days of passing the resolution.
7(i)
Public Announcement
A public announcement must be made in newspapers (English, Hindi, and Regional language) after the board/shareholder approval.
Within 2 working days of the resolution/result declaration.
8(i)
Filing Letter of Offer
The company must file a draft Letter of Offer with SEBI through a Merchant Banker.
Within 2 working days of the Public Announcement.
9(ii)
Dispatch of Letter of Offer
The Letter of Offer must be dispatched to the shareholders of the company.
Within 2 working days from the record date.
9(iv)
Record Date
Date for determining the entitlement and names of shareholders who are eligible to participate.
Not less than 7 working days and not more than 10 working days from the date of public announcement.
9(v)
Opening of Offer
The buy-back offer shall open for subscription.
Within 4 working days from the record date.
9(vi)
Closing of Offer
The period for which the buy-back offer remains open.
Shall remain open for 5 working days.
10
Escrow Account
Opening of an escrow account and depositing the required amount (25% for first ₹100 Cr; 10% thereafter).
On or before the opening of the offer.
11
Verification of Tenders
Verification of buy-back tenders by the company/registrar.
Within 3 working days from the date of closure of the offer.
11
Payment of Consideration
Completion of payment to shareholders whose offers are accepted.
Within 5 working days from the date of closure of the offer.
11
Extinguishment of Shares
Physical destruction/extinguishment of share certificates or securities in dematerialized form.
Within 7 days of the completion of the buy-back.
11
Post-Buy-back Report
Filing of a certificate of extinguishment and completion with SEBI.
Within 15 days of the completion of the buy-back.
24(i)
Restriction on Fresh Issue
Prohibition on making a further issue of the same kind of shares (including rights issue).
For a period of 6 months from the expiry of the buy-back period.
9. SEBI (Depositories and Participants) Regulations 2018)
Sl.
Particulars
Due Date
1.
Regulation 76 -Reconciliation of Shares and Capital Audit.
Within 30 days from end of quarter.
2.
Regulation 74 (5): Processing of demat requests form by Issuer/RTAs – Certificate Received from Registrar.
Within 15 days from the end of each quarter.
SEBI Overhauls Stock Broker Regulations to Simplify Compliance Framework
SEBI’s New Stock Broker Framework: At a Glance
The new regulations significantly reduce the complexity of the 1992 framework, cutting the total word count by over 50% and streamlining the rulebook into 11 distinct chapters.
Category
Key Takeaway
Impact & Purpose
Structure
Simplified Framework
The regulations were condensed from 59 to 29 pages for better readability.
Flexibility
Cross-Sector Activities
Brokers can now engage in activities regulated by RBI, IRDAI, and others under business segregation.
Supervision
Risk-Based Oversight
Specialized rules for “Qualified Stock Brokers” (QSBs) focus scrutiny on high-volume entities.
Technology
Digital Record Keeping
Formally recognizes electronic books of accounts, eliminating the need for physical storage.
Onboarding
Streamlined Registration
Registration forms are moved to circulars, allowing for faster updates by SEBI.
Efficiency
Joint Inspections
Coordinated audits by SEBI and Exchanges prevent redundant inspections.
Governance
Resident Director
Mandates at least one director residing in India for at least 182 days for local accountability.
Clarity
Updated Definitions
Refined terms like “proprietary trading” to align with modern market practices.
Modernization
Removal of Obsolete Rules
Deletes outdated references to sub-brokers and physical share delivery.
Reporting
Exchange-Led Filing
Streamlines non-compliance and financial reporting directly to Stock Exchanges.
SEBI Circulars Tracker: February, 2026
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Particulars
Link
1.
Revised Norms for appointment of an independent third-party reviewer/ certifier for green debt security
Ease of Doing Investment (EoDI)- Disclosure of registered name and registration number by SEBI regulated entities and their agents on Social Media Platforms (SMPs)
Review of minimum value of investment by individual investors in Social Impact Fund under SEBI AIF Regulations, 2012 and review of requirements related to registration period of NPOs and minimum subscription under SEBI ICDR Regulations, 2018 Click here to provide your comments
Request for Informal Guidance by way of an interpretative letter under the Securities and Exchange Board of India (Informal Guidance) Scheme, 2025 received from Punjab National Bank seeking interpretation of the provisions of Regulation 27 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular for implementation of recommendations of the Expert Committee for facilitating ease of doing business for listed entities dated 31.12.2024
Consultation paper on ‘extending facility of standing instructions for Systemic Withdrawal Plan (SWP)/Systemic Transfer Plan (STP) for Mutual Fund units held in demat form’ Click here to provide your comments
Consultation Paper on Flexibility to Alternative Investment Funds (AIFs) in Winding up the scheme / Surrendering the Registration. Click here to provide your comments
Consultation Paper On Draft Circular on Review of Inclusion of Historical Scenarios in Stress Testing and Coverage of Settlement Guarantee Fund for Commodity Derivatives Segment. Click here to provide your comments
Consultation paper on proposed amendments to Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 – ‘Fit and Proper Person’ Criteria. Click here to provide your comments
10. Compliance Requirement UNDER Companies Act, 2013 and Rules made thereunder;
Applicable Laws/Acts
Due Dates
Compliance Particulars
Forms / Filing mode
Companies Act, 2013
Within 15 days of appointment of an auditor.
The Ministry in its General Circular No. 12/2018 dated 13th December, 2018 clarified that filing of Form NFRA-1 is applicable only for Bodies Corporate and ruled out filing by Companies as defined under sub-section (20) of Section 2 the Act.
E – FormNFRA -1
Companies Act, 2013
Within 30 days of the board meeting
Filing of resolutions with the ROC regarding Board Report and Annual Accounts. The details of the resolutions passed should be filed.
MGT-14 (Filing of resolution with MCA)
Companies Act, 2013
One Time compliances
Registration of Entities for undertaking CSR activities – Trust/ Society/ Section 8 Company need to file before Acceptance of Donation as CSR w.e.f. 01st April 2021.
E-FormCSR-1
Companies Act, 2013
30th April, 2026 (for Oct.2025 to Mar. 2026)
Pursuant to Order dated 22 January, 2019 issued under Section 405 of the Companies Act, 2013, specified companies shall submit a half yearly return to MCA in respect of outstanding payments to Micro or Small Enterprises exceeding 45 days.
MSMEForm 1
Companies Act, 2013
Annual Compliance 30th September 2026
Last date for filing DIR-3 KYC for every Financial year is 30th September.For Every DIN / DPIN Holders.Penalty after due date is Rs. 5000/-(one time)
DIR – 3 KYC / DIR 3 Web- KYC
Companies Act, 2013
Within 60 (sixty) days from the conclusion of each half year.
Reconciliation of Share Capital Audit Report (Half-yearly) Pursuant to sub-rule Rule 9A (8) of Companies (Prospectus and Allotment of Securities) Rules, 2014
E-Form PAS – 6
Companies Act, 2013
With in 60 days from the last day of its financial year.
Every foreign company shall prepare and file, within sixty days from the last day of its financial year, to the Registrar annual return in Form FC4.
FC-4
Companies Act, 2013
within a period of 60 days after the holding of AGM
IEPF Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019 Statement of unclaimed and unpaid amounts. This e-form shall be filed within a period of 60 days after the holding of AGM or the date on which it should have been held as per the provisions of section 96 of the Act, whichever is earlier.
IEPF -2
Companies Act, 2013
Within 30 days from the conclusion of half year
Return of Nidhi Company for the half year: Every nidhi company shall file half yearly return in e-form NDH-3 within 30 days of conclusion of half year duly certified by Practicing Professional having Valid COP.
NDH – 3
*After the expiry of due dates, the respective forms can be filed with respective ROC via MCA21 portal by paying statutory filing fee & delayed filing fee, in accordance with the provisions of the rules and regulations (amended from time to time) as mentioned under the Company Law.
MCA Launches CCFS-2026:
A Golden Opportunity for Companies to Regularize Delayed Filings with 90% Fee Waiver
The Ministry of Corporate Affairs (MCA) has introduced the CCFS-2026 to allow defaulting companies to regularize their long-pending filings with significantly reduced costs and immunity from prosecution.
Summary of MCA Companies Compliance Facilitation Scheme (CCFS), 2026
Immunity from penalty proceedings under Section 92 and 137 if filed within the scheme period.
Exclusions
Companies already under final strike-off notice, vanishing companies, or those already dissolved.
Important Updates – February, 2026
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Particulars of the Circulars
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Stakeholders are informed that MCA portal will not be available from 15th February 2026 12:00 AM to 15th February 11:59 PM due to establishment of new RDs and ROCs which are effective from 16th February 2026. To facilitate implementation of this change, stakeholders are advised to note the following points: (1) All registered companies and LLPs mapped with the below mentioned ROC locations currently will be bifurcated as: a. ROC Delhi: Companies or LLPs registered with Haryana State will be moved to ROC Haryana and the remaining companies will be split between ROC Delhi I and ROC Delhi II based on existing district and PIN code. b. ROC Kanpur: Companies or LLPs registered will be split between ROC Uttar Pradesh I and ROC Uttar Pradesh II based on existing district and PIN code. c. ROC Mumbai: Companies or LLPs registered will be split between ROC Mumbai I, ROC Mumbai II and ROC Nagpur based on existing district and PIN code. d. ROC Kolkata: Companies or LLPs registered will be split between ROC Kolkata I and ROC Kolkata II based on existing district and PIN code. (2) ROC and RD mapping will get updated for all the new RD locations and existing impacted RD locations. (3) Please refer Act & Rules – Notifications tab to access the relevant notifications issued on 23rd October 2025. (4) All Foreign companies who have their place of business in India will be mapped from ROC Delhi to ROC Delhi I. (5) Stakeholders are advised to plan and file/resubmit current V3 forms before 15th February 2026 if the due date/resubmission date falls on 15th February 2026.
11. MSME (Ministry of Micro, Small and Medium Enterprises)
MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy.
Micro, Small, and Medium Enterprises (MSMEs) form the backbone of the Indian economy, playing a pivotal role in employment generation, fostering innovation, promoting inclusive growth, and significantly contributing to the nation’s GDP and exports. Governed by the MSMED Act, 2006, these enterprises are vital for both the manufacturing and service sectors.
Key Updates – for the month of February – 2026
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Arunachal Chief Minister Urges MSME Growth In Northeast
12. IBBI Updates {Insolvency and Bankruptcy Board of India} {IBC}
Important Notifications and Circulars Tracker (February, 2026)
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Particulars
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Insolvency and Bankruptcy Board of India introduces reforms to strengthen the valuation and information disclosure framework under the Insolvency and Bankruptcy Code, 2016.
This Compliance Calendar / Tracker is updated till 28th February, 2026 with all Laws / Regulations and their respective amendments.
Disclaimer:
Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information. Many sources have been considered including newspapers (PIB, ET, BS & HT etc.).
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of January, 2026
02.03.2026
2.
Fourth instalment of advance tax for the assessment year 2026-27
15.03.2026
3
Due date for payment of whole amount of advance tax in respect of assessment year 2026-27 for assessee covered under presumptive scheme of section 44AD / section 44ADA
15.03.2026
4
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of February, 2026 has been paid without the production of a Challan
15.03.2026
5
Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of January, 2026
17.03.2026
6
Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of January, 2026
17.03.2026
7
Due date for issue of TDS Certificate for tax deducted under section 194M in the month of January, 2026
17.03.2026
8
Due date for issue of TDS Certificate for tax deducted under section 194S (by specified person) in the month of January, 2026
17.03.2026
9
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of February, 2026
30.03.2026
10
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of February, 2026
30.03.2026
11
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of February, 2026
30.03.2026
12
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S (by specified person) in the month of February, 2026
30.03.2026
13
Country-By-Country Report in Form No. 3CEAD for the previous year 2024-25 by a parent entity or the alternate reporting entity, resident in India, in respect of the international group of which it is a constituent of such group
31.03.2026
14
Country-By-Country Report in Form No. 3CEAD for a reporting accounting year (assuming reporting accounting year is April 1, 2024 to March 31, 2025) by a constituent entity, resident in India, in respect of the international group of which it is a constituent if the parent entity is not obliged to file report under section 286(2) or the parent entity is resident of a country with which India does not have an agreement for exchange of the report etc.
31.03.2026
15
Uploading of statement [Form 67], of foreign income offered to tax and tax deducted or paid on such income in previous year 2024-25, to claim foreign tax credit [if return of income has been furnished within the time specified under section 139(1) or section 139(4)
31.03.2026
16
Furnishing of an updated return of income for the Assessment Year 2021-22
31.03.2026
2. Compliance Requirement under GST, 2017
A. Filing of GSTR –3B / GSTR 3B QRMP
a) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
Tax period
Due Date
Particulars
Feb., 2026
20th March, 2026
Due Date for filling GSTR – 3B return for the month of Feb, 2026 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year.
b). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
Tax period
Due Date
Particulars
Feb., 2026
22nd March, 2026
Due Date for filling GSTR – 3B return for the month of Feb, 2026 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep
c). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
Tax period
Due Date
Particulars
Feb., 2026
24th March, 2026
Annual Turnover Up to INR 5 Cr in Previous FY But Opted Quarterly Filing
Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi
B. Filing Form GSTR-1:
Tax period
Due Date
Remarks
Monthly return (Feb., 2026)
11.03.2026
1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceding year, opted for monthly filing of return under QRMP.
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Return for Tax Deducted at source to be filed by Tax Deductor
10th of succeeding month
10.03.2026
GSTR -8
E-Commerce operator registered under GST liable to TCS
10th of succeeding month
10.03.2026
D. GSTR – 1 QRMP monthly / Quarterly return
Form No.
Compliance Particulars
Timeline
Due Date
Details of outward supply-IFF & Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
GST QRMP monthly return due date for the month of Feb., 2026 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore. Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
13th of succeeding month – Monthly Quarterly Return
13.03.2026
E. GST Refund:
Form No.
Compliance Particulars
Due Date
RFD -10
Refund of Tax to Certain Persons
2 years from the last day of the quarter in which supply was received
F. Monthly Payment of GST – PMT-06:
Compliance Particular
Due Date
Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
25.03.2026
G. GSTR 11: Statement of inward supply of goods or services or both received by UIN holders –due date 28.03.2026
GSTR-11 is the return to be filed by the persons who have been issued a Unique Identity Number and claims a refund of the taxes paid on their inward supplies.
Due date:Must be filed by the 28th of the month following the month in which inward supply is received by the UIN holders.
Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.
The Compliance Calendar for 2026 outlines essential deadlines for statutory requirements related to Income Tax, GST, and Labour Laws (PF/ESI) in India. It serves as a crucial resource for ensuring adherence to regulatory obligations throughout the year. The calendar is published by Taxation Updates.
Due date for deposit of Tax deducted [except under section 194-IA, section 194-IB, section 194M or section 194S (by specified person)] or collected for the month of December, 2025. However, all the sum deducted/collected by an office of the government
07.01.2026
2.
Due date for deposit of TDS for the period October 2025 to December 2025 when Assessing Officer has permitted quarterly deposit of TDS under Sections 192, 194A, 194D or 194H
07.01.2026
3
Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of November, 2025
14.01.2026
4
Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of November, 2025
14.01.2026
5
Due date for issue of TDS Certificate for tax deducted under section 194M in the month of November, 2025
14.01.2026
6
Due date for issue of TDS Certificate for tax deducted under section 194S (by specified person) in the month of November, 2025
14.01.2026
7
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of December, 2024 has been paid without the production of a challan
15.01.2026
8
Quarterly statement of TCS for the quarter ending December 31, 2025
15.01.2026
9
Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending December, 2025
15.01.2026
10
Due date for furnishing of Form 15G/15H declarations received during the quarter ending December, 2025
15.01.2026
11
Furnishing of statement in Form No. 49BA under Rule 114AAB (by specified fund) for the quarter ending December 31, 2025
15.01.2026
12
Quarterly TCS certificate in respect of quarter ending December 31, 2025
30.01.2026
13
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of December, 2025
30.01.2026
14
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of December, 2025
30.01.2026
15
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of December, 2025
30.01.2026
16
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S (by specified person) in the month of December, 2025
30.01.2026
17
Quarterly statement of TDS for the quarter ending December 31, 2025
31.01.2026
18
Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending December 31, 2025
31.01.2026
19
Intimation by Sovereign Wealth Fund in respect of investment made in India for quarter ending December, 2025
31.01.2026
20
Intimation by a pension fund in respect of investment made in India for quarter ending December 31, 2025
31.01.2026
2. Compliance Requirement under GST, 2017
A. Filing of GSTR –3B / GSTR 3B QRMP
a) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
Tax period
Due Date
Particulars
Dec., 2025
20th January, 2026
Due Date for filling GSTR – 3B return for the month of Dec, 2025 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year.
b). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
Tax period
Due Date
Particulars
Dec., 2025
22nd January, 2026
Due Date for filling GSTR – 3B return for the month of Dec, 2025 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep
c). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
Tax period
Due Date
Particulars
Dec., 2025
24th January, 2026
Annual Turnover Up to INR 5 Cr in Previous FY But Opted Quarterly Filing
Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi
B. Filing Form GSTR-1:
Tax period
Due Date
Remarks
Monthly return (Dec., 2025)
11.01.2026
1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceding year, opted for monthly filing of return under QRMP.
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Return for Tax Deducted at source to be filed by Tax Deductor
10th of succeeding month
10.01.2026
GSTR -8
E-Commerce operator registered under GST liable to TCS
10th of succeeding month
10.01.2026
D. GSTR – 1 QRMP monthly / Quarterly return
Form No.
Compliance Particulars
Timeline
Due Date
Details of outward supply-IFF & Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
GST QRMP monthly return due date for the month of Dec, 2025 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore. Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
13th of succeeding month – Monthly Quarterly Return
13.01.2026
E. GST Refund:
Form No.
Compliance Particulars
Due Date
RFD -10
Refund of Tax to Certain Persons
2 years from the last day of the quarter in which supply was received
F. Monthly Payment of GST – PMT-06:
Compliance Particular
Due Date
Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
25.01.2026
G. GSTR 11: Statement of inward supply of goods or services or both received by UIN holders –due date 28.01.2026
GSTR-11 is the return to be filed by the persons who have been issued a Unique Identity Number and claims a refund of the taxes paid on their inward supplies.
Due date:Must be filed by the 28th of the month following the month in which inward supply is received by the UIN holders.
H. Monthly Payment of GST – CMP-08:
Compliance Particular
Due Date
Form GST CMP-08 is used to declare the details or summary of self-assessed tax payable by taxpayers who have opted for a composition levy. Period: (Oct – Dec, 2025)
18.01.2026
Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S (by specified person) in the month of January, 2025
02.03.2025
4
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of January, 2025
02.03.2025
5
Due date for deposit of Tax deducted/collected for the month of February, 2025. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of a challan
07.03.2025
6
Fourth instalment of advance tax for the assessment year 2025-26
15.03.2025
7
Due date for payment of whole amount of advance tax in respect of assessment year 2025-26 for assessee covered under presumptive scheme of section 44AD / 44ADA
15.03.2025
8
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of February, 2025 has been paid without the production of a Challan
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of February, 2025
30.03.2025
13
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of February, 2025
30.03.2025
14
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of February, 2025
30.03.2025
15
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S (by specified person) in the month of February, 2025
30.03.2025
16
Country-By-Country Report in Form No. 3CEAD for the previous year 2023-24 by a parent entity or the alternate reporting entity, resident in India, in respect of the international group of which it is a constituent of such group
31.03.2025
17
Country-By-Country Report in Form No. 3CEAD for a reporting accounting year (assuming reporting accounting year is April 1, 2023 to March 31, 2024) by a constituent entity, resident in India, in respect of the international group of which it is a constituent if the parent entity is not obliged to file report under section 286(2) or the parent entity is resident of a country with which India does not have an agreement for exchange of the report etc.
31.03.2025
18
Uploading of statement [Form 67], of foreign income offered to tax and tax deducted or paid on such income in previous year 2022-23, to claim foreign tax credit [if return of income has been furnished within the time specified under section 139(1) or section 139(4)
31.03.2025
19
Furnishing of an updated return of income for the Assessment Year 2022-23
Due Date for filling GSTR – 3B return for the month of Feb., 2024 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep
c). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceeding year, opted for monthly filing of return under QRMP.
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Refund of Tax to Certain Persons: Application for Refund by any specialized agency of UN or any Multilateral Financial Institution and Organization, Consulate or Embassy of foreign countries, etc.
2 years from the last day of the quarter in which supply was received
Challan for deposit of goods and services tax Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
25.03.2025
G. GSTR 11: Statement of inward supply of goods or services or both received by UIN holders –due date 28.03.2025
GSTR-11 is the return to be filed by the persons who have been issued a Unique Identity Number and claims a refund of the taxes paid on their inward supplies.
Due date:Must be filed by the 28th of the month following the month in which inward supply is received by the UIN holders.
GST Updates:
Taxpayers can opt for the Composition Scheme for FY 2025-26 via GST Portal (‘Services -> Registration -> Application to Opt for Composition Levy’) from February 4 to March 31, 2025, by filing Form CMP-02.
Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.
The Tax Compliance Tracker for February 2025 outlines key deadlines under the Income Tax Act, 1961, and GST, 2017. For income tax, the deposit of TDS/TCS for January 2025 is due by February 7, 2025. The issuance of TDS certificates for tax deducted under sections 194-IA, 194-IB, 194M, and 194S (December 2024) is due by February 14, 2025. The deadline for filing Form 24G for government offices and the quarterly TDS certificate for non-salary payments (Q3 of FY 2024-25) is February 15, 2025. Updates to the Vivad Se Vishwas Scheme now allow more taxpayers to settle disputes by paying the disputed tax amount. Under GST, the due date for GSTR-3B filing for January 2025 is February 20, 2025, for taxpayers with an annual turnover exceeding ₹5 crore, and February 22 or 24, 2025, for others based on their state group. GSTR-1 for monthly filers is due February 11, 2025. Other important GST compliance includes GSTR-5, GSTR-6, GSTR-7, GSTR-8, and GSTR-11 filings for specific taxpayer categories, with deadlines ranging from February 10 to February 28, 2025. Refund applications for certain entities under RFD-10 must be submitted within two years of the relevant quarter. Taxpayers using the QRMP scheme must file GST PMT-06 by February 25, 2025. This tracker helps ensure timely adherence to tax obligations.
Due date for deposit of Tax deducted/collected for the month of January, 2025. However, all the sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without the production of a challan
07.02.2025
2.
Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of December, 2024
14.02.2025
3
Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of December, 2024
14.02.2025
4
Due date for issue of TDS Certificate for tax deducted under section 194M in the month of December, 2024
14.02.2025
5
Due date for issue of TDS Certificate for tax deducted under section 194S (by specified person) in the month of December, 2024
14.02.2025
6
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of January, 2025 has been paid without the production of a challan
15.02.2025
7
Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending December 31, 2024
15.02.2025
Key Updates:
Vivad Se Vishwas Scheme 2024: As per a new update now more taxpayers are eligible to apply for Vivad Se Vishwas Scheme and settle their pending income tax dispute cases. Under the Vivad Se Vishwas Scheme, taxpayers need to pay the disputed tax amount and then the government will cancel the litigation case and forgo all pending interest and penalty amount.
a) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
Tax period
Due Date
Particulars
Jan., 2024
20th February, 2025
Due Date for filling GSTR – 3B return for the month of Jan., 2024 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year.
b). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
Tax period
Due Date
Particulars
Jan., 2024
22nd February, 2025
Due Date for filling GSTR – 3B return for the month of Jan., 2024 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep
c). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
Tax period
Due Date
Particulars
Jan., 2024
24th February, 2025
Annual Turnover Up to INR 5 Cr in Previous FY But Opted Quarterly Filing
Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi
B. Filing Form GSTR-1:
Tax period
Due Date
Remarks
Monthly return (Jan., 2024)
11.02.2025
1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceeding year, opted for monthly filing of return under QRMP.
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Details of outward supply-IFF & Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
GST QRMP monthly return due date for the month of Jan., 2024 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore. Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
13th of succeeding month – Monthly Quarterly Return
13.02.2025
E. GST Refund:
Form No.
Compliance Particulars
Due Date
RFD -10
Refund of Tax to Certain Persons: Application for Refund by any specialized agency of UN or any Multilateral Financial Institution and Organization, Consulate or Embassy of foreign countries, etc.
Challan for deposit of goods and services tax Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
25.02.2025
G. GSTR 11: Statement of inward supply of goods or services or both received by UIN holders –due date 28.02.2025
GSTR-11 is the return to be filed by the persons who have been issued a Unique Identity Number and claims a refund of the taxes paid on their inward supplies.
Due date:Must be filed by the 28th of the month following the month in which inward supply is received by the UIN holders.
Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.
Due date for deposit of Tax deducted [except under section 194-IA, section 194-IB, section 194M, or section 194S (by specified person)] or collected for the month of December, 2024. However, all the sum deducted/collected by an office of the government
07.01.2025
2.
Due date for deposit of TDS for the period October 2024 to December 2024 when Assessing Officer has permitted quarterly deposit of TDS under Sections 192, 194A, 194D or 194H
Due date for issue of TDS Certificate for tax deducted under section 194M in the month of November, 2024
14.01.2025
6
Due date for issue of TDS Certificate for tax deducted under section 194S (by specified person) in the month of November, 2024
14.01.2025
7
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of December, 2024 has been paid without the production of a challan
Quarterly statement of TDS for the quarter ending December 31, 2024
31.01.2025
18
Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending December 31, 2024
31.01.2025
19
Intimation by Sovereign Wealth Fund in respect of investment made in India for quarter ending December, 2024
Due Date for filling GSTR – 3B return for the month of Dec., 2024 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year.
