Page 1 of 21

Issue No. 2024/41

| Knowledge and Development Committee

Editor-in-Chief’s Message
Hello readers!

Welcome to the 41th Newsletter Edition of 2024.

Knowledge and Development Committee
In this issue, we will discuss GST Implication in Case of Rent

Newsletter
and Incorporation of company. Also, we will know about
The Geopolitical Game: How Global Politics Shape Business
Economics.

Period of Update: 28th October 2024to 3rd November 2024

Period of Issue: 4th November 2024to 10th November 2024

© 2021-2022 Varun A Dahotre and Associates. All Rights Reserved.

Vinod Jangid
Editor-in-chief

Contents Team’s Message

01. Short Updates

02. GST Implication in Case of Rent “Trust is an important factor which a team needs.
03. Incorporation of company
Having good faith and trust in your team will result in
achievement of your desired goals.”
04. The Geopolitical Game: How Global Politics Shape
Business Economics
05. Statutory Due Dates Calendar

06. Amendment Summary Trupti Narawade

Chairperson( Knowledge and Development Committee)
.

Short Updates:

Roc  According to the circular issued late night

Monday, principal chief commissioners of Income
 Financial Statements of Producer Companies
Tax can waive up to INR 50 lakhs, chief
shall be required to file with the Registrar within
commissioners or director generals of Income Tax
sixty days of the date on which the annual general
can waive between INR 50 lakhs and INR 1.5
meeting is held as per section 378ZA(10) of the
crores, and principal chief commissioners of
Companies Act, 2013.
Income Tax can waive interest above INR 1.5
 It is hereby informed that additional fee logic crores.
changes in AOC-4 forms are likely to be deployed
in the next week to enable filing within 60 days  The interest waiver or reduction will be
with Normal fee instead of 30 days. considered if payment of the amount would cause
genuine hardship to the taxpayer, or if default was
due to circumstances beyond their control, the
Direct Tax
circular said.
 The central board of direct taxes (CBDT) has set
monetary limitations for waiver or Reduction of  Taxpayers must also co-operate in assessment or
Interest on Tax Payments with riders. recovery proceedings, the circular added.

Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.
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Issue No. 2024/41
| Knowledge and Development Committee

01 Indirect Tax only for the taxable services. So, even if your
rental of residential properties exceeded INR 10
GST Implication in Case of lakh, you did not have service tax liability, as long
Rent as your gross rentals from commercial property
did not exceed INR 10 lakh in a year.
 The service tax was being collected at 15 per cent
of the rent of commercial properties.

Changes under GST:

 Unlike the earlier regime, the threshold limit for

applicability of GST has been increased from INR
10 lakh to INR 20 lakh.
Sakshi Pawar  So, many of the landlords who were covered
under the service tax regime, will be out of the
indirect tax net with the implementation of GST.
Goods and Service Tax or GST applies to all goods GST on Renting of Residential Property
and services sold in India. For rent, GST is applicable
as property renting is a supply of service. However,  As clarified by the 54th GST Council, GST on rent
there are certain conditions under which you have to is not applicable on residential property. This
pay GST on your rent as a tenant. means if a house owner rents his/her residential
property to you and you use it only for residential
GST is charged differently on rent paid for residential purposes, you do not have to pay taxes.
and commercial property. For any property used or  In this case, if the total income from rent of the
meant to be used as a residence, no GST is charged. owner is taxable, then he/she has to pay taxes
However, any leasing or renting of a commercial based on the slab as per the Income Tax Act.
property is considered a service and applicable to GST.
 In other words, if you are staying in a residential
The pre-GST rule - Tax Implications on Rental property and you are not using the property for
Income Before GST any commercial purposes, you don’t have to pay
GST on residential property rent.
 In this phase, the landlord had to obtain a service  Even if you are a business owner and you are
tax registration, in case his total of taxable staying in a rented property but using it only for
services including the rental income from all household purposes, you are not liable to pay
properties owned by him exceeded the basic limit GST on your rent.
of INR 10 lakhs per year.  The moment ownership of land stands
 So, anyone with rental income of less than INR 10 transferred in favour of Builder/Developer, tax
lakh in a year was exempt from service tax liability relating to Capital Gains on conversion as
registration as they were outside the purview of well as relating to business profits subsequent to
the service tax net. conversion shall be attracted in the hands of the
 Moreover, the law exempted the rent received, landowner in the year in which such transfer
with respect to residential house property let-out takes place.
for residential purposes, from the levy of service  Therefore, landowner can take advantage of the
tax. provisions of Section45(2) only when terms of
 Only commercial properties attract service tax Joint Development Agreement are drafted
levy, at present. However, any residential carefully and in the guarded manner keeping in
property used for commercial purpose attracted mind above mentioned provisions.
service tax. The limit of INR 10 lakh was applied
Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.
 Page 3 of 21
Issue No. 2024/41
| Knowledge and Development Committee

