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The Tax Compliance Calendar for March 2020 is provided by the Income Tax and GST departments well in advance. As the end of the financial year 2019-20 is approaching near, the taxpayers should be watchful for the important deadlines to be met for filing different income tax and GST related documents. Amid the ongoing procedure of closure of books of account by companies, March 2020 plays a crucial role for ensuring adherence to tax compliances.
Creating an alert for the important dates in Tax Compliance Calendar for March 2020 may prove useful for the taxpayers to avoid penal consequences of late filing of income-tax returns (ITR) or tax deducted at source (TDS) returns and also to help remind them to collect TDS or tax collected at source (TCS) certificates. The Tax Compliance Calendar for March 2020 and its due dates must be carefully penned down by every assessee as given in the below mentioned sections.
With reference to the Tax Compliance Calendar for March 2020 as given in the above table on income tax deadlines, the following points may be of help:
1. In respect of TDS deducted u/s 194-IA from payment on transfer of certain immovable property, challan-cum-statement of tax deducted at source during a particular month needs to be filed in Form No.26QB on or before 30 days from the end of the month in which tax deduction is made and TDS is to be deposited to the credit of the CG.
2. The persons responsible for deducting tax u/s 194-IA are required to furnish the TDS certificate in Form No. 16B to the payee within a period of 15 days from the due date for furnishing the challan-cum-statement in Form No. 26QB.
3. In respect of TDS deducted u/s 194-IB from certain payment of rent, challan-cum-statement of tax deducted at source during a particular month needs to be filed in Form No.26QC on or before 30 days from the close of the month in which tax deduction is made and TDS is to be deposited to the credit of the CG.
4. The persons responsible for deducting tax u/s 194-IB are required to furnish the TDS certificate in Form No. 16C to the payee within a period of 15 days from the due date for furnishing the challan-cum-statement in Form No. 26QC.
5. All sums of taxes deducted/collected by an office of the government must be paid to the credit of the CG on the same day where tax is paid without production of an Income-tax Challan.
6. In respect of TDS deducted u/s 194M on certain payment to resident contractors and professionals, challan-cum-statement of tax deducted at source during a particular month needs to be filed in Form No.26QD on or before 30 days from the end of the month in which tax deduction is made and TDS is to be deposited to the credit of the CG.
7. The persons responsible for deducting tax u/s 194M are required to furnish the TDS certificate in Form No. 16D to the payee within a period of 15 days from the due date for furnishing the challan-cum-statement in Form No. 26QD.
With reference to the Tax Compliance Calendar for March 2020 as given in the above table on GST deadlines, the following points may be of help:
1. The filing of GSTR-7 in respect of tax deducted at source for a month is due on 10th of the following month.
2. The filing of GSTR-8 by e-commerce operators in respect of tax collected at source for a particular month is due on 10th of the following month.
3. The furnishing of GSTR-1 for reporting details of all outward supplies of goods and services made in a month is to be made by the 11th of the next month.
4. The furnishing of GSTR-6 for reporting details of input tax credit received and distributed by the ISD for a month is to be made by the 13th of the next month.
5. GSTR-5 monthly return is to be filed by a Non-Resident foreign taxable person for a particular month by 20th of the next month. The return needs to be furnished by non-resident taxpayers who are registered under GST and who carry out business transactions in India.
6. GSTR-5A is a monthly GST Return to be filed by Non-resident ODIAR services provider in respect of Online Information and Database Access or Retrieval (OIDAR) services. The due date for filing GSTR-5A is within 20th day of the succeeding month.
7. GSTR-3B, a summary return of inward and outward taxable sales, ITC and GST liabilities must be furnished by the 20th of the subsequent month to avoid late fees. But this due date was valid until GSTR-3B of December 2019. For the return periods ranging from January 2020 to March 2020, the due dates have been revised.
8. Monthly Summary Return in GSTR-3B for February 2020 is to be filed within 22nd March 2020 for registered dealers in the states of Chhattisgarh, Madhya Pradesh, Gujarat, Daman and Diu,Dadra and Nagar Haveli, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, Tamil Nadu, Puducherry, Andaman & Nicobar island, Telanganaand Andhra Pradesh.
9. Monthly Summary Return in GSTR-3B for February 2020 is to be filed within 24th March 2020 for registered dealers in the states of Jammu and Kashmir, Ladakh, Himachal Pradesh, Punjab, Chandigarh, Haryana, Delhi, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram,Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odishaand Uttarakhand.
10. GSTR-9 annual return is a consolidation of all the monthly or quarterly returns filed by a registered dealer during a particular year.
11. GSTR-9C is a reconciliation statement (Annual Return + Audited Annual Accounts + Reconciliation statement duly certified by a professional accountant). GSTR-9 and 9C are to be filed annually on or before 31st December of the next financial year. However, this is subject to any notification for an extension of due date issued by the GST Council from time to time.
12. GSTR-11 is to be furnished by every registered taxpayer who has been issued a Unique Identity Number (UIN) to get a claim of GST refunds for all the goods/services he purchases in India. (For example, foreign embassies not liable to tax in India)
A CA together with MBA (Fin) and M Com, she relishes taking interest in insightful writing in the domain of taxation and finance. She has gained experience as a full-time author and has also served an accounting role in industry.
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