Due Date for filling GSTR – 3B return for the month of Dec., 2024 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep
1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceeding year, opted for monthly filing of return under QRMP.
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
13th of succeeding month – Monthly Quarterly Return
13.01.2025
E. GST Refund:
Form No.
Compliance Particulars
Due Date
RFD -10
Refund of Tax to Certain Persons: Application for Refund by any specialized agency of UN or any Multilateral Financial Institution and Organization, Consulate or Embassy of foreign countries, etc.
2 years from the last day of the quarter in which supply was received
F. Monthly Payment of GST – PMT-06:
Compliance Particular
Due Date
Challan for deposit of goods and services tax Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
25.01.2025
G. GSTR 11: Statement of inward supply of goods or services or both received by UIN holders –due date 28.01.2025
GSTR-11 is the return to be filed by the persons who have been issued a Unique Identity Number and claims a refund of the taxes paid on their inward supplies.
Due date:Must be filed by the 28th of the month following the month in which inward supply is received by the UIN holders.
Form GST CMP-08 is used to declare the details or summary of self-assessed tax payable by taxpayers who have opted for a composition levy. Period: (Oct-Dec, 2024)
18.01.2025
Key Updates:
The Bombay High Court has asked the Central Board of Direct Taxes (CBDT) to extend the deadline for filing revised and belated Income Tax Returns (ITRs) to January 15, 2025. The extension will be for taxpayers eligible for the Section 87A tax rebate.
The Income Tax Department has extended the deadline to January 31, 2025 to pay a lower amount of income tax to avail Vivad Se Vishwas Scheme 2024. The direct Tax Vivad Se Vishwas Scheme 2024 announced in Budget 2024 provides an opportunity to taxpayers for settling their pending tax disputes with the Income Tax Department.
Inocme Tax and GST Tax Compliance Tracker – December, 2024
Compliance requirement under Income Tax act, 1961
Sl.
Compliance Particulars
Due Dates
1
Due date for deposit of Tax deducted/collected for the month of November, 2024. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan
07.12.2024
2.
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of November, 2024 has been paid without the production of a challan
15.12.2024
3
Third instalment of advance tax for the assessment year 2025-26
15.12.2024
4
Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of October, 2024
15.12.2024
5
Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of October, 2024
15.12.2024
6
Due date for issue of TDS Certificate for tax deducted under section 194M in the month of October, 2024
15.12.2024
7
Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of November, 2024
15.12.2024
8
Due date for issue of TDS Certificate for tax deducted under section 194S (by specified person) in the month of October, 2024
15.12.2024
9
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of November, 2024
30.12.2024
10
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of November, 2024
Furnishing of report in Form No. 3CEAD for a reporting accounting year (assuming reporting accounting year is January 1, 2023 to December 31, 2023) by a constituent entity, resident in India, in respect of the international group of which it is a constituent if the parent entity is not obliged to file report under section 286(2) or the parent entity is resident of a country with which India does not have an agreement for exchange of the report etc.
30.12.2024
13
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S (by specified person) in the month of November, 2024
30.12.2024
14
Filing of belated/revised return of income for the assessment year 2024-25 for all assessee (provided assessment has not been completed before December 31, 2024)
a) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
Tax period
Due Date
Particulars
Nov., 2024
20th December, 2024
Due Date for filling GSTR – 3B return for the month of Nov., 2024 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year.
b). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
Tax period
Due Date
Particulars
Nov., 2024
22nd December, 2024
Due Date for filling GSTR – 3B return for the month of Nov., 2024 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep
c). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
Tax period
Due Date
Particulars
Nov., 2024
24th December, 2024
Annual Turnover Up to INR 5 Cr in Previous FY But Opted Quarterly Filing
Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi
B. Filing Form GSTR-1:
Tax period
Due Date
Remarks
Monthly return (Nov., 2024)
11.12.2024
1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceeding year, opted for monthly filing of return under QRMP.
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Return for Tax Deducted at source to be filed by Tax Deductor
10th of succeeding month
10.12.2024
GSTR -8
E-Commerce operator registered under GST liable to TCS
10th of succeeding month
10.12.2024
D. GSTR – 1 QRMP monthly / Quarterly return
Form No.
Compliance Particulars
Timeline
Due Date
Details of outward supply-IFF & Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
GST QRMP monthly return due date for the month of Nov., 2024 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore. Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
13th of succeeding month – Monthly Quarterly Return
13.12.2024
E. GST Refund:
Form No.
Compliance Particulars
Due Date
RFD -10
Refund of Tax to Certain Persons: Application for Refund by any specialized agency of UN or any Multilateral Financial Institution and Organization, Consulate or Embassy of foreign countries, etc.
2 years from the last day of the quarter in which supply was received
F. Monthly Payment of GST – PMT-06:
Compliance Particular
Due Date
Challan for deposit of goods and services tax Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
25.12.2024
G. GSTR 11: Statement of inward supply of goods or services or both received by UIN holders –due date 28.12.2024
GSTR-11 is the return to be filed by the persons who have been issued a Unique Identity Number and claims a refund of the taxes paid on their inward supplies.
Due date:Must be filed by the 28th of the month following the month in which inward supply is received by the UIN holders.
H. Monthly Payment of GST – CMP-08:
Compliance Particular
Due Date
Form GST CMP-08 is used to declare the details or summary of self-assessed tax payable by taxpayers who have opted for a composition levy. Period: (Oct-Dec, 2024)
18.01.2025
Tax Compliance Tracker – October, 2024
Compliance requirement under Income Tax act, 1961
Sl.
Compliance Particulars
Due Dates
1
Due date for deposit of tax deducted/collected for the month of September, 2024. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan
07.10.2024
2.
Due date for deposit of TDS for the period July 2024 to September 2024 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H
07.10.2024
3
Due date for filing of audit report under section 44AB for the assessment year 2024-25 in the case of a corporate-assessee or non-corporate assessee (who is required to submit his/its return of income on October 31, 2024) Note: The due date for filing audit report under section 44AB for the assessment year 2024-25 has been extended from September 30, 2024 to October 07, 2024 vide Circular No. 10/2024, dated 29-09-2024
07.10.2024
4
Furnishing of Audit report in Form no. 10B/10BB by a fund or trust or institution or any university or other educational institution or any hospital or other medical institution Note: The due date for filing audit report in Form no. 10B/10BB has been extended from September 30, 2024 to October 07, 2024 vide Circular No. 10/2024, dated 29-09-2024
07.10.2024
5
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of September, 2024 has been paid without the production of a challan
15.10.2024
6
Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of August, 2024
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of September, 2024
30.10.2024
14
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of September, 2024
30.10.2024
15
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of September, 2024
30.10.2024
16
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S (by specified person) in the month of September, 2024
30.10.2024
17
Quarterly TCS certificate (in respect of tax collected by any person) for the quarter ending September 30, 2024
30.10.2024
18
Intimation by a designated constituent entity, resident in India, of an international group in Form no. 3CEAB for the accounting year 2023-24
31.10.2024
19
Quarterly statement of TDS deposited for the quarter ending September, 2024
31.10.2024
20
Due date for furnishing of Annual audited accounts for each approved programmes under section 35(2AA)
31.10.2024
21
Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending September, 2024
31.10.2024
22
Copies of declaration received in Form No. 60 during April 1, 2024 to September 30, 2024 to the concerned Director/Joint Director
31.10.2024
23
Due date for filing of return of income for the assessment year 2024-25 if the assessee (not having any international or specified domestic transaction) is (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c)partner of a firm whose accounts are required to be audited or the spouse of such partner if the provisions of section 5A apply
31.10.2024
24
Audit report under section 44AB for the assessment year 2024-25 in the case of an assessee who is also required to submit a report pertaining to international or specified domestic transactions under section 92E
31.10.2024
25
Report to be furnished in Form 3CEB in respect of international transaction and specified domestic transaction
31.10.2024
26
Due date for e-filing of report (in Form No. 3CEJ) by an eligible investment fund in respect of arm’s length price of the remuneration paid to the fund manager (if the assessee is required to submit return of income on October 31, 2024)
31.10.2024
27
Statement by scientific research association, university, college or other association or Indian scientific research company as required by rules 5D, 5E and 5F (if due date of submission of return of income is October 31, 2024)
a) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
Tax period
Due Date
Particulars
Sept., 2024
20th October, 2024
Due Date for filling GSTR – 3B return for the month of Sept., 2024 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year.
b). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
Tax period
Due Date
Particulars
Sept., 2024
22nd October, 2024
Due Date for filling GSTR – 3B return for the month of Sept., 2024 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep
c). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
Tax period
Due Date
Particulars
Sept.., 2024
24th October, 2024
Annual Turnover Up to INR 5 Cr in Previous FY But Opted Quarterly Filing
Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi
B. Filing Form GSTR-1:
Tax period
Due Date
Remarks
Monthly return (Sept.., 2024)
11.10.2024
1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceeding year, opted for monthly filing of return under QRMP.
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Return for Tax Deducted at source to be filed by Tax Deductor
10th of succeeding month
10.10.2024
GSTR -8
E-Commerce operator registered under GST liable to TCS
10th of succeeding month
10.10.2024
D. GSTR – 1 QRMP monthly / Quarterly return
Form No.
Compliance Particulars
Timeline
Due Date
Details of outward supply-IFF & Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
GST QRMP monthly return due date for the month of July, 2024 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore. Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
13th of succeeding month – Monthly Quarterly Return
Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
25.10.2024
G. Statement for payment of self-assessed Tax (CMP-08):
Compliance Particular
Due Date
Form GST CMP-08 is used to declare the details or summary of self-assessed tax payable by taxpayers who have opted for a composition levy. Period: (Jul-Sep, 2024)
18.10.2024
H. GSTR 11: Statement of inward supply of goods or services or both received by UIN holders –due date 28.10.2024
GSTR-11 is the return to be filed by the persons who have been issued a Unique Identity Number and claims a refund of the taxes paid on their inward supplies.
Due date:Must be filed by the 28th of the month following the month in which inward supply is received by the UIN holders.
Food Law NEWSLETTER47th Monthly EDITION – January, 2025(1st Dec. to 31st Dec. 2024)
Food Sector / Industry in India
The food sector, a cornerstone of public health and economic development, operates within a complex web of laws and regulations. These regulations aim to ensure the safety, quality, and fair trade of food products. Understanding these laws is crucial for businesses to remain compliant and competitive.
With increasing global emphasis on sustainability, businesses must align with eco-friendly practices, including waste reduction, sustainable sourcing, and carbon footprint minimization.
Navigating the food sector’s regulatory frameworks demands a proactive and informed approach. By prioritizing compliance and leveraging technology, businesses can not only mitigate risks but also build trust and enhance their market reputation. Adherence to these laws not only safeguards public health but also propels the food industry towards sustainable growth.
Spices Board of India
Spices Board is the flagship organization for the development and worldwide promotion of Indian spices. The Board is an international link between the Indian exporters and the importers abroad. The Spices Board of India is an Indian government organization responsible for the development and promotion of spices exports from India.
Notification Index – November, 2024:
Sl.
Particulars
Link (s)
1
Circular No. 20/2024-25 – Inclusion of ETO test for chilli and chilli products consignments exported from India to UK under mandatory sampling & testing programme – reg
Comprehensive guidelines on preventing EtO contamination in Spices Exported from India – Revision – Issuance of Document No.SB/EXP/SOP/02 Rev .02 – reg.
A ‘Notification’ means a notification published in the Official Gazette and the expressions ‘notify’ and ‘notified’ shall be construed accordingly. Any Notification has to be notified by way of publication and once it is done, it is said to be notified.
Many Amendments came in from time to time in this sector / industry and some key amendments are reproducing here for your kind perusal:
Notifications Of the month of December, 2024
Sl.
Particulars
Relevant Link (s)
1
Addition of Food Products under High Risk Food Categories subsequent to the omission of mandatory BIS Certification [Updated on:29-11-2024]
Revised list of FSSAI notified laboratories for testing of fortificants in Fortified Rice (FR), Fortified Rice Kernel (FRK) and Vitamin-Mineral Premix for Fortified Rice Kernel [Updated on:18-12-2024]
1. Mandatory PAN compliance for FSSAI License/Registration
The Food Safety and Standards Authority of India (FSSAI) has made it mandatory for food business operators (FBOs) to link their Permanent Account Number (PAN) to their FSSAI licenses and registrations. This order was issued on November 13, 2024, and is effective from October 22, 2024.
Key Points:
New Applications: All new applications for FSSAI licenses and registrations must include the PAN number of the FBO.
Renewals and Modifications: Existing FBOs whose renewal or modification is not imminent are required to update their PAN details on the FoSCOS portal as soon as possible.
Purpose: The FSSAI aims to use PAN as a unique identifier for food businesses, facilitating better tracking and compliance monitoring.
Important Considerations:
Accuracy of PAN Details: Ensure that the PAN number provided is correct and matches the FBO’s legal identity.
Timely Update: Existing FBOs should update their PAN details on the FoSCOS portal to avoid any compliance issues.
Compliance with Other Regulations: Remember to comply with other relevant regulations and guidelines issued by the FSSAI.
Declaration for Non-PAN Holders: If an FBO does not possess a PAN, they must submit a declaration to that effect.
By adhering to this new PAN compliance requirement, food businesses can maintain regulatory compliance and contribute to a safer and more transparent food industry.
FSSAI Registration is a basic license and it is required for all the FBOs involved in the small-scale food business. Online submission of Annual Returns on Food Safety Compliance System (FOSCOS – Click Here) shall be made mandatory for food businesses involved in manufacturing and importing of food products, wef FY 2020-21 (wef 1″ April 2021 onwards).
FSSAI Form D1 (Annual Return) All food importers, manufacturers, packers, labellers, re-labellers and re-packers must mandatorily file form D1 with the FSSAI licensing authority.
Every Business involved in food manufacturing, import, and export of food products or selling is required to file for the FSSAI annual return on or before 31 May of every financial year.
Corporate News
FSSAI mandates quarterly reporting of expired, rejected food items
Food safety regulator FSSAI has ordered licensed food manufacturers and importers to submit quarterly data on rejected and expired food items through its online compliance system FOSCOS to prevent their resale for human consumption.
The Food Safety and Standards Authority of India (FSSAI) directive, issued on December 16, also applies to repackers and relabellers.
The new reporting requirements cover three key areas: quantity of products failing internal quality testing or inspection; volume of expired or returned products from the food supply chain; and detailed records of product disposal, including destruction, auction, or alternative use, with specific buyer and waste disposal agency information.
The move is aimed at preventing rebranding and resale of expired and rejected food items for human consumption under the guise of cattle feed.
This initiative will enable real-time tracking of rejected or expired goods and their subsequent disposal or auction for non-human consumption purposes, FSSAI said.
While the FOSCOS (Food Safety and Compliance System) reporting function is still being developed, the regulator has asked food businesses to begin collecting the required data to ensure readiness for submission when the system becomes operational.
2. FSSAI, BMC partner to take steps to make street food safer & more hygienic in Mumbai
In a significant move to improve food safety standards, the Food Safety and Standards Authority of India (FSSAI) and the Brihanmumbai Municipal Corporation (BMC) signed a Memorandum of Understanding (MoU) to collaborate on enhancing food safety practices among street food vendors in Mumbai. The MoU was signed by G. Kamala Vardhana Rao, CEO of FSSAI, and Bhushan Gagrani, Municipal Commissioner of BMC, in the presence of Pritee Chaudhary, Regional Director of the West Region, and other senior officials from both organizations.
Aims to Train Over 10,000 Street Food Vendors
This partnership is aimed at promoting hygiene, cleanliness, and food safety among Mumbai’s street food vendors, who serve millions of people daily. As per the official release, the initiative will involve training over 10,000 street food vendors across the city on best practices related to food handling, personal hygiene, storage, and contamination prevention. The training program will also address measures to ensure the quality of food and prevent health risks, benefiting both the vendors and the consumers.
As part of the collaboration, FSSAI will provide technical support, including identifying qualified trainers and developing training materials. On the other hand, BMC will facilitate the logistics, such as organising venues for the training, mobilising vendors, and overseeing the overall process.
Enhancing Public Health and Consumer Confidence
“By equipping street food vendors with these essential skills, the partnership aims to improve public health, boost consumer confidence, and elevate the overall food safety standards in Mumbai,” said the release. To read more: Click Here
3. FSSAI reclassifies packaged drinking water as high-risk, mandates stricter checks
The FSSAI has reclassified packaged drinking water and mineral water as a high-risk food category, mandating stricter regulatory controls and annual facility inspections. The move, effective immediately following an order dated November 29, requires manufacturers to undergo mandatory third-party food safety audits and comply with enhanced quality standards.
Central licence holders in this category must now submit to annual inspections aimed at mitigating potential health risks associated with packaged water production.
The reclassification by the Food Safety and Standards Authority of India (FSSAI) follows recent amendments to the Food Safety and Standards (Prohibition and Restrictions on Sales) Regulations, 2011, which previously removed mandatory BIS certification requirements for certain food products.
The reclassification is designed to strengthen consumer protection and maintain rigorous quality control in the packaged water industry.
4. Assam’s Legal Metrology Department Issues Essential Advisory for Vendors and Consumers
The Controller of Legal Metrology, Assam, has issued an essential advisory to ensure accurate measurement practices across businesses and safeguard the interests of both vendors and consumers. Awareness and adherence to the prescribed guidelines are pivotal to fostering transparency in trade and protecting consumer rights. Here’s a comprehensive overview of the key directives aimed at promoting compliance and ethical business practices.
The use of weighing and measuring instruments in businesses, such as spring balances, platform machines, weighing bridges, measuring tapes, and meter counters, must comply with mandatory verification rules. Instruments like spring balances and platform machines require annual calibration, while weights, scales, and counter machines must undergo biennial verification under legal provisions. This ensures accuracy in measurement and prevents any unintentional discrepancies in trade transactions.
For imported packaged goods, it is legally required that all declarations are clearly stated on the package. These include the name and address of the importer, the actual weight of the item, and its maximum retail price (MRP). Any violation of these norms, such as selling goods at prices exceeding the MRP, is a punishable offence under the law. Consumers are urged to remain vigilant and report discrepancies if any are found.
In the trade of precious metals like gold and silver, transactions should strictly follow the metric system to ensure transparency and fair pricing. Furthermore, when purchasing LPG cylinders, consumers must verify the cylinder’s seal and weight to avoid potential malpractice. These measures are designed to ensure safety and fairness for all stakeholders involved.
The Department of Legal Metrology, Assam, urges consumers and businesses alike to embrace these guidelines to create a marketplace built on trust, accuracy, and fairness. Let us work together to uphold these values and ensure an equitable trading environment for all, stated a press release. (Read More at: Click Here)
5. Government Launches Unified Legal Metrology Portal eMaap
Department of Consumer Affairs, Government of India, developing National Legal Metrology Portal (eMaap) for ensuring fair trade, consumer protection and a centralized database of all stakeholders
The Department of Consumer Affairs, Government of India, is developing the National Legal Metrology Portal (eMaap) to integrate State Legal Metrology Departments and their portals into a unified National System. This initiative aims to streamline processes for issuing licenses, conducting verifications and managing enforcement and compliance. By creating a centralized database, eMaap eliminates the need for stakeholders to register on multiple State Portals, fostering ease of doing business and transparency in trade practices.
Presently, State Governments are using their own portals for registration of packaged commodities, issue of licenses and verification/stamping of weighing & measuring instrument. However, the enforcement activities and compounding of offences, etc. are not online. Therefore, Department of Consumer Affairs is integrating all the state portals in one as National Legal Metrology Portal ‘eMaap’ which will include all functions of Legal Metrology including enforcement and help to get a unified data base.
A series of consultations were held under the Chairpersonship of the Secretary (Consumer Affairs) to shape the portal’s development. On 30th August 2024, a hybrid meeting with Controllers of Legal Metrology and their representatives with NIC to discuss the initial framework. Another hybrid meeting under the Chairpersonship of the Secretary (Consumer Affairs) was held on 28th November 2024, involving key stakeholders such as Industries and Industry Associations viz. FICCI, CII, PHD, ASSOCHAM, etc., representatives of State Legal Metrology Departments and NIC team, focused on refining the portal to better serve traders, manufacturers, packers, importers of packaged commodities and manufacturers, dealers & repairers of weighing & measuring instrument. Suggestions received during these discussions are being carefully examined and incorporated to make the portal efficient and user-friendly.
eMaap simplifies critical procedures such as issuing, renewing, and amending licenses, as well as handling verification & stamping of weighing & measuring instrument, registration certificates, and appeals, etc. For traders and industries, it minimizes compliance burdens, reduces paperwork and ensures timely adherence to the provisions of the Legal Metrology Act, 2009 and Rules made thereunder, creating a transparent and conducive business environment. The portal is also expected to significantly boost manufacturing growth by fostering efficiency and accountability. (Read More at: Click Here)
6. BIS holds meeting on standardisation efforts in Ayush sector
The Bureau of Indian Standards, Chennai, (BIS) organised a sensitisation meeting with the ayurveda, siddha, Unani Drugs Industry Association, and drug manufacturers on standardisation efforts in the Ayush sector in the city on Thursday.
A press release said the industry associations were asked to implement the Indian Standards in the Ayush sector, including Indian Standards Institution (ISI) certification. The participants were also briefed on standardisation activities within the Department of Ayush, which was recently established as a collaborative initiative between BIS and the Ministry of Ayush.
Meenakshi Ganesan, Deputy Director General (Southern Region), BIS, G. Bhavani, Head, BIS Chennai Branch, and Kiruthiga G., member secretary of AYD 05 from BIS, Ayush Department, New Delhi, also spoke.
7. Nearly 12% of Indian spices failed FSSAI quality and safety standards, international countries tighten controls: Report
The FSSAI tested 4,054 spice blend samples after Hong Kong suspended sales of some MDH and Everest blends due to high levels of a pesticide
Close to 12% of all tested spice samples in India, the world’s largest exporter, producer and consumer of spices, failed to meet quality and safety standards, according to a Reuters report which cited data obtained from the Food Safety and Standards Authority of India (FSSAI).
474 out of 4,054 samples tested by the FSSAI between May and early July did not meet quality and safety parameters.
The FSSAI conducted inspections, sampling and testing of mixed spice blends after Hong Kong suspended sales of some blends of the MDH and Everest brands in April due to high levels of a pesticide.
MDH and Everest’s spices are among the most popular in India and are also sold in Europe, Asia and North America. India’s domestic spice market was valued at $10.44 billion in 2022, according to the report which cited Zion Market Research data. (Read More at: Click Here)
FSSAI CASE LAWS
Section 59 of Food Safety and Standards Act overrides Sections 272 and 273 of Penal Code: Supreme Court
[Ram Nath v. State Of Uttar Pradesh, 2024 SCC OnLine SC 177, decided on 21-02-2024]
In an appeal challenging order passed by the Division Bench of Allahabad High Court on 5-10-2010, surrounded on the interplay between the provisions of Chapter IX of Food Safety and Standards Act, 2006 (‘FSSA’) and Sections 272 and 273 of Penal Code, 1860 (‘IPC’), the Division Bench of Abhay S. Oka* and Sanjay Karol, JJ. clarified that FSSA had an overriding effect on other laws. Therefore, the Court quashed and set aside the impugned order.
On 11-05-2010, the State govt. issued an order empowering the authorities to initiate prosecutions under Sections 272 and 273 of IPC as well as under the Prevention of Food Adulteration Act, 1954 (‘PFA’). On 28-08-2010, a First Information Report (‘FIR’) was lodged by a food inspector representing the Regional Food Controller against the appellant alleging that he continued to carry on with the business of selling commodity of mustard oil in the absence of a license and adulterated the mustard oil, edible oil and rice bran oil. The appellant filed a petition under Section 482 of Criminal Procedure Code, 1973 (‘CrPC’) seeking to quash prosecution for offences punishable under Sections 272 and 273 of IPC. However, the same was dismissed by the High Court.
The Court perused Section 3 (zz) of FSSA defining unsafe food and commented that “the concept of unsafe food is more comprehensive than the concept of adulterated food. Unsafe food means an article of food whose nature, substance or quality is so affected as to render it injurious to health.” The Court further hinted towards Sections 3(zx) and 3(a), 48(1) to conclude that “if a person knows that a particular article of food is being offered for sale or distribution for human consumption and adds any adulterant to the food, he renders the food article injurious to health.” …
The Court found that in the instant case when offence under Sections 272 and 273 was made out, offence under Section 59 of FSSA would be attracted. It expressed that “We have no manner of doubt that by virtue of Section 89 of the FSSA, Section 59 will override the provisions of Sections 272 and 273 of the IPC. Therefore, there will not be any question of simultaneous prosecution under both the statutes.”
The Court therefore allowed the two appeals and set aside the impugned orders, quashed and set aside the offences and kept the authorities at liberty to initiate appropriate proceedings as per law, FSSA in the instant matter. (To read more: Click Here)
Disclaimer:
The content of this article is intended to provide a general guide to the subject matter. Every effort has been made to keep the information cited in this Newsletter error-free. Suggestions and feedback to improve the task are welcome. The contents of this newsletter are for information purposes only and do not constitute an advice or a legal opinion and are personal views of the author. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.
