Monthly (March 2023) Legal Obligations + Legal updates for India

Monthly (March 2023) Legal Obligations + Legal updates for India under Income Tax Act, 1961, Goods and Services Tax (GST) 2017, FEMA, 1999, ESI, 1948, Provident Fund, 1952, Companies Act, 2013, LLP Act 2008.

Author explains which obligation needs to be discharged, Form or challan to be filled or filed, Period for which obligation needs to be discharged, Frequency of the obligation and Type of Legal Obligation.

*Monthly* (*March 2023) Legal* *Obligations +* *Legal updates (both) for India*
*(A)* *Monthly* (*March 2023) Legal Obligations for India*
*1. Income Tax Act, 1961*
*S. No*	*Date of Event*	*Form/* *Challan*	*Period Ending on*	*Freq-uency*	*Type of Legal Obligation*
(i)	*7^th* March *2023*	Challan *281*	Feb *2023*	Monthly	Deposit for TDS* or* TCS by Non- Govt. Deductor
(ii)	*7^th* March *2023*	Challan *285*	Feb *2023*	Monthly	Deposit for Equalization Levy (EQL)
(iii)	*14^th* March *2023*	Form 16 B	Jan *2023*	Monthly	Issue of TDS Certificate under Section 194-IA
(iv)	*14^th* March *2023*	Form *16 C*	Jan *2023*	Monthly	Issue of TDS Certificate under Section 194-IB
(v)	*14^th* March *2023*	Form *16 D*	Jan *2023*	Monthly	Issue of TDS Certificate under Section 194-IM
(vi)	*14^th* March *2023*	Form 16 E	Jan *2023*	Monthly	Issue of TDS Certificate under Section 194-S
(vii)	*15^th* March *2023*	Form *3BB*	Feb *2023*	Monthly	Filing of return by stock exchange for transaction where client’s code is modified
(viii)	*15^th* March *2023*	Form *24 G*	Feb *2023*	Monthly	Filing of return by Govt. deductor where TDS or TCS is paid without production of tax challan
(ix)	*15^th* March *2023*	Challan *280*	March *2023*	Quarterly	Deposit for 4^th instalment of advance tax @ 25%
(x)	*15^th* March *2023*	Challan *280*	March *2023*	Annually	Deposit for advance tax @ 100% where incomes assessed under section 44AD + 44ADA (both) against presumptive taxation scheme
(xi)	*30^th* March *2023*	Form *26QB*	Feb *2023*	Monthly	Filing of challan-cum-return for TDS under Section 194-IA
(xii)	*30^th* March *2023*	Form *26QC*	Feb *2023*	Monthly	Filing of challan-cum-return for TDS under Section 194-B
(xiii)	*30^th* March *2023*	Form *26QD*	Feb *2023*	Monthly	Filing of challan-cum-return for TDS under Section 194-M
(xiv)	*30^th* March *2023*	Form *26QE*	Feb *2023*	Monthly	Filing of challan-cum-return for TDS under Section 194-S
(xv)	*31^st* March *2023*	*N/A*	March *2023*	Annually	Deposit for life insurance premium + PPF + etc.
(xvi)	*31^st* March *2023*	*N/A*	March *2023*	Annually	Linking of PAN with Aadhaar + late fee INR 1000.
(xvii)	*31^st* March *2023*	Challan *280*	March *2023*	Annually	Deposit for balance Advance Tax
(xviii)	*31^st* March *2023*	10A	March *2021*	Annually	(a) Filing of application for registration or provisional registration + intimation + approval + provisional approval of Trusts + etc. (any) (b) However original date for filing was June 30, 2021
(xix)	*31^st* March *2023*	10AB	March *2021*	Annually	(a) Filing of application for conversion of provisional registration to regular + renewal of registration + approval after 5 year of registration or approval of Trust + institution + etc. (any) (b) However original date for filing was February 28, 2022
(xx)	*31^st* March *2023*	3CEAD	March *2022*	Annually	Filing of Country-By-Country Report for international group where Indian company is constituent by parent entity + alternate reporting entity (any) resident in India.
(xxi)	*31^st* March *2023*	Form 67	March *2022*	Annually	Uploading of statement for foreign income offered to tax in India + tax deducted + paid outside India (both)

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2. *Goods and Services Tax (GST) 2017*
*S.No*	*Date of Event*	*Form/* *Challan*	*Period Ending on*	*Frequency*	*Type of Legal Obligations*
(i)	*10^th* March *2023*	GSTR – 7	Feb *2023*	Monthly	Filing of return by Tax Deductor
(ii)	*10^th* March *2023*	GSTR – 8	Feb *2023*	Monthly	Filing of return by E-Commerce operator
(iii)	*11^th* March *2023*	GSTR – 1	Feb *2023*	Monthly	Filing of return where annual turnover is exceeding INR 5 crore
(iv)	*13^th* March *2023*	*IFF*	Feb *2023*	Monthly	(a) Uploading of invoice under QRMP scheme is not required for June + Sep + Dec + March Month or (b) Uploading of invoice under QRMP scheme is required for April + May + July + August + Oct + Nov + Jan + Feb Month
(v)	*13^th* March *2023*	GSTR – 6	Feb *2023*	Monthly	Filing of return by Input Service Distributor (ISD)
(vi)	*20^th* March *2023*	GSTR – 5	Feb *2023*	Monthly	Filing of return by Non-resident dealer
(vii)	*20^th* March *2023*	GSTR – 5A	Feb *2023*	Monthly	Filing of return by OIDAR service provider
(viii)	*20^th* March *2023*	GSTR – 3B	Feb *2023*	Monthly	Deposit for GST where annual turnover is exceeding INR 5 crore
(ix)	*22^nd* March *2023*	GSTR – 3B	Feb *2023*	Monthly	Deposit for GST where annual turnover is not exceeding 5 crore for Category- I States
(x)	*24^th* March *2023*	GSTR – 3B	Feb *2023*	Monthly	Deposit for GST where annual turnover is not exceeding INR 5 crore for Category- II States
(xi)	*25^th* March *2023*	GSTR – 3B	Feb *2023*	Monthly	Deposit for GST where annual turnover is not exceeding INR 5 crore + opted QRMP Scheme
(xii)	*25^th* March *2023*	GSTR– PMT–06	Feb *2023*	Monthly	Deposit of tax for QRMP Scheme
(xiii)	*28^th* March *2023*	GSTR – 11	Feb *2023*	Monthly	Filing of return by Unique Identification Number (UIN) holder like embassies + etc. to get refund against ITC
(xiv)	*31^st* March *2023*	GST-*CMP-02*	March *2024*	Annually	(a) Opting for Composition scheme where dealer not opted earlier (b) Hence already opted for composition scheme not required to opt again (renew)
(xv)	*31^st* March *2023*	GST-*RFD-11*	March *2024*	Annually	Filing of application for Letter of Undertaking (LUT) by Exporter to outside India + also to SEZ in India without payment of GST

