Compliance Calendar for FY 2024-25

Introduction 

With a new financial year comes new compliance due dates. Keeping up with the different compliance requirements can get stressful and confusing. What’s worse is that if you miss any compliance due dates, heavy penalties and fines can come your way. So, to make it easy for all Indian businesses to track and manage their various compliances, we have curated a detailed compliance calendar for FY 2024-25. 

Our compliance calendar for 2024 is organized category-wise. Our categories include due dates for GST, TDS/TCS, Income tax, company compliance requirements such as AGM due date, LLP annual return due date, and a lot more! You can download and print our compliance calendar for FY 2024-25.pdf. So let’s dive in!

GST Due Dates 

The GST due dates are among the most crucial dates for Financial year closure activities for businesses and accountants in our Compliance Calendar for FY 2024-25. We know that keeping up with the correct GST due dates can feel a bit overwhelming. So we’ve made them easy for you:

Normal Taxpayers:

• Monthly GSTR-1 Filings: These are obligatory for businesses with an annual turnover exceeding Rs. 1.5 crores. The deadline for submission for each month is the 11th of the next month. Making it crucial for eligible businesses to prepare their invoices and documentation well in advance to avoid last-minute hassles.
• Monthly GSTR-3B: This return needs to be filed by all taxpayers by the 20th of each month. It summarizes the total sales and purchases. This allows taxpayer to calculate net tax liability and make payment through GST challan.

QRMP Taxpayers:

• Quarterly GSTR-1 Filings: QRMP is easier to opt for enterprises with a lower volume of transactions. For enterprises enrolled under the QRMP (Quarterly Return Monthly Payment) Scheme, the submission is due on the 13th of the month following the end of a quarter. This allows businesses to manage their filings on a less frequent basis, easing the administrative burden on small taxpayers. GSTR-1 can also be filed by QRMP taxpayers every month on the 13th using form GSTR 1FF. This is an optional filing.
• Quarterly GSTR-3B Filings: This filing is specifically for those under the QRMP scheme. It’s due in the months of April, July, October and January. The specific dates are the 22nd of the relevant month for businesses in South India and the 24th of the month for those in North India. 

Composite Taxpayers:

• CMP-08 Quarterly Submission: Composite dealers are required to submit this quarterly form. It is due on the 18th of April for the months of Jan-March, 18th of July for the months of April-June, the 18th of October for the months of July-September and on the 18th of January for the months of October-December. It is a statement-cum-challan to declare the details or summary of self-assessed tax payments.
• GSTR-4 Annual Filing: An important filing to be taken care of by Composition scheme GST taxpayers is filing the GSTR-4. It is an annual return due on the 30th of April of the next year for every financial year. For example, the GSTR-4 Return for 2023-2024 is due on 30th April 2024. 

Note: The GST Due Dates mentioned in our Compliance Calendar 2024 are subject to change as per relevant department notifications during the financial year

TDS/TCS & Income Tax Due Dates

When you think of compliance, one of the first thoughts that comes to mind is filing your Income tax and TDS/TCS. They are a vital part of any financial calendar and our Compliance Calendar for FY 2024-25 doesn’t forget them either.

• Monthly TDS/TCS Challan Submission: All businesses deducting or collecting tax at source must ensure that they deposit the TDS/TCS with the government by the 7th of the subsequent month.
• Quarterly TDS Returns: These are due on the last day of January, May, July, and October. These returns are essential for documenting the details of TDS deducted and deposited by an organization.
• Quarterly TCS Returns: These returns are due on the 15th of January, May, October, and January of the following year. They help in reporting the tax collected at source, providing a systematic record for both collectors and the tax authorities.
• Advance Tax Payments: These are due on the 15th of June, September, December and March for respective quarters. Timely payment helps in managing cash flows more effectively and avoids the accumulation of interest on delayed payments.
• ITR Filing for FY 2023-24: With deadlines on the 31st of July for non-audit cases and the 31st of October for audit cases and all other companies. These filings are critical for maintaining tax compliance and reporting annual income accurately. Additionally, for Businesses with international/specified domestic transactions (that are required to furnish a report in Form No. 3CEB) the ITR filing due date is 30th of November. 
• Tax Audit Report Filing under section 44AB: This is due by the 30th of September. it’s crucial for businesses to meet certain criteria set by tax authorities, facilitating transparency and compliance.