We are delighted to share our 169th E-Newsletter“Weekly Taxation Newsletter” dated 20th January, 2025 from 12th Jan. 2025 to 19th Jan., 2025 with you. This E – Newsletter is a weekly reference / compilation of interesting and latest news related to tax including upcoming Timelines / Due Dates, Notifications / Press Information, Case Laws, International Taxation etc.
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Due Dates under IT Act 1961
Sl.
Compliance Particulars
Due Dates
1
Quarterly TCS certificate in respect of quarter ending December 31, 2024
30.01.2025
2
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of December, 2024
30.01.2025
3
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of December, 2024
30.01.2025
4
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of December, 2024
30.01.2025
5
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S (by specified person) in the month of December, 2024
30.01.2025
6
Quarterly statement of TDS for the quarter ending December 31, 2024
31.01.2025
7
Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending December 31, 2024
31.01.2025
8
Intimation by Sovereign Wealth Fund in respect of investment made in India for quarter ending December, 2024
a) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
Tax period
Due Date
Particulars
Dec., 2024
22nd January, 2025
Due Date for filling GSTR – 3B return for the month of Dec., 2024 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year.
b). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
Tax period
Due Date
Particulars
Dec., 2024
24th January, 2025
Due Date for filling GSTR – 3B return for the month of Dec., 2024 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep
c). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
Tax period
Due Date
Particulars
Dec., 2024
26th January, 2025
Annual Turnover Up to INR 5 Cr in Previous FY But Opted Quarterly Filing
Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi
B. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Refund of Tax to Certain Persons: Application for Refund by any specialized agency of UN or any Multilateral Financial Institution and Organization, Consulate or Embassy of foreign countries, etc.
2 years from the last day of the quarter in which supply was received
D. Monthly Payment of GST – PMT-06:
Compliance Particular
Due Date
Challan for deposit of goods and services tax Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
25.01.2025
*As per a notification by the Central Board of Indirect Taxes and Customs (CBIC), the last date for filing GSTR-1 for December is January 13, while that for taxpayers opting for quarterly payment under the QRMP scheme for the October-December period will be January 15.
Weekly Departmental Updates: Income Tax
1. Government to move new income tax bill in Budget session
Finance minister Nirmala Sitharaman is set to introduce a bill for a new direct tax law in the budget session, which will focus on simplification of the provisions, doing away with the ones that are redundant and attempt to make the language more layman friendly.The committee tasked with the revision, is deciding if the new law to replace the 63-year-old Income Tax Act will be in two, if not three parts, sources told TOI.
Although govt had indicated that the draft law by the panel of officers will be released for public comments, it has decided to send a strong message at a time when it is facing flak for complicated tax laws and will introduce the bill, which can then be tweaked based on feedback from taxpayers and experts.
As a result, officials from finance ministry and PMO worked closely with the panel over the last six-eight weeks so that it is ready by the time the budget is presented.
This is at least the third attempt to rewrite the Income Tax Act since the Direct Tax Code bill was introduced in Parliament in 2010. Subsequently, the Modi govt had set up a panel of experts, whose reports were not made public and the recommendations were largely not taken on board.
Similarly, there are several sections, which have been made redundant as those clauses have been dropped from the I-T Act over the years, which are being excluded. “The language itself can be difficult to understand for the common man and the committee has been asked to make it as simple as possible,” a source said.
2. Income tax benefits of NPS under both old and new tax regime for government and private sector employees
The National Pension Scheme (NPS) is a pension scheme offered by the government to its own employees who joined after January 1, 2004. For private sector employees subscribing to NPS was opened later and is voluntary. However, both the government and private sector employees get attractive tax benefits under old and new tax regimes for investing in NPS. In this article we list out what these tax benefits are.
Income tax benefits of investing in NPS
Here are the income tax benefits of investing in NPS under the old tax regime:
Section 80CCD(1) for employee’s contribution to NPS under old tax regime.
Contributions made by employees to the NPS are eligible for tax deduction. However, such deduction would be restricted to the following:
10% of salary (basic), in case of an employee
20% of Gross total income in case of self – employed individuals.
The above deduction is further subject to the overall threshold limit of Rs 1.5 lakh under section 80C.
“Under the old tax regime, government and private sector employees can claim deductions of up to 10% of their salary (basic plus dearness allowance) under Section 80CCD (1) of the Income Tax Act, 1961, subject to the overall ceiling limit of Rs 1,50,000 under Section 80CCE,” said Chartered Accountant Mohit Gupta.
Additional Deduction of Rs 50,000 for pension scheme [80CCD(1B)] under old tax regime
An additional deduction [other than those provided in section 80CCD(1)] of Rs 50,000 can be claimed by the employee for their own contributions to NPS which is over and above the Rs 1.5 lakh limit.
Deduction of Employer’s Contribution to pension scheme under section [80CCD(2)]
Government or State Government, contributes to any pension scheme, the entire amount contributed is first taxable in the hands of the employee as Salary Income and thereafter it can be claimed as a tax deduction is subject to following limits –
In case of Central Government or State Government employers – 14% of salary
In case of other employers – 10% of salary
Exemption on Withdrawal from NPS Section 10(12A), 10(12B) and 10(13)
Surana says “Payment received by any taxpayer on closure of his account or on his opting out of the NPS scheme would be exempt from tax to the extent of 60% of the total amount payable to him at the time of such closure or his opting out of the scheme. Thus, such taxpayers would be liable to pay tax on the balance 40% of the amount received. In case of partial withdrawal by the employee from the NPS, the exemption would be restricted to 25% (instead of 60%).”
3. Union Budget: Space sector seeks PLI scheme, tax holidays, more use of satellite data
New Delhi, India’s space sector wants the government to spend more on space-based services, slash taxes to spur growth of start-ups and introduce a production-linked incentive scheme for them in the Union Budget. The sector has put forward its demand ahead of the Union Budget for 2025-26 on February 1.
The Indian space economy is valued at 8.4 billion dollars and the private sector has just about started making a mark by building satellites and launch systems eyeing a manifold increase over the next decade.
Satcom Industry Association (SIA-India) has demanded a substantial increase to the space budget, up to Rs 40,000-50,000 crore to help bridge the funding gap with nations such as Japan and China.
SIA-India also made a strong pitch for the establishment of a Space Economy Task Force within the Finance Ministry to ensure financial alignment with the 30-year growth plan and create fiscal incentives, including tax holidays and R&D subsidies, to boost growth.
1. Big relief for GST taxpayers: Protection against arbitrary arrest and coercion by GST officers; CBIC changes arrest and bail guidelines under GST
Now a Goods and Service Tax (GST) proper officer can’t arbitrarily arrest a GST registered person due to a recent amendment in GST arrest instructions. Moreover, now GST proper officers have to explain to the taxpayers about the ‘grounds of arrest’ and also obtain a written acknowledgement from them about their understanding of the explanation.
The Goods and Services Tax Investigation wing has amended para 4.2.1 of its instruction dated August 17, 2022. Amended para 4.2.1 now reads as follows: “The grounds of arrest must be explained to the arrested person and also furnished to him in writing as an Annexure to the Arrest Memo. Acknowledgement of the same should be taken from the arrested person at the time of service of the Arrest Memo.” A notification intimating this amendment in guidelines for arrest and bail in relation to offences punishable under CGST Act, 2017 was published on January 13, 2025 by Central Board of Indirect Taxes and Customs (CBIC).
New arrest and bail rule will allow better defense by GST taxpayers
Jain highlights how the taxpayer who got arrested can now expect a better defence strategy from his/her lawyer since the reason for arrest has to be explained and a copy of it needs to be given at the time of arrest. “This instruction gives clarity to the taxpayer about why he is being arrested and also gives a chance to his lawyer to prepare a defence strategy before the hearing starts in the court. As per this instruction now the grounds of arrest must be explained to the arrested person and also furnished to him in writing as an Annexure to the Arrest Memo,” he says.
When can a GST registered person be arrested?
According to Patnaik, arrest under the GST legislations is only permissible where there is clear evidence of the intent to evade tax or commit acts leading to availment or utilisation of wrongful Input Tax Credit (ITC) or fraudulent claim or refund of tax.
Why GST department issued such an amendment in arrest guidelines
Chilana explains that prior to this new amendment in GST arrest guidelines the commissioner was recording reasons of arrest but the arrested person was only provided with formal reasons which did not detail out the allegations against him.
One such arrest prepared the ground for this amendment. Chilana says, “One such arrest was challenged before the Delhi High Court in Kshitij Galdiyal case wherein the High Court replying of Supreme Court judgment in Pankaj Bansal’s case held that an arrested person must be provided with the grounds of arrest which must be cursory or casual but crystallised.
2. GST new guidelines: GST officers to furnish written grounds of arrest to avoid harassment
According to the latest guidelines issued on January 13, GST officers must now provide a clear explanation of the reasons for arresting a taxpayer for alleged tax evasion, fake invoices, fraudulent input tax credit, etc., when the value exceeds Rs 5 crore.
GST new guidelines: The Central Board of Indirect Taxes and Customs (CBIC) has issued new guidelines for GST related raids. According to the latest guidelines issued on January 13, GST officers must now provide a clear explanation of the reasons for arresting a taxpayer for alleged tax evasion, fake invoices, fraudulent input tax credit, etc., when the value exceeds Rs 5 crore.
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The guidelines also aim to prevent arbitrary arrests of individuals registered under GST by any officer and establish a clearer and more transparent procedure for arrests. The reasons for arrest must be clearly explained to the individual and provided to them in writing as an Annexure to the Arrest Memo, CBIC said.
“The grounds of arrest must be explained to the arrested person and also furnished to him in writing as an Annexure to the Arrest Memo. Acknowledgement of the same should be taken from the arrested person at the time of service of the Arrest Memo,” CBIC said.
According to the August 2022 guideline, GST officers were to provide a detailed explanation of the grounds for arrest to the individual being detained, and document this information in the arrest memo.
“The revised guidelines are poised to bring about a paradigm shift in the enforcement mechanism under the GST law. Requiring officers to substantiate arrests with detailed reasoning ensures that enforcement actions are predicated on concrete evidence and not subjective discretion,” said Tushar Kumar, Adovcate, Supreme Court of India.
3. New update on GST Amnesty Scheme waiver of penalty and interest: These taxpayers need to withdraw their appeal and then apply for the scheme
Goods and Service Tax (GST) registered taxpayers who wish to apply for the GST Amnesty Scheme 2024 under section 128A announced in Budget 2024, should note about a procedural change in filing its application. Without submitting a request for withdrawal of appeal, the taxpayer cannot apply for the GST Amnesty Scheme under section 128A. The change is applicable to certain taxpayers specified by GSTN and to be eligible for the amnesty scheme application, they must first apply to the concerned appellate authority to withdraw their existing appeal and then they can apply for the Amnesty Scheme under section 128A. For these specified taxpayers the withdrawal of appeal option is not available on the GST portal.
Who need to apply to the appellate authority to withdraw the appeal and then apply for Amnesty scheme
If a taxpayer had filed an appeal against the respective GST notice using GST APL 01 form before March 21, 2023 then the taxpayer needs to submit their request for withdrawing such an appeal to the concerned appellate authority first.
In an advisory dated January 14, 2025, GSTN said: “One of the eligible conditions for filing application under waiver scheme is to withdraw the appeal applications filed against the demand order/notice/statement for which waiver application is to be submitted.”
“In this regard, it is to inform that for the appeal applications (APL 01) filed before First Appellate authority, withdrawal option is already available in the GST portal. However, for the appeal applications (APL 01) filed before 21.03.2023, withdrawal option is not available in the GST portal. For such cases, the taxpayers are advised to submit their request for withdrawal of appeal applications to the concerned Appellate Authority.”
What is the GST Amnesty Scheme under section 128A?
According to chartered accountant Siddharth Surana, PGDM from IIM Bangalore, This scheme offers a one-time waiver of interest and penalties for certain cases raised under Section 73 of the CGST Act. “Cases involving erroneous refunds are, however, not covered. Taxpayers must deposit 100% of the tax demanded to avail of the waiver, which makes it crucial to assess if a case falls under the eligible categories,” he says.
In the case of an assessee, being a dealer in shares and securities, whose portfolio comprises of shares held as stock-intrade as well as shares held as investment, is it permissible under law to convert a portion of his stock-in-trade into investment and if so, what would be the tax treatment on subsequent sale of such investment?
Facts of the case:
The assessee, being a dealer in shares and securities, has a trading as well as an investment portfolio of shares and securities. On 1st April 2010 and 1st October 2012, the assessee converted certain shares and securities held as stock-in-trade into investments and thereafter, in the A.Y.2014-15, it transferred such converted shares and securities and declared income arising on such transfer under the head “Profits and gains of business or profession” and “Capital gains”. The profits and gains up to the date of conversion was offered as business income (i.e., fair market value on the date of conversion minus the cost of acquisition). The profits and gains arising after conversion up to the date of sale was offered as capital gains (i.e., sale price minus the fair market value on the date of conversion). The Assessing Officer, however, assessed the entire income arising on transfer of such converted shares and securities as business income.
Important Case-laws
GST Cases:
1. GST leviable on AAI-Adani concessionaire pact for Thiruvananthapuram airport: Kerala AAR
The concessionaire agreement between the AAI and Adani Thiruvananthapuram International Airport Ltd is not a ‘transfer of business’, but supply of services and hence is liable to GST, the Kerala-bench of the GST Authority for Advance Ruling (AAR) has said.
The Kerala AAR ruling is contrary to the rulings passed by the Rajasthan and Gujarat Appellate Authority for Advance Ruling (AAAR) in the case of transfer of Jaipur and Ahmedabad airports and Uttar Pradesh AAR in the case of Chaudhary Charan Singh International Airport in Lucknow. These authorities had exempted such transfers from goods and services tax (GST).
The AAI sought rulings from the AAR on a set of queries, including whether the agreement involves transfer of business and whether such a transfer would be treated as ‘supply as going concern’ and be exempt from GST.
The AAR ruled that it does not constitute ‘transfer of business’ by the applicant to the concessionaire and the transaction cannot be treated as ‘transfer as going concern’.
The concessionaire is supplying the service of developing the airport of the applicant who is providing manpower, leasing, etc, to the concessionaire and both constitute supply under Section 7 of the GST Act, the AAR said in a ruling passed on January 10.
On whether GST is leviable on transfer of existing assets, aeronautical/non-aeronautical assets and capital work in progress by M/s AAI to M/s Adani Thirunvananthapuram International Airport Ltd, the AAR said that the “assets have not been transferred” and GST is payable on the amounts received as a consideration for leasing/supply of the assets to the concessionaire.
1. Indonesia issues regulation to implement global minimum tax
Indonesia’s finance ministry said on Thursday it had issued a regulation to implement the global minimum corporate tax at 15% effective from Jan. 1, as part of an international push to limit tax competition between countries.
The largest economy in Southeast Asia is among 140 countries which agreed on a landmark 2021 deal that allows governments to apply a top-up tax to the 15% level on any corporate profits booked in a country with a lower rate.
The tax, which is being shepherded by the Organisation for Economic Cooperation and Development (OECD), applies to multinational companies with an annual global turnover of more than 750 million euros ($770 million).
2. Canadian foreign minister warns of ‘Trump tariff tax’ on Americans as threat of 25% tariff looms
Canada’s foreign minister on Friday warned Americans they will be paying a “Trump tariff tax” if President-elect Donald Trump follows through with a threat to impose a 25% tariff on all Canadian goods.
Foreign Minister Mélanie Joly said that Canada is ready to retaliate and put maximum pressure on the United States.
“If we need to retaliate we will do so. And Americans will discover Trump’s tariff tax,” Joly said after meeting with U.S. senators in Washington.
Trump has threatened to impose sweeping 25% tariffs on Canada as well as on Mexico and other trading partners, creating a sense of uncertainty about whether this is simply a negotiating ploy or a massive restructuring of U.S. foreign relations.
By targeting America’s second largest trading partner after Mexico, Trump risks upending the markets for autos, lumber and oil — all of which could carry over quickly to consumers.
Despite Trump’s claim that the U.S. doesn’t need Canada, a quarter of the oil America consumes per day is from Canada. Read more at: Click Here
Knowledge Bucket for NRI’s
Fixed deposits Rules for NRI:
NRE and FCNR deposits: The interest on these deposits is tax-free, making it an attractive investment avenue as it is tax-effective.
NRO fixed deposits: The interest is taxable at 30 percent as in NRO accounts.
The other aspect that NRIs should be cautious about is the currency risk that comes with NRE and FCNR deposits as the returns are directly related to the currency fluctuation. This can be avoided with proper planning.
Mutual funds Rules:
For NRIs, investment in mutual funds in India attracts the same taxation rules as applied to resident Indians:
Equity-oriented funds: Long-term capital gains (LTCG) above Rs 1.25 lakh and held for more than one year are taxed at 12.5 percent. STCG attracts a tax rate of 20 percent.
Debt-oriented funds: The gains are added to the income and taxed accordingly irrespective of the holding period.
NRIs can consider opting for Systematic Investment Plans (SIPs) in mutual funds to invest regularly and reduce the impact of market volatility.
Do you know ??
Parliament’s Budget Session will held from January 31 to April 4, with Finance Minister Nirmala Sitharaman set to table her eighth straight budget on February 1. In line with the convention, the session will start with President Droupadi Murmu’s address to a joint sitting of the Lok Sabha and Rajya Sabha on January 31 followed by the tabling of the economic survey.
“The Hon’ble President will address the joint sitting of both Houses on 31st January 2025 at 1100 Hrs in the Lok Sabha Chamber. Union Budget 2025-26 to be presented on 1st February, 2025 in the Lok Sabha,” Parliamentary Affairs Minister Kiren Rijiju said in a post on X.
The GSTN has issued an update to inform that both Forms GST SPL 01 and GST SPL 02 are available in the GST portal and the taxpayers are advised to file applications under waiver scheme. However, for the appeal applications (APL 01) filed before 21.03.2023, withdrawal option is not available in GST portal.
India’s fiscal deficit is expected to shrink further, on the back of growing tax revenues, according to a World Bank report. The report noted that this trend is anticipated to contribute to fiscal consolidation policies of the government.
In a big move to simplify India’s tax system, the government is set to introduce a new Income Tax Bill in the upcoming Parliament budget. The goal is to replace the current Income Tax Act, which has been in place since 1961, with a much simpler and easier-to-understand version.
Disclaimer:
Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information. *(We consider various sources including ET, BS, HT, Taxmann etc.)
This article contains various Compliance requirements for the Month of January, 2024under various Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.
If you think compliance is expensive, try non‐ compliance”
Compliance Requirement Under:
1. Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications
Not later than 30 days from the date of issue of Capital instrument
FC-GPR is a form filed when the Indian company receives the Foreign Direct Investment and the company allots shares to a person resident outside India.
Form FC-GPR
FEMA ACT 1999
With in 60 days of receipt/ remittance of funds or transfer of capital instruments whichever is earlier.
Reporting of transfer of shares and other eligible securities between residents and non-residents and vice- versa is to be made in Form FC-TRS. The onus of reporting shall be on the resident transferor/ transferee.
Form FC-TRS.
FEMA ACT 1999
Within 30 days from the date of receipt of the amount of consideration.
A Limited Liability Partnership receiving amount of consideration and acquisition of profit shares is required to submit a report in the Form FDI LLP-1
Form FDI LLP-I
FEMA ACT 1999
within 60 days from the date of receipt of funds in
A Limited liability Partnership shall report disinvestment/ transfer of capital contribution or profit share between a resident and a non resident (or vice versa)
Form FDI LLP-II
FEMA ACT 1999
within 30 days from the date of allotment of capital instruments
The domestic custodian shall report the issue/ transfer/ of sponsored/ unsponsored depository receipts
Downstream statement -Form DI & reporting at FIFP too
RBI Circulars / Notifications: December, 2023
Sl.
Particulars of the Circulars
Link
1
Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract
Trade Credit for imports into India – Submission of return on issuance of bank guarantees for Trade Credits on the Centralised Information Management System (CIMS)
Due date for deposit of Tax deducted [except under Section 194-IA, Section 194-IB, Section 194M, or Section 194S (by specified person)] or collected for the month of December, 2023. However, all the sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan.
07.01.2024
2.
Due date for deposit of TDS for the period October 2023 to December 2023 when Assessing Officer has permitted quarterly deposit of TDS under Sections 192, 194A, 194D or 194H
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of December, 2023 has been paid without the production of a challan
15.01.2024
8
Quarterly statement of TCS for the quarter ending December 31, 2023
15.01.2024
9
Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending December, 2023
15.01.2024
10
Due date for furnishing of Form 15G/15H declarations received during the quarter ending December, 2023
15.01.2024
11
Furnishing of statement in Form No. 49BA under Rule 114AAB (by specified fund) for the quarter ending December 31, 2023
15.01.2024
12
Quarterly TCS certificate in respect of quarter ending December 31, 2023
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of December, 2023
30.01.2024
15
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of December, 2023
30.01.2024
16
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S (by specified person) in the month of December, 2023
30.01.2024
17
Quarterly statement of TDS for the quarter ending December 31, 2023
31.01.2024
18
Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending December 31, 2023
31.01.2024
19
Exercising the option to opt for alternative tax regime under Section 115BAA by a domestic company for assessment year 2021-22 Note: The CBDT, via Circular No. 19/2023, dated 23-10-2023, extended the due date for filing of Form no. 10-IC till 31-01-2024
31.01.2024
20
Intimation by Sovereign Wealth Fund in respect of investment made in India for quarter ending December, 2023
31.01.2024
21
Intimation by a pension fund in respect of investment made in India for quarter ending December 31, 2023
31.01.2024
Important Notifications – For the month of December – 2023:
Sl.
Particulars of the Notification(s)
File No. / Circular No.
Link(s)
1.
Central Government hereby notifies for the purposes of the said clause, ‘Godavari River Management Board, Hyderabad’ (PAN AAAGG1473Q)
a) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
Tax period
Due Date
Particulars
Dec., 2023
20th January, 2024
Due Date for filling GSTR – 3B return for the month of Dec, 2023 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year.
b). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
Tax period
Due Date
Particulars
Dec., 2023
22nd January, 2024
Due Date for filling GSTR – 3B return for the month of Jan., 2023 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep
c). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
Tax period
Due Date
Particulars
Dec., 2023
24th January, 2024
Annual Turnover Up to INR 5 Cr in Previous FY But Opted Quarterly Filing
Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi
B. Filing Form GSTR-1:
Tax period
Due Date
Remarks
Monthly return (Dec., 2023)
11.01.2024
1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceeding year, opted for monthly filing of return under QRMP.
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
GST QRMP monthly return due date for the month of April, 2022 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore. Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
13th of succeeding month – Monthly Quarterly Return
13.01.2024
E. GST Refund:
Form No.
Compliance Particulars
Due Date
RFD -10
Refund of Tax to Certain Persons
18 Months after the end of quarter for which refund is to be claimed
Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
25.01.2024
G. GSTR 11: Statement of inward supply of goods or services or both received by UIN holders – due date 28.01.2024
GSTR-11 is the return to be filed by the persons who have been issued a Unique Identity Number and claims a refund of the taxes paid on their inward supplies.
Due date:Must be filed by the 28th of the month following the month in which inward supply is received by the UIN holders.
H. Monthly Payment of GST – CMP-08:
Compliance Particular
Due Date
Form GST CMP-08 is used to declare the details or summary of self-assessed tax payable by taxpayers who have opted for a composition levy. Period: Oct-Dec, 2023
18.01.2024
GST UPDATES – December, 2023:
Sl.
Notification Particulars
Notification No.
Link (s)
1.
Advisory for Pilot Project of Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Andhra Pradesh
Extension of due date for filing of return in FORM GSTR-3B for the month of November, 2023 for the persons registered in certain districts of Tamil Nadu.
Compliance Requirement under SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015
A. Quarterly Compliances:
Sl. No.
Regulation reference(Reg.)
Compliance Particulars
Timeline / Due Date(For the Quarter Ended December, 2022)
Due Dates
1
27(2)
Corporate Governance Report
21 days from end of quarter
21.01.2024
2
13(3)
Statement of Investor Complaints
21 days from end of quarter
21.01.2024
3
31 (1) (b)
Shareholding Pattern
21 days from end of quarter
21.01.2024
B. Regular / Annual Compliances:
REG NO
REGULATION NO
PARTICULARS
TIMELINE
47 Advertisements in Newspapers.
47 (3) Advertisements in Newspapers
Financial results at 47 clause (b) of sub-regulation (1), shall be published within 48 hours of conclusion of the meeting of board of directors at which the financial results were approved.
48 HOURS
46 Website
46(2)(s)
The listed entity shall disseminate the following information under a separate section on its website separate audited financial statements of each subsidiary of the listed entity in respect of a relevant financial year, uploaded at least 21 days prior to the date of the annual general meeting which has been called to inter alia consider accounts of that FY.]
21 days prior 1 days prior to the date of AGM
Annual Disclosure requirements for large entities
Circular No. SEBI/HO/DDHS/CIR/P/2018/144
Annual Disclosure to be made by an entity identified as a Large Corporates (To be submitted to the Stock Exchange(s) within 45 days of the end of the FY) (Applicable for FY 2020 and 2021)
Within 45 days of the end of the FY
C. Other Quarterly compliance which included half year compliance except FR (Financial Results)
Reg No
Regulation No
Particulars
Timeline
Intimation
Reg 29 read with Reg 33
intimation regarding item specified in clause 29(1) (a) to be discussed at the meeting of board of directors shall be given at least five days in advance (excluding the date of the intimation and date of the meeting), and such intimation shall include the date of such meeting of board of directors.
at least 5 working days in advance, excluding the date of the intimation and date of the meeting
Intimations and Disclosure of events or information to Stock Exchanges.