Tax under the GST is levied through three

components: CGST, SGST and IGST. While same-state
GST on Commercial Property Renting transactions attract the central tax, the SGST is
Commercial property renting is considered as a supply applicable on inter-state transactions.
of service and is taxable under the GST Act. The tenant Component GST Type Example
(liable to pay rent) has to pay 18% as GST with the rent
received in case of a commercial property. If the landlord 9% CGST and Mohan has
and the rented 9% SGST will be registered in
When will GST be paid Under FCM and RCM property are charged Maharashtra
respectively? registered in the and rents
same location property in
Maharashtra

If the landlord The place of Mohan

and the rented supply will be (registered in
property are where the Maharashtra)
registered in property is rents property
different located. The in Gujarat.
locations service will be
considered
interstate
supply and 18%
IGST will be
applicable.

If the landlord is 9% CGST and Mohan

registered in the 9% SGST will be (registered in
same state where charged; Maharashtra),
the property is, tenant can’t property is in
but the tenant is claim input tax Maharashtra
registered in a credit. and the tenant
different state is registered in
Input tax credit on GST on rent Gujarat

 According to the new rule, a GST-registered

tenant will have to pay GST on rent under the
reverse change mechanism and then, claim input
tax credit (ITC) on the payment made. GST on Rent vs GST on Rental Income
 However, Section 17(5)(g) of the Central Goods
 Note that GST on rent and GST on rental income
and Services Tax Act does not allow input tax
are different.
credit of GST paid for any services for ‘personal
 GST on rental income is applicable when a
consumption’. It is only applicable in case on
landlord receives an annual rent of INR 20 lakh,
supplies for ‘business purposes’.
and effectively becomes liable to pay GST on
 Note that the tenant in order to claim the ITC has
rental income.
to ensure that the GST charged has been
 GST on rent, on the other hand, is the tax liability
deposited with the government.
on the tenant if they are a GST-registered entity,
What will be the place of supply for charging and using a residential property for business
GST? purposes.

Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.
 Page 4 of 21
Issue No. 2024/41
| Knowledge and Development Committee

 In simpler terms, GST on rental income is paid by

the landlord while the GST on rent is paid by the 02 ROC
tenant.
 This also means that in a scenario where a
Incorporation of company
residential property is let out for business
purposes to a GST-registered person, and where
the GST-registered landlord is earning an annual
rental rent of INR 20 lakh, the landlord as well as
the tenant will have to pay 18% GST, taking their
mutual GST liability at 36%.

Bharat Sharma
GST on Rent GST on Rental Income

GST on rent is the tax

liability on the tenant if
GST on rental income is
applicable when a
A company is a legal entity formed by a group of
individuals to engage in and operate a business
they are a GST- landlord receives an enterprise, typically with the aim of earning profit.
registered entity, and annual rent of INR 20 Under the Companies Act, a company has a distinct
using a residential lakh, and effectively identity separate from its owners or members,
property for business becomes liable to pay meaning it has its own legal rights and liabilities, can
purposes. GST on rental income. enter into contracts, own assets, and sue or be sued.

Types of Companies –

Under the Companies Act (typically referring to the

Companies Act 2013 in India), companies can be
GST on rent is paid by GST on rental income is categorized in several ways based on their structure,
the tenant. paid by the landlord ownership, and liability. Here’s a breakdown of the
major types:

1. Based on Liability
 Limited by Shares: The liability of shareholders is
limited to the amount unpaid on their shares.
Read next: Incorporation of company
 Limited by Guarantee: Members guarantee a
fixed amount to contribute in the event of
winding up, often used by non-profit
organizations.
 Unlimited Company: There is no limit on the
members' liability, so personal assets can be used
to settle debts.

