Deadlines for March, 2018 – “Compliance Heatwave to hit you….!”

March 05,2018
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Shailesh Sheth, Advocate & Founder, SPS LEGAL

The month of March – probably the most dreaded month of the Financial Year – has just begun.  The taxpayers and the tax professionals across the country may brace themselves as two distinct ‘heatwaves’ are set to hit them, one, from the ‘Nature God’ and another, from the ‘Tax/ Regulatory Boards’!  On one hand, a simmering hot summer is certainly round the corner,  considering the rising mercury in these early days of March and on the other hand, the ‘Compliance heat’ during the month is likely to make the seat ‘too hot’ for the taxpayers/tax professionals ‘to sit’!

This will be evident if one looks at the deadlines for the various Returns/Forms/Payments to be observed under different Statutes during  March, 2018. 

For the benefit of the readers, the details of the important Returns/Forms to be filed or payments to be made under different Statutes and the corresponding deadlines are given in a table below: 

Sr. No.

Particulars of the Return/Form to be filed

Due Date

 

A. Deadlines under GST:

 

1.

GSTR-1 for January, 2018 for the taxpayers with annual aggregate turnover of  more than Rs.1.50 crore

10th March, 2018

2.

GSTR-3B and payment of tax for February, 2018 for the taxpayers with annual aggregate turnover of  more than Rs.1.50 crore

20th March, 2018

3.

GSTR-5 (for Non-resident taxable person) for February, 2018

20th March, 2018

4.

GSTR-5A (for Non-resident taxable person supplying OIADAR Services) for February, 2018

20th March, 2018

5.

GSTR-6 (for an Input Service Distributor ) for the months from July, 2017 to February, 2018

31st March, 2018

 

B. Deadlines under Income Tax:

 

6.

Furnishing of Challan-cum-statement in respect of tax deducted under Section 194-IA in January, 2018

2nd March, 2018

7.

Furnishing of Challan-cum-statement in respect of tax deducted under Section 194-IB in January, 2018

2nd March, 2018

8.

Deposit of tax deducted/collected at source for the month of February, 2018

7th March, 2018

9.

Furnishing of Form 24G by an office of the Government where TDS for the month of February, 2018 has been paid without the production of a challan.

15th March, 2018

10.

Fourth and final instalment of Advance Tax for the Assessment Year 2018-19

15th March, 2018

11.

Payment of the whole amount of Advance Tax for F. Y. 2017-18 for the taxpayers covered under presumptive scheme of Section 44AD

15th March, 2018

12.

Issue of TDS Certificate for tax deducted under Section 194-IA in the month of January, 2018

15th March, 2018

13.

Issue of TDS Certificate for tax deducted under Section 194-IB in the month of January, 2018

15th March 2018

14.

Furnishing of Challan-cum-statement in respect of tax deducted under Section 194IA in the month of February, 2018

30th March 2018

15.

Furnishing of Challan-cum-statement in respect of tax deducted under Section 194-IB in the month of February, 2018

30th March, 2018

16.

Linking of Aadhar Number with PAN

31st March, 2018

17.

Report in Form No. 3CEAA by a constituent entity of an International group for the accounting year 2016-17

31st March, 2018

18.

Country-By-Country Report in Form No. 3CEAD by a Parent entity or an alternate reporting entity or any other constituent entity, resident in India, for the accounting year 2016-17

31st March, 2018

19.

Intimation by a Designated Constituent entity, resident in India of an International group in Form No. 3CAB for the accounting year 2016-17

31st March, 2018

20.

Filing of Income Tax Returns for A.Y. 2016-17 (F. Y. 2015-16) and A. Y. 2017-18 (F. Y. 2016-17) [Last chance]

31st March, 2018

 

C. Deadlines under ESI, PF:

 

21.

PF payment for the month of February, 2018

15th March, 2018

22.

ESIC payment for the month of February, 2018

15th March, 2018

 

D. Deadlines under the Companies Act:

 

23.

Condonation of delay scheme 2018 allowing defaulting companies to file their overdue documents which were due for filing.

31st March, 2018

 

E. Deadlines for Aadhar Linking:

 

24.

Linking of Aadhar No. (subject to the judgment of Hon’ble Supreme Court) with a. Mobile, b. Insurance Policy, c. Mutual Funds, d. Demat Accounts for Shares, etc.e. Post Office Scheme, f. Bank Accounts.

31st March, 2018

[Note: Please note that the above is only an illustrative list for the general guidance of readers and some entries may have been missed inadvertently.]

The Tax/Compliance professionals may find themselves chanting the famous Bollywood Song ‘Sari Duniya Ka Bojh Hum Utathe Hai….’ (Film: Coolie). However, let me take the liberty of repeating what I had said earlier in my  article  detailing the ‘Deadlines for the month of November, 2017’.  I said:

One can only sincerely hope that the burden will not crush them. It is absolutely essential that in these trying times, the professional responsibility is approached with equanimity, adopting a very sangfroid attitude…! “Please don’t drop dead on your table….!”

                                                                                                                                   

“Finding your passion isn’t just about careers and money.

 It’s about finding your authentic self.

The one you’ve buried beneath other people’s needs.”

[Kristin Hannah in “Distant Shores”]

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