87B: Intimations and Disclosure of events or information to Stock Exchanges. READ WITH PART E OF Schedule III
The listed entity shall first disclose to stock exchange(s) of all events or information, as specified in Part E of Schedule III, as soon as reasonably possible but not later than twenty four hours from occurrence of the event or information:
24 HOURS
Valuation, Rating and NAV disclosure.
87C(1) (iii)
An issuer whose security receipts are listed on a stock exchange shall ensure that: the net asset value is calculated on the basis of such independent valuation and the same is declared by the asset reconstruction company within 15 days of the end of quarter.
15 Days
– Certificate from Practicing Company Secretary. .
Regulation 40 (9) (Regulation 40 (10)- certificate mentioned at sub-regulation (9), shall befiled with the stock exchange(s) simultaneously.)
The listed entity shall ensure that the share transfer agent and/or the in-house share transfer facility, as the case may be, produces a certificate from a practicing company secretary within 30 days from the end of the financial year, certifying that all certificates have been issued within thirty days of the date of lodgement for transfer, subdivision, consolidation, renewal, exchange or endorsement of calls/ allotment monies.
Within 30 days from the end of the financial year.
Indian Depository Receipt holding pattern & Shareholding details.
69(1)
The listed entity shall file with the stock exchange the Indian Depository Receipt holding pattern on a quarterly basis within fifteen days of end of the quarter in the format specified by the Board.
15 days from end of each quarter
D. Event based Compliances
Reg No
Regulation No
Particulars
Timeline
30 Disclosure of events or information.
30(6) AND Part A of Schedule III
The listed entity shall first disclose to stock exchange(s) of all events, as specified in Part A of Schedule III, or information as soon as reasonably possible and not later than twenty four hours from the occurrence of event or information
24 HOURS
30 Disclosure of events or information.
30(6) AND sub-para 4 of Para A of Part A of Schedule III
The listed entity shall disclose to the Exchange(s), within 30 minutes of the closure of the meeting held to consider the following: a) dividends and/or cash bonuses recommended or declared or the decision to pass any dividend and the date on which dividend shall be paid/dispatched; b) any cancellation of dividend with reasons thereof; c) the decision on buyback of securities; d) the decision with respect to fund raising proposed to be undertaken e) increase in capital by issue of bonus shares through capitalization including the date on which such bonus shares shall be credited/dispatched; f) reissue of forfeited shares or securities, or the issue of shares or securities held in reserve for future issue or the creation in any form or manner of new shares or securities or any other rights, privileges or benefits to subscribe to; g) short particulars of any other alterations of capital, including calls; h) financial results; i) decision on voluntary delisting by the listed entity from stock exchange(s).
30 MINUTES
31A: Conditions for re-classification of any person as promoter / public
31A(8)
The following events shall deemed to be material events and shall be disclosed by the listed entity to the stock exchanges as soon as reasonably possible and not later than twenty four hours from the occurrence of the event: (a) receipt of request for re-classification by the listed entity from the promoter(s) seeking re-classification; (b) minutes of the board meeting considering such request which would include the views of the board on the request; (c) submission of application for re-classification of status as promoter/public by the listed entity to the stock exchanges; (d) decision of the stock exchanges on such application as communicated to the listed entity;
In the event of any changes to the annual report, the revised copy along with the details of and explanation for the changes shall be sent not later than 48 hours after the annual general meeting.]
48 HOURS
44 Meetings of shareholders and voting
44(3)
The listed entity shall submit to the stock exchange, within two working days of the conclusion of its General Meeting, details regarding the voting results in the format specified by the Board.
2 working days
47 Advertisements in Newspapers.
47 (3) Advertisements in Newspapers
The listed entity shall publish the information specified in 47(1) in the newspaper simultaneously with the submission of the same to the stock exchange(s). The same is reproduced below 47(1) (a) notice of meeting of the board of directors where financial results shall be discussed (c )statements of deviation(s) or variation(s) as specified in sub-regulation (1) of regulation 32 on quarterly basis, after review by audit committee and its explanation in directors report in annual report; (d) notices given to shareholders by advertisement
Simultaneously
–
SCHEDULE III PART PART A 7(A)
resignation of the auditor of the listed entity, detailed reasons for resignation of auditor, as given by the said auditor, shall be disclosed by the listed entities to the stock exchanges as soon as possible but not later than twenty four hours of receipt of such reasons from the auditor
24 HOURS
–
SCHEDULE III PART PART A 7(B)
In case of resignation of an independent director of the listed entity, within seven days from the date of resignation, the following disclosures shall be made to the stock exchanges by the listed entities: i. Detailed reasons for the resignation of independent directors as given by the said director shall be disclosed by the listed entities to the stock exchanges. ii. The independent director shall, along with the detailed reasons, also provide a confirmation that there is no other material reasons other than those provided. iii. The confirmation as provided by the independent director above shall also be disclosed by the listed entities to the stock exchanges along with the detailed reasons as specified in sub-clause (i) above.]
7 days from the date of resignation
7 Share Transfer Agent.
Reg 7(4) & (5) Share Transfer Agent.
The listed entity shall intimate any change or appointment of a new share transfer agent, to the stock exchange(s) within seven days of entering into the agreement.
7 DAYS
29
Reg 29(1)
The intimation required under 29 (1), shall be given at least two working days in advance, excluding the date of the intimation and date of the meeting Reg 29(1) is reproduced below: (b) proposal for buyback of securities ; (c) proposal for voluntary delisting by the listed entity from the stock exchange(s); (d) fund raising by way of further public offer, rights issue, American Depository Receipts/Global Depository Receipts/Foreign Currency Convertible Bonds, qualified institutions placement, debt issue, preferential issue or any other method and for determination of issue price: Provided that intimation shall also be given in case of any annual general meeting or extraordinary general meeting or postal ballot that is proposed to be held for obtaining shareholder approval for further fund raising indicating type of issuance. (e) declaration/ recommendation of dividend, issue of convertible securities including convertible debentures or of debentures carrying a right to subscribe to equity shares or the passing over of dividend. (f) the proposal for declaration of bonus securities where such proposal is communicated to the board of directors of the listed entity as part of the agenda papers:
at least 2 working days in advance, excluding the date of the intimation and date of the meeting
31 Holding of specified securities and shareholding pattern.
Reg 31 (1)(a)
The listed entity shall submit to the stock exchange(s) a statement showing holding of securities and shareholding pattern separately for each class of securities, in the format specified by the Board from time to time – one day prior to listing of its securities on the stock exchange(s);
1 day prior to listing of its securities on the stock exchange(s
31
Reg 31 (1 (c)
within ten days of any capital restructuring of the listed entity resulting in a change exceeding two per cent of the total paid-up share capital:
within 10 days of any capital restructuring
39 Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities.
39(2)
The listed entity shall issue certificates or receipts or advices, as applicable, of subdivision, split, consolidation, renewal, exchanges, endorsements, issuance of duplicates thereof or issuance of new certificates or receipts or advices, as applicable, in cases of loss or old decrepit or worn out certificates or receipts or advices, as applicable within a period of thirty days from the date of such lodgement.
30 Days
39 Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities
39(3)
The listed entity shall submit information regarding loss of share certificates and issue of the duplicate certificates, to the stock exchange within two days of its getting information.
2 days of its getting information.
40 Transfer or transmission or transposition of securities.
40 (3)
On receipt of proper documentation, the listed entity shall register transfers of its securities in the name of the transferee(s) and issue certificates or receipts or advices, as applicable, of transfers; or issue any valid objection or intimation to the transferee or transferor, as the case may be, within a period of fifteen days from the date of such receipt of request for transfer
15 days
40 Transfer or transmission or transposition of securities.
40 (3)
the listed entity shall ensure that transmission requests are processed for securities held in dematerialized mode within seven days after receipt of the specified documents:
7 Days
40 Transfer or transmission or transposition of securities.
40 (3)
the listed entity shall ensure that transmission requests are processed for securities held in physical mode within twenty one days after receipt of the specified documents:
21 Days
46 Website
46 (3)(b)
The listed entity shall update any change in the content of its website within two working days from the date of such change in content.
2 working days
50 Intimation to stock exchange(s).
50(1)
The listed entity shall give prior intimation to the stock exchange(s) at least eleven working days before the date on and from which the interest on debentures and bonds, and redemption amount of redeemable shares or of debentures and bonds shall be payable.
11 working days
50 Intimation to stock exchange(s).
50(3)
The listed entity shall intimate to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of directors, at which the recommendation or declaration of issue of non-convertible debt securities or any other matter affecting the rights or interests of holders of non- convertible debt securities or non – convertible redeemable preference shares is proposed to be considered.
2 working days advance intimation excluding the date of the intimation and date of the meeting
52 Financial Results.
52 (4) & (5)
The listed entity shall, within seven working days from the date of submission of the information required under sub- regulation (4), submit to stock exchange(s), a certificate signed by debenture trustee that it has taken note of the contents
7 working days
52 Financial Results.
52 (4) & (8)
The listed entity shall, within two calendar days of the conclusion of the meeting of the board of directors, publish the financial results and statement referred to in reg 52 (4), in at least one English national daily newspaper circulating in the whole or substantially the whole of India.
two calendar days of the conclusion of the meeting
57 Other submissions to stock exchange(s).
57(1)
The listed entity shall submit a certificate to the stock exchange within two days of the interest or principal or both becoming due that it has made timely payment of interests or principal obligations or both in respect of the non convertible debt securities
within 2 days
60 Record Date
60(2)
The listed entity shall give notice in advance of at least seven working days (excluding the date of intimation and the record date) to the recognised stock exchange(s) of the record date or of as many days as the stock exchange(s) may agree to or require specifying the purpose of the record date.
7 working days advance intimation excluding the date of the intimation and date of the meeting
78 Record Date.
78(2)
The listed entity shall give notice in advance of at least four working days to the recognised stock exchange(s) of record date specifying the purpose of the record date
notice in advance of at least 4 working days
82 Intimation and filings with stock exchange(s).
82(2)
The listed entity shall intimate to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of trustees, at which the recommendation or declaration of issue of securitized debt instruments or any other matter affecting the rights or interests of holders of securitized debt instruments is proposed to be considered.
2 working days in advance, excluding the date of the intimation and date of the meeting,
82 Intimation and filings with stock exchange(s).
82(3)
The listed entity shall submit such statements, reports or information including financial information pertaining to Schemes to stock exchange within seven days from the end of the month/ actual payment date, either by itself or through the servicer, on a monthly basis in the format as specified by the Board from time to time: Provided that where periodicity of the receivables is not monthly, reporting shall be made for the relevant periods.
within 7 days
6. SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CFD/DCR1/CIR/P/2020/49 issued and publish dated 27th March 2020, has published Relaxation from compliance with certain provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 due to the COVID-19 pandemic”.
Sl. No.
Regulation No.
Compliance Particular
Compliance Period(Due Date)
1
Regulation 30(1)
Every person, who together with persons acting in concert with him, holds shares or voting rights entitling him to exercise 25% or more of the voting rights in a target company, shall disclose their aggregate shareholding and voting rights as of the 31st day of March, in such target company in such form as may be specified.
Omitted through introduction of SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2021 Applicable w.e.f. 01.04.2022
2
Regulation 30(2)
The promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the thirty-first day of March, in such target company in such form as may
The promoter of every listed company shall specifically disclose detailed reasons for encumbrance if the combined encumbrance by the promoter along with PACs with him equals or exceeds: a) 50% of their shareholding in the company; or b) 20% of the total share capital of the company.
within 2 (two) working days (Provision Insertion: “Provided that the aforesaid disclosure requirement shall not be applicable where such encumbrance is undertaken in a depository”)
4.
Regulation 31(4)
Disclosure of encumbered shares
Promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the 31st March, in such target company in such form as may be specified.
SEBI Circulars Tracker: December, 2023
Sl.
Particulars
Link
1.
Extension of timeline for implementation of provisions of circular SEBI/HO/OIAE/IGRD/CIR/P/2023/156 dated September 20, 2023 on Redressal of investor grievances through the SEBI Complaint Redressal (SCORES) Platform and linking it to Online Dispute Resolution platform.
Consultation paper on review of provisions of NCS Regulations and LODR Regulations for ease of doing business and introduction of fast track public issuance of debt securities
Informal Guidance request received from Athena Alternative Investments Trust in relation to Regulation 18 of Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012
Consultation paper on ‘Introduction of optional T+0 and optional Instant Settlement of Trades in addition to T+1 Settlement Cycle in Indian Securities Markets’
7. Compliance Requirement UNDER Companies Act, 2013 and Rules made thereunder;
Applicable Laws/Acts
Due Dates
Compliance Particulars
Forms / Filing mode
Companies Act, 2013
Within 15 days of appointment of an auditor.
The Ministry in its General Circular No. 12/2018 dated 13th December, 2018 clarified that filing of Form NFRA-1 is applicable only for Bodies Corporate and ruled out filing by Companies as defined under sub-section (20) of Section 2 the Act.
E – FormNFRA -1
Companies Act, 2013
Within 30 days of the board meeting
Filing of resolutions with the ROC regarding Board Report and Annual Accounts. The details of the resolutions passed should be filed.
MGT-14 (Filing of resolution with MCA)
Companies Act, 2013
One Time compliances
Registration of Entities for undertaking CSR activities – Trust/ Society/ Section 8 Company need to file before Acceptance of Donation as CSR w.e.f. 01st April 2021.
E-Form CSR-1
Due dates of ROC Annual Filings :
(if AGM date – 30.09.2023)
Sl. No.
Particulars
Due Date Particulars
E- Form
Due Date
1
Appointment of Auditor
Within 15 days from the conclusion of AGM
ADT-1
14.10.2023
2
Filing of financial statement and other documents with the ROC
Within 30 days from the conclusion of the AGM, other than OPC (In case of OPC within 180 days from the close of the financial year)
AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non-XBRL
29.10.2023
3
Filing of annual return by a company.
Within 60 days from the conclusion of AGM MGT – 7 A: for OPC and small companies.
Within 30 days from the receipt of Cost Audit Report
CRA-4
5
Compliance certificate by PCS – Section 92(2)
Applicable to Companies having paid-up share capital Rs. 10 crores or more or Turnover Rs. 50 crore or more
MGT – 8 Attachment to MGT – 7
*After the expiry of due dates, the respective forms can be filed with respective ROC via MCA21 portal by paying statutory filing and delayed filing fee, in accordance with the provisions of the rules and regulations as mentioned under the law
Cabinet approves Memorandum of Understanding (MoU) signed between India and Tanzania on Cooperation in the field of sharing successful Digital Solutions implemented at Population Scale for Digital Transformations
Cabinet approves Additional allocation of Rs 2500 crore for continuation of Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit till 30.06.2024
This Calendar / Compliance Tracker is updated till 31st December, 2023 with all Laws / Regulations and their respective amendments.
Disclaimer:Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information. Many sources have been considered including newspapers (ET, BS & HT etc.).
The Goods and Services Tax (GST) introduced in India is a significant tax reform aimed at streamlining the country’s indirect taxation system. Under GST, every person engaged in the supply of goods or services is required to obtain GST registration if their turnover exceeds specified thresholds. Failure to obtain GST registration when liable to do so can have serious consequences. In this article, we will explore the repercussions for a person who is liable to be registered under GST but has not obtained registration, including the legal provisions, penalties, and implications for non-compliance.
Liability for GST Registration
Under the GST regime, the liability to register arises when a person falls within the criteria prescribed under Section 22 and Section 24 of the Central Goods and Services Tax (CGST) Act, 2017. The primary factors that determine the liability for GST registration are:
Turnover Threshold: If the aggregate turnover of a person exceeds the prescribed threshold limit, they are liable to obtain GST registration. The threshold limits vary based on the nature of the business.
Special Cases: Certain categories of businesses, such as e-commerce operators, casual taxable persons, and non-resident taxable persons, are liable to obtain GST registration irrespective of their turnover.
Consequences of Not Obtaining GST Registration
Failure to obtain GST registration when required can lead to various legal and financial consequences. It is essential for businesses and individuals to be aware of these repercussions to ensure compliance with the GST law. Here are the significant consequences:
Penalties and Late Fees
One of the immediate consequences of not obtaining GST registration when liable is the imposition of penalties and late fees. The following are the applicable provisions under the CGST Act:
Section 122: Penalties: Section 122 of the CGST Act outlines various penalties that can be imposed for non-compliance with GST provisions. This includes penalties for not obtaining registration as required.
Section 47: Late Fees: Section 47 prescribes late fees for delayed filing of GST returns. If a person is unregistered and fails to obtain registration, they are not in a position to file returns, which can result in late fees accumulating.
Ineligible for Input Tax Credit (ITC)
Registered persons under GST are entitled to claim input tax credit (ITC) on GST paid on their purchases of goods and services. However, if a person is not registered under GST, they are ineligible to claim ITC. This means that they cannot offset the GST paid on inputs against their GST liability, which can lead to higher tax costs for their business.
Loss of Business Opportunities
Non-registration under GST can limit a person’s ability to participate in various business opportunities, especially in cases where suppliers or clients insist on dealing only with registered entities. This can lead to a loss of potential customers or suppliers and adversely affect business growth.
Legal Implications
Non-compliance with GST registration requirements can have legal implications. Tax authorities have the power to initiate legal proceedings against persons who have not obtained GST registration as required. This may include investigations, audits, and other actions to determine tax liability.
Compulsory Registration by Tax Authorities
In certain cases, if the tax authorities discover that a person is liable to be registered but has not obtained registration, they can initiate a process to compulsorily register that person. This means that the person loses control over the registration process and may face additional scrutiny.
Increased Tax Liability
Persons who are liable to be registered but have not obtained registration may face additional tax liabilities. Tax authorities can assess the tax payable on their supplies and issue a tax demand. Additionally, the person may be required to pay interest on the unpaid tax amount.
Impact on Business Reputation
Non-compliance with tax laws, including failing to obtain GST registration, can harm a person’s business reputation. It can create an image of non-compliance and may deter potential customers or partners from engaging with the unregistered business.
Risk of Raids and Seizures
Tax authorities may conduct raids or seizures in cases of non-compliance, including failure to obtain GST registration. These actions can disrupt business operations and lead to adverse publicity.
Restricted Access to E-Way Bill
Persons who have not obtained GST registration are also unable to generate e-way bills, which are required for the movement of goods worth a specified value. This can disrupt the logistics and transportation of goods.
Conclusion
Non-compliance with GST registration requirements can have significant consequences, both financial and legal. It is imperative for individuals and businesses to understand their liability for GST registration and take prompt action to obtain registration when required. Proactive compliance with GST provisions not only avoids penalties and legal issues but also ensures that businesses can claim input tax credit and fully participate in the formal economy. The consequences of non-compliance can be severe, and it is in the best interest of taxpayers to adhere to the GST registration requirements and maintain a transparent and law-abiding approach to their tax obligations.
The Income Tax Act, 1961, lays down the provisions for the collection and management of income tax in India. Under this Act, individuals and businesses are required to pay taxes in advance during the financial year, known as “Advance Tax.” Understanding Advance Tax is essential for ensuring compliance with tax regulations, managing cash flow, and avoiding penalties. In this comprehensive guide, we will delve into the concept of Advance Tax, its calculation, payment, and the implications of non-compliance.
Introduction
Advance Tax, often referred to as “Pay-As-You-Earn” tax, is a system where taxpayers are required to pay their estimated tax liability in advance, as opposed to paying it all at once at the end of the financial year. This method ensures a steady flow of revenue for the government and helps taxpayers distribute their tax liability over the year. The Income Tax Act, 1961, mandates the payment of Advance Tax for individuals and entities meeting certain criteria.
Section 1: Who is Liable for Advance Tax?
Advance Tax is applicable to various categories of taxpayers, including:
1.1 Individuals
Individual taxpayers are liable to pay Advance Tax if their total tax liability for the financial year is ₹10,000 or more.
1.2 HUFs (Hindu Undivided Families)
HUFs with a tax liability of ₹10,000 or more are required to pay Advance Tax.
1.3 Self-Employed and Professionals
Self-employed individuals and professionals, such as doctors, lawyers, and consultants, whose tax liability is ₹10,000 or more are liable for Advance Tax.
1.4 Companies
All companies, irrespective of their size and nature of business, must pay Advance Tax.
1.5 Firms
Partnership firms, limited liability partnerships (LLPs), and other types of firms are liable for Advance Tax if their tax liability is ₹10,000 or more.
Section 2: Calculation and Due Dates
2.1 Estimated Income
To calculate Advance Tax, individuals and entities must estimate their total annual income, including all sources of income, deductions, and exemptions. The tax liability is then determined based on the applicable tax slabs.
2.2 Due Dates for Advance Tax Payments
Advance Tax payments must be made in installments during the financial year. The due dates for these installments are as follows:
On or before 15th June: 15% of the estimated tax liability.
On or before 15th September: 45% of the estimated tax liability.
On or before 15th December: 75% of the estimated tax liability.
On or before 15th March: 100% of the estimated tax liability.
It’s important to note that taxpayers not following this schedule may be liable for interest and penalties.
Section 3: Exceptions and Exemptions
While the general rule is to pay Advance Tax, there are certain exceptions and exemptions.
3.1 Senior Citizens
Senior citizens (individuals who are 60 years or older) are exempt from paying Advance Tax if they do not run a business or profession. They can pay their entire tax liability at the time of filing their tax return.
3.2 Presumptive Taxation Scheme
Taxpayers engaged in specific businesses can opt for the Presumptive Taxation Scheme. Under this scheme, they are not required to pay Advance Tax. Instead, they pay tax based on a presumptive income, which is a percentage of their gross receipts.
3.3 Agricultural Income
Agricultural income is exempt from Advance Tax. However, if the taxpayer has income from non-agricultural sources, they may need to pay Advance Tax on that portion of income.
Section 4: Calculating Advance Tax
4.1 Steps to Calculate Advance Tax
To calculate Advance Tax, follow these steps:
a. Estimate Total Income
Determine your total income for the financial year, including all sources like salary, business income, capital gains, and other earnings.
b. Calculate Taxable Income
Calculate your taxable income by considering deductions and exemptions available under the Income Tax Act.
c. Apply Applicable Tax Slabs
Use the applicable tax slabs for the financial year to determine your income tax liability.
d. Calculate Advance Tax Installments
Distribute your estimated annual tax liability over the four installments as per the due dates mentioned earlier.
4.2 Interest on Non-Payment
Failure to pay Advance Tax installments or underpayment of Advance Tax may attract interest under Section 234C and Section 234B of the Income Tax Act. These provisions are in place to encourage timely payment and penalize defaults.
Section 5: Advance Tax Payment Process
Advance Tax can be paid through various modes, including online and offline methods.
5.1 Online Payment
The most convenient way to pay Advance Tax is online through the official Income Tax Department website or authorized banks. Online payments can be made via internet banking, debit/credit cards, or through the Electronic Clearance Service (ECS).
5.2 Offline Payment
For those who prefer offline methods, Advance Tax can be paid in authorized banks using physical challans. The bank will provide a stamped acknowledgment as proof of payment.
5.3 Tax Consultants and Chartered Accountants
Many individuals and businesses engage tax consultants and chartered accountants to calculate and facilitate Advance Tax payments, ensuring accuracy and compliance.
Section 6: Refund of Excess Advance Tax
If you have paid more Advance Tax than your actual tax liability, you are entitled to a refund. The excess amount can be claimed while filing your income tax return. It will be refunded to your bank account or issued as a check.
Section 7: Conclusion
Advance Tax is a critical aspect of the Indian taxation system that facilitates a steady inflow of revenue for the government. Understanding your liability and adhering to the prescribed payment schedule is crucial to avoid interest and penalties.
It is advisable to seek professional guidance from tax experts or chartered accountants for accurate calculation and timely payment of Advance Tax. Compliance with Advance Tax provisions not only ensures adherence to tax laws but also aids in better financial planning and management.
The introduction of the Goods and Services Tax (GST) regime in India marked a significant shift in the taxation landscape. To make the GST system more taxpayer-friendly, particularly for small businesses, the government introduced the Quarterly Return Monthly Payment (QRMP) scheme. This article will provide a comprehensive understanding of the QRMP scheme, including its objectives, eligibility criteria, compliance requirements, benefits, challenges, and its potential future evolution.
Section 1: Understanding the QRMP Scheme
1.1 What is the QRMP Scheme?
The QRMP scheme is designed to simplify the GST compliance process for small taxpayers. It allows eligible businesses to file their returns on a quarterly basis, reducing the frequency of return filing. This significantly eases the compliance burden on small businesses, enabling them to focus on their core operations.
1.2 Objectives of QRMP
The primary objectives of the QRMP scheme include reducing the compliance hassles faced by small taxpayers, promoting ease of doing business, and ensuring that the benefits of GST reach a broader segment of businesses. The scheme aims to make GST compliance more accessible and convenient for small businesses.
Section 2: Eligibility Criteria for QRMP
2.1 Who Can Opt for QRMP?
To be eligible for the QRMP scheme, a business must meet specific criteria, primarily based on its annual turnover. Understanding these criteria is essential for businesses looking to opt into the scheme.
2.2 Opt-in and Opt-out Provisions
The article will discuss the procedures for enrolling in the QRMP scheme and, if necessary, opting out of it. This information is critical for businesses that may experience changes in their turnover.
Section 3: Compliance Under QRMP
3.1 Frequency of Filing Returns
This section will explain how frequently taxpayers under the QRMP scheme must file their returns. It will detail the specific returns that need to be filed, including GSTR-1 and GSTR-3B.
