October 2023 Compliance Calendar – GST & Income Tax

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In the world of taxation, adhering to compliance deadlines is akin to the heartbeat of financial responsibility. Understanding and meeting the due dates for GST (Goods and Services Tax) and income tax are vital to maintaining a healthy financial standing. Non-compliance can lead to penalties, late fees, and unnecessary stress. In this comprehensive guide, we explore the essential compliances for both GST and income tax, providing you with a clear roadmap to navigate the intricate landscape of tax obligations. Whether you’re a business owner or an individual taxpayer, these critical dates and actions are your compass for a smoother financial journey

GST Due Dates:

PARTICULARSNATURETAX PERIODDUE DATE
GSTR-7TDS DEDUCTORS UNDER GSTSeptember 202310 October 2023
GSTR-8TCS COLLECTERS UNDER GSTSeptember 202310 October 2023
GSTR-1MOTHLY RETURN FOR OUTWARD SUPPLIESSeptember 202311 October 2023
GSTR-5NRTPSeptember 202313 October 2023
GSTR-6ISD (INPUT SERVICE DISTRIBUTOR)September 202313 October 2023
GSTR-1 Quarterly(Jul-Sep, 2023)13 October 2023
GSTR-3BMOTHLYSeptember 202320 October 2023
GSTR-5AOIDARSeptember 202320 October 2023
GSTR-3BQuarterly(Jul-Sep, 2023)Oct 22nd *, 24th, 2023**
RFD-10REFUND OF TAX TO CERTAIN PERSONS18 Months after the end of quarter for which refund is to be claimed
*Category X States–Chhattisgarh, MP, Gujarat, Maharashtra, Karnataka, Goa, Kerala, TamilNadu, Telangana, Andhra Pradesh, Puducherry, Daman and Diu andDadra and Nagar haveli, Andaman and Nicobar islands, Lakshadweep.

** Category Y States – HP, Punjab, Uttarakhand, Haryana, Uttar Pradesh, Rajasthan, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi.

Must Watch this video before filing GSTR-1 & GSTR-3B:

List of already defined GST Compliance:

  1. GST Return Filing:
    • GSTR-1 (Monthly/Quarterly): This is for outward supplies. The due date varies depending on the turnover and the frequency of filing (monthly/quarterly).
    • GSTR-3B (Monthly): A summary return that should be filed by the 20th of the following month.
    • GSTR-4 (Quarterly): For composition dealers, due by the 18th of the month following the quarter.
    • GSTR-5 (Monthly): For non-resident foreign taxpayers, due by the 20th of the following month.
    • GSTR-6 (Monthly): For input service distributors, due by the 13th of the following month.
    • GSTR-7 (Monthly): For Tax Deducted at Source (TDS) deductors, due by the 10th of the following month.
    • GSTR-8 (Monthly): For e-commerce operators, due by the 10th of the following month.
  2. GST Payment:
    • The GST payment due date for GSTR-3B is the 20th of the following month.
  3. GST Annual Return:
    • GSTR-9: The annual return is typically due by December 31 of the following financial year.
  4. GST Reconciliation:
    • Reconciliation of GSTR-2A & 2B with purchase register should be done on an ongoing basis to avoid discrepancies.

Income Tax Due Dates:

7 October 2023 –

​Due date for deposit of tax deducted/collected for the month of September, 2023. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan

7 October 2023 –

​​Due date for deposit of TDS for the period July 2023 to September 2023 when Assessing Officer has permitted quarterly deposit of TDS under section 192194A194D or 194H

15 October 2023 –

​Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of September, 2023 has been paid without the production of a challan

15 October 2023 –

​​Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of August, 2023

15 October 2023 –

​​Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of August, 2023​

15 October 2023 –

Due date for issue of TDS Certificate for tax deducted under section 194M in the month of August, 2023​

15 October 2023 –

​​Due date for issue of TDS Certificate for tax deducted under section 194S in the month of August, 2023

Note: Applicable in case of specified person as mentioned under section 194S

15 October 2023 –

​Quarterly statement of TCS deposited for the quarter ending September 30, 2023

15 October 2023 –

​Upload declarations received from recipients in Form No. 15G/15H during the quarter ending September, 2023

15 October 2023 –

​Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of September, 2023

15 October 2023 –

​Quarterly TCS certificate in respect of tax collected by any person for the quarter ending June 30, 2023

Note: Due to extension of due date of TCS statement vide Circular no. 9/2023, dated 28-06-2023, the revised due date for furnishing TCS certificate shall be October 15, 2023

15 October 2023 –

​Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending June 30, 2023

Note: Due to extension of due date of TDS statement vide Circular no. 9/2023, dated 28-06-2023, the revised due date for furnishing TDS certificate shall be October 15, 2023

30 October 2023 –

​​Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of September, 2023

30 October 2023 –

​​Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of September, 2023​

30 October 2023 –

​​Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of September, 2023​

30 October 2023 –

​ Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S in the month of September, 2023​

