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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.

May 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 (May-2024) Legal Obligations + Legal updates (both) for India
(A) Monthly (May-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) May, 07th 2024  285 April 2024 Monthly Depositing Equalization Levy (EQL)
(ii) May, 07th 2024 281 April 2024 Monthly Depositing TDS + TCS by govt. offices where paid through book entry
(iii) May, 07th 2024 281 April 2024 Monthly Depositing TDS + TCS by non govt. offices where paid through bank
(iv) May, 14th 2024 16 B March 2024 Monthly Issuing TDS Certificate under Section 194-IA
(v) May, 14th 2024 16 C March 2024 Monthly Issuing TDS Certificate under Section 194-IB
(vi) May, 14th 2024 16 D March 2024 Monthly Issuing TDS Certificate under Section 194-IM 
(vii) May, 14th 2024 16 E March 2024 Monthly Issuing TDS Certificate under Section 194-S 
(viii) May, 15th 2024 3BB April 2024 Monthly Filing return by stock exchange for transactions when client’s code is modified
(ix) May, 15th 2024 Form 27EQ March 2024 Quarterly Filing TCS return
(x) May, 15th 2024 24G April 2024 Quarterly Filing return for TDS or TCS by govt. offices where paid through book entry
(xi) May, 30th 2024 26QB April 2024 Monthly Filing challan-cum-return for TDS under Section 194-IA 
(xii) May, 30th 2024 26QC April 2024 Monthly Filing challan-cum-return for TDS under Section 194-IB
(xiii) May, 30th 2024 26QD April 2024 Monthly Filing challan-cum-return for TDS under Section 194-M 
(xiv) May, 30th 2024 26QE April 2024 Monthly Filing challan-cum-return for TDS under Section 194-S 
(xv) May, 30th 2024 27D March 2024 Quarterly Issuing TCS Certificate
(xvi) May, 31st 2024 24Q March 2024 Quarterly Filing TDS return for Salaries under section 192
(xvii) May, 31st 2024 26Q March 2024 Quarterly Filing TDS return for Other than-Salaries under section 194
(xviii) May, 31st 2024 26QF March 2024 Quarterly Filing TDS return for virtual digital assets by exchange under section 194-S
(xix) May, 31st 2024 27Q March 2024 Quarterly Filing TDS return for payments to Non Resident
(xx) May, 31st 2024 10 March 2024 Annually Filing statement for accumulated incomes under section 10(21) + 11(1) where due date for filing ITR is July 31, 2024
(xxi) May, 31st 2024 10BD March 2024 Annually Filing statement for Donors + Donations received by charitable organization under section 80G + also 35 (all)
(xxii) May, 31st 2024 10BE March 2024 Annually Downloading for certification of Donations + certificate for contributions from IT portal + to give to donors + contributors under section 80G + also 35 (all)
(xxiii) May, 31st 2024 Form 49A March 2024 Annually (i) Filing application for PAN’s allotment by non-individual resident where financial transactions were 2.50 lac or more during financial year ending March 31, 2024

(ii) Also not having PAN

(xxiv) May, 31st 2024 Form 49A March 2024 Annually (i) Filing application for PAN’s allotment by non-individual resident for Managing Director(MD) or Director or Patner or Trustee or office bearer (any) where financial transactions were 2.50 lac or more during financial year ending March 31, 2024

(ii) Also not having PAN

(xxv) May, 31st 2024 Form 49C March 2024 Annually Filing statement for liaison office in India by Non Resident
(xxvi) May, 31st 2024 Form 61A March 2024 Annually Filing statement for financial transactions like dividend + also interest (both)
(xxvii) May, 31st 2024 Form 61-B December 2023 Annually (i) Filing statement for reportable accounts by financial institutions

(ii) Also filing statement for 0 (zero) reportable accounts by financial institutions

(xxviii) May, 31st 2024 Form 9A March 2024 Annually Filing application for exercising option to apply previous year’s incomes in next 5 years by trust + also charitable institution (both) where due date for filing ITR is July 31, 2024
(xxix) May, 31st 2024 —– March 2024 Annually Deducting higher rate of TDS + also TCS (both) where PAN is not linked with Aadhar against transactions executed up to March 31, 2024.

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, 1st 2024

—- March 2024 One Time Commencing mandatory e-invoicing when turnover is exceeding INR 10 cr. for year ending on May 31, 2024
(ii) May, 01st 2024 GST- INV-01 March 2024 One Time Issuing e-invoice when turnover is exceeding 5 crore for year ending on May 31, 2024
(iii) May, 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) May, 10th 2024 GSTR – 7 April 2024 Monthly Filing return by Tax deductor
(v) May, 10th 2024 GSTR – 8 April 2024 Monthly Filing return by E-Commerce operator
(vi) May, 11th 2024 GSTR – 1 April 2024 Monthly Filing return when annual turnover is exceeding INR 5 crore
(vii) May, 13th 2024 GSTR – IFF April 2024 Monthly (a) Uploading invoice under QRMP scheme not required for month of June + Sep + Feb + May = 4 months

or

(b) Uploading invoice under QRMP scheme required for month of May + June + July + August + Feb + Feb + May + May = 8 months