3.2 GSTR-1 and GSTR-3B – Simplified Filing
GSTR-1 and GSTR-3B are integral components of the GST return filing process. The article will discuss how small taxpayers benefit from the simplified filing of these returns under the QRMP scheme. It will emphasize that GSTR-1 can be filed on a quarterly basis, reducing the monthly compliance burden.
3.3 IFF – Invoice Furnishing Facility
The Invoice Furnishing Facility (IFF) allows businesses to report invoices for the months when GSTR-1 is not filed. This section will elaborate on the purpose and usage of the IFF, highlighting its role in facilitating smooth compliance for small taxpayers.
3.4 GSTR-2B – Reconciliation Tool
GSTR-2B is a vital tool for reconciliation and input tax credit claims. The article will explain how GSTR-2B simplifies the process of reconciling data and availing input tax credits without having to wait for quarterly GSTR-1 filings.
Section 4: Advantages of QRMP Scheme
4.1 Reduced Compliance Burden
The QRMP scheme significantly reduces the compliance burden on small taxpayers. It allows them to concentrate on their core business operations and reduces the time and effort spent on filing returns.
4.2 Cash Flow Management
Monthly payment of taxes under the QRMP scheme aids in better cash flow management for small businesses. The article will explain how this can positively impact the financial health of small businesses.
4.3 Lower Chances of Errors
Reducing the frequency of returns also reduces the chances of errors. The article will highlight how the QRMP scheme enhances the accuracy of filings, as taxpayers have more time to review and correct their returns.
Section 5: Challenges and Concerns
5.1 The IFF Conundrum
The IFF, while useful, may present certain challenges. The article will address concerns related to the IFF and its potential impact on compliance. It will provide insights into how businesses can effectively handle this aspect.
5.2 Transition Issues
When transitioning to the QRMP scheme, businesses may encounter certain issues. This section will explore potential transition issues and provide guidance on navigating them effectively.
Section 6: Future of QRMP
6.1 Evolving with Technology
As technology evolves, the QRMP scheme is likely to adapt and integrate with modern technologies such as e-invoicing. The article will speculate on how the scheme may evolve in response to technological advancements.
6.2 Expanding the Taxpayer Base
There is potential for the QRMP scheme to be extended to include a broader section of small taxpayers. The article will explore the possibility of expanding the scheme’s reach to benefit more businesses.
Conclusion
The Quarterly Return Monthly Payment (QRMP) scheme has emerged as a vital step in simplifying GST compliance for small businesses in India. By offering reduced compliance burdens, improved cash flow management, and lower chances of errors, the scheme has the potential to reshape the way small businesses interact with the GST system. As it evolves and adapts to changing technology and regulatory environments, the QRMP scheme will continue to promote ease of doing business and foster a business-friendly tax ecosystem in India.
In our ever-shrinking world, where global economic activities transcend national boundaries, understanding non-resident taxation is a vital aspect of international financial management. The Income Tax Act, 1961, forms the bedrock of India’s taxation framework. It includes provisions that govern the taxation of non-resident individuals and entities. This comprehensive guide is your passport to deciphering the intricacies of non-resident taxation under the Income Tax Act, 1961, dissecting the rules, regulations, and implications that affect non-resident taxpayers.
Section 1: Defining Non-Residency (Sections 5 and 6)
1.1 Resident vs. Non-Resident Status (Section 6)
The Indian Income Tax Act distinguishes between residents and non-residents for tax purposes. Section 6 of the Act defines the criteria for determining resident status. It includes factors like the number of days spent in India during a financial year, residential status in the previous years, and other conditions. Understanding these criteria is essential for determining whether an individual or entity falls under the non-resident category.
1.2 Dual Taxation and Avoidance Agreements (Section 90 and 90A)
When an individual or entity is subject to taxation in more than one country, it can result in double taxation. India has entered into Double Taxation Avoidance Agreements (DTAAs) with various countries to mitigate this issue. Section 90 and 90A of the Income Tax Act provide guidelines on how these agreements work, how they determine which country has the primary right to tax, and how they relieve taxpayers from double taxation.
Section 2: Taxation of Non-Resident Individuals (Sections 115A, 115B, and 115C)
2.1 Income Tax Rates for Non-Residents (Section 115A)
Section 115A deals with the income tax rates applicable to non-resident individuals. This includes provisions for taxation on specific types of income like dividends, interest, royalty, and more. The section outlines the tax rates, exemptions, and deductions available to non-resident individuals, depending on the nature of their income.
2.2 Taxation of Non-Resident Indians (NRIs) (Sections 115B and 115C)*
While non-resident individuals are generally taxed differently, there are specific provisions for Non-Resident Indians (NRIs) under Sections 115B and 115C. These sections deal with the taxation of income earned by NRIs, including the taxation of foreign income, assets, and special provisions for NRI sportsmen or sports associations.
Section 3: Taxation of Non-Resident Entities (Sections 44B, 44BB, and 44BBA)
3.1 Taxation of Non-Resident Companies (Section 44B)
Section 44B focuses on the taxation of non-resident companies that engage in specific types of business activities in India, such as shipping. The section defines how income is to be computed and taxed for these non-resident entities, ensuring that they contribute their fair share to the Indian tax system.
3.2 Taxation of Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs) (Sections 44BB and 44BBA)*
India has attracted foreign investments through Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs). Sections 44BB and 44BBA outline the taxation rules for these investors, including provisions for computing income and taxation rates specific to certain income types, such as royalty, fees for technical services, and seafarer income.
Section 4: Income Types and Tax Implications (Sections 9, 10, and 112)
4.1 Business Income (Section 9)
Section 9 of the Income Tax Act discusses the taxation of business income for non-residents. It covers topics like income deemed to accrue or arise in India and taxation of capital gains from the sale of assets in India. Understanding these provisions is crucial for non-resident entities engaged in business activities in India.
4.2 Capital Gains (Sections 10 and 112)*
Sections 10 and 112 deal with the taxation of capital gains for non-residents. Section 10 provides exemptions for specific long-term capital gains, while Section 112 outlines the tax rates for long-term capital gains. These sections are essential for individuals and entities involved in the sale of assets in India.
Section 5: Withholding Tax (Sections 195 and 197)
5.1 Overview of Withholding Tax (Section 195)
Withholding tax, also known as tax deducted at source (TDS), is a significant aspect of non-resident taxation. Section 195 provides an overview of withholding tax, explaining when and how it should be deducted. It outlines the obligations of the payer to deduct tax at source and the rates applicable to various types of income.
5.2 Tax Deducted at Source (TDS) (Section 197)*
Section 197 discusses the provision for obtaining a certificate for deduction at lower rates or no deduction of tax. It specifies the conditions and procedures for obtaining such certificates, which can be advantageous for non-residents looking to optimize their tax liability.
Section 6: Reporting and Compliance (Sections 139, 206AA, and 285BA)
6.1 Filing Requirements for Non-Residents (Section 139)
Section 139 of the Income Tax Act outlines the filing requirements for non-resident taxpayers. It includes provisions for filing returns of income, along with details about belated and revised returns. Compliance with these requirements is essential to avoid penalties and legal issues.
6.2 Transfer Pricing Regulations (Sections 92 to 92F)*
Transfer pricing regulations, covered under Sections 92 to 92F, are significant for non-resident entities engaged in transactions with related parties in India. These sections outline the rules for maintaining and keeping information and documents related to such transactions, as well as the computation of the arm’s length price.
Section 7: Recent Developments and Amendments
7.1 Amendments Impacting Non-Resident Taxation*
This section provides an overview of recent changes and amendments to the Income Tax Act, 1961, that have implications for non-resident taxpayers. Staying informed about these developments is essential to ensure compliance with the latest tax regulations.
Section 8: Compliance and Challenges
8.1 Compliance Challenges for Non-Residents*
Non-resident taxpayers often face specific compliance challenges, including understanding complex tax provisions, maintaining accurate records, and meeting reporting deadlines. This section discusses common compliance challenges and offers strategies to address them effectively.
8.2 Avoiding Tax Disputes*
To minimize the risk of tax disputes, non-resident taxpayers should be proactive in understanding and complying with Indian tax laws. This section provides tips for avoiding tax disputes and navigating the dispute resolution mechanisms in case issues arise.
Conclusion
Mastering the intricacies of non-resident taxation under the Income Tax Act, 1961, is essential for anyone engaged in international financial activities. By understanding the criteria for non-resident status, the applicable tax rates, implications, and the compliance landscape, individuals and entities can make informed decisions and ensure adherence to Indian tax laws. As globalization continues to shape our economic landscape, staying informed about changes in non-resident taxation is a necessity for taxpayers and tax authorities alike.
The Employees’ State Insurance (ESI) Act, 1948, stands as a landmark piece of legislation in India, aimed at ensuring the well-being of employees across various sectors. Enacted more than seven decades ago, this act has evolved and adapted to the changing needs of the workforce. This comprehensive guide explores the intricacies of the ESI Act, its historical background, objectives, provisions, benefits, and its significant impact on the Indian workforce.
Section 1: Historical Perspective
1.1 The Need for Employee Welfare
The early 20th century was marked by harsh working conditions and inadequate healthcare facilities for industrial laborers. This section delves into the historical context that led to the emergence of the ESI Act.
1.2 Genesis of the ESI Act
Discover the key events and factors that culminated in the passing of the ESI Act in 1948, along with its primary objectives.
Section 2: Applicability and Coverage
2.1 Who Does the ESI Act Cover?
Learn about the types of establishments and employees covered under the ESI Act, including thresholds for coverage.
2.2 Exemptions and Exceptions
Explore specific cases where certain categories of employees or establishments may be exempted from the act’s provisions.
Section 3: Key Provisions of the ESI Act
3.1 Registration and Contribution
Understand the process of registration for employers and the calculation of contributions for both employers and employees.
3.2 Benefits Under the ESI Act
The ESI Act provides a range of benefits, including medical, sickness, maternity, disablement, and dependent benefits. Dive into the details of each benefit and the eligibility criteria.
Section 4: Implementation and Administration
4.1 Role of the Employees’ State Insurance Corporation (ESIC)
Learn about the organizational structure of ESIC, its functions, and its role in administering the ESI scheme.
4.2 Compliance and Enforcement
Explore the mechanisms in place for ensuring compliance with the ESI Act and the penalties for non-compliance.
Section 5: Financing the ESI Scheme
5.1 Funding Mechanism
Discover how the ESI scheme is financed, including the contributions made by employers and employees, as well as the government’s role in funding.
5.2 Financial Management
Delve into the financial management of the ESI scheme, including investment strategies and utilization of funds.
Section 6: Evolution and Amendments
6.1 Amendments Over the Years
The ESI Act has undergone several amendments to stay relevant and effective. Explore the significant amendments and their impact on employee welfare.
6.2 Future Prospects
Look ahead to the future of the ESI Act and potential reforms to address the evolving needs of the workforce.
Section 7: Impact and Challenges
7.1 Positive Impact on Employee Welfare
Highlight the significant improvements in employee welfare and healthcare outcomes brought about by the ESI Act.
7.2 Challenges and Criticisms
Examine the challenges and criticisms surrounding the ESI scheme, including issues related to coverage, infrastructure, and administrative efficiency.
Conclusion
The Employees’ State Insurance (ESI) Act, 1948, stands as a testament to India’s commitment to ensuring the welfare of its workforce. Over the years, it has evolved into a comprehensive social security scheme that provides critical benefits to millions of employees. While it has faced challenges and criticisms, its positive impact on the lives of workers cannot be denied. As India continues to progress, the ESI Act will likely adapt and expand to meet the changing needs of its diverse workforce, reaffirming its role as a cornerstone of employee welfare in the country.
In the intricate landscape of the stock market, where investors put their faith and capital into publicly traded companies, transparency is paramount. Listed entities, those publicly traded on stock exchanges, are mandated to disclose a plethora of information through various filings. These filings act as windows into the company’s financial health, operational performance, and strategic direction. This article presents a comprehensive exploration of the world of mandatory filings for listed entities, dissecting their diverse types, their significance, and the profound implications of non-compliance.
1. Types of Mandatory Filings
The regulatory framework enforces several types of mandatory filings, each serving a unique purpose:
a. Financial Statements: A cornerstone of transparency, financial statements encompass the balance sheet, income statement, and cash flow statement. These documents offer an in-depth look into a company’s financial position and performance over a specific period.
b. Annual Reports: Going beyond numbers, annual reports weave a narrative around a company’s achievements, challenges, and future prospects. Management’s discussion and analysis (MD&A), corporate governance practices, and risk assessments are integral components of these reports.
c. Quarterly Reports: Providing a more frequent update, quarterly reports give insights into a company’s performance over a three-month period. They are particularly valuable for assessing short-term trends and adjustments in strategy.
d. Insider Trading Reports: To ensure a level playing field, insiders like executives and directors are required to report their transactions involving the company’s stock. This discourages insider trading and maintains transparency around key personnel’s actions.
e. Proxy Statements: Distributed before shareholder meetings, proxy statements are gateways to crucial decisions. These documents detail proposals up for vote, executive compensation, and the structure of the company’s board.
f. Material Event Disclosures: Companies must promptly report significant occurrences that could impact their financial status or operations. This includes mergers, acquisitions, major contracts, leadership changes, and legal actions.
2. Importance of Mandatory Filings
The significance of mandatory filings extends far beyond regulatory compliance:
a. Transparency and Accountability: Mandatory filings serve as a conduit for transparency, fostering investor trust by providing accurate and timely information. Accountability is ingrained as companies are compelled to disclose their operations and financials.
b. Informed Decision-Making: These filings empower investors and stakeholders to make informed decisions. Analyzing financial statements, reports, and disclosures aids in understanding a company’s trajectory, risk profile, and overall health.
c. Regulatory Compliance: Compliance with mandatory filings is not a choice; it’s an obligation. Companies adhering to these regulations avoid legal ramifications, safeguard their reputation, and ensure market integrity.
d. Market Integrity: Timely and truthful filings preserve market integrity. They prevent the spread of misinformation that can skew market perceptions and contribute to undue volatility.
3. Implications of Inaccurate Filings
Inaccurate or fraudulent filings can lead to dire consequences:
a. Legal Consequences: Companies submitting false or misleading information can face legal actions from regulatory bodies and investors. Executives involved may be subject to fines, imprisonment, or both.
b. Investor Losses: Misleading filings can result in investor losses when decisions are based on inaccurate data. The eventual correction of such information can lead to rapid stock price declines.
c. Reputational Damage: Beyond financial losses, companies may suffer long-term reputational damage due to fraudulent filings. Investor trust and consumer confidence can plummet, affecting the company’s sustainability.
4. Navigating the Filings Landscape
Navigating the world of mandatory filings requires careful attention:
a. Regulatory Variability: Filings requirements vary across jurisdictions and exchanges. Companies must comprehend the specific regulations applicable to their operations and location.
b. Timeliness: Meeting filing deadlines is crucial. Delays can result in penalties, regulatory scrutiny, and adverse market reactions.
c. Accuracy and Detail: Filings must be precise, complete, and representative of the company’s situation. Incomplete or misleading disclosures can lead to skepticism and legal repercussions.
Conclusion
Mandatory filings form the bedrock of transparency, accountability, and trust in the world of publicly traded companies. These filings offer stakeholders a panoramic view of a company’s financial and operational dimensions. By prioritizing accurate and timely submissions, companies not only adhere to regulatory requirements but also cultivate investor confidence and credibility. As regulatory landscapes continue to evolve, it is paramount for listed entities to sustain their commitment to fulfilling mandatory filing obligations, thus maintaining the equilibrium between market integrity and investor protection.
Corporate Compliance Calendar For The Month of January, 2023 contains Compliance Requirement Under Income Tax Act, 1961, Goods & Services Tax Act, 2017 (GST), Other Statutory Laws, Foreign Exchange Management Act, 1999 (FEMA), SEBI (Listing Obligations And Disclosure Requirements) (LODR) Regulations, 2015, SEBI (Depositories and Participants) Regulations 2018), SEBI Takeover Regulations 2011, SEBI (Prohibition of Insider Trading) Regulations, 2015, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, SEBI (Buyback of Securities) Regulations, 2018, Companies Act, 2013 (MCA/ROC and LLP Compliance), Due dates of LLP Return Filing, Due dates of ROC Return Filings, Mutual Fund related updates, Insolvency and Bankruptcy Board of India (IBBI) Updates, NCLT & NCLAT Updates, MSME Key Updates, Competition Commission of India and Investor Education and Protection Fund.
Page Contents
About Article:
This article contains various Compliance requirements for the Month of January, 2023under various Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.
If you think compliance is expensive, try non‐ compliance”
Compliance Requirement Under:
1. Income Tax Act, 1961
2. Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars
3. Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications
4. Other Statutory Laws and Updates
5. SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015
6. SEBI Takeover Regulations 2011
7. SEBI (Prohibition of Insider Trading) Regulations, 2015
8. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
9. SEBI (Buyback of Securities) Regulations, 2018
10. SEBI (Depositories and Participants) Regulations 2018) and Circulars / Notifications
11. Companies Act, 2013 (MCA/ROC Compliance) and Notifications
12. Insolvency and Bankruptcy Board of India (IBBI) Updates
13. Cabinet Decisions / New Acts
Compliance requirement under Income Tax act, 1961
Sl.
Compliance Particulars
Due Dates
1
Due date for deposit of Tax deducted/collected for the month of December, 2022. However, all the sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan
07.01.2023
2.
Due date for deposit of TDS for the period October 2022 to December 2022 when Assessing Officer has permitted quarterly deposit of TDS under section 192, section 194A, section 194D or section 194H
07.01.2023
3
Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of November, 2022
14.01.2023
4
Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of November, 2022
14.01.2023
5
Due date for issue of TDS Certificate for tax deducted under section 194M in the month of November, 2022
14.01.2023
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of December, 2022 has been paid without the production of a challan
15.01.2023
6
Quarterly statement of TCS for the quarter ending December 31, 2022
15.01.2023
7
Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending December, 2022
15.01.2023
8
Due date for furnishing of Form 15G/15H declarations received during the quarter ending December, 2022
15.01.2023
9
Quarterly TCS certificate in respect of quarter ending December 31, 2022
30.01.2023
10
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of December, 2022
30.01.2023
11
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of December, 2022
30.01.2023
12
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of December, 2022
30.01.2023
13
Quarterly statement of TDS for the quarter ending December 31, 2022
31.01.2023
14
Quarterly return of non-deduction at source by a banking company from interest on time deposit in respect of the quarter ending December 31, 2022
31.01.2023
15
Intimation under section 286(1) in Form No. 3CEAC, by a resident constituent entity of an international group whose parent is non-resident
31.01.2023
Important Notifications – For the month of December – 2022:
Sl.
Particulars of the Notification(s)
File No. / Circular No.
Link(s)
1.
Partial relaxation with respect to electronic submission of Form lOF by select category of taxpayers in accordance w ith the DGIT (Systems) Notification No. 3 Of 2022.
Clarification for the purposes of clause (c) of Section 269ST of the Income-tax Act, 1961 in respect of dealership/distributorship contract in case of Co-operative Societies – reg.
a) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
Tax period
Due Date
Particulars
December, 2022
20th January, 2023
Due Date for filling GSTR – 3B return for the month of December, 2022 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year. Due Date for filling GSTR – 3B return for the quarter of January to March 2022 for the taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
b). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
Tax period
Due Date
Particulars
December, 2022
22nd January, 2023
Due Date for filling GSTR – 3B return for the month of December, 2022 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep
c). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
Tax period
Due Date
Particulars
December, 2022
24th January, 2023
Annual Turnover Up to INR 5 Cr in Previous FY But Opted Quarterly Filing
Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi
B. Filing Form GSTR-1:
Tax period
Due Date
Remarks
Monthly return (December, 2022)
11.01.2023
1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceeding year, opted for monthly filing of return under QRMP.
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Return for Tax Deducted at source to be filed by Tax Deductor
10th of succeeding month
10.01.2023
GSTR -8
E-Commerce operator registered under GST liable to TCS
10th of succeeding month
10.01.2023
D. GSTR – 1 QRMP monthly / Quarterly return
Form No.
Compliance Particulars
Timeline
Due Date
Details of outward supply-IFF & Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
GST QRMP monthly return due date for the month of April, 2022 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore. Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
13th of succeeding month – Monthly Quarterly Return
13.01.2023
E. GST Refund:
Form No.
Compliance Particulars
Due Date
RFD -10
Refund of Tax to Certain Persons
18 Months after the end of quarter for which refund is to be claimed
F. Monthly Payment of GST – PMT-06:
Compliance Particular
Due Date
Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
25.01.2023
GST UPDATES – December, 2022:
Sl.
Notification Particulars
Notification No.
Link (s)
1.
Manner of processing and sanction of IGST refunds, withheld in terms of clause (c) of sub-rule (4) of rule 96, transmitted to the jurisdictional GST authorities under sub-rule (5A) of rule 96 of the CGST Rules, 2017.
Seeks to extend the due date for furnishing FORM GSTR-1 for November, 2022 for registered persons whose principal place of business is in certain districts of Tamil Nadu.
Annual return on Foreign Liabilities and Assets is required to be submitted by all the India resident companies which have received FDI and/ or made overseas investment in any of the previous year(s), including current year by July 15th every year.
Not later than 30 days from the date of issue of Capital instrument
FC-GPR is a form filed when the Indian company receives the Foreign Direct Investment and the company allots shares to a person resident outside India.
Form FC-GPR
FEMA ACT 1999
With in 60 days of receipt/ remittance of funds or transfer of capital instruments whichever is earlier.
Reporting of transfer of shares and other eligible securities between residents and non-residents and vice- versa is to be made in Form FC-TRS. The onus of reporting shall be on the resident transferor/ transferee.
Form FC-TRS.
FEMA ACT 1999
Within 30 days from the date of receipt of the amount of consideration.
A Limited Liability Partnership receiving amount of consideration and acquisition of profit shares is required to submit a report in the Form FDI LLP-1
Form FDI LLP-I
FEMA ACT 1999
within 60 days from the date of receipt of funds in
A Limited liability Partnership shall report disinvestment/ transfer of capital contribution or profit share between a resident and a non resident (or vice versa)
Form FDI LLP-II
FEMA ACT 1999
within 30 days from the date of allotment of capital instruments
The domestic custodian shall report the issue/ transfer/ of sponsored/ unsponsored depository receipts
Downstream statement -Form DI & reporting at FIFP too
Types of Accounts
Capital Account and Current Account – The purpose of the capital account is to adjust the assets and liabilities of individuals outside India to persons residing in India. Thus any transaction that results in a change of the overseas assets and liabilities in India of an Indian residing outside India or transactions overseas of a person residing in India will be considered under the capital account. All other transactions fall under the category of the current account.
NRI Bank Accounts
There is option for the Non-Resident Indians to set up various bank accounts in India, like FCNR, NRE and NRO Accounts.
Operations of subsidiaries and branches of Indian banks and All India Financial Institutions (AIFIs) in foreign jurisdictions and in International Financial Services Centers (IFSCs) – Compliance with statutory/regulatory norms
Compliance Requirement under SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015
A. Quarterly Compliances:
Sl. No.
Regulation reference(Reg.)
Compliance Particulars
Timeline / Due Date(For the Quarter Ended December, 2022)
Due Dates
1
27(2)
Corporate Governance Report
21 days from end of quarter
21.01.2023
2
13(3)
Statement of Investor Complaints
21 days from end of quarter
21.01.2023
3
31 (1) (b)
Shareholding Pattern
21 days from end of quarter
21.01.2023
4
32 & 33
Financial Results & Statement of deviation
45 days/60 days from end of quarter
14.02.2023
B. Half Yearly Compliances:
Sl. No.
Regulation No.
Compliance Period(Due Date)
Due Date
1.
Regulation 23(9) Related party transactions.
The listed entity shall make such disclosures every 6 months within 15 days from the date of publication of its standalone and consolidated financial results: Provided further that the listed entity shall make such disclosures every 6 months on the date of publication of its standalone and consolidated financial results with effect from April 1, 2023.
Within 15 days of FR
C. Regular / Annual Compliances:
REG NO
REGULATION NO
PARTICULARS
TIMELINE
47 Advertisements in Newspapers.
47 (3) Advertisements in Newspapers
Financial results at 47 clause (b) of sub-regulation (1), shall be published within 48 hours of conclusion of the meeting of board of directors at which the financial results were approved.
48 HOURS
24A Secretarial Audit.
Red 24A
Every listed entity and its material unlisted subsidiaries incorporated in India shall undertake secretarial audit and shall annex with its annual report, a secretarial audit report, given by a company secretary in practice, in such form as may be specified with effect from the year ended March 31, 2019. (within 60 days from the Closure of FY)
60 days from the Closure of FY
46 Website
46(2)(s)
The listed entity shall disseminate the following information under a separate section on its website separate audited financial statements of each subsidiary of the listed entity in respect of a relevant financial year, uploaded at least 21 days prior to the date of the annual general meeting which has been called to inter alia consider accounts of that financial year.]
21 days prior 1 days prior to the date of AGM
D. Other Quarterly compliance which included half year compliance except FR (Financial Results)
Reg No
Regulation No
Particulars
Timeline
Intimation
Reg 29 read with Reg 33
intimation regarding item specified in clause 29(1) (a) to be discussed at the meeting of board of directors shall be given at least five days in advance (excluding the date of the intimation and date of the meeting), and such intimation shall include the date of such meeting of board of directors
at least 5 working days in advance, excluding the date of the intimation and date of the meeting
Intimations and Disclosure of events or information to Stock Exchanges.
