Stay updated with the monthly legal obligations and updates for India. Learn about the legal obligations under Acts such as Income Tax Act, GST Act, FEMA, ESI, EPF, Companies Act, 2013, and LLP Act. Get detailed information on important forms, filing dates, frequencies, and types of legal obligations. Additionally, stay informed about the latest legal updates, such as changes in income tax return forms, exemptions, guidelines, notifications, and circulars issued by CBDT and CBIC. Stay compliant and up-to-date with the latest legal requirements in India.
July 2024 brings a set of legal obligations and updates impacting businesses across India. From tax deposits to regulatory filings, understanding these mandates is vital for compliance and strategic planning.
| Monthly (July-2024) Legal Obligations + Legal updates (both) for India | |||||
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Page Contents (A) Monthly (July-2024) Legal Obligations for India |
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1. Foreign Exchange Management Act (FEMA) 1999 |
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| S. No | Date of Event | Form | Period Ending on | Frequency | Type of Legal Obligation |
| (i) | July, 07th 2024 | ECB – 2 | June 2024 | Monthly | Filing return by External Commercial Borrowings (ECBs) |
| (ii) | July 15th, 2024 | FLA | March 31, 2024 | Annually | (i) Filing Foreign Liabilities and Assets (FLA) return by eligible companies + also LLPs when Foreign Direct Investments (FDIs) are received or Overseas Direct Investments (ODIs) are made
(ii) Filing FLA return by eligible non companies / LLPs where ODIs are made |
| (iii) | —- | FC-GPR | —- | One Time | Filing intimation by Indian companies within 30 days from date of allotment of eligible securities under FDIs schemes in India |
| (iv) | —- | FD-LLP-I | —- | One Time | Filing intimation by eligible LLPs within 30 days from date of consideration received for acquisition of LLPs’ shares |
| (v) | —- | FD-LLP-II | —- | One Time | (i) Filing intimation by eligible LLPs within 60 days from date of transfer of LLPs’ shares
(ii) Abovementioned filling is required by resident transferors or transferees (any) |
| (vi) | —- | DI & reporting at FIFP too | —- | One Time | Filing intimation by Indian custodians within 30 days from date of issue or transfer or sponsored or unsponsored Depository Receipts (DRs) |
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2. Securities Exchange Board of India (SEBI) 1992 |
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| (I) SEBI’s COMPLIANCES UNDER LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS (LODR) REGULATIONS, 2015 | |||||
| S. No | Date of Event | Regulation No. | Period Ending on | Frequency | Type of Legal Obligation |
| (i) | July, 21st 2024 | 27(2) | June 30, 2024 | Quarterly | Filing Corporate Governance Report (CGR) by eligible listed companies |
| (ii) | July, 21st 2024 | 13(3) | June 30, 2024 | Quarterly | Filing Statement for Investor’s Complaints by eligible listed companies |
| (iii) | July, 21st 2024 | 31(1)(b) | June 30, 2024 | Quarterly | Filing Shareholding pattern by eligible listed companies |
| (iv) | —- | 23(9) | —- | Half Yearly | Filing disclosure by eligible listed companies within 15 days from date of publication of standalone + also consolidated financial results (both) |
| (v) | —- | 47 (3) | —- | Annually | Publication financial results in newspaper by eligible listed companies within 48 hours from conclusion of meeting of Board of Directors (BoDs) where financial results are approved |
| (vii) | —- | Circular No. SEBI/HO/ DDH S/CIR/P/ 2018/144 | May 15, 2024 | Annually | Filling disclosures by eligible listed large companies |
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3. Income Tax Act (ITA) 1961 |
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| S. No | Date of Event | Form or
Challan |
Period Ending on | Frequency | Type of Legal Obligation |
| (i) | July, 07th 2024 | 285 | June 2024 | Monthly | Depositing Equalization Levy (EQL) |
| (ii) | July, 07th 2024 | 281 | June 2024 | Monthly | Depositing TDS + TCS by govt. offices where paid through book entry |
