Monthly (June-2024) Legal Obligations + Legal updates for India

CA Satish Agarwal 06 Jun 2024 27,333 Views 1 comment Print CA, CS, CMA | Articles

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.

June 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* (*June-2024) Legal Obligations + Legal up-dates (both) for India*
*(A)* *Monthly* (*June-2024) Legal Obligations for India*
*1. Income Tax Act, 1961*
*S.No*	*Date of Event*	*Form or* *Challan*	*Period Ending on*	*Frequency*	*Type of Legal Obligation*
(i)	June, *07^th* 2024	*285*	May *2024*	Monthly	Depositing Equalization Levy (EQL)
(ii)	June, *07^th* 2024	*281*	May *2024*	Monthly	Depositing TDS + TCS by govt. offices where paid through book entry
(iii)	June, *07^th* 2024	*281*	May *2024*	Monthly	Depositing TDS + TCS by non govt. offices where paid through bank
(iv)	June, *14^th* 2024	*16 B*	April *2024*	Monthly	Issuing TDS Certificate under Section 194-IA
(v)	June, *14^th* 2024	*16 C*	April *2024*	Monthly	Issuing TDS Certificate under Section 194-IB
(vi)	June, *14^th* 2024	*16 D*	April *2024*	Monthly	Issuing TDS Certificate under Section 194-IM
(vii)	June, *14^th* 2024	*16 E*	April *2024*	Monthly	Issuing TDS Certificate under Section 194-S
(viii)	June, *15^th* 2024	*3BB*	May *2024*	Monthly	Filing return by stock ex-change for transactions when client’s code is modified
(ix)	June, *15^th* 2024	*24G*	May *2024*	Monthly	Filing return by govt.’s office where TDS/TCS paid through book entry
(x)	June, *15^th* 2024	*280*	March *2025*	Quarterly	(i) Deposit 1^st instalment for Advance tax (@ 15%) by all assessee (ii) However instalment for Advance tax is not need-ed for assessee opting section 44AD + 44ADA (both)
(xi)	June, *15^th* 2024	*16A*	March *2024*	Quarterly	Issue TDS Certificates by Non salary
(xii)	June, *15^th* 2024	16	March *2024*	Annually	Issue TDS Certificate by employer
(xiii)	June, *15^th* 2024	*12BA*	March *2024*	Annually	Issue annexure to TDS certificate by employ-er
(xiv)	June, *15^th* 2024	*64D*	March *2024*	Annually	Filing statement (return) for income paid or credited by investment fund
(xv)	June, *30^th2024***	*26QB*	May *2024*	Monthly	Filing challan-cum-return for TDS under Section 194-IA
(xvi)	June, *30^th2024***	*26QC*	May *2024*	Monthly	Filing challan-cum-return for TDS under Section 194-IB
(xvii)	June, *30^th2024***	*26QD*	May *2024*	Monthly	Filing challan-cum-return for TDS under Section 194-M
(xviii)	June, *30^th2024***	*26QE*	May *2024*	Monthly	Filing challan-cum-return for TDS under Section 194-S
(xix)	June, *30^th2024***	—-	June *2024*	Quarterly	Filing return for TDS non deduction on time depos-it by banking company
(xx)	June, *29^th2024***	*3CEK*	March *2024*	Annually	Filing statement by eligible investment fund under section 9A
(xxi)	June, *30^th2024***	*10A*	March *2024*	Annually	Filing application for registration or provisional registration or intimation or approval or provisional approval of trust or society or etc.
(xxii)	June, *30^th2024***	*10B*	March *2024*	Annually	Filing application for conversion of provisional registration to regular or renewal of registration or approval after 5 years of registration of approv-al of trust or society or etc.
(xxiii)	June, *30^th2024***	*Form 1/2*	March *2024*	Annually	Filing return for Securities Transaction Tax (STT)
(xxiv)	June, *30^th2024***	*64B*	March *2024*	Annually	Filing statement (return) for income distributed by Business Trust (BT)
(xxv)	June, *30^th2024***	*64C*	March *2024*	Annually	Filing statement (return) for income distributed by Alternative Investment Fund (AIF)
(xxvi)	June, *30^th2024***	—-	March *2024*	Annually	Obtain report by approved Institution or public sector company under section 35AC{4) or (5)