87B: Intimations and Disclosure of events or information to Stock Exchanges. READ WITH PART E OF Schedule III
The listed entity shall first disclose to stock exchange(s) of all events or information, as specified in Part E of Schedule III, as soon as reasonably possible but not later than twenty four hours from occurrence of the event or information:
24 HOURS
Valuation, Rating and NAV disclosure.
87C(1) (iii)
An issuer whose security receipts are listed on a stock exchange shall ensure that: the net asset value is calculated on the basis of such independent valuation and the same is declared by the asset reconstruction company within 15 days of the end of quarter.
15 Days
Other corporate governance requirements.
Reg 27(2)
The listed entity shall submit a quarterly compliance report on corporate governance in the format as specified by the Board from time to time to the recognised stock exchange(s) within fifteen days from close of the quarter.
15 days
Indian Depository Receipt holding pattern & Shareholding details.
69(1)
The listed entity shall file with the stock exchange the Indian Depository Receipt holding pattern on a quarterly basis within fifteen days of end of the quarter in the format specified by the Board.
15 days from end of each quarter
E. Event based Compliances
Reg No
Regulation No
Particulars
Timeline
30 Disclosure of events or information.
30(6) AND Part A of Schedule III
The listed entity shall first disclose to stock exchange(s) of all events, as specified in Part A of Schedule III, or information as soon as reasonably possible and not later than twenty four hours from the occurrence of event or information
24 HOURS
30 Disclosure of events or information.
30(6) AND sub-para 4 of Para A of Part A of Schedule III
The listed entity shall disclose to the Exchange(s), within 30 minutes of the closure of the meeting held to consider the following: a) dividends and/or cash bonuses recommended or declared or the decision to pass any dividend and the date on which dividend shall be paid/dispatched; b) any cancellation of dividend with reasons thereof; c) the decision on buyback of securities; d) the decision with respect to fund raising proposed to be undertaken e) increase in capital by issue of bonus shares through capitalization including the date on which such bonus shares shall be credited/dispatched; f) reissue of forfeited shares or securities, or the issue of shares or securities held in reserve for future issue or the creation in any form or manner of new shares or securities or any other rights, privileges or benefits to subscribe to; g) short particulars of any other alterations of capital, including calls; h) financial results; i) decision on voluntary delisting by the listed entity from stock exchange(s).
30 MINUTES
31A: Conditions for re-classification of any person as promoter / public
31A(8)
The following events shall deemed to be material events and shall be disclosed by the listed entity to the stock exchanges as soon as reasonably possible and not later than twenty four hours from the occurrence of the event: (a) receipt of request for re-classification by the listed entity from the promoter(s) seeking re-classification; (b) minutes of the board meeting considering such request which would include the views of the board on the request; (c) submission of application for re-classification of status as promoter/public by the listed entity to the stock exchanges; (d) decision of the stock exchanges on such application as communicated to the listed entity;
24 HOURS
34 Annual Report.
34(1)(b)
In the event of any changes to the annual report, the revised copy along with the details of and explanation for the changes shall be sent not later than 48 hours after the annual general meeting.]
48 HOURS
44 Meetings of shareholders and voting
44(3)
The listed entity shall submit to the stock exchange, within forty eight hours of conclusion of its General Meeting, details regarding the voting results in the format specified by the Board.
48 HOURS
47 Advertisements in Newspapers.
47 (3) Advertisements in Newspapers
The listed entity shall publish the information specified in 47(1) in the newspaper simultaneously with the submission of the same to the stock exchange(s). The same is reproduced below 47(1) (a) notice of meeting of the board of directors where financial results shall be discussed (c )statements of deviation(s) or variation(s) as specified in sub-regulation (1) of regulation 32 on quarterly basis, after review by audit committee and its explanation in directors report in annual report; (d) notices given to shareholders by advertisement
Simultaneously
–
SCHEDULE III PART PART A 7(A)
resignation of the auditor of the listed entity, detailed reasons for resignation of auditor, as given by the said auditor, shall be disclosed by the listed entities to the stock exchanges as soon as possible but not later than twenty four hours of receipt of such reasons from the auditor
24 HOURS
–
SCHEDULE III PART PART A 7(B)
In case of resignation of an independent director of the listed entity, within seven days from the date of resignation, the following disclosures shall be made to the stock exchanges by the listed entities: i. Detailed reasons for the resignation of independent directors as given by the said director shall be disclosed by the listed entities to the stock exchanges. ii. The independent director shall, along with the detailed reasons, also provide a confirmation that there is no other material reasons other than those provided. iii. The confirmation as provided by the independent director above shall also be disclosed by the listed entities to the stock exchanges along with the detailed reasons as specified in sub-clause (i) above.]
7 days from the date of resignation
7 Share Transfer Agent.
Reg 7(4) & (5) Share Transfer Agent.
The listed entity shall intimate any change or appointment of a new share transfer agent, to the stock exchange(s) within seven days of entering into the agreement.
7 DAYS
29
Reg 29(1)
The intimation required under 29 (1), shall be given at least two working days in advance, excluding the date of the intimation and date of the meeting Reg 29(1) is reproduced below: (b) proposal for buyback of securities ; (c) proposal for voluntary delisting by the listed entity from the stock exchange(s); (d) fund raising by way of further public offer, rights issue, American Depository Receipts/Global Depository Receipts/Foreign Currency Convertible Bonds, qualified institutions placement, debt issue, preferential issue or any other method and for determination of issue price: Provided that intimation shall also be given in case of any annual general meeting or extraordinary general meeting or postal ballot that is proposed to be held for obtaining shareholder approval for further fund raising indicating type of issuance. (e) declaration/ recommendation of dividend, issue of convertible securities including convertible debentures or of debentures carrying a right to subscribe to equity shares or the passing over of dividend. (f) the proposal for declaration of bonus securities where such proposal is communicated to the board of directors of the listed entity as part of the agenda papers:
at least 2 working days in advance, excluding the date of the intimation and date of the meeting
31 Holding of specified securities and shareholding pattern.
Reg 31 (1)(a)
The listed entity shall submit to the stock exchange(s) a statement showing holding of securities and shareholding pattern separately for each class of securities, in the format specified by the Board from time to time – one day prior to listing of its securities on the stock exchange(s);
1 day prior to listing of its securities on the stock exchange(s
31
Reg 31 (1 (c)
within ten days of any capital restructuring of the listed entity resulting in a change exceeding two per cent of the total paid-up share capital:
within 10 days of any capital restructuring
31A Conditions for re-classification of any person as promoter / public
Reg 31A
an application for re-classification of a promoter/ person belonging to promoter group to public to the stock exchanges has to be made by the listed entity consequent to the following procedures and not later than thirty days from the date of approval by shareholders in general meeting
30 days from the date of approval by shareholders in general meeting
37 Draft Scheme of Arrangement & Scheme of Arrangement.
37(1)
Draft Scheme of Arrangement & Scheme of Arrangement before for obtaining Observation Letter or No-objection letter, before filing such scheme with any Court or Tribunal, in terms of requirements specified by the Board or stock exchange(s) from time to time.
Before filling the same with any court or tribunal
39 Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities.
39(2)
The listed entity shall issue certificates or receipts or advices, as applicable, of subdivision, split, consolidation, renewal, exchanges, endorsements, issuance of duplicates thereof or issuance of new certificates or receipts or advices, as applicable, in cases of loss or old decrepit or worn out certificates or receipts or advices, as applicable within a period of thirty days from the date of such lodgement.
30 Days
39 Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities
39(3)
The listed entity shall submit information regarding loss of share certificates and issue of the duplicate certificates, to the stock exchange within two days of its getting information.
2 days of its getting information.
40 Transfer or transmission or transposition of securities.
40 (3)
On receipt of proper documentation, the listed entity shall register transfers of its securities in the name of the transferee(s) and issue certificates or receipts or advices, as applicable, of transfers; or issue any valid objection or intimation to the transferee or transferor, as the case may be, within a period of fifteen days from the date of such receipt of request for transfer
15 days
40 Transfer or transmission or transposition of securities.
40 (3)
the listed entity shall ensure that transmission requests are processed for securities held in dematerialized mode within seven days after receipt of the specified documents:
7 Days
40 Transfer or transmission or transposition of securities.
40 (3)
the listed entity shall ensure that transmission requests are processed for securities held in physical mode within twenty one days after receipt of the specified documents:
21 Days
–
SCHEDULE VII: TRANSFER OF SECURITIES (PART B (1))
In case of minor differences in the signature of the transferor(s), the listed entity shall follow the following procedure for registering transfer of securities: (a) the listed entity shall promptly send to the first transferor(s), via speed post an intimation of the aforesaid defect in the documents and inform the transferor(s) that objection, supported by valid proof, is not lodged by the transferor(s) with the listed entity within fifteen days of receipt of the listed entity’s letter, then the securities shall be transferred
15 Days
42 Record Date or Date of closure of transfer books.
42(2)
The listed entity shall give notice in advance of atleast seven working days (excluding the date of intimation and the record date) to stock exchange(s) of record date specifying the purpose of the record date:
7 working days advance intimation excluding the date of the intimation and date of the meeting
42 Record Date or Date of closure of transfer books.
42(2)
in the case of rights issues, the listed entity shall give notice in advance of atleast three working days (excluding the date of intimation and the record date).]
3 working days advance intimation excluding the date of the intimation and date of the meeting
42 Record Date or Date of closure of transfer books.
42(3)
The listed entity shall recommend or declare all dividend and/or cash bonuses at least five working days (excluding the date of intimation and the record date) before the record date fixed for the purpose.
5 working days advance intimation excluding the date of the intimation and date of the meeting
46 Website
46 (3)(b)
The listed entity shall update any change in the content of its website within two working days from the date of such change in content.
2 working days
50 Intimation to stock exchange(s).
50(1)
The listed entity shall give prior intimation to the stock exchange(s) at least eleven working days before the date on and from which the interest on debentures and bonds, and redemption amount of redeemable shares or of debentures and bonds shall be payable.
11 working days
50 Intimation to stock exchange(s).
50(3)
The listed entity shall intimate to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of directors, at which the recommendation or declaration of issue of non-convertible debt securities or any other matter affecting the rights or interests of holders of non- convertible debt securities or non – convertible redeemable preference shares is proposed to be considered.
2 working days advance intimation excluding the date of the intimation and date of the meeting
52 Financial Results.
52 (4) & (5)
The listed entity shall, within seven working days from the date of submission of the information required under sub- regulation (4), submit to stock exchange(s), a certificate signed by debenture trustee that it has taken note of the contents
7 working days
52 Financial Results.
52 (4) & (8)
The listed entity shall, within two calendar days of the conclusion of the meeting of the board of directors, publish the financial results and statement referred to in reg 52 (4), in at least one English national daily newspaper circulating in the whole or substantially the whole of India.
two calendar days of the conclusion of the meeting
57 Other submissions to stock exchange(s).
57(1)
The listed entity shall submit a certificate to the stock exchange within two days of the interest or principal or both becoming due that it has made timely payment of interests or principal obligations or both in respect of the non convertible debt securities
within 2 days
60 Record Date
60(2)
The listed entity shall give notice in advance of at least seven working days (excluding the date of intimation and the record date) to the recognised stock exchange(s) of the record date or of as many days as the stock exchange(s) may agree to or require specifying the purpose of the record date.
7 working days advance intimation excluding the date of the intimation and date of the meeting
78 Record Date.
78(2)
The listed entity shall give notice in advance of at least four working days to the recognised stock exchange(s) of record date specifying the purpose of the record date
notice in advance of at least 4 working days
82 Intimation and filings with stock exchange(s).
82(2)
The listed entity shall intimate to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of trustees, at which the recommendation or declaration of issue of securitized debt instruments or any other matter affecting the rights or interests of holders of securitized debt instruments is proposed to be considered.
2 working days in advance, excluding the date of the intimation and date of the meeting,
82 Intimation and filings with stock exchange(s).
82(3)
The listed entity shall submit such statements, reports or information including financial information pertaining to Schemes to stock exchange within seven days from the end of the month/ actual payment date, either by itself or through the servicer, on a monthly basis in the format as specified by the Board from time to time: Provided that where periodicity of the receivables is not monthly, reporting shall be made for the relevant periods.
within 7 days
87 Record Date.
87(2)
The listed entity shall give notice in advance of atleast seven working days (excluding the date of intimation and the record date) to the recognised stock exchange(s) of the record date or of as many days as the Stock Exchange may agree to or require specifying the purpose of the record date
7 working days advance intimation excluding the date of the intimation and date of the meeting
87E Record Date.
87E(2)
The listed entity shall give notice in advance of at least seven working days (excluding the date of intimation and the record date) to the stock exchange(s) of the record date or of as many days as the stock exchange may agree to or require specifying the purpose of the record date.
7 working days advance intimation excluding the date of the intimation and date of the meeting
6. SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CFD/DCR1/CIR/P/2020/49 issued and publish dated 27th March 2020, has published Relaxation from compliance with certain provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 due to the COVID-19 pandemic”.
Sl. No.
Regulation No.
Compliance Particular
Compliance Period(Due Date)
1
Regulation 30(1)
Every person, who together with persons acting in concert with him, holds shares or voting rights entitling him to exercise 25% or more of the voting rights in a target company, shall disclose their aggregate shareholding and voting rights as of the 31st day of March, in such target company in such form as may be specified.
Omitted through introduction of SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2021 Applicable w.e.f. 01.04.2022
2
Regulation 30(2)
The promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the thirty-first day of March, in such target company in such form as may
The promoter of every listed company shall specifically disclose detailed reasons for encumbrance if the combined encumbrance by the promoter along with PACs with him equals or exceeds: a) 50% of their shareholding in the company; or b) 20% of the total share capital of the company,
within 2 (two) working days (Provision Insertion: “Provided that the aforesaid disclosure requirement shall not be applicable where such encumbrance is undertaken in a depository”)
4.
Regulation 31(4)
Disclosure of encumbered shares
Promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the 31st March, in such target company in such form as may be specified
7. SEBI (Prohibition of Insider Trading) Regulations, 2015
Sl. No.
Regulation No.
Compliance Particular
Compliance Period(Due Date)
1
Regulation 7(2)“Continual Disclosures”
Every promoter, employee and director of every company shall disclose to the company the number of such securities acquired or disposed of within two trading days of such transaction if the value of the securities traded, whether in one transaction or a series of transactions over any calendar quarter, aggregates to a traded value in excess of ten lakh rupees (10,00,000/-) or such other value as may be specified;
Every company shall notify; within two trading days of receipt of the disclosure or from becoming aware of such information
8. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
Sl. No.
Regulation No.
Compliance Particular
Compliance Period(Due Date)
1
Schedule XIX – Para (2) of ICDR Read with Reg 108 of SEBI LODR
“The issuer shall make an application for listing from the date of allotment, within such period as may be specified by the Board from time to time, to one or more recognized stock exchange(s)”. In regard to above, it is specified that Issuer shall make an application to the exchange/s for listing in case of further issue of equity shares from the date of allotment within 20 days (unless otherwise specified).
Within 20 days from the date of allotment
2
Regulation 162
The tenure of the convertible securities of the issuer shall not exceed eighteen months from the date of their allotment.
Application for trading approval to the stock exchange Listed entities shall make an application for trading approval to the stock exchange/s within 7 working days from the date of grant of listing approval by the stock exchange/s.
Within 7 working days from grant of date of listing approval
4
Regulation 76 Application for rights issue
The issuer along with lead managers and other parties related to the issue shall constitute an optional mechanism (non-cash mode only) to accept the applications of the shareholders to apply to rights issue subject to ensuring that no third-party payments shall be allowed in respect of any application.
5.
Regulation 77 Service of Documents
In case if the company fails to adhere to modes of dispatch through registered post or speed post or courier services due to Covid-19 conditions it will not be treated as non-compliance during the said period. The issuers shall publish required & necessary documents on the websites of the company, registrar, stock exchanges and the lead managers to the rights issue.
6
Regulation 84 Advertisement
Issuer has the flexibility to publish the advertisement in additional newspapers above those required in Regulation 84. The advertisement should also be made available on: A. Website of the Issuer, Registrar, Lead Managers, and Stock Exchanges. B. Television channels, radio, the internet, etc. to spread information related to the process.
9. SEBI (Buyback of Securities) Regulations, 2018 (Buyback Regulations)
Sl. No.
Regulation No.
Compliance Particular
Compliance Period(Due Date)
1
Regulation 11 and 24(iv)
Extinguishment of equity shares in connection with Buyback The particulars of the security certificates extinguished and destroyed shall be furnished by the company to the stock exchanges where the shares or other specified securities of the company are listed within seven days of extinguishment and destruction of the certificates
7 days of extinguishment and destruction of the certificates
2
Regulation 24(i) (f)
Minimum time between buy back and raising of funds
Temporary relaxation in the period of restriction provided in Regulation 24(i)(f) from “one year” to “six months” Applicable up to December 31, 2020 only
10. SEBI (Depositories and Participants) Regulations 2018)
Sl. No.
Compliance Particulars
Due Date
1.
Regulation 76 -Reconciliation of Shares and Capital Audit
Within 30 days from end of quarter.
2.
Regulation 74 (5): Processing of demat requests form by Issuer/RTAs – Certificate Received from Registrar
Within 15 days from the end of each quarter.
SEBI Circulars Tracker: December, 2022
Sl.
Particulars
Link
1.
Review of timelines for listing of securities issued on Private Placement basis – Chapter VII of the Operational Circular issued under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021
Updated Operational Circular for listing obligations and disclosure requirements for Non-convertible Securities, Securitized Debt Instruments and/ or Commercial Paper – Modifications in Chapter IV and Introduction of Chapter XII on Scheme(s) of Arrangement by entities who have listed their NCDs/ NCRPS
Clarification – Scheme(s) of Arrangement by entities who have listed their Non-convertible Debt securities (NCDs)/ Non-convertible Redeemable Preference shares (NCRPS) (‘debt listed entities’)
Informal Guidance request received from TCM Limited on applicability of corporate governance provisions as specified in the SEBI (LODR) Regulations, 2015
Informal Guidance request received from Sky Industries Limited on applicability of corporate governance provisions as specified in the SEBI (LODR) Regulations, 2015
SEBI publishes Consultation Paper on strengthening the Investor Grievance Redressal Mechanism in the Indian Securities Market by harnessing Online Dispute Resolution mechanisms
Clarification to SEBI circular dated August 04, 2022 on enhanced guidelines for debenture trustees and listed issuer companies on security creation and initial due diligence
Consultation paper on strengthening the Investor Grievance Redressal Mechanism in the Indian Securities Market by harnessing Online Dispute Resolution mechanisms
11. Compliance Requirement UNDER Companies Act, 2013 and Rules made thereunder;
Applicable Laws/Acts
Due Dates
Compliance Particulars
Forms / Filing mode
Companies Act, 2013
First declaration within 90 days from the date of notification Dt. 08.02.2019
A person having Significant beneficial owner shall file a declaration to the reporting company http://www.mca.gov.in/Ministry/pdf/CompaniesOwnersAmendmentRules_08020219.pdf i.e. within 90 days of the commencement of the Companies (Significant Beneficial Owners) Amendment Rules, 2019 i.e. 08.02.2019 In case Subsequent Acquisition of the title of Significant Beneficial Owner / Any Change therein a declaration in Form No. BEN-1 required to be filed to the reporting company, within 30 days of acquiring such significant beneficial ownership or any change therein.
The Ministry in its General Circular No. 12/2018 dated 13th December, 2018 clarified that filing of Form NFRA-1 is applicable only for Bodies Corporate and ruled out filing by Companies as defined under sub-section (20) of Section 2 the Act.
E – FormNFRA -1
Companies Act, 2013
Within 30 days of the board meeting
Filing of resolutions with the ROC regarding Board Report and Annual Accounts. The details of the resolutions passed should be filed.
MGT-14 (Filing of resolution with MCA)
Companies Act, 2013
within a period of 60 days after the holding of AGM
IEPF Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019 Statement of unclaimed and unpaid amounts. This e-form shall be filed within a period of 60 days after the holding of AGM or the date on which it should have been held as per the provisions of section 96 of the Act, whichever is earlier
IEPF -2
Important Updates – December, 2022
Sl.
Particulars of the Circulars
Link
1
In our continuous endeavour to serve you better, the Ministry of Corporate Affairs is launching Second set of Company Forms covering 56 forms in two different lots on MCA21 V3 portal. 10 out of 56 forms will be launched on 09th January 2023 at 12:00 AM and the remaining 46 forms on 23rd January 202. Following forms will be rolled-out on 09th January 2023: SPICe+ PART A, SPICe+ PART B, RUN, AGILE PRO-S, INC-33, INC-34, INC-13, INC-31, INC-9 and URC-1. Click here to view list of 46 forms which will be rolled-out on 23rd January 2023. To facilitate implementation of these forms in V3 MCA21 portal, stakeholders are advised to note the following points: (1) Company e-Filings on V2 portal will be disabled from 07th January 2023 12:00 AM to 08th January 2023 11:59 pm for 10 forms which are planned for roll-out on 09th January 2023. (2) Company e-Filings on V2 portal will be disabled from 07th January 2023 12:00 AM to 22nd January 2023 11:59 pm for 46 forms which are planned for roll-out on 23rd January 2023. (3) All stakeholders are advised to ensure that there are no SRNs in pending payment and Resubmission status. (4) Offline payments for the above 56 forms in V2 using Pay later option would be stopped from 28th December 2022 12:00 AM. You are requested to make payments for these forms in V2 through online mode (Credit/Debit Card and Net Banking). (5) In view of the upcoming launch of 56 Company forms, V3 portal will not be available from 07th January 2023 12:00 AM to 08th Jan 2023 11:59 pm due to 10 company forms roll-out and from 21st January 2023 to 22nd January 2023 for 46 company forms roll-out. (6) V2 Portal for company filing will remain available for all the forms excluding above mentioned 56 forms. Stakeholders may plan accordingly.
Insolvency Professional to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2022
Disclaimer:Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information. Many sources have been considered including newspapers.
Due date for deposit of Tax deducted/collected for the month of December, 2022. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan
07-01-2023
Income Tax
TDS Payment for Oct – Dec 22 – AO permitted
Oct -Dec 22
Due date for deposit of TDS for the period October 2022 to December 2022 when Assessing Officer has permitted quarterly deposit of TDS under section 192, section 194A, section 194D or section 194H
14-01-2023
Income Tax
Issue of TDS Certificate- 194-IA, 194IB, 194M, 194S
Nov, 22
Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB, 194M, 194S in the month of November, 2022
15-01-2023
Income Tax
Form 24G
Dec, 22
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of December, 2022 has been paid without the production of a challan
15-01-2023
Income Tax
Form no. 3BB
Dec, 22
Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of December, 2022
15-01-2023
Income Tax
TCS Return
Oct -Dec 22
Quarterly statement of TCS for the quarter ending December 31, 2022
15-01-2023
Income Tax
Form No. 15CC
Oct -Dec 22
Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending December, 2022
15-01-2023
Income Tax
Form 15G/15H
Oct -Dec 22
Due date for furnishing of Form 15G/15H declarations received during the quarter ending December, 2022
30-01-2023
Income Tax
TCS certificate
Oct -Dec 22
Quarterly TCS certificate in respect of quarter ending December 31, 2022
30-01-2023
Income Tax
TDS Pay- 194-IA, 194-IB, 194M, 194S
Dec, 22
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194-IB, 194M, 194S in the month of December, 2022
31-01-2023
Income Tax
TDS Return
Oct -Dec 22
Quarterly statement of TDS for the quarter ending December 31, 2022
31-01-2023
Income Tax
Form 10BBB
Oct -Dec 22
Intimation in Form 10BBB by a pension fund in respect of each investment made in India for quarter ending December, 2022
31-01-2023
Income Tax
Form II
Oct -Dec 22
Intimation in Form II by Sovereign Wealth Fund in respect of investment made in India for quarter ending December, 2022
10-01-2023
GST
GSTR-7 for December, 2022
Dec, 22
Summary of Tax Deducted at Source (TDS) and deposited under GST laws for the month of December, 2022
10-01-2023
GST
GSTR-8 for December, 2022
Dec, 22
Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators under GST laws for the month of December, 2022
11-01-2023
GST
GSTR-1 for the month of December, 22
Dec, 22
Summary of outward supplies where turnover exceeds Rs.5 crore or have not chosen the QRMP scheme for the quarter of Oct – Dec 2022
13-01-2023
GST
GSTR-6 for the month of
Dec, 22
GSTR 6 is a monthly return for Input Service Distributors (ISD) to provide the details of their inward supplies & distributed Input Tax Credit (ITC).
13-01-2023
GST
GSTR-5 for the month of December, 22
Dec, 22
Summary of outward taxable supplies and tax payable by a non-resident taxable person
13-01-2023
GST
GSTR-1 for the quarter of October 22 to December 22
Oct -Dec 22
Summary of outward supplies by taxpayers who opted for QRMP scheme. The taxpayers who have not uploaded B2B invoices using IFF for October & November 22, should upload all the three months invoices in quarterly GSTR-1.