| (iii) | July, 07th 2024 | 281 | June 2024 | Monthly | Depositing TDS + TCS by non govt. offices where paid through bank |
| (iv) | July, 14th 2024 | 16 B | May 2024 | Monthly | Issuing TDS Certificates under Section 194-IA |
| (v) | July, 14th 2024 | 16 C | May 2024 | Monthly | Issuing TDS Certificates under Section 194-IB |
| (vi) | July, 14th 2024 | 16 D | May 2024 | Monthly | Issuing TDS Certificates under Section 194-IM |
| (vii) | July, 14th 2024 | 16 E | May 2024 | Monthly | Issuing TDS Certificates under Section 194-S |
| (viii) | July, 15th 2024 | 3BB | June 2024 | Monthly | Filing returns by stock exchanges for transactions when client’s codes are modified |
| (ix) | July, 15th 2024 | 24G | June 2024 | Monthly | Filing returns by govt.’s offices where TDS/TCS paid through book entry |
| (x) | July, 15th 2024 | 27EQ | June 2024 | Quarterly | Filing TCS returns by collectors under section 206C of Income Tax Act (ITA) 1961 |
| (xi) | July, 15th 2024 | 15CC | June 2024 | Quarterly | Filing foreign remittances’ returns by banks + also authorized dealers (both) |
| (xii) | July, 15th 2024 | 15G/H | June 2024 | Quarterly | Filing forms by TDS deductors |
| (xiii) | July, 15th 2024 | 3BB | June 2024 | Quarterly | Filing transactions’ returns by stock exchanges where client codes were modified after registry in system |
| (xiv) | July, 30th 2024 | 26QB | June 2024 | Monthly | Filing challan-cum-returns for TDS under Section 194-IA |
| (xv) | July, 30th 2024 | 26QC | June 2024 | Monthly | Filing challan-cum-returns for TDS under Section 194-IB |
| (xvi) | July, 30th 2024 | 26QD | June 2024 | Monthly | Filing challan-cum-returns for TDS under Section 194-M |
| (xvii) | July, 30th 2024 | 26QE | June 2024 | Monthly | Filing challan-cum-returns for TDS under Section 194-S |
| (xviii) | July, 30th 2024 | 27D | June 2024 | Quarterly | Issuing TCS certificates by collectors. |
| (xix) | July, 30th 2024 | 24Q | June 2024 | Quarterly | Filing salaries’ returns by employers |
| (xx) | July, 30th 2024 | 26Q | June 2024 | Quarterly | Filing other than salaries’ returns by deductors |
| (xxi) | July, 30th 2024 | 27Q | June 2024 | Quarterly | Filing foreign payments’ returns by remitters |
| (xxii) | July, 31st 2024 | 24QF | June 2024 | Quarterly | Filing Virtual Digital Assets’ (VDA) returns by stock exchanges for tax deposited under section 194-S of ITA, 1961 |
| (xxiii) | July, 31st 2024 | 67 | March 2024 | Quarterly | Filing foreign incomes earned + also tax deducted or tax paid outside India (both) declarations to claim Foreign Tax Credit (FTC) |
| (xxiv) | July, 31st 2024 | 26QAA | June 2024 | Quarterly | Filing intimations for non TDS on interest on time deposit returns by banks |
| (xxv) | July, 31st 2024 | 10BBB | June 2024 | Quarterly | Filing intimations for investments made in India’s by pension fund |
| (xxvi) | July, 31st 2024 | Form II | June 2024 | Quarterly | Filing intimations for investments made in India’s by Sovereign Wealth Fund |
| (xxvii) | July, 31st 2024 | ITR | March 2024 | Annually | Filing individuals + also Non-corporate entities (both) returns where books of accounts not to be audited. |
| (xxviii) | July, 31st 2024 | 10IEA | March 2024 | Annually | Filing Old Tax Regime (OTR) declarations where business and professional incomes are existed like filing for ITR-3 or ITR-4 |
| (xxix) | July, 31st 2024 | 9A | March 2024 | Annually | Filing incomes to be applied in futures’ declarations by registered trust or societies or institutions (any) under section 80G. |
| (xxx) | July, 31st 2024 | 10 | March 2024 | Annually | Filing incomes to be applied in futures’ declarations by registered trust or societies or institutions (any) under section 10(21) or 11(1) of ITA, 1961 where books of accounts not to be audited |
| (xxxi) | July, 31st 2024 | —- | March 2024 | Annually | Filing scientific research association or university college or other association or Indian scientific research company’s returns when required under 5D + 5E + 5F (all) Income Tax Rules (ITR) 1962 when books of accounts not to be audited |
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4. Goods and Services Tax (GST) Act, 2017 |
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| S. No | Date of Event | Form or
Challan |
