Friday, March 1, 2024

Compliance calendar for March 2024

Compliance calendar for March 2024, detailing each due date and the corresponding compliance requirement.

DateCompliance RequirementApplicable For/Details
01.03.2024TDS Challan-cum-statementTax deducted under section 194-IA, 194 IB, 194M for January 2024
TDS Challan-cum-statementTax deducted under section 194S for January 2024
07.03.2024Challan No. ITNS-281Payment of TDS/TCS for February 2024
10.03.2024Professional TaxPT on salaries for February 2024
11.03.2024GSTR 1For taxpayers with > Rs. 1.50 Crores turnover or opted for monthly return
13.03.2024GSTR 1 (IFF)For taxpayers opted for QRMP scheme
15.03.2024Form 24G by Government officerWhere TDS/TCS for Feb 2024 paid without production of a challan
Payment of the Whole Advance TaxFor assessee under presumptive scheme of section 44AD / 44ADA
Advance Tax InstallmentFourth installment for AY 2024–2025
PF & ESI PaymentProvident Fund & ESI Returns for February 2024
16.03.2024TDS CertificateFor tax deducted under Section 194IA, 194IB, 194M in January 2024
TDS CertificateFor tax deducted under section 194S in January 2024
20.03.2024GSTR 3BFor annual turnover up to or more than 5 Crores for February 2024
25.03.2024GST Challan PaymentFor insufficient ITC in February 2024 for Quarterly Filers
30.03.2024TDS Challan-cum-statementTax deducted under section 194-IA, 194 IB, 194M for February 2024
TDS Challan-cum-statementTax deducted under section 194S for February 2024
31.03.2024Form No. 3CEADSubmission of report for international group’s constituent entity
ITR FilingLast Date for Updated ITR for FY 2020-21

This date-wise compliance calendar for March 2024 organizes your tasks in a chronological order, ensuring you meet all regulatory and legal deadlines efficiently.

Avoid the AED 10,000 Hit: UAE's New Rule on Corporate Tax Registration

In a significant move to bolster tax compliance, the UAE Ministry of Finance has introduced a new fine that businesses need to watch out for. As of February 27, 2024, a delay in registering for corporate tax will cost you - specifically, AED 10,000. Here's a quick guide to what you need to know and how to avoid this penalty.

The Essentials

  • The Penalty: Failing to register for corporate tax on time will result in a AED 10,000 fine.
  • Deadline: The Federal Tax Authority will announce the specific registration deadlines. Keep an eye out and mark those calendars!
  • Why It Matters: This move aims to ensure all businesses contribute their fair share to the UAE's economy and maintain fairness in tax compliance.

What To Do Next

  1. Stay Informed: Keep up with the Federal Tax Authority's announcements for the exact registration deadlines.
  2. Prepare Early: Gather all necessary documents and understand the registration process ahead of time.
  3. Consider Professional Help: If tax matters seem daunting, a tax consultant can guide you smoothly through the process.

In Summary

The UAE's new AED 10,000 penalty for late corporate tax registration is a clear message about the importance of timely tax compliance. By staying informed, preparing in advance, and perhaps seeking expert advice, you can ensure your business complies without facing unnecessary fines. Remember, it's not just about avoiding penalties; it's about contributing to the UAE's thriving economy.

Comprehensive Guide to Filing 15CA and 15CB for Foreign Remittances

When dealing with foreign remittances from India, understanding and adhering to the legal requirements of Forms 15CA and 15CB is crucial. This guide aims to demystify these procedures, ensuring that you can handle your cross-border transactions with confidence and compliance. We'll also delve into the purpose codes, which play a significant role in categorizing the nature of your transactions for regulatory purposes.

Introduction to 15CA and 15CB

Purpose: The Indian tax authorities require these forms to monitor and tax foreign transactions.

  • Form 15CA acts as a declaration by the person making the remittance, essentially stating that the necessary taxes have been considered.
  • Form 15CB is a certificate from a Chartered Accountant, required for larger transactions, that validates the tax details of the remittance.

Identifying When to File 15CA and 15CB

  1. Form 15CA is required for most foreign remittances, including payments to non-residents or foreign entities.
  2. Form 15CB is necessary when the amount exceeds INR 5 lakh, providing a detailed tax analysis from a CA.

Step-by-Step Filing Guide

Step 1: Evaluate Your Requirement

  • Determine if your remittance falls under the categories requiring these forms. Not all transactions need them, like personal remittances under certain thresholds.

Step 2: Obtain Form 15CB (If Applicable)

  • For remittances over INR 5 lakh, engage a Chartered Accountant to prepare Form 15CB. This form assesses the tax implications of your transaction.

Step 3: Prepare Form 15CA

  • Based on the information from Form 15CB, fill out Form 15CA. There are four parts, and the details from 15CB will guide which part you need to complete.

Step 4: Submit the Forms Online

  • Register or log in to the Income Tax Department's e-filing portal. Submit Form 15CA and upload Form 15CB (if required) before proceeding with the remittance.

Step 5: Inform Your Bank

  • Provide your bank with the acknowledgment numbers or copies of the submitted forms to facilitate the remittance process.

Key Tips for Smooth Processing

  • Accuracy Matters: Ensure all the information across both forms is consistent and accurate to avoid penalties.
  • Seek Professional Advice: Considering the complexity, consulting with a CA or a financial expert is advisable for significant or complex transactions.
  • Stay Informed: Tax laws and procedural requirements can change. Regularly check for the latest guidelines to remain compliant.

Understanding Purpose Codes

Purpose codes are essential for classifying the nature of your foreign transactions. These codes help the authorities understand the reason behind your remittance, whether it's for personal use, business investment, or other reasons. Correctly identifying and using these codes ensures your transaction is processed smoothly and aligns with regulatory expectations.

Conclusion

Navigating the requirements of 15CA and 15CB forms and understanding the purpose codes are pivotal in ensuring your foreign remittances are compliant with Indian tax laws. By following the detailed steps and guidelines provided, you can confidently manage your international transactions. Remember, when in doubt, professional advice can provide clarity and assurance, helping you avoid potential pitfalls in this complex area. Stay informed and prepared to ensure your cross-border financial activities are both successful and compliant