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2. *Goods and Services Tax* (*GST) Act, 2017***
*S.No*	*Date of Event*	*Form or* *Challan*	*Period Ending on*	*Frequency*	*Type of Legal Obligations*
(i)	*From* June, *1^st* *2024*	—-	March *2024*	One Time	Commencing mandatory e-invoicing when turno-ver is exceeding INR 10 cr. for year ending on June 31, 2024
(ii)	June, *01^st* *2024*	GST- *INV-01*	March *2024*	One Time	Issuing e-invoice when turnover is exceeding 5 crore for year ending on June 31, 2024
(iii)	June, *01^st* *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)	June, *10^th* *2024*	GSTR – 7	May *2024*	Monthly	Filing return by Tax deductor
(v)	June, *10^th* *2024*	GSTR – 8	May *2024*	Monthly	Filing return by E-Commerce opera-tor
(vi)	June, *11^th* *2024*	GSTR – 1	May *2024*	Monthly	Filing return when annual turnover is exceeding INR 5 crore
(vii)	June, *13^th* *2024*	GSTR – *IFF*	May *2024*	Monthly	(a) Uploading invoice under QRMP scheme not required for month of June + Sep + Feb + June = 4 months or (b) Uploading invoice under QRMP scheme required for month of June + June + July + August + Feb + Feb + June + June = 8 months
(viii)	June, *13^th* *2024*	GSTR – 6	May *2024*	Monthly	Filing return by Input Service Distrib-utor (ISD)
(ix)	June, *13^th* *2024*	GSTR – 5	May *2024*	Monthly	Filing return by Non-resident deal-er
(x)	June, *18^th* *2024*	CMP-08	May *2024*	Monthly	Filing Declaration for summary of self-assessed tax payable by dealer (opted for composition levy)
(xi)	June, *20^th* *2024*	GSTR – 5A	May *2024*	Monthly	Filing return by OIDAR service pro-vider
(xii)	June, *20^th* *2024*	GSTR – 3B	May *2024*	Monthly	Depositing GST when annual turnover is exceeding INR 5 crore
(xiii)	June, *22^nd* *2024*	GSTR – 3B	May *2024*	Monthly	Depositing GST when annual turnover is not exceeding 5 crore for Category- I States
(xiv)	June, *24^th* *2024*	GSTR – 3B	May *2024*	Monthly	Depositing GST when annual turnover is not exceeding INR 5 crore for Category- II States
(xv)	June, *25^th* *2024*	GSTR – 3B	May *2024*	Monthly	Depositing GST when annual turnover is not exceeding INR 5 crore + opted QRMP Scheme
(xvi)	June, *25^th* *2024*	GSTR– PMT-06	May *2024*	Monthly	Depositing tax for QRMP Scheme
(xvii)	June, *28^th* *2024*	GSTR – 11	May *2024*	Monthly	Filing return by Unique Identification Number (UIN) holder like embassies + etc. (both) to get refund against ITC