18-01-2023
GST
CMP-08 For Oct to Dec, 22
Oct -Dec 22
Quarterly Challan-cum-statement to be furnished by composition dealers
20-01-2023
GST
GSTR-5A for the month of December, 22
Dec, 22
Summary of outward taxable supplies and tax payable by a person supplying OIDAR services
20-01-2023
GST
GSTR-3B for the month of December, 22
Dec, 22
Summary of outward supplies, ITC claimed, and net tax payable for taxpayers with turnover more than Rs.5 crore in the last FY or have not chosen the QRMP scheme for the quarter of Oct – Dec 22
22-01-2023
GST
GSTR-3B for the quarter of Oct – Dec 22 – QRMP Scheme 1
Oct -Dec 22
GSTR-3B is a self-declared summary GST return filed for States of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana and Andhra Pradesh, the Union territories of Daman and Diu, Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep
24-01-2023
GST
GSTR-3B for the quarter of Oct – Dec 22 – QRMP Scheme 2
Oct -Dec 22
GSTR-3B is a self-declared summary GST return filed for States of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand and Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi
15-01-2023
PF & ESIC
PF & ESIC for Dec, 22
Dec, 22
PF deducted from the Employees’ salary in the month of December, 2022, needs to be paid on or before 15th of January, 2022 The payment of ESIC is made by every employer to the ESIC department on a monthly basis. The due date for ESIC is 15th January, 2022
Statutory Tax Compliance Tracker for January, 2023 explains Compliance requirement under Income Tax act, 1961 and Compliance Requirement under GST, 2017 for the Month of January, 2023.
Tax Compliance Tracker – January, 2023
Sl.
Compliance Particulars
Due Dates
1
Due date for deposit of Tax deducted/collected for the month of December, 2022. However, all the sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan
07.01.2023
2.
Due date for deposit of TDS for the period October 2022 to December 2022 when Assessing Officer has permitted quarterly deposit of TDS under section 192, section 194A, section 194D or section 194H
07.01.2023
3
Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of November, 2022
14.01.2023
4
Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of November, 2022
14.01.2023
5
Due date for issue of TDS Certificate for tax deducted under section 194M in the month of November, 2022
14.01.2023
6
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of December, 2022 has been paid without the production of a challan
15.01.2023
7
Quarterly statement of TCS for the quarter ending December 31, 2022
15.01.2023
8
Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending December, 2022
15.01.2023
9
Due date for furnishing of Form 15G/15H declarations received during the quarter ending December, 2022
15.01.2023
10
Quarterly TCS certificate in respect of quarter ending December 31, 2022
30.01.2023
11
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of December, 2022
30.01.2023
12
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of December, 2022
30.01.2023
13
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of December, 2022
30.01.2023
14
Quarterly statement of TDS for the quarter ending December 31, 2022
31.01.2023
15
Quarterly return of non-deduction at source by a banking company from interest on time deposit in respect of the quarter ending December 31, 2022
31.01.2023
16
Intimation under section 286(1) in Form No. 3CEAC, by a resident constituent entity of an international group whose parent is non-resident
31.01.2023
2. Compliance Requirement under GST, 2017
A. Filing of GSTR –3B / GSTR 3B QRMP
a) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
Tax period
Due Date
Particulars
December, 2022
20th January, 2023
Due Date for filling GSTR – 3B return for the month of December, 2022 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year. Due Date for filling GSTR – 3B return for the quarter of January to March 2022 for the taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
b). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
Tax period
Due Date
Particulars
December, 2022
22nd January, 2023
Due Date for filling GSTR – 3B return for the month of December, 2022 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep
c). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
Tax period
Due Date
Particulars
December, 2022
24th January, 2023
Annual Turnover Up to INR 5 Cr in Previous FY But Opted Quarterly Filing
Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi
B. Filing Form GSTR-1:
Tax period
Due Date
Remarks
Monthly return (December, 2022)
11.01.2023
1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceeding year, opted for monthly filing of return under QRMP.
Return for Tax Deducted at source to be filed by Tax Deductor
10th of succeeding month
10.01.2023
GSTR -8
E-Commerce operator registered under GST liable to TCS
10th of succeeding month
10.01.2023
D. GSTR – 1 QRMP monthly / Quarterly return
Form No.
Compliance Particulars
Timeline
Due Date
Details of outward supply-IFF & Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
GST QRMP monthly return due date for the month of April, 2022 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore. Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
13th of succeeding month – Monthly Quarterly Return
13.01.2023
E. GST Refund:
Form No.
Compliance Particulars
Due Date
RFD -10
Refund of Tax to Certain Persons
18 Months after the end of quarter for which refund is to be claimed
F. Monthly Payment of GST – PMT-06:
Compliance Particular
Due Date
Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
25.01.2023
Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.
This article contains various Compliance requirements for the Month of December, 2022under various Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.
Compliance Requirement Under
1. Income Tax Act, 1961
2. Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars
3 Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications
4. Other Statutory Laws and Updates
5. SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015
6. SEBI Takeover Regulations 2011
7. SEBI (Prohibition of Insider Trading) Regulations, 2015
8. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
9. SEBI (Buyback of Securities) Regulations, 2018
10. SEBI (Depositories and Participants) Regulations 2018) and Circulars / Notifications
11. Companies Act, 2013 (MCA/ROC Compliance) and Notifications
12. Insolvency and Bankruptcy Board of India (IBBI) Updates
13. Cabinet Decisions / New Acts
1.Compliance requirement under Income Tax act, 1961
Sl.
Compliance Particulars
Due Dates
1
Due date of depositing TDS/TCS liabilities under the Income Tax Act, 1961 for the previous month (Nov. – 22).
07.12.2022
2.
Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of November, 2021 has been paid without the production of a challan
15.12.2022
3
Third instalment of advance tax for the assessment year 2023-24
15.12.2022
4
Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of October, 2022
15.12.2022
5
Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of October, 2022
15.12.2022
Due date for issue of TDS Certificate for tax deducted under section 194M in the month of October, 2022
15.12.2022
6
Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of November, 2022
15.12.2022
7
Due date for issue of TDS Certificate for tax deducted under section 194S in the month of October, 2022 Note: Applicable in case of specified person as mentioned under section 194S
15.12.2022
8
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of November, 2022
30.12.2022
9
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of November, 2022
30.12.2022
10
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of November, 2022
30.12.2022
11
Furnishing of report in Form No. 3CEAD for a reporting accounting year (assuming reporting accounting year is January 1, 2021 to December 31, 2021) by a constituent entity, resident in India, in respect of the international group of which it is a constituent if the parent entity is not obliged to file report under section 286(2) or the parent entity is resident of a country with which India does not have an agreement for exchange of the report etc.
30.12.2022
12
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S in the month of November, 2022 Note: Applicable in case of specified person as mentioned under section 194S
30.12.2022
13
Filing of belated/revised return of income for the assessment year 2022-23 for all assessee (provided assessment has not been completed before December 31, 2022)
31.12.2022
Important Notifications – For the month of November – 2022:
Sl.
Particulars of the Notification(s)
File No. / Circular No.
Link(s)
1.
Draft common Income-tax Return-request for inputs from stakeholders and the general public- reg.
Amendments in the notification of the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes No.60/2022 dated the 10th June, 2022
a) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
Tax period
Due Date
Particulars
November, 2022
20th December, 2022
Due Date for filling GSTR – 3B return for the month of September, 2022 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year. Due Date for filling GSTR – 3B return for the quarter of January to March 2022 for the taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
b). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
Tax period
Due Date
Particulars
November, 2022
22nd December, 2022
Due Date for filling GSTR – 3B return for the month of September, 2022 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep
c). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
Tax period
Due Date
Particulars
November, 2022
24th December, 2022
Annual Turnover Up to INR 5 Cr in Previous FY But Opted Quarterly Filing
Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi
B. Filing Form GSTR-1:
Tax period
Due Date
Remarks
Monthly return (November, 2022)
11.12.2022
1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceeding year, opted for monthly filing of return under QRMP.
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Return for Tax Deducted at source to be filed by Tax Deductor
10th of succeeding month
10.12.2022
GSTR -8
E-Commerce operator registered under GST liable to TCS
10th of succeeding month
10.12.2022
D. GSTR – 1 QRMP monthly / Quarterly return
Form No.
Compliance Particulars
Timeline
Due Date
Details of outward supply-IFF & Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
GST QRMP monthly return due date for the month of April, 2022 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore. Summary of outward supplies by taxpayers who have opted for the QRMP scheme.
13th of succeeding month – Monthly Quarterly Return
13.12.2022
E. GST Refund:
Form No.
Compliance Particulars
Due Date
RFD -10
Refund of Tax to Certain Persons
18 Months after the end of quarter for which refund is to be claimed
F. Monthly Payment of GST – PMT-06:
Compliance Particular
Due Date
Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.
25.12.2022
G. GST GSTR 9 & 9C: Annual Return
Compliance Particular
Due Date
GSTR 9 is an annual return to be filed once for each financial year, by the registered taxpayers whose turnover is above Rs 2crs. GSTR 9C is an annual audit form for all the taxpayers having the turnover above 5 crores in a particular financial year.
31.12.2022
GST UPDATES – November, 2022:
Sl.
Notification Particulars
Notification No.
Link (s)
1.
Seeks to empower the Competition Commission of India to handle anti-profiteering cases under CGST Act, 2017 with effect from 01.12.2022.
Guidelines for verifying the Transitional Credit in light of the order of the Hon’ble Supreme Court in the Union of India vs. Filco Trade Centre Pvt. Ltd., SLP(C) No. 32709-32710/2018, order dated 22.07.2022 & 02.09.2022
Annual return on Foreign Liabilities and Assets is required to be submitted by all the India resident companies which have received FDI and/ or made overseas investment in any of the previous year(s), including current year by July 15th every year.
Not later than 30 days from the date of issue of Capital instrument
FC-GPR is a form filed when the Indian company receives the Foreign Direct Investment and the company allots shares to a person resident outside India.
Form FC-GPR
FEMA ACT 1999
With in 60 days of receipt/ remittance of funds or transfer of capital instruments whichever is earlier.
Reporting of transfer of shares and other eligible securities between residents and non-residents and vice- versa is to be made in Form FC-TRS. The onus of reporting shall be on the resident transferor/ transferee.
Form FC-TRS.
FEMA ACT 1999
Within 30 days from the date of receipt of the amount of consideration.
A Limited Liability Partnership receiving amount of consideration and acquisition of profit shares is required to submit a report in the Form FDI LLP-1
Form FDI LLP-I
FEMA ACT 1999
within 60 days from the date of receipt of funds in
A Limited liability Partnership shall report disinvestment/ transfer of capital contribution or profit share between a resident and a non resident (or vice versa)
Form FDI LLP-II
FEMA ACT 1999
within 30 days from the date of allotment of capital instruments
The domestic custodian shall report the issue/ transfer/ of sponsored/ unsponsored depository receipts
Downstream statement -Form DI & reporting at FIFP too
Types of Accounts
Capital Account and Current Account – The purpose of the capital account is to adjust the assets and liabilities of individuals outside India to persons residing in India. Thus any transaction that results in a change of the overseas assets and liabilities in India of an Indian residing outside India or transactions overseas of a person residing in India will be considered under the capital account. All other transactions fall under the category of the current account.
NRI Bank Accounts
There is option for the Non-Resident Indians to set up various bank accounts in India, like FCNR, NRE and NRO Accounts.
RBI Circulars / Notifications: November, 2022
Sl.
Particulars of the Circulars
Link
1
Designation of 10 individuals as ‘Terrorists’ under Section 35 (1) (a) of the Unlawful Activities (Prevention) Act (UAPA), 1967 and their listing in the Schedule IV of the Act- Reg.
Cancellation of licence to carry on banking business in India under Section 22 read with Section 56 of the Banking Regulation Act, 1949 – Rupee Co-operative Bank Ltd., Pune
Premature redemption under Sovereign Gold Bond (SGB) Scheme – Redemption Price for premature redemption due on November 05, 2022 (November 06, 2022 being a Sunday) (SGB 2017-18 Series VI)
Premature redemption under Sovereign Gold Bond (SGB) Scheme – Redemption Price for premature redemption due on November 17, 2022 (SGB 2016-17 Series III)
Exim Bank’s GoI supported Line of Credit of USD 300 Mn to the SBM (Mauritius) Infrastructure Development Company Ltd. for Construction of Phase-IV of the Mauritius Metro Express Project in Mauritius
1. Compliance Requirement under SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015
A. Half Yearly Compliances:
Sl. No.
Regulation No.
Compliance Period(Due Date)
Due Date
1.
Regulation 23(9) Related party transactions.
The listed entity shall make such disclosures every 6 months within 15 days from the date of publication of its standalone and consolidated financial results: Provided further that the listed entity shall make such disclosures every 6 months on the date of publication of its standalone and consolidated financial results with effect from April 1, 2023.
Within 15 days of FR
B. Regular / Annual Compliances:
REG NO
REGULATION NO
PARTICULARS
TIMELINE
47 Advertisements in Newspapers.
47 (3) Advertisements in Newspapers
Financial results at 47 clause (b) of sub-regulation (1), shall be published within 48 hours of conclusion of the meeting of board of directors at which the financial results were approved.
48 HOURS
24A Secretarial Audit.
Red 24A
Every listed entity and its material unlisted subsidiaries incorporated in India shall undertake secretarial audit and shall annex with its annual report, a secretarial audit report, given by a company secretary in practice, in such form as may be specified with effect from the year ended March 31, 2019. (within 60 days from the Closure of FY)
60 days from the Closure of FY
46 Website
46(2)(s)
The listed entity shall disseminate the following information under a separate section on its website separate audited financial statements of each subsidiary of the listed entity in respect of a relevant financial year, uploaded at least 21 days prior to the date of the annual general meeting which has been called to inter alia consider accounts of that financial year.]
21 days prior 1 days prior to the date of AGM
C. Other Quarterly compliance which included half year compliance except FR (Financial Results)
Reg No
Regulation No
Particulars
Timeline
Intimation
Reg 29 read with Reg 33
intimation regarding item specified in clause 29(1) (a) to be discussed at the meeting of board of directors shall be given at least five days in advance (excluding the date of the intimation and date of the meeting), and such intimation shall include the date of such meeting of board of directors
at least 5 working days in advance, excluding the date of the intimation and date of the meeting
Intimations and Disclosure of events or information to Stock Exchanges.
87B: Intimations and Disclosure of events or information to Stock Exchanges. READ WITH PART E OF Schedule III
The listed entity shall first disclose to stock exchange(s) of all events or information, as specified in Part E of Schedule III, as soon as reasonably possible but not later than twenty four hours from occurrence of the event or information:
24 HOURS
Valuation, Rating and NAV disclosure.
87C(1) (iii)
An issuer whose security receipts are listed on a stock exchange shall ensure that: the net asset value is calculated on the basis of such independent valuation and the same is declared by the asset reconstruction company within 15 days of the end of quarter.
15 Days
Other corporate governance requirements.
Reg 27(2)
The listed entity shall submit a quarterly compliance report on corporate governance in the format as specified by the Board from time to time to the recognised stock exchange(s) within fifteen days from close of the quarter.
15 days
Indian Depository Receipt holding pattern & Shareholding details.
69(1)
The listed entity shall file with the stock exchange the Indian Depository Receipt holding pattern on a quarterly basis within fifteen days of end of the quarter in the format specified by the Board.
15 days from end of each quarter
D. Event based Compliances
Reg No
Regulation No
Particulars
Timeline
30 Disclosure of events or information.
30(6) AND Part A of Schedule III
The listed entity shall first disclose to stock exchange(s) of all events, as specified in Part A of Schedule III, or information as soon as reasonably possible and not later than twenty four hours from the occurrence of event or information
24 HOURS
30 Disclosure of events or information.
30(6) AND sub-para 4 of Para A of Part A of Schedule III
The listed entity shall disclose to the Exchange(s), within 30 minutes of the closure of the meeting held to consider the following: a) dividends and/or cash bonuses recommended or declared or the decision to pass any dividend and the date on which dividend shall be paid/dispatched; b) any cancellation of dividend with reasons thereof; c) the decision on buyback of securities; d) the decision with respect to fund raising proposed to be undertaken e) increase in capital by issue of bonus shares through capitalization including the date on which such bonus shares shall be credited/dispatched; f) reissue of forfeited shares or securities, or the issue of shares or securities held in reserve for future issue or the creation in any form or manner of new shares or securities or any other rights, privileges or benefits to subscribe to; g) short particulars of any other alterations of capital, including calls; h) financial results; i) decision on voluntary delisting by the listed entity from stock exchange(s).
30 MINUTES
31A: Conditions for re-classification of any person as promoter / public
31A(8)
The following events shall deemed to be material events and shall be disclosed by the listed entity to the stock exchanges as soon as reasonably possible and not later than twenty four hours from the occurrence of the event: (a) receipt of request for re-classification by the listed entity from the promoter(s) seeking re-classification; (b) minutes of the board meeting considering such request which would include the views of the board on the request; (c) submission of application for re-classification of status as promoter/public by the listed entity to the stock exchanges; (d) decision of the stock exchanges on such application as communicated to the listed entity;
24 HOURS
34 Annual Report.
34(1)(b)
In the event of any changes to the annual report, the revised copy along with the details of and explanation for the changes shall be sent not later than 48 hours after the annual general meeting.]
48 HOURS
44 Meetings of shareholders and voting
44(3)
The listed entity shall submit to the stock exchange, within forty eight hours of conclusion of its General Meeting, details regarding the voting results in the format specified by the Board.
48 HOURS
47 Advertisements in Newspapers.
47 (3) Advertisements in Newspapers
The listed entity shall publish the information specified in 47(1) in the newspaper simultaneously with the submission of the same to the stock exchange(s). The same is reproduced below 47(1) (a) notice of meeting of the board of directors where financial results shall be discussed (c )statements of deviation(s) or variation(s) as specified in sub-regulation (1) of regulation 32 on quarterly basis, after review by audit committee and its explanation in directors report in annual report; (d) notices given to shareholders by advertisement
Simultaneously
–
SCHEDULE III PART PART A 7(A)
resignation of the auditor of the listed entity, detailed reasons for resignation of auditor, as given by the said auditor, shall be disclosed by the listed entities to the stock exchanges as soon as possible but not later than twenty four hours of receipt of such reasons from the auditor
24 HOURS
–
SCHEDULE III PART PART A 7(B)
In case of resignation of an independent director of the listed entity, within seven days from the date of resignation, the following disclosures shall be made to the stock exchanges by the listed entities: i. Detailed reasons for the resignation of independent directors as given by the said director shall be disclosed by the listed entities to the stock exchanges. ii. The independent director shall, along with the detailed reasons, also provide a confirmation that there is no other material reasons other than those provided. iii. The confirmation as provided by the independent director above shall also be disclosed by the listed entities to the stock exchanges along with the detailed reasons as specified in sub-clause (i) above.]
7 days from the date of resignation
7 Share Transfer Agent.
Reg 7(4) & (5) Share Transfer Agent.
The listed entity shall intimate any change or appointment of a new share transfer agent, to the stock exchange(s) within seven days of entering into the agreement.
7 DAYS
29
Reg 29(1)
The intimation required under 29 (1), shall be given at least two working days in advance, excluding the date of the intimation and date of the meeting Reg 29(1) is reproduced below: (b) proposal for buyback of securities ; (c) proposal for voluntary delisting by the listed entity from the stock exchange(s); (d) fund raising by way of further public offer, rights issue, American Depository Receipts/Global Depository Receipts/Foreign Currency Convertible Bonds, qualified institutions placement, debt issue, preferential issue or any other method and for determination of issue price: Provided that intimation shall also be given in case of any annual general meeting or extraordinary general meeting or postal ballot that is proposed to be held for obtaining shareholder approval for further fund raising indicating type of issuance. (e) declaration/ recommendation of dividend, issue of convertible securities including convertible debentures or of debentures carrying a right to subscribe to equity shares or the passing over of dividend. (f) the proposal for declaration of bonus securities where such proposal is communicated to the board of directors of the listed entity as part of the agenda papers:
at least 2 working days in advance, excluding the date of the intimation and date of the meeting
31 Holding of specified securities and shareholding pattern.
Reg 31 (1)(a)
The listed entity shall submit to the stock exchange(s) a statement showing holding of securities and shareholding pattern separately for each class of securities, in the format specified by the Board from time to time – one day prior to listing of its securities on the stock exchange(s);
1 day prior to listing of its securities on the stock exchange(s
31
Reg 31 (1 (c)
within ten days of any capital restructuring of the listed entity resulting in a change exceeding two per cent of the total paid-up share capital:
within 10 days of any capital restructuring
31A Conditions for re-classification of any person as promoter / public
Reg 31A
an application for re-classification of a promoter/ person belonging to promoter group to public to the stock exchanges has to be made by the listed entity consequent to the following procedures and not later than thirty days from the date of approval by shareholders in general meeting
30 days from the date of approval by shareholders in general meeting
37 Draft Scheme of Arrangement & Scheme of Arrangement.
37(1)
Draft Scheme of Arrangement & Scheme of Arrangement before for obtaining Observation Letter or No-objection letter, before filing such scheme with any Court or Tribunal, in terms of requirements specified by the Board or stock exchange(s) from time to time.
Before filling the same with any court or tribunal
39 Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities.
39(2)
The listed entity shall issue certificates or receipts or advices, as applicable, of subdivision, split, consolidation, renewal, exchanges, endorsements, issuance of duplicates thereof or issuance of new certificates or receipts or advices, as applicable, in cases of loss or old decrepit or worn out certificates or receipts or advices, as applicable within a period of thirty days from the date of such lodgement.
30 Days
39 Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities
39(3)
The listed entity shall submit information regarding loss of share certificates and issue of the duplicate certificates, to the stock exchange within two days of its getting information.
2 days of its getting information.
40 Transfer or transmission or transposition of securities.
40 (3)
On receipt of proper documentation, the listed entity shall register transfers of its securities in the name of the transferee(s) and issue certificates or receipts or advices, as applicable, of transfers; or issue any valid objection or intimation to the transferee or transferor, as the case may be, within a period of fifteen days from the date of such receipt of request for transfer
15 days
40 Transfer or transmission or transposition of securities.
40 (3)
the listed entity shall ensure that transmission requests are processed for securities held in dematerialized mode within seven days after receipt of the specified documents:
7 Days
40 Transfer or transmission or transposition of securities.
40 (3)
the listed entity shall ensure that transmission requests are processed for securities held in physical mode within twenty one days after receipt of the specified documents:
21 Days
–
SCHEDULE VII: TRANSFER OF SECURITIES (PART B (1))
In case of minor differences in the signature of the transferor(s), the listed entity shall follow the following procedure for registering transfer of securities: (a) the listed entity shall promptly send to the first transferor(s), via speed post an intimation of the aforesaid defect in the documents and inform the transferor(s) that objection, supported by valid proof, is not lodged by the transferor(s) with the listed entity within fifteen days of receipt of the listed entity’s letter, then the securities shall be transferred
15 Days
42 Record Date or Date of closure of transfer books.
42(2)
The listed entity shall give notice in advance of atleast seven working days (excluding the date of intimation and the record date) to stock exchange(s) of record date specifying the purpose of the record date:
7 working days advance intimation excluding the date of the intimation and date of the meeting
42 Record Date or Date of closure of transfer books.
42(2)
in the case of rights issues, the listed entity shall give notice in advance of atleast three working days (excluding the date of intimation and the record date).]
3 working days advance intimation excluding the date of the intimation and date of the meeting
42 Record Date or Date of closure of transfer books.
42(3)
The listed entity shall recommend or declare all dividend and/or cash bonuses at least five working days (excluding the date of intimation and the record date) before the record date fixed for the purpose.
5 working days advance intimation excluding the date of the intimation and date of the meeting
46 Website
46 (3)(b)
The listed entity shall update any change in the content of its website within two working days from the date of such change in content.
2 working days
50 Intimation to stock exchange(s).
50(1)
The listed entity shall give prior intimation to the stock exchange(s) at least eleven working days before the date on and from which the interest on debentures and bonds, and redemption amount of redeemable shares or of debentures and bonds shall be payable.
11 working days
50 Intimation to stock exchange(s).
50(3)
The listed entity shall intimate to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of directors, at which the recommendation or declaration of issue of non-convertible debt securities or any other matter affecting the rights or interests of holders of non- convertible debt securities or non – convertible redeemable preference shares is proposed to be considered.
2 working days advance intimation excluding the date of the intimation and date of the meeting
52 Financial Results.
52 (4) & (5)
The listed entity shall, within seven working days from the date of submission of the information required under sub- regulation (4), submit to stock exchange(s), a certificate signed by debenture trustee that it has taken note of the contents
7 working days
52 Financial Results.
52 (4) & (8)
The listed entity shall, within two calendar days of the conclusion of the meeting of the board of directors, publish the financial results and statement referred to in reg 52 (4), in at least one English national daily newspaper circulating in the whole or substantially the whole of India.
two calendar days of the conclusion of the meeting
57 Other submissions to stock exchange(s).
57(1)
The listed entity shall submit a certificate to the stock exchange within two days of the interest or principal or both becoming due that it has made timely payment of interests or principal obligations or both in respect of the non convertible debt securities
within 2 days
60 Record Date
60(2)
The listed entity shall give notice in advance of at least seven working days (excluding the date of intimation and the record date) to the recognised stock exchange(s) of the record date or of as many days as the stock exchange(s) may agree to or require specifying the purpose of the record date.
7 working days advance intimation excluding the date of the intimation and date of the meeting
78 Record Date.
78(2)
The listed entity shall give notice in advance of at least four working days to the recognised stock exchange(s) of record date specifying the purpose of the record date
notice in advance of at least 4 working days
82 Intimation and filings with stock exchange(s).
82(2)
The listed entity shall intimate to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of trustees, at which the recommendation or declaration of issue of securitized debt instruments or any other matter affecting the rights or interests of holders of securitized debt instruments is proposed to be considered.
