Income Tax Taxation

Statutory Tax Compliance Calendar for March 2020 to be followed by taxpayers

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.

Income Tax deadlines to be met in March 2020 – Tax Compliance Calendar for March 2020

Due Date	Particulars
2nd March, 2020	In respect of TDS deducted u/s 194-IA, challan-cum-statement of tax deduction during the month of Jan 2020 needs to be filed in Form No.26QB on or before 2nd March 2020.
2nd March, 2020	In respect of TDS deducted u/s 194-IB, challan-cum-statement of tax deduction during the month of Jan 2020 needs to be filed in Form No.26QC on or before 2nd March 2020.
2nd March, 2020	In respect of TDS deducted u/s 194M, challan-cum-statement of tax deduction during the month of Jan 2020 needs to be filed in Form No.26QD on or before 2nd March 2020.
7th March, 2020	The due date for deposit of tax deducted/collected for the month of February 2020 by non-government deductors/collectors through Challan 281 is 7th March 2020.
7th March, 2020	For all categories of ECB, the due date for reporting of actual transactions of External Commercial Borrowings (ECB) through AD Bank in Form ECB-2 under FEMA for the month of February 2020 is 7th March 2020.
15th March, 2020	The fourth and final installment for all assessees to meet ‘Advance Tax Liability’ in Challan 280 is 15th March 2020. This is applicable to taxpayers liable to pay advance tax for the Financial Year 2019-20 and Assessment Year 2020-21.
15th March, 2020	The entities registered with Provident Fund Authorities are required to make deposit of PF contributions through EPFO portal for the period of February 2020 latest by 15th March 2020.
15th March, 2020	The entities registered with ESIC authorities are required to make deposit of ESIC contributions through ESIC portal for the period of February 2020 latest by 15th March 2020.
15th March, 2020	The due date for furnishing of Form 24G by an office of the Government is 15th March 2020 where TDS/TCS for the month of February 2020 has been paid without the production of a Challan.
15th March 2020	​The due date for payment of whole amount of advance tax in respect of assessment year 2020-21 for the assessee covered under presumptive scheme of Section 44AD/ 44ADA is 15th March 2020.
17th March, 2020	For tax deduction during the month of Jan 2020, the due date of issuing TDS certificate in Form No. 16B to the payee is 17th March 2020.
17th March, 2020	For tax deduction during the month of Jan 2020, the due date of issuing TDS certificate in Form No. 16C to the payee is 17th March 2020.
17th March, 2020	For tax deduction during the month of Jan 2020, the due date of issuing TDS certificate in Form No. 16D to the payee is 17th March 2020.
30th March, 2020	In respect of TDS deducted u/s 194-IA, challan-cum-statement of tax deduction during the month of Feb 2020 needs to be filed in Form No.26QB on or before 30th March 2020.
30th March, 2020	In respect of TDS deducted u/s 194-IB, challan-cum-statement of tax deduction during the month of Feb 2020 needs to be filed in Form No.26QC on or before 30th March 2020.
30th March, 2020	In respect of TDS deducted u/s 194M, challan-cum-statement of tax deduction during the month of Feb 2020 needs to be filed in Form No.26QD on or before 30th March 2020.
31st March, 2020	The last date to link Aadhaar number with PAN is 31st March 2020.
31st March, 2020	The last date to submit Country-By-Country Report in Form No. 3CEAD is 31st March 2020 for the previous year 2018-19 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.
31st March, 2020	The last date to submit ​Country-By-Country Report in Form No. 3CEAD is 31st March 2020 for a reporting accounting year (assuming reporting accounting year is April 1, 2018 to March 31, 2019) 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 u/s 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.
31st March, 2020	The last date of filing belated or revised income tax return for FY 2018-19 is 31st March 2020.

Notes to Tax Compliance Calendar for March 2020 w.r.t Income Tax:

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.

GST deadlines to be met in March 2020 – Tax Compliance Calendar for March 2020

Due Date	Particulars
10th March, 2020	GSTR-7 Return for Tax Deducted at source in February 2020 is to be filed by the Tax Deducting authorities/entities on or before 10th March 2020.
10th March, 2020	GSTR-8 Return is to be filed on or before 10th March 2020 by E-Commerce operators registered under GST who are liable to TCS for the period of February 2020.
11th March, 2020	Taxpayers holding an aggregate annual turnover of more than Rs. 1.50 crore or who have opted to file Monthly GST Return need to file GSTR-1 on or before 11th March 2020 with respect to the supplies made in February 2020.
13th March, 2020	For the month of February 2020, GSTR-6 (a monthly return) is to be filed by every input service distributor (ISD) on or before 13th March 2020.
20th March, 2020	For the month of February 2020, GSTR-5 and 5A Monthly Return is to be filed by non-resident foreign taxpayers on or before 20th March 2020.
20th March, 2020	GSTR-3B is a monthly return to be filed by GST taxpayers having a turnover of Rs. 5 crore or more during the preceding FY. For the month of February 2020, the return is to be furnished on or before 20th March 2020.
22nd March, 2020	To file GSTR-3B for the month of February 2020, the due date is 22nd March 2020 for the taxpayers holding an annual turnover of less than Rs. 5 crore during the preceding FY, in the states mentioned in Note 8.
24th March, 2020	To file GSTR-3B for the month of February 2020, the due date is 24th March 2020 for the taxpayers holding an annual turnover of less than Rs. 5 crore during the preceding FY, in the states mentioned in Note 9.
31st March, 2020	For financial year 2018-19, the taxpayers having an annual turnover of more than Rs. 2 crore or those who have opted to file an Annual Return need to furnish GSTR-9 on or before 31st March 2020.
31st March, 2020	For the taxpayers holding an annual turnover of more than Rs. 2 crore, a reconciliation statement or audit report for the Financial Year 2018-19 is to be furnished in GSTR-9C on or before 31st March 2020.
28th March, 2020	The due date to file GSTR-11 is 28th of the month following the month in which inward supplies are received by UIN holders. 28th March 2020 is the due date for the month of February 2020.

Notes to Tax Compliance Calendar for March 2020 w.r.t GST:

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 10^th 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 10^th 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 11^th 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 13^th 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 20^th 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 20^th 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 20^th 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 22^nd 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 24^th 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 31^st 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)