Period Ending on | Frequency | Type of Legal Obligations |
| (i) | From July, 1st 2024 | —- | March 2024 | One Time | Commencing mandatory e-invoicing when turnover is exceeding INR 10 cr. for year ending on July 31, 2024 |
| (ii) | July, 01st 2024 | GST- INV-01 | March 2024 | One Time | Issuing e-invoice when turnover is exceeding 5 crore for year ending on July 31, 2024 |
| (iii) | July, 01st 2024 | —- | —- | One Time | (a) Issuing e-way bill with 6 digit HSN Code for 100% B2B + export transactions where annual turnover is exceeding 5 crore
Or (b) Issuing e-way bill with 4 digit HSN Code for 100% B2B + export transactions where annual turnover is not exceeding 5 crore. |
| (iv) | July, 10th 2024 | GSTR – 7 | June 2024 | Monthly | Filing return by Tax deductor |
| (v) | July, 10th 2024 | GSTR – 8 | June 2024 | Monthly | Filing return by E-Commerce operator |
| (vi) | July, 11th 2024 | GSTR – 1 | June 2024 | Monthly | Filing return when annual turnover is exceeding INR 5 crore |
| (vii) | July, 13th 2024 | GSTR – IFF | June 2024 | Monthly | (a) Uploading invoice under QRMP scheme not required for month of July + Sep + Feb + July = 4 months
or (b) Uploading invoice under QRMP scheme required for month of July + July + July + August + Feb + Feb + July + July = 8 months |
| (viii) | July, 13th 2024 | GSTR – 6 | June 2024 | Monthly | Filing return by Input Service Distributor (ISD) |
| (ix) | July, 13th 2024 | GSTR – 5 | June 2024 | Monthly | Filing return by Non-resident dealer |
| (x) | July, 18th 2024 | CMP-08 | June 2024 | Monthly | Filing Declaration for summary of self-assessed tax payable by dealer (opted for composition levy) |
| (xi) | July, 20th 2024 | GSTR – 5A | June 2024 | Monthly | Filing return by OIDAR service provider |
| (xii) | July, 20th 2024 | GSTR – 3B | June 2024 | Monthly | Depositing GST when annual turnover is exceeding INR 5 crore |
| (xiii) | July, 22nd 2024 | GSTR – 3B | June 2024 | Monthly | Depositing GST when annual turnover is not exceeding 5 crore for Category- I States |
| (xiv) | July, 24th 2024 | GSTR – 3B | June 2024 | Monthly | Depositing GST when annual turnover is not exceeding INR 5 crore for Category- II States |
| (xv) | July, 25th 2024 | GSTR – 3B | June 2024 | Monthly | Depositing GST when annual turnover is not exceeding INR 5 crore + opted QRMP Scheme |
| (xvi) | July, 25th 2024 | GSTR– PMT-06 | June 2024 | Monthly | Depositing tax for QRMP Scheme |
| (xvii) | July, 28th 2024 | GSTR – 11 | June 2024 | Monthly | Filing return by Unique Identification Number (UIN) holder like embassies + etc. (both) to get refund against ITC |
| (xviii) | July, 31st 2024 | CMP-08 | June 2024 | Quarterly | Depositing tax under composition dealer |
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5. Miscellaneous (FEMA + Companies + ESI + EPF + LLP + Etc.) Acts |
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| S. No | Date of Event | Act | Application or Form or Challan | Period Ending on | Frequency | Type of Legal Obligations |
| (i) | April, 1st 2024 | Companies Act, 2013 | —- | —- | One time | Installation Audit trail feature in existing accounting software (Tally) for book keeping by 100% companies |
| (ii) | April, 1st 2024 | Provident Fund, 1952 | —- | March 2024 | One time | Filing application for higher pension @ 9.49% instead of @ 8.33% from employer’s contribution |
| (iii) | July, 01st 2024 | LLP Act | BEN-2
+ Form 4D |
—- | One time | Filing Beneficial Ownerships (BOs) declarations + also returns (both) by LLPs |
| (iv) | July, 15th 2024 | ESI, 1948 | ESI | June 2024 | Monthly | Depositing contribution by employers |
| (v) | July, 15th 2024 | Provident Fund, 1952 | ECR | June 2024 | Monthly | Filing challan-cum-return for PF |
| (vi) | July, 15th 2024 | Delhi Labour Welfare Fund | Form A | March 2024 | Half yearly | Depositing in labour welfare fund under Delhi shops & establishments Act’s contribution by eligible entities |
(B) Monthly (July-2024) Legal Updates for India
1. Income Tax Act (ITA) 1961
(i) CBDT has notified that Gross Direct Tax (GDT) collection for Financial Year (FY) 2024-25 (up to 17 June 2024) is INR 16 lakh crore, 22.19% higher than gross collection for corresponding period last year
- Notified vide Press release dated June 18, 2024.