Note: Applicable in case of specified person as mentioned under section 194S

30 October 2023 –

​Quarterly TCS certificate (in respect of tax collected by any person) for the quarter ending September 30, 2023

31 October 2023 –

​Intimation by a designated constituent entity, resident in India, of an international group in Form no. 3CEAB for the accounting year 2022-23​​

31 October 2023 –

​Quarterly statement of TDS deposited for the quarter ending September, 2023

31 October 2023 –

​​​Due date for furnishing of Annual audited accounts for each approved programmes under section 35(2AA)

31 October 2023 –

​Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending September, 2023

31 October 2023 –

​Copies of declaration received in Form No. 60 during April 1, 2023 to September 30, 2023 to the concerned Director/Joint Director​

31 October 2023 –

​​Due date for filing of return of income for the assessment year 2023-24 if the assessee (not having any international or specified domestic transaction) is (a) corporate-assessee or (b) non-corporate assessee (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 apply

Note: The due date of furnishing of Return of Income in Form ITR-7 in the case of assessees referred to in clause (a) of Explanation 2 to section 139(1) has been extended from October 31, 2023 to November 30, 2023, vide Circular no. 16/2023, dated 18-09-2023​

31 October 2023 –

​​Audit report under section 44AB for the assessment year 2023-24 in the case of an assessee who is also required to submit a report pertaining to international or specified domestic transactions under section 92E

31 October 2023 –

​Report to be furnished in Form 3CEB in respect of international transaction and specified domestic transaction.​

31 October 2023 –

​Due date for e-filing of report (in Form No. 3CEJ) by an eligible investment fund in respect of arm’s length price of the remuneration paid to the fund manager (if the assessee is required to submit return of income on October 31, 2023).

31 October 2023 –

​​Statement by scientific research association, university, college or other association or Indian scientific research company as required by rules 5D, 5E and 5F (if due date of submission of return of income is October 31, 2023).​

31 October 2023 –

​​Submit copy of audit of accounts to the Secretary, Department of Scientific and Industrial Research in case company is eligible for weighted deduction under section 35(2AB) [if company does not have any international/specified domestic transaction]

31 October 2023 –

​Intimation in Form 10BBB by a pension fund in respect of each investment made in India for quarter ending September, 2023​

31 October 2023 –

​Intimation in Form II by Sovereign Wealth Fund in respect of investment made in India for quarter ending September, 2023​

31 October 2023 –

​​Furnishing of Audit report in Form no. 10B/10BB by a fund or trust or institution or any university or other educational institution or any hospital or other medical institution.

Note: the due date for furnishing the Audit report in Form no. 10B/10BB has been extended from September 30, 2023 to October 31, 2023 vide Circular no. 16/2​023, dated 18-09-2023




List of already defined Income Tax Compliance:

  1. Filing of Income Tax Returns (ITR):

    • For Individuals and HUFs (non-audit cases): Usually due by July 31 (unless extended).
    • For Businesses and Audit Cases: Typically, due by September 30 (unless extended).
  2. TDS/TCS Return Filing:

    • Quarterly TDS return (Form 24Q, 26Q, 27Q, and 27EQ) should be filed within 31 days from the end of the quarter.
  3. Advance Tax Payment:

    • There are specified due dates for paying advance tax depending on the financial year.
  4. Tax Audit and Transfer Pricing Compliance:

    • Tax audit reports (Form 3CD) should be submitted by September 30.
  5. Annual Information Return (AIR):

    • AIR filing should be done by financial institutions by January 31.
  6. Filing of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) Returns:

    • Quarterly TDS and TCS returns are due by the 31st day of the month following the quarter.

 

As we conclude this journey through the intricate web of tax compliances, it’s essential to underscore the significance of adhering to these deadlines and regulations. While tax and returns might seem complex, staying diligent with your obligations ensures peace of mind and financial stability. By keeping a watchful eye on due dates and engaging in regular tax planning, you can navigate the ever-evolving landscape of taxation with confidence. Remember, compliance isn’t just about avoiding penalties; it’s about building a strong financial foundation and contributing to the economic well-being of the nation. So, take charge of your tax responsibilities, stay informed, and let fiscal responsibility be your trusted partner on your financial journey.”

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Pooja Gupta

CA Pooja Gupta (CA, ISA, M.com) having 15 years of experience. Educator and Digital Creator

Disclaimer:- The opinions presented are exclusively those of the author and CA Guruji Classes. The material in this piece is intended purely for informational purposes and for individual, non-commercial consumption. It does not constitute expert guidance or an endorsement by any organization. The author, the organization, and its associates are not liable for any form of loss or harm resulting from the information in this article, nor for any decisions made based on it. Furthermore, no segment of this article or newsletter should be employed for any intention unless granted in written form, and we maintain the legal right to address any unauthorized utilization of our article or newsletter.

CA Pooja Gupta (CA, ISA, M.com) having 15 years of experience. Educator and Digital Creator

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