Important Due Dates for Businesses

When you’re talking about compliance for your business, you can never miss the ROC compliance dates. We have compiled all the most important dates from the ROC compliance calendar 2024-25.

For LLPs

• Form 11 Annual Return for LLPs: Due by the 30th of May, this form is crucial for Limited Liability Partnerships to maintain compliance and ensure all details are up-to-date. This is one of the most important dates from the ROC compliance calendar 2024-25 for LLPs.
• Form 8 Statement of Accounts: Form 8 is used for filing of solvency and annual accounts, ensuring that LLPs disclose their financial status transparently. It’s due by 30th October every year.

For Companies

Primary filings

• DIR-3 KYC: To be submitted by the 30th of September, this ensures that directors of companies comply with KYC requirements,
• AGM (Annual General Meeting): This is also due on 30th September for all private limited companies. This is one of the most important due dates on the ROC compliance calendar 2024-25. Mandates that private companies hold an annual meeting of shareholders to discuss annual reports, elect directors, and address shareholder queries.
• AOC-4 and Form AOC-4 CFS: These forms are used for the filing of financial statements and other relevant documents with the Registrar of Companies. They ensure public disclosure of financial health. AOC 4 form is due on the 27th of September for all OPCs (One Person Companies), and due on the 29th of October for all other companies. 
• MGT 7 and 7A: Then come the MGT 7 and 7A annual return forms for Private Limited Companies and OPCs. It’s due every year on the 26th of November for OPCs and on the 28th of November for Private Limited Companies. It is arguably the most important filing for any company. 
• FC-4 Annual Return: Foreign companies operating in India must submit this return by the 30th of May to disclose their financial performance and ensure regulatory compliance.

Secondary Filings

• DPT-3 Return of Deposit: Due by the 30th of June, DPT-3 is essentially a declaration of details related to deposits or loans/advances by members. This enhances transparency in financial dealings.
• Form ADT-1: This is the necessary filing for the appointment or reappointment of auditors. It ensures the independence and effectiveness of financial audits. It is due every year on the 14th of October.
• FLA Return to RBI: Required by the 15th of July every year, this return is necessary for companies that have received FDI or made overseas investments during the previous year.
• CSR Compliance: Additionally, all companies that had stated that a CSR amount would be utilized for ongoing projects must deposit that amount in a separate bank account within a scheduled bank by the 30th of April. 
• Demat of Securities: By the 30th of September, all private companies that are not small companies need to ensure that they are compliant with Demat provisions. 
• PAS 6: All unlisted Public companies also have to file PAS 6 form on the 30th of May. It’s a half-yearly ‘Reconciliation of Share Capital Audit Report’ form.

Other

• Another important due date for businesses enrolled under the Udyam scheme is the MSME Form 1. It’s due twice a year, on the 30th of April and the 31st of October. Companies only have to file it if they have any payments pending to MSMEs for more than 45 days.

PF and ESI Due Dates

For employees and employers, another set of important due dates is their ESI and PF due dates. Here they are:

• PF Challan/ESI Payment: Employers need to ensure timely payment of Provident Fund and Employees’ State Insurance by the 15th of every month. This contributes to the welfare and security of the workforce.
• PF Annual Return (Forms 3A and 6A): This comprehensive annual summary is due on the 25th of April each year. It helps in maintaining clear and complete records of contributions towards employee provident funds.

Conclusion 

Understanding as well as being aware of your compliance requirements helps you ensure there are no missed deadlines. With our compliance calendar for FY 2024-2025 we wish to make compliance activities hassle-free for you and your business. As mentioned before, you can also save and print our compliance calendar for FY 2024-25.pdf for quick access to all your important dates. In case of any doubts or help filing, you can always reach out to us at LegalWiz.in. Our experts will ensure that all your compliance needs are taken care of without you having to lift a single finger.