2 working days in advance, excluding the date of the intimation and date of the meeting,
82 Intimation and filings with stock exchange(s).
82(3)
The listed entity shall submit such statements, reports or information including financial information pertaining to Schemes to stock exchange within seven days from the end of the month/ actual payment date, either by itself or through the servicer, on a monthly basis in the format as specified by the Board from time to time: Provided that where periodicity of the receivables is not monthly, reporting shall be made for the relevant periods.
within 7 days
87 Record Date.
87(2)
The listed entity shall give notice in advance of atleast seven working days (excluding the date of intimation and the record date) to the recognised stock exchange(s) of the record date or of as many days as the Stock Exchange may agree to or require specifying the purpose of the record date
7 working days advance intimation excluding the date of the intimation and date of the meeting
87E Record Date.
87E(2)
The listed entity shall give notice in advance of at least seven working days (excluding the date of intimation and the record date) to the stock exchange(s) of the record date or of as many days as the stock exchange may agree to or require specifying the purpose of the record date.
7 working days advance intimation excluding the date of the intimation and date of the meeting
6. SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CFD/DCR1/CIR/P/2020/49 issued and publish dated 27th March 2020, has published Relaxation from compliance with certain provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 due to the COVID-19 pandemic”.
Sl. No.
Regulation No.
Compliance Particular
Compliance Period(Due Date)
1
Regulation 30(1)
Every person, who together with persons acting in concert with him, holds shares or voting rights entitling him to exercise 25% or more of the voting rights in a target company, shall disclose their aggregate shareholding and voting rights as of the 31st day of March, in such target company in such form as may be specified.
Omitted through introduction of SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2021 Applicable w.e.f. 01.04.2022
2
Regulation 30(2)
The promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the thirty-first day of March, in such target company in such form as may
The promoter of every listed company shall specifically disclose detailed reasons for encumbrance if the combined encumbrance by the promoter along with PACs with him equals or exceeds: a) 50% of their shareholding in the company; or b) 20% of the total share capital of the company,
within 2 (two) working days (Provision Insertion: “Provided that the aforesaid disclosure requirement shall not be applicable where such encumbrance is undertaken in a depository”)
4.
Regulation 31(4)
Disclosure of encumbered shares
Promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the 31st March, in such target company in such form as may be specified
7. SEBI (Prohibition of Insider Trading) Regulations, 2015
Sl. No.
Regulation No.
Compliance Particular
Compliance Period(Due Date)
1
Regulation 7(2)“Continual Disclosures”
Every promoter, employee and director of every company shall disclose to the company the number of such securities acquired or disposed of within two trading days of such transaction if the value of the securities traded, whether in one transaction or a series of transactions over any calendar quarter, aggregates to a traded value in excess of ten lakh rupees (10,00,000/-) or such other value as may be specified;
Every company shall notify; within two trading days of receipt of the disclosure or from becoming aware of such information
8. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
Sl. No.
Regulation No.
Compliance Particular
Compliance Period(Due Date)
1
Schedule XIX – Para (2) of ICDR Read with Reg 108 of SEBI LODR
“The issuer shall make an application for listing from the date of allotment, within such period as may be specified by the Board from time to time, to one or more recognized stock exchange(s)”. In regard to above, it is specified that Issuer shall make an application to the exchange/s for listing in case of further issue of equity shares from the date of allotment within 20 days (unless otherwise specified).
Within 20 days from the date of allotment
2
Regulation 162
The tenure of the convertible securities of the issuer shall not exceed eighteen months from the date of their allotment.
Application for trading approval to the stock exchange Listed entities shall make an application for trading approval to the stock exchange/s within 7 working days from the date of grant of listing approval by the stock exchange/s.
Within 7 working days from grant of date of listing approval
4
Regulation 76 Application for rights issue
The issuer along with lead managers and other parties related to the issue shall constitute an optional mechanism (non-cash mode only) to accept the applications of the shareholders to apply to rights issue subject to ensuring that no third-party payments shall be allowed in respect of any application.
5.
Regulation 77 Service of Documents
In case if the company fails to adhere to modes of dispatch through registered post or speed post or courier services due to Covid-19 conditions it will not be treated as non-compliance during the said period. The issuers shall publish required & necessary documents on the websites of the company, registrar, stock exchanges and the lead managers to the rights issue.
6
Regulation 84 Advertisement
Issuer has the flexibility to publish the advertisement in additional newspapers above those required in Regulation 84. The advertisement should also be made available on: A. Website of the Issuer, Registrar, Lead Managers, and Stock Exchanges. B. Television channels, radio, the internet, etc. to spread information related to the process.
9. SEBI (Buyback of Securities) Regulations, 2018 (Buyback Regulations)
Sl. No.
Regulation No.
Compliance Particular
Compliance Period(Due Date)
1
Regulation 11 and 24(iv)
Extinguishment of equity shares in connection with Buyback The particulars of the security certificates extinguished and destroyed shall be furnished by the company to the stock exchanges where the shares or other specified securities of the company are listed within seven days of extinguishment and destruction of the certificates
7 days of extinguishment and destruction of the certificates
2
Regulation 24(i) (f)
Minimum time between buy back and raising of funds
Temporary relaxation in the period of restriction provided in Regulation 24(i)(f) from “one year” to “six months” Applicable up to December 31, 2020 only
10. SEBI (Depositories and Participants) Regulations 2018)
Sl. No.
Compliance Particulars
Due Date
1.
Regulation 76 -Reconciliation of Shares and Capital Audit
Within 30 days from end of quarter. i.e. 30.10.2022
2.
Regulation 74 (5): Processing of demat requests form by Issuer/RTAs – Certificate Received from Registrar
Within 15 days from the end of each quarter.
SEBI Circulars Tracker: November, 2022
Sl.
Particulars
Link
1.
Review of provisions pertaining to specifications related to International Securities Identification Number (ISIN) for debt securities issued on private placement basis – Modification to Chapter VIII of Operational Circular dated August 10, 2021
“SEBI Order for Compliance” – Demand Notice for RC No. 5789 of 2022 against Mr. Ramnaresh Saket (PAN: CIMPS8022E), Mr. Ramadhar Choudhary (PAN: AMWPC8208N) and Mr. Satish Kumar Arya (PAN: AREPA2954N) in the matter of M/s HNC Infrastructures & Shares India Ltd
Framework for protection of interest of public equity shareholders in case of listed companies undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC)
Notice convening meeting of the Equity Shareholders and Unsecured Creditors of Sundaram-Clayton Limited as per the directions of the Hon’ble National Company Law Tribunal, Chennai
Scheme(s) of Arrangement by entities who have listed their Non-convertible Debt securities (NCDs)/ Non-convertible Redeemable Preference shares (NCRPS)
11. Compliance Requirement UNDER Companies Act, 2013 and Rules made thereunder;
Applicable Laws/Acts
Due Dates
Compliance Particulars
Forms / Filing mode
Companies Act, 2013
Within 180 Days From The Date Of Incorporation Of The Company (one time compliance only)
As per Section 10 A (Commencement of Business) of the Companies Act, 2013, inserted vide the Companies (Amendment) Ordinance, 2018 w.e.f. 2nd November, 2018, a Company Incorporated after the ordinance and having share capital shall not commence its business or exercise any borrowing powers unless a declaration is filed by the Director within 180 days from the date of Incorporation of the Company with the ROC.
MCA E- Form INC 20A(one time compliance)
Companies Act, 2013
Annual Compliance Extension granted (15.10.2022)
*DIN KYC through DIR 3 KYC Form is an Annual Exercise. Last date for filing DIR-3 KYC for Financial year 2021-22 is 30th September, 2022Annual Exercise: CLICK HEREPenalty after due date is Rs. 5000/-(one time)
E-Form DIR – 3 KYC(Web Based and E-form)
Companies Act, 2013
Within 15 days of appointment of an auditor.
The Ministry in its General Circular No. 12/2018 dated 13th December, 2018 clarified that filing of Form NFRA-1 is applicable only for Bodies Corporate and ruled out filing by Companies as defined under sub-section (20) of Section 2 the Act.
E – FormNFRA -1
Companies Act, 2013
Within 30 days of the board meeting
Filing of resolutions with the ROC regarding Board Report and Annual Accounts. The details of the resolutions passed should be filed.
MGT-14 (Filing of resolution with MCA)
Companies Act, 2013
(Half Yearly basis) 31.10.2022
Form for furnishing half yearly return with the registrar in respect of outstanding payments to Micro or Small Enterprise
E-Form MSME-1
Companies Act, 2013
Within 60 (sixty) days from the conclusion of each half year.
Reconciliation of Share Capital Audit Report (Half-yearly) Pursuant to sub-rule Rule 9A (8) of Companies (Prospectus and Allotment of Securities) Rules, 2014 To be filed all unlisted companies, deemed public companies Till further clarification to be filled in GNL-2
E-Form PAS – 6Please file on or before 29.11.2022
Companies Act, 2013
within a period of 60 days after the holding of AGM
IEPF Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019 Statement of unclaimed and unpaid amounts. This e-form shall be filed within a period of 60 days after the holding of AGM or the date on which it should have been held as per the provisions of section 96 of the Act, whichever is earlier
IEPF -2
Due dates of ROC Annual Return Filings
Sl. No.
Particulars
Due Date Particulars
E- Form
Due Date
1
Appointment of Auditor
Within 15 days from the conclusion of AGM
ADT-1
14.10.2022
2
Filing of financial statement and other documents with the ROC
Within 30 days from the conclusion of the AGM, other than OPC (In case of OPC within 180 days from the close of the financial year)
AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non-XBRL
29.10.2022
3
Filing of annual return by a company.
Within 60 days from the conclusion of AGM MGT – 7 A: for OPC and small companies.
MGT-7 / MGT 7A 29.11.2022
4
Filing of Cost Audit Report with the Central Government
Within 30 days from the receipt of Cost Audit Report
CRA-4
5
Compliance certificate by PCS – Section 92(2)
Applicable to Companies having paid-up share capital Rs. 10 crores or more or Turnover Rs. 50 crore or more
MGT – 8 Attachment to MGT – 7
Important Updates – November, 2022
Sl.
Particulars of the Circulars
Link
1
Companies (Registered Valuers and Valuation) Amendment Rules, 2022
During the Special Campaign 2.0, 23 identified campaign sites located in different offices of this Ministry have been cleaned. Nearly Ninety Thousand files have been weeded out. Further, all pending PMO & MP references have been disposed. Also, scrap material amounting to Rs. 22 Lakh (approx.) has been disposed-off.
Cabinet approves Nutrient Based Subsidy rates for Phosphatic and Potassic fertilizers for Rabi season 2022-23 from 1st October, 2022 to 31st March, 2023
Cabinet approves signing of a Memorandum of Understanding between India and Denmark on cooperation in the field of Water Resources Development and Management
Cabinet approves Mechanism for procurement of ethanol by Public Sector Oil Marketing Companies (OMCs) under Ethanol Blended Petrol (EBP) Programme – Revision of ethanol price for supply to Public Sector OMCs for Ethanol Supply Year (ESY) 2022-23
Cabinet approves Nutrient Based Subsidy rates for Phosphatic and Potassic fertilizers for Rabi season 2022-23 from 1st October, 2022 to 31st March, 2023
This Calendar / Compliance Tracker is updated till 30th November, 2022 with all Laws / Regulations and their respective amendments.
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Disclaimer:Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information. Many sources have been considered including newspapers (ET, BS & HT etc.).
Amidst the gifts of DA and bonus to central employees, the government has also issued a stern warning. In this, it has been said to be vigilant about work and not to be careless and in doing so, instructions have been given to stop pension and gratuity after retirement. At present, this order will be applicable to the central employees, on which the states can also implement.
The Central Government has said in a notification issued recently that if the Central employees are found guilty of any serious offense or negligence during their service, then their gratuity and pension will be stopped after retirement. These instructions have been issued under the Central Civil Services (Pension) Rule 2021. The Central Government had recently changed Rule 8 of the CCS (Pension) Rules 2021, in which these new provisions have been added.
Information about the changes in the rules from the Center has also been sent to all the concerned authorities. In this it has been said that if the information of the guilty employees is received, then action should be initiated to stop their pension and gratuity.
Who will take action
– President who has been involved in the appointing authority of the retired employee. They will have the right to stop gratuity or pension. Secretaries who are attached to the Ministry or Department under which the retiring employee has been appointed. They will also have the right to stop pension and gratuity. If an employee has retired from the Audit and Accounts Department, then the CAG will have the right to stop the pension and gratuity of the guilty employees after their retirement.
Such action can be taken
According to the change in the rules on October 7, the competent authorities will have the right to stop the pension or gratuity or both partly or wholly of the found guilty employees. If any departmental or judicial action is taken against these employees during the job, then it will also be necessary to inform the concerned officers. If an employee is re-employed after retirement, then the same rules will apply to him.
If an employee has taken the payment of pension and gratuity after retirement and is found guilty, then full or partial amount of pension or gratuity can be recovered from him. It will be assessed on the basis of loss caused to the department. If the authority wants, the pension or gratuity of the employee can be stopped permanently or even for some time.
Suggestions will have to be taken before the final order Any authority will have to take suggestions from the Union Public Service Commission before giving the final order. Further, in any case where pension is withheld or withdrawn, the minimum amount should not be less than Rs 9000 per month, which is already prescribed under Rule 44.
7 May 2022 –Due date for deposit of Tax deducted/collected for the month of April, 2022. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan.
15 May 2022 –Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of March, 2022.
15 May 2022 –Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of March, 2022.
15 May 2022 –Due date for issue of TDS Certificate for tax deducted under section 194M in the month of March, 2022.
15 May 2022 –Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of April, 2022 has been paid without the production of a challan.
15 May 2022 –Quarterly statement of TCS deposited for the quarter ending March 31, 2022.
15 May 2022 –Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes have been modified after registering in the system for the month of April, 2022.
30 May 2022 –Submission of a statement (in Form No. 49C) by non-resident having a liaison office in India for the financial year 2021-22.
30 May 2022 –Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of April, 2022.
30 May 2022 –Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of April, 2022.
30 May 2022 –Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of April, 2022.
30 May 2022 –Issue of TCS certificates for the 4th Quarter of the Financial Year 2021-22.
31 May 2022 –Quarterly statement of TDS deposited for the quarter ending March 31, 2022.
31 May 2022 –Return of tax deduction from contributions paid by the trustees of an approved superannuation fund.
31 May 2022 –Due date for furnishing of statement of financial transaction (in Form No. 61A) as required to be furnished under sub-section (1) of section 285BA of the Act respect for financial year 2021-22.
31 May 2022 –Due date for e-filing of annual statement of reportable accounts as required to be furnished under section 285BA(1)(k) (in Form No. 61B) for calendar year 2021 by reporting financial institutions.
31 May 2022 –Application for allotment of PAN in case of non-individual resident person, which enters into a financial transaction of Rs. 2,50,000 or more during FY 2021-22 and hasn’t been allotted any PAN.
31 May 2022 –Application for allotment of PAN in case of person being managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in Rule 114(3)(v) or any person competent to act on behalf of the person referred to in Rule 114(3)(v) and who hasn’t allotted any PAN.
REDUCED ADDITIONAL FEES FOR FILING OF ANNUAL RETURNS OF LLP
The Central Government hereby makes the following rules further to amend the Limited Liability Partnership Rules, 2009, namely: –
(1) These rules may be called the Limited Liability Partnership (Amendment) Rules, 2022.
(2) They shall come into force with effect from the 01st April, 2022.
(3) All LLPs registered under Limited Liability Act, 2008 have to annually file two forms – Form 11 and Form 8.
Annual Return: Form 11 is to be submitted within 60 days of closure of the financial year i.e 30th May of each year. (Financial year closes on 31st March.)
Statement of Account and Solvency: Form 8 is to be submitted within 30 days from the expiry of six months from the closure of the financial year i.e 30th October of each year.
Before Amendment if any LLP does not file annual returns timely (on due dates) then additional fees of Rs. 100 per Day was applicable but after amendment following Table of additional fee shall be applicable for delay in filing of forms.
S.NO.
PERIOD OF DELAYS
SMALL LLPS
OTHER THAN SMALL LLPS
1
Upto 15 Days
One time
One time
2
More than 15 days and upto 30 days
2 times of normal filing fees
4 times of normal filing fees
3
More than 30 days and upto 60 days
4 times of normal filing fees
8 times of normal filing fees
4
More than 60 days and upto 90 days
6 times of normal filing fees
12 times of normal filing fees
5
More than 90 days and upto 180 days
10 times of normal filing fees
20 times of normal filing fees
6
More than 180 days and upto 360 days
15 times of normal filing fees
30 times of normal filing fees
7
Beyond 360 days
25 times of normal filing fees for forms other than form 8 and form 11. For form 8 and form 11, 15 times of normal filing fees plus 10 per day for every day delay beyond 360 days
50 times of normal filing fees for forms other than form 8 and form 11. For form 8 and form 11, 30 times of normal filing fees plus 20 per day for every day delay beyond 360 days
For e.g. if any LLP (whose contribution amount not exceed 1 lakhs )has not filed form-11 for F.Y. 2020-21 and wants to file on 22.04.2022 then LLP no needs to pay additional fees of Rs. 35600 (356100) . The additional fees will be applicable as per above table Rs. 750 (for small LLP , 15 times of normal fees (1550) and Rs. 1500 (other than small LLP 30 times of normal fees (30*50).
Disclaimer:- The entire contents of this document have been prepared on the basis of relevant provisions and rules and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, I assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. I assume no responsibility for the consequences of use of such information.
Before Limited Liability Partnership (Amendment) Rules, 2017 LLP was required to file all pending annual returns before making an application for strike off of LLP in form-24 But the Central Government hereby makes the following rules further to amend the Limited Liability Partnership Rules, 2009, namely:—
(1) These rules called the Limited Liability Partnership (Amendment) Rules, 2017.
(2) They came into force with effect from 20th May, 2017.
If a LLP is not carrying on any business or operation for a period of one year or more and wants to make an application in Form 24 to the Registrar as per clause b of sub rule 1 of rule 37 in The Limited Liability Partnership Rules, 2009, for striking off its name from the register, then LLP can make application in form -24 and need to:-
(I) file overdue returns in Form 8 and Form 11 up to the end of the financial year in which the limited liability partnership ceased to carry on its business or commercial operations.
It means if LLP have business then LLP needs to file returns upto end of financial year till LLP ceased to carry on commercial operations and if LLP does not have any business since incorporation then LLP needs not to file annual return and can proceed for strike off by filing form-24.
Explanation.—The date of cessation of commercial operation is the date from which the Limited Liability Partnership ceased to carry on its revenue generating business and the transactions such as receipt of money from debtors or payment of money to creditors, subsequent to such cessation will not form part of revenue generating business.”
(II) enclose along with Form 24,—
(a) a statement of account disclosing nil assets and nil liabilities, certified by a Chartered Accountant in practice made up to a date not earlier than thirty days of the date of filing of Form 24;
(b) an affidavit signed by the designated partners, either jointly or severally, to the effect,—
(i) that the Limited Liability Partnership has not commenced business or where it commenced business, it ceased to carry on such business from ………….(dd/mm/yyyy);
(ii) that the limited liability partnership has no liabilities and indemnifying any liability that may arise even after striking off its name from the Register;
(iii) that the Limited Liability Partnership has not opened any Bank Account and where it had opened, the said bank account has since been closed together with certificate(s) or statement from the respective bank demonstrating closure of Bank Account;
(iv) that the Limited Liability Partnership has not filed any Income-tax return where it has not carried on any business since its incorporation, if applicable.
(c) a copy of the acknowledgement of the latest Income-tax return filed under the Income-tax Act,1961 (43 of 1961) and the rules made there under for the time being in force, where the limited liability partnership has carried out any business and has filed such return.
(d) copy of the initial limited liability partnership agreement, if entered into and not filed, along with changes thereof in cases where the Limited Liability Partnership has not commenced business or commercial operations since its incorporation
Disclaimer:- The entire contents of this document have been prepared on the basis of relevant provisions and rules and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, I assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. I assume no responsibility for the consequences of use of such information.
ROC i.e. Registrar of Companies requires all the businesses registered in India to file certain forms every year. Irrespective of their structure, businesses in India are required to adhere to these compliances. Hence, be it Private Limited Company, Public Limited Company, Limited Liability Partnership etc shall have to keep a track of all the ROC Filing Due Dates every year. It is important for all the Companies and LLPs registered in India to comply with the ROC Annual Filing Compliances under the Companies Act, 2013 and Limited Liability Partnership Act, 2008 respectively. There are both annual and event based compliances that requires ROC Filing accordingly. ROC Compliance Calendar for the due dates falling in the year 2022-23- (Due dates for ROC Filing forms FY 2021-22)
It is crucial that the Companies and Limited Liability Partnerships registered in India file all the important ROC Filing Forms within the specified due dates.
If the Companies and LLPs fail to comply with the ROC filings, they may have to pay a hefty penalty.
Hence, it is of utmost importance for the companies and LLPs to keep a track of all the important due dates for both Annual and Event Based ROC Compliances.
Here, we have prepared ROC Compliance Calendar for the due dates falling in the year 2022-23
ROC Filing Forms Due Dates 2022-23
Form
Particulars
Period
Due Date
MSMe 1
Half Yearly form for outstanding Payment to MSME
October 2022 to March 2022 April 2022 to September 2022
It is important for the companies and Limited Liability Partnerships to make a note of all these due dates for ROC Annual filing falling in the year 2022-23. However, the above mentioned dates are subject to change and extension as and when notified by the concerned department of the Government.
In India, if you have registered your business, it is important to follow necessary compliance for your business structure. If we talk about A Limited Liability Partnership, that is a business structure with a minimum number of 2 members and having no limitation on the maximum number of members, the compliances of an LLP is way lesser than that of a Private Limited Company. Nonetheless, it is important to keep a track of all the significant Statutory due dates for LLP Annual Filing that includes ROC Filing for LLP, Income Tax Filing for LLP and GST filing for LLP. It is very crucial for an LLP to be well prepared for all the ROC as well as other Compliances to be met in a particular Financial Year. Here, we have prepared a calendar for all the Important Statutory Due Dates for LLP Annual Filing for FY 2021-22 (AY- 2022-23).
What is LLP Annual Filing?
It is important for every LLP (Limited Liability Partnership) to prepare and submit its Annual ROC Forms with the Registrar of Companies. Every Year, an LLP is required to file two ROC Forms namely:
Form LLP 11: Form LLP 11 is an Annual Return of an LLP that needs to be filed within the period of 60 days from the end of a Financial Year.
Form LLP 8: LLP Form 8 is a Statement of Account & Solvency within the 30 days counting from the end of six months of the closing of a financial year.
For every Limited Liability Partnership, it is essential to comply with the statutory requirements such as Annual Return, Income Tax Return, Profit and Loss Account, Balance Sheet, every year, even if it does not do any business.
Just like Companies, Limited Liability Partnerships (LLPs) are required to maintain their financial year, as 1st April to 31st March.
LLP Form 11 due date for FY 2021-22 (LLP Annual Return Filing) – 30.05.2022
The Limited Liability Partnerships i.e. LLPs registered in India have to file an Annual Return with the Registrar of Companies every year.
This Annual Return of an LLP needs to be filed in LLP Form 11 within the 60 days from the closure of the financial year.
That means the Due Date for LLP Annual Return Filing in LLP Form 11 for the FY 2021-22 shall be 30th May 2021.
Even if the LLP does not have any business, it is important for every LLP to submit its Annual Returns and Financial Statements with the MCA (Ministry of Corporate Affairs).
LLP Form 11 i.e. LLP Annual Return is nothing but a summary of all the changes made in the Management (Designated Partners) of an LLP during a financial year, if any.
It is a must requirement of the Limited Liability Partnership Act hence, even if there are no changes or no business done by an LLP, a NIL return must be filed.
LLP form 8 Due date for FY 2021-22- 30.10.2022
Apart from filing LLP Form 11, an LLP is required to file one more form every year with ROC i.e. LLP Form 8.
LLP Form 8 is an Annual Filing Form which is a Statement of Account and solvency.
The Due Date for filing the Statement of Account and Solvency falls within the 30 days from the end of six months of the closure of the financial year.
That means the Due Date for filing LLP Form 8 with ROC for the FY 2021-22 shall be 30th October, 2022.
LLP Form 8 is a declaration by the designated partners on the state of solvency of the LLP.
LLP Form 8 also includes the information about the Statement of Assets and Liabilities and Statement of Income and Expenditure of the LLP.
Due date for IT Returns for LLP for FY 2021-22
Income Tax Return Filing is a Compliance that not only LLPs but also any individual or business has to be complied with.
That is to say that all the LLPs are required to file Income Tax Returns on or before the due date.
For the Financial Year 2021-22, the last date for filing Income Tax Returns for LLPs which does not require Tax Audit is 31st July 2022 and if Tax Audit is required then due date for IT Returns for LLP is 30th September 2022.
Even if the LLP has not done any business for the current financial year, they are required to file a Nil Income Tax Returns with the Income Tax authorities.
Late fees for form LLP 8 and LLP 11 filing
If an LLP does not file its annual filing forms within the prescribed time, then there would be penalty of Rs. 100 per day per form is payable from the due date of filing return till the date actual return is filed.
It is the responsibility of the Designated Partners of an LLP to maintain proper Books of Accounts and file an Annual Return with the MCA each financial year. Hence it is advisable that you file your form LLP 8 and LLP Form 11 before the due dates.
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