Other BriefingsIndia’s Tax Compliance Calendar for Businesses in August 2023
This article provides India’s tax compliance calendar for August 2023, highlighting various corporate compliance deadlines for businesses. It includes both income tax and GST due dates, as well as other important obligations that businesses must comply with. Maintaining tax compliance is essential for businesses to safeguard their financial stability and reputation. By staying up-to-date on the latest tax laws and reporting regulations, businesses can avoid costly mistakes and protect themselves from legal trouble. For expert assistance in maneuvering through India’s intricate tax landscape, reach out to our specialists at india@dezshira.com.
Effectively navigating the intricate tax landscape in India is imperative for businesses to safeguard their financial stability and position. However, staying compliant under the ever-changing tax regulations and complex reporting requirements can be challenging without expert guidance.
Businesses are advised to seek professional assistance, not only to ensure compliance with obligations but also to leverage potential incentives and relaxed reporting norms.
Choosing a professional services advisor is a well-known method to achieve these objectives. The advisory service should be adept at providing tailored tax advice, enabling businesses to meet their obligations while optimizing their tax advantages.
Additionally, it’s crucial to consider whether the service provider can furnish comprehensive services that align with the entity’s needs across various stages of business growth and its overall operations in India.
India’s tax compliance calendar August 2023
Income tax compliances
|
Compliance particulars |
Due dates |
|
Due date for deposit of tax deducted/collected (TDS/TCS) for July, 2023. However, all sum deducted/collected by an office of the government shall be paid to the credit of the federal government on the same day where tax is paid without providing an income-tax challan |
August 7, 2023 |
|
TDS Certificate issued under section 194-IA for tax deducted in June, 2023 |
August 14, 2023 |
|
TDS Certificate issued under section 194-IB for tax deducted in June, 2023 |
August 14, 2023 |
|
TDS Certificate issued under section 194M for tax deducted in June, 2023 |
August 14, 2023 |
|
TDS Certificate issue under section 194S for specified persons in June, 2023 Note: Applicable in the case of a specified person as mentioned under section 194S |
August 14, 2023 |
|
Due date for furnishing Form 24G by an office of the government where TDS/TCS for July, 2023 has been paid without providing an income-tax challan |
August 15, 2023 |
|
Due date for submitting the statement in Form no. 3BB by a stock exchange concerning transactions in which client codes have been altered post-registration in the system for July 2023 |
August 15, 2023 |
|
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA for July, 2023 |
August 30, 2023 |
|
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M for July, 2023 |
August 30, 2023 |
|
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB for July, 2023 |
August 30, 2023 |
|
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S for July, 2023 Note: Applicable in the case of a specified person as mentioned under section 194S |
August 30, 2023 |
|
Application in Form 9A for exercising the option available under Explanation to section 11(1) to apply income of previous year in the next year or in the future (if the assessee is required to submit a return of income on October 31, 2023) |
August 31, 2023 |
Compliance requirements under GST for August 2023
GSTR 1
|
Compliance particulars |
Due date |
|
August 11, 2023 |
GSTR 1: QRMP monthly/quarterly return
|
Form |
Compliance particulars |
Due date |
|
Details of outward supply: Invoice Furnishing Facility (IFF) and summary of outward supplies by taxpayers who have opted for the QRMP scheme |
· GST QRMP monthly return due date for the month of April, 2022 (IFF). Applicable for taxpayers with an annual aggregate turnover up to INR 15 million · Summary of outward supplies by taxpayers who have opted for the QRMP scheme |
August 13, 2023 |
GSTR 3B
|
Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu, Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep |
||
|
Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi |
||
|
Aggregate turnover |
Particulars |
Due date |
|
Exceeding INR 50 million |
Annual turnover of more than INR 50 million in the previous fiscal |
August 20, 2023 |
|
Up to INR 50 million in Group A states |
Annual turnover of up to INR 50 million in the previous fiscal for Group A states |
August 22, 2023 |
|
Up to INR 50 million in Group B states |
Annual turnover of up to INR 50 million in the previous fiscal for Group B states |
August 24, 2023 |
Other GST compliances
|
Form |
Compliance particulars |
Due date |
|
GSTR 5 and 5A |
All non-resident ODIAR service providers should file their monthly return GSTR-5A on or before the given due date of August 20, 2023 |
August 20, 2023 |
|
GSTR 6 |
Details of the Input Tax Credit (ITC) received and distributed by an Input Service Distributors (ISD) |
August 13, 2023 |
|
GSTR 7 |
Return for TDS to be filed by the tax deductor |
August 10, 2023 |
|
GSTR 8 |
E-commerce operators registered under GST liable to TCS |
August 10, 2023 |
|
PMT 06 |
Due date of payment of GST for a taxpayer with aggregate turnover up to INR 50 million during the previous year and who has opted for quarterly filing of return under QRMP |
August 25, 2023 |
GST refund
|
Form |
Compliance particulars |
Due date |
|
RFD 10 |
Refund of tax to certain persons |
18 months after the end of the quarter for which the refund is to be claimed |
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