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*3. Miscellaneous* (*FEMA + Companies + ESI + EPF + LLP + Etc.) Acts***
*S.No*	*Date of Event*	*Act*	*Application or Form or Challan*	*Period Ending on*	*Frequency*	*Type of Legal Obligations*
(i)	June, *1^st* *2024*	Companies Act, *2013*	—-	—-	One time	Installation Audit trail feature in existing accounting software (Tally) for book keeping by 100% companies
(ii)	June, *26^th* *2024*	Provident Fund, *1952*	—-	March *2024*	One time	Filing application for higher pension @ 9.49% in-stead of @ 8.33% from employer’s contribution
(iii)	June, *01^st* *2024*	SEBI Act	—-	—-	One time	Verification Mechanism for Investor‘s Death.
(iv)	June, *07^th* *2024*	FEMA,*1999*	*ECB* – 2	May *2024*	Monthly	Filing return by borrower
(v)	June, *15^th* *2024*	ESI, *1948*	*ESI*	May *2024*	Monthly	Depositing contribution by employer
(vi)	June, *15^th* *2024*	Provident Fund, *1952*	*ECR*	May *2024*	Monthly	Filing challan-cum-return for PF
(vii)	June, *29^th* *2024*	Companies Act	*NDH-1*	March *2024*	Annually	Filing return for statutory compliances after its incorporation wherever applicable
(viii)	June, *30^th* *2024*	Companies Act	*DPT-3*	March *2024*	Annually	Filing return of deposit by Non NBFCs
(ix)	June, *30^th* *2024*	Companies Act	*MBP-1*	March *2025*	Annually	Filing Director’s Disclosure for Inter-est + also Non-disqualification by Companies (both).
(x)	June, *30^th* *2024*	Companies Act	—-	June *2024*	Quarterly	Holding 1^st Meeting of company’s Board of Directors (BoDs)
(xi)	June, *30^th* *2024*	Equalisation Levy	*Form 1*	March *2024*	Annually	Filing statement for Specified Services or E-Commerce Supply or Services (any)
(xii)	June, *30^th* *2024*	Foreign Trade	—-	March *2024*	Annually	Updation for IEC details

(B) Monthly (June-2024) Legal Updates for India

1. Income Tax Act, 1961

(i) CBDT has notified Long Term Capital Gains (LTCG) 363 as Cost Inflation Index (CII) for Financial year ending on March 31, 2025

- Notified vide Notification no. 44 dated May 24, 2024.

(ii) CBDT has extended new functionality in Annual Information System (AIS) for taxpay-ers to display status of information’s confirmations process in real-time

- Extended vide press release dated May 13, 2024
- Extended vide read AIS portal user guide uploaded on Income-tax website on May 15, 2024

(iii) Supreme Court has extended (uphold) con-stitutional validity against State Bank of India (SBI) prime rate for lending

- Extended vide decision of Supreme Court dated May 07, 2024.

(iv) CBDT has issued guidelines for compulsory selection of Income-tax Returns (ITRs) for 100% scrutiny during Financial year ending on March 31, 2025

- Issued vide detailed guidelines dated May 03, 2024

(v) Income Tax Appellate Tribunal (ITAT) Bengaluru clarified 0 (zero) as cost of acquisition for bonus shares allotted before April 01, 2001 for adopting fair value to compute long term capital gain

- Clarified vide ITAT, Bengaluru’s decision dated April 29, 2024

(vi) ITAT, Delhi clarified that Safe Harbour Rules are curative in nature therefore applies retrospectively under section 56(2)(viib) of ITA, 1961

- Clarified vide ITAT, Delhi’s decision dated April 16, 2024.

2. Goods and Services Tax (GST) Act, 2017

(i) CBIC has informed that GST revenue collection for May 2024 INR 73 Lac Crore (10% higher than GST revenue in May 2024)

- Informed vide Press Release dated June 01, 2024.

(ii) GSTN has issued advisory for furnishing information by manufacturers of Pan Ma-sala & Tobacco

- Issued vide GSTN’s advisory dated May 16, 2024

(iii) Govt. has appointed Sanjay Kumar Mishra as 1^st president for GST Appel-late Tribunal (GSTAT), New Delhi

- Appointed vide Press Release dated May 6, 2024.

(iv) Punjab & Haryana High Court has uphold validated circular issued by CBIC in October, 2023 that corporate guaran-tee provided by related person without consideration is treated taxable service

- Uphold validity vide Punjab & Haryana High Court’s decision dated May 3, 2024.

Conclusion: June 2024‘s legal landscape in India is multifaceted, requiring meticulous attention from businesses. Compliance with statutory obligations ensures operational continuity and legal adherence. Staying abreast of legal updates empowers businesses to navigate regulatory complexities effectively and foster sustainable growth.

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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)