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*3. Miscellaneous (FEMA + Company +* *ESI + PF + LLP) Acts*
*S. No*	*Date of Event*	*Act*	*Applic-ation Form/ Challan*	*Period Ending on*	*Frequency*	*Type of* *Legal Obligations*
(i)	*7^th* March *2023*	FEMA,*1999*	*ECB* – 2	Feb *2023*	Monthly	Filing of ECB return by borrower
(ii)	*15^th* March *2023*	ESI, *1948*	*ESI*	Feb *2023*	Monthly	Deposit for ESI by employer
(iii)	*15^th* March *2023*	Provident Fund, *1952*	*ECR*	Feb *2023*	Monthly	Filing of challan-cum-return for PF
(iv)	*31^st* March *2023*	Companies Act, 2013	*CSR-2*	March *2022*	Annually	Filing for Annual Report for Corporate Social Responsibility (CSR)

(B) Monthly (March 2023) Legal Updates for India

1. Income Tax Act, 1961

(i) Direct tax collection for Financial Year (FY) 2022-23 up to February 10 2023 Rs. 15.67 Lakh Crore, 09% higher than gross collection for corresponding period last year • Vide Press Release dated February 11, 2023

(ii) CBDT has introduced substantial changes in reporting formats for audit reports in Forms 10B + 10BB against Charitable trust + Institutions (both) to be issued by Chartered Accountant (auditor) • Vide Notification no. 7 dated February 21, 2023.

(iii) CBDT has notified Income Tax Return (ITR) forms for FY 2022-23 • Vide Notification No. 4 dated February 10 2023 + Notification No. 5 dated February 14, 2023

(iv) Finance Minister has presented Union Budget 2023 on February 01, 2023 • Read with analysis on India Union Budget 2023

(v) CBDT has released through Income-tax department online calculator for computation of tax liability against new regime under section 115BAC of Income-tax Act for Individuals + allied categories of taxpayers • Read access the online calculator

2. Goods and Services Tax (GST) 2017

(i) GST collection for February 2023 Rs. 149,577 Crore (12% higher than GST revenue collection in February 2022), improvement in percentage of filing GST Returns • Press Release dated February 28, 2023

(ii) CBIC Advisory on Geocoding of address of principal place of business • Read advisory dated February 24, 2023 + read answers to Frequently Asked Questions (FAQs) issued by GSTN

(iii) Highlights of 49^th GST Council Meeting held on February 18, 2023 in New Delhi • Vide Press Release dated February 18, 2023 + read our alert dated February, 20 2023.

(iv) GSTN has introduced of negative values in Table-4 of Form GSTR-3B (Summary Return) • Read advisory dated February 17, 2023

3. Reserve Bank of India (RBI)1934

RBI has allowed access to Unified Payments Interface (UPI) mode of payment for foreign nationals + Non-resident Indians (NRIs) visiting India • Vide Notification dated February 10, 2023

4. Securities Exchange Board of India (SEBI) 1992

SEBI has mandated for 100% Stock Brokers + Depository Participants (both) to maintain designated websites to keep investors well informed about their activities • Vide Circular dated February 15, 2023

5. International Tax

CBDT has notified Equalization Levy (EL) scheme for processing of EL statement + return submitted (both) by taxpayer • Vide Notification No. 3 dated February 07, 2023

6. Company Law

(i) MCA has allowed for submission of following forms in physical mode from February 22, 2023 to March 31, 2023 • Vide Circular no. 5 dated February 22, 2023:

(a) GNL-2 – filing of prospectus related documents

(b) MGT-14 – filing of resolutions for prospectus related documents

(c) PAS-3 – return of allotment of shares

(d) SH-8 – letter of offer for buyback of shares

(e) SH-9 – declaration of solvency

(f) SH-11 – return of buy back of shares

(ii) MCA has waived late filing fee up to March 31, 2023 for following forms:

(a) 45 e-Forms -due for filing from February 07 to February 28, 2023

(b) PAS-3 e-Form – due for filing from January 20 to February 28, 2023 + extension of name reservation for additional 20 days

(c) SPICe e-Form + Part A – form for reservation of name by proposed company under incorporation • Vide Circular dated February 21, 2023.

(iii) MCA has extended up to March 01, 2023 for application to MCA for obtaining certificate of registration by entities operating or desiring of operating as Online Bond Platform Providers (OBPPs) • Vide Circular dated February 07, 2023.

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(Republished with amendments)