(viii) May, 13th 2024 GSTR – 6 April 2024 Monthly Filing return by Input Service Distributor (ISD)
(ix) May, 13th 2024 GSTR – 5 April 2024 Monthly Filing return by Non-resident dealer
(x) May, 18th 2024 CMP-08 April 2024 Monthly Filing Declaration for summary of self-assessed tax payable by dealer (opted for composition levy)
(xi) May, 20th 2024 GSTR – 5A April 2024 Monthly Filing return by OIDAR service provider
(xii) May, 20th 2024 GSTR – 3B April 2024 Monthly Depositing GST when annual turnover is exceeding INR 5 crore
(xiii) May, 22nd 2024 GSTR – 3B April 2024 Monthly Depositing GST when annual turnover is not exceeding 5 crore for Category- I States
(xiv) May, 24th 2024 GSTR – 3B April 2024 Monthly Depositing GST when annual turnover is not exceeding INR 5 crore for Category- II States
(xv) May, 25th 2024 GSTR – 3B April 2024 Monthly Depositing GST when annual turnover is not exceeding INR 5 crore + opted QRMP Scheme
(xvi) May, 25th 2024 GSTRPMT-06 April 2024 Monthly Depositing tax for QRMP Scheme
(xvii) May, 28th 2024 GSTR – 11 April 2024 Monthly Filing return by Unique Identification Number (UIN) holder like embassies + etc. (both) to get refund against ITC
(xviii) May, 30th 2024 ITC-03 March 2024 Annually Reversing ITC on stocks + also capital goods (both) where dealer is opting for Composition scheme during year ending March 31, 2025.

–    

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) May, 1st 2024 Companies Act, 2013 —- —- One time Installation Audit trail feature in existing accounting software (Tally) for book keeping by 100% companies
(ii) June, 26th 2024 Provident Fund, 1952 —- March 2024 One time Filing application for higher pension @ 9.49% instead of @ 8.33% from employer’s contribution
(iii) May, 01st 2024 SEBI Act —- —- One time Verification Mechanism for Investor‘s Death.
(iv) May, 07th 2024 FEMA,1999 ECB2 April 2024 Monthly Filing return by borrower
(v) May, 15th 2024 ESI, 1948 ESI April 2024 Monthly Depositing contribution by employer
(vi) May, 15th 2024 Provident Fund, 1952 ECR April 2024 Monthly Filing challan-cum-return for PF
(vii) May, 15th 2024 LLP BEN-2 —- One time Submitting for Beneficiary Owner (BO) by partners without additional fee
(viii) May, 15th 2024 LLP 4D —- One time Filing declarations’ with ROC where beneficial interest in contribution received by LLP
(ix) May, 30th 2024 LLP LLP-11 March 2024 Annually Filing return by LLP
(x) May, 30th 2024 Companies

Act

PAS-6 March 2024 Half Yearly Filing audit report for share capital’s reconciliation by non-listed companies.
(xi) May, 31st 2024 Companies

Act

CSR-2 March 2024 Annually Filing report for Corporate Social Responsibility (CSR) by liable companies
(xii) May, 31st 2024 Companies

Act

FC-4 March 2024 Annually Filing return for foreign Branch Office (BO) + also foreign Liaison Office (LO) both in India
(xiii) May, 31st 2024 FSSAI Form D-1 March 2024 Annually Filing return for food business by licensed Manufacturers + Re-packers + Re-labellers + Importers + also Manufacturer exporters (all).

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

1. Income Tax Act, 1961

(i) CBDT has announced comparison for Direct tax collection (provisional) for Financial Year (FY) 2023-24 INR 58 Lakh Crore, 17.70% higher than collection for last FY

    • Announced vide Press Release dated April 21, 2024.

(ii) CBDT has extended due date up to June 30, 2024 for submission of application in Form No. 10A + also 10AB (both) for registration or approval for tax exemption

(iii) CBDT has extended due date up to May 31, 2024 for linking PAN with Aadhar for avoiding higher rate of TDS + also TCS (both)

    • Extended vide Circular no. 6 dated April 23, 2024

(iv) CBDT has clarified for media reports against special drive to reopen cases where House Rent Allowance (HRA) were claimed

    • Clarified vide Press Release dated April 08, 2024

(v) CBDT has clarified that verification for ITR is needed within 30 days from date of uploading or electronic submission on Income tax portal

    • Clarified vide Notification no. 2 dated March 31, 2024
    • Clarified vide Corrigendum to Notification no. 2 dated April 04, 2024

(vi) CBDT has announced that functionality to file ITR from April 01, 2024

    • Announced vide Press Release dated April 04, 2024

(vii) Ministry of Finance (MoF) has clarified about misleading information’s on certain social media platforms for new tax regime about individuals under section 115BAC (1A) of Income Tax Act, 1961

    • Clarified vide Press Release dated March 31, 2024

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

(i) Ministry of Finance (MoF) has informed that GST revenue collection for April 2024 INR 10 lac Crore (12.40% higher than GST revenue in April 2023)

    • Informed vide Press Release dated April 01, 2024.

(ii) GSTN has enhanced version of GST portal which is to be launched on May 03, 2024

    • Enhanced vide GSTN’s update dated April 26, 2024

(iii) GSTN has issued advisory for new feature to auto-populate HSN-wise summary from e-Invoices to Form GSTR-1 (Outward supply return)

    • Issued vide GSTN’s advisory dated April 09, 2024

(iv) GSTN has issued advisory for reset + also re-filing of Form GSTR 3B (summary return) of some taxpayers  

    • Issued vide GSTN’s advisory dated April 09, 2024

(v) GSTN has issued advisory for self-enablement against e-Invoicing

    • Issued vide GSTN’s advisory dated April 03, 2024

(vi) CBIC has issued guidelines for undertaking investigations with regular taxpayers

3. International Tax

(i) CDBT has informed that signed 125 Advance Pricing Agreements (APAs) for Transfer Pricing (TP) matters during financial year ending March 31, 2024

    • Informed vide Press Release dated 16 April 2024.

(ii) CDBT has informed that protocol entered between Governments of India and Mauritius for amending India’s Double Taxation Avoidance Agreement (DTAA) with Mauritius + also insertion for new Principal Purpose Test (PPT) both.

Conclusion: May 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)

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