(ii) CBDT has prescribed certain forms to be submitted electronically
- Prescribed vide Notification no. 01/2024-25 dated June 24, 2024
(iii) Union Finance Minister has taken pre-budget consultation from States’ Finance Ministers for taking suggestions against upcoming Union Budget 2024-25
- Press release dated June 22, 2024.
(iv) Union Finance Ministry has taken suggestions from trade & industry associations against upcoming Union Budget 2024-25
- Read letter no. F. No.334/1/2024-TRU dated June, 12 2024 issued by Tax Research Unit, Department of Revenue, Ministry of Finance
(v) Central govt. has released INR 1,39,750 crore installment for tax devolution to States totaling to INR 2,79,500 crore released to States (up to June 10, 2024) for FY 2024-25
- Informed vide Press Release dated June, 10 2024 including bifurcation of tax amount released to different States.
2. Goods and Services Tax (GST) Act, 2017
(i) CBIC has informed that GST revenue collection for June 2024 INR 1.74 Lac Crore (8% higher than GST revenue in June 2023)
- Informed vide Press Release dated July 01, 2024.
(ii) CBIC has informed about effects against recommendations of 53rd GST Council meeting held on June 22, 2024 at New Delhi
- Read our detailed Alert on key recommendations
(iii) CBIC has released against furnishing of information’s by manufacturers of Pan Masala & Tobacco taxpayers
- Read advisory dated June 07, 2024
(iv) CBIC Chairperson has inaugurated GST Bhawan at Rohtak, Haryana
- Read Press Release dated June 05, 2024.
(v) CBIC has issued guidelines for initiation of recovery proceedings before 3 months from date of service of demand order
- Read Instruction no. 01/2024 dated May 30, 2024
(vi) CBIC has issued advisory against release of E-Waybill 2 Portal on June 01, 2024
- Read the advisory dated May 29, 2024
3. International Tax
(i) CBDT has informed that Equalization Levy (EL) between India and United States of America (USA) extended Transitional Approach up to June 30, 2024
- Read vide Press Release dated June 28, 2024.
(ii) Delhi’s ITAT (Tribunal) has pronounced that technical service provided to Associated Enterprise (AE) is not treated taxable business incomes in India when Fee for Technical Services (FTS) clause is not existed in India – Thailand Double Taxation Avoidance Agreement (DTAA) + also Permanent Establishment (PE) is not existed in India (both) in case of Denso Thailand Co. Ltd.
- Read vide Delhi’s ITAT (Tribunal) order dated May 31, 2024
(iii) Delhi’s ITAT (Tribunal) has pronounced that interest received by PE from its head office + also foreign branches (both) are not taxable in India when ITA, 1961 or DTAA (any) is specifically required for taxation in India in case of Bank of Tokyo – Mitsubishi UFJ Ltd.
- Read vide Delhi’s ITAT (Tribunal) order dated May 28, 2024
(iv) Delhi’s ITAT (Tribunal) has pronounced that mere existence of subsidiary in India is not automatically constitute PE in India when necessary conditions as prescribed under DTAA are not fulfilled for automatically constitute PE in India in case of Progress Rail Automotive Inc.
- Read vide Delhi’s ITAT (Tribunal) order dated May 28, 2024
Conclusion: Staying informed about the monthly legal obligations and updates is essential for compliance and smooth business operations. The obligations for July 2024 span multiple regulations including FEMA, SEBI, ITA, GST, and various miscellaneous acts. Additionally, significant updates under the Income Tax Act reflect ongoing changes and requirements. Regularly reviewing these obligations ensures adherence to legal standards and minimizes the risk of non-compliance.
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(Author can be reached at email address satishagarwal307@yahoo.com or on Mobile No. 9811081957)
Disclaimer : The contents of this article are solely for informational purpose. Neither this article nor the information as contained herein constitutes a contract or will form the basis of a contract. The material contained in this article does not constitute or substitute professional advice that may be required before acting on any matter. While every care has been taken in the preparation of this article to ensure its accuracy at the time of publication. Satish Agarwal assumes no responsibility for any error which despite all precautions may be found herein. We shall not be liable for direct, indirect or consequential damages if any arising out of or in any way connected with the use of this article or the information as contained herein.
(Republished with amendments)
Author Bio
Composition due dates are missing from GST, IFF not applicable for last month of Quarter