Staying current with statutory compliance standards is essential for businesses navigating India’s rules and regulations. It also assists you in avoiding economic difficulties such as inadequate credit and fines for non-compliance. This article defines the terms Form DPT-3 and Importer or Exporter code. The Compliance Calendar provides the filing of Form DPT-3 and the renewal of the Importer or Exporter Code (IEC). and provides information on due dates, forms to be filled out, periods, and who should file them.
July 2024 Compliance Calendar (Updated on 02nd July 2024)
|
S.NO |
Due Date |
Forms to be Filled |
Period |
Who should file them? |
|
1 |
07.07.2024 |
TDS and TCS liabilities to the Income Tax Department |
June 2024 |
To be filed by entities required to deduct tax at the source before making certain payments, such as salaries, interest, rent, commission, etc. |
|
2 |
15.07.2024 |
TDS Certificate (Form 16B) |
May 2024 |
Form 16B is filed by the buyer of immovable property (like land, building, or apartment) if TDS is deducted on the purchase of such property. |
|
3 |
15.07.2024 |
TDS Certificate (Form 16C) |
May 2024 |
Form 16C is filed by the person who is responsible for paying any income or making any payment (other than salary) to a resident. It’s primarily related to TDS on rent. |
|
4 |
15.07.2024 |
TDS Certificate (Form 16 D) |
May 2024 |
Form 16D is filed by the tenant (deductor) for TDS deducted on rent. |
|
5 |
15.07.2024 |
Professional tax returns |
June 2024 |
Filing professional tax returns typically falls on the employers or the individuals who are liable to pay professional tax |
|
6 |
15.07.2024 |
PF/ESI |
June 2024 |
Employers are required to deduct the specified amounts from employees’ salaries and contribute their share towards PF and ESI |
|
7 |
15.07.2024 |
Quarterly TCS return (Form 26EQ) |
April-June 2024 |
TCS collector need to submit a TCS return every quarter. |
|
8 |
30.07.2024 |
Quarterly TCS Certificate |
April-June 2024 |
Issuance of TCS certificate ( Form 27D) for Quarter 1 of FY 2024-25 |
|
9 |
30.07.2024 |
Challan cum TDS statement [Tax deducted under 194IA (Form 26 QB), 194IB (Form 26 QC), and 194M (Form 26 QD)]
|
June 2024 |
To be filed by a contractor, an employer, or any person or entity making specified payments where TDS is required to be deducted as per the provisions of the Income Tax Act, 1961. |
|
10 |
31.07.2024 |
Deposit of quarterly TDS returns |
April-June 2024 |
Quarterly TDS returns (Form 24Q or Form 26Q) for April-June 2024 quarter |
|
11 |
31.07.2024 |
Form No. 10BBB |
April-June 2024 |
Intimation in Form 10BBB by a pension fund in respect of each investment made in India for the quarter ending June 2023 |
|
12 |
31.07.2024 |
ITR Filing |
FY 2023-24 |
ITR Filing for assessees other than (a) corporate filer or (b) non-corporate filer (whose books of account are required to be audited) or (c) partner of a firm whose accounts are required to be audited or the spouse of such partner if the provisions of section 5A applies or (d) a filer who is required to furnish a report under section 92E. |
June Compliance Calendar 2024 (Updated on 06th June 2024)
Here’s the June Compliance Calendar 2024 which provides detailed information:
Important Statutory due dates for Renewals in June 2024
|
Due dates |
Form to be Filled |
Period |
Who Should File? |
|
30.06.2024 |
DPT-3 |
Financial Year 2023-24 |
Form DPT-3 is filed by companies in India under the Companies Act, 2013. Specifically, it is filed by companies to provide information about deposits, including details of outstanding deposits and depositors, as required by rule 16 of the Companies (Enacting Deposits Rules, 2014). |
|
30.06.2024 |
IEC Code Renewal |
Financial Year 2023-24 |
An Importer-Exporter Code (IEC) is a significant business identification number for an import/export business. A person/entity cannot export or import without obtaining an IEC unless specifically exempted. |
Form DPT-3
Form DPT-3: An Annual Compliance Requirement
Under the Companies Act of 2013, Form DPT-3 is a mandatory deposit return. All companies, except government agencies, are required to submit this form once a year to disclose specifics about deposits, outstanding loans, and money received that isn’t considered a deposit.
Relevant Information:
1. Application: All companies ( excluding government companies)
2. Purpose: The information on deposits, loans, and other financial receipts is not considered deposits.
Form DPT-3 submission is required by the Ministry of Corporate Affairs (MCA) to improve transparency and guarantee that businesses follow the established guidelines for loans and deposits. Legal issues and fines may arise from noncompliance.
The filing process:
1. Compile information: As of March 31, 2024, compile data on loans, deposits, and other revenues.
2. Navigate the MCA Portal: To obtain the Form DPT-3, sign in to the MCA portal.
3. Fill out and submit: Before the deadline, electronically submit the form, making sure all the information is accurate.
The Importer Exporter Code (IEC) renewal
Businesses involved in import and export are assigned a unique identification ten-digit code called the Importer Exporter Code (IEC) by the Directorate General of Foreign Trade (DGFT). To keep their IEC valid, IEC renewal must be done every year for businesses.
Relevant Information
1. Applicability: It is mandatory for every company to be compliant with IEC
2. Purpose: IEC details of the DGFT database are updated and accurate,
Renewal process:
1. Register on the DGFT Portal: Enter your login credentials to access the DGFT website.
2. Update IEC Details: Check and make any necessary updates to your IEC profile’s data.
3. Confirm Submission: Provide the updated information or confirm that nothing needs to be changed.
Operations related to international trade may be disrupted if the IEC is not updated within the allotted time frame and is deactivated.
Conclusion:
For businesses to stay out of trouble and maintain efficient operations, meeting legal deadlines is essential. The June compliance calendar 2024 provides you with statutory due-dates for renewals, forms to be filled out, periods, and who should file them. Businesses can avoid last-minute difficulties by scheduling these days on their compliance calendars and preparing the required paperwork ahead of time.
(Republished with amendments)
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