2. Based on Members
 One Person Company (OPC): Has only one
shareholder, primarily for small businesses
owned by a single individual.
 Private Limited Company (Pvt Ltd): Has a
minimum of two members and a maximum of

Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.
 Page 5 of 21
Issue No. 2024/41
| Knowledge and Development Committee

200. Shares are privately held, not open to the The company’s name must end with ‘Limited’ if
public. it’s a public company and ‘Private Limited’ if it’s a
 Public Limited Company (Ltd): Requires a private company.
minimum of seven members, with no upper limit.  To check whether the chosen name is available
Shares can be publicly traded. for adoption, the promoters have to write an
application to the Registrar of Companies of the
3. Based on Control
State. A 500 rupee is paid with the application.
 Holding Company: Owns the majority of shares or The Registrar then allows the company to adopt
controls the board of directors of another the name given they fulfil all legal documentation
company. formalities within a period of three months.
 Subsidiary Company: Controlled by a holding
company through majority shareholding or 2. Preparation of Memorandum of
directorial control. Association and Articles of Association
 The memorandum of association of a company
4. Based on Purpose can be referred to as its constitution or rulebook.
The memorandum states the field in which the
 Section 8 Company: Non-profit Company formed
company will do business, objectives of the
for promoting commerce, art, science, sports,
company, as well as the type of business the
education, research, social welfare, etc. Profits
company plans to undertake. It is further divided
are reinvested.
into five clauses
 Dormant Company: Incorporated for future
projects or to hold assets but does not engage in Clause of Memorandum -
significant business activities.
As per Section 4(1), the memorandum of a limited
5. Other Special Types company must state the following:

 Small Company: Defined by the Act based on a. the name of the company with “Limited” as its
turnover and paid-up capital, typically smaller last word in the case of a public company; and
businesses with relaxed compliance “Private Limited” as its last words in the case of a
requirements. private company;(Name Clause)
 Foreign Company: Incorporated outside India but b. the State in which the registered office of the
conducts business within India. company is to be situated;(Situation Clause)
 Government Company: At least 51% of the paid- c. the objects for which the company is proposed to
up capital is held by the government (Central or be incorporated and any matter considered
State). necessary in furtherance thereof;(objects clause)
 These categories help determine compliance, tax Provided that nothing in this clause shall apply to
requirements, and other regulatory obligations a company registered under section 8;
based on the company's type and structure. d. the liability of members of the company, whether
limited or unlimited, and also state,—(Liability
Process of incorporation of company
Clause)
1. Ascertaining Availability of Name
Articles of Association is basically a document that
states rules which the internal management of the
 The first step in the incorporation of any
company will follow. The article creates a contract
company is to choose an appropriate name. A
between the company and its members. The article
company is identified through the name it
mentions the rights, duties, and liabilities of the
registers. The name of the company is stated in
members. It is equally binding on all the members of
the memorandum of association of the company.
the company.
Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.
 Page 6 of 21
Issue No. 2024/41
| Knowledge and Development Committee

3. Printing, Signing and Stamping, Vetting of depends on the nominal capital of the companies
Memorandum and Articles which also have share capital.
 The Registrar of Companies often helps
promoters to draw up and draft the 8. Certificate of Incorporation
memorandum and articles of association. Above  If the Registrar is completely satisfied that all
all, with promoters who have no previous requirements have been fulfilled by the company
experience in drafting the memorandum and that is being incorporated, then he will register
articles. the company and issue a certificate of
 Once these have been vetted by the Registrar of incorporation. As a result, the incorporation
Companies, then the memorandum of certificate provided by the Registrar is definite
association and articles of association can be proof that all requirements of the Act have been
printed. The memorandum and articles are met.
consequently divided into paragraphs and
PUNISHMENT FOR FURNISHING FALSE OR
arranged chronologically.
INCORRECT INFORMATION AT THE TIME OF
 The articles have to be individually signed by each
INCORPORATION
subscriber or their representative in the presence
of a witness, otherwise, it will not be valid. The Companies Act, 2013 imposes severe punishment
for incorporation of a company by furnishing false or
4. Power of Attorney incorrect information. The persons furnishing false or
 To fulfil the legal and complex documentation incorrect information shall be liable for following
formalities of incorporation of a company, the punishment:-
promoter may then employ an attorney who will
have the authority to act on behalf of the i. If any person furnishes any false or incorrect
company and its promoters. The attorney will particulars of any information or suppresses any
have the authority to make changes in the material information, of which he is aware in any
memorandum and articles and moreover, other of the documents filed with the Registrar in
documents that have been filed with the relation to the registration of a company, he shall
registrar. be punishable for fraud under section 447. [Section
7(5)]
5. Other Documents to be Filed with the ii. Without prejudice to the above liability, where, at
Registrar of Companies any time after the incorporation of a company, it is
 The First – e-Form No.32 – Consent of directors proved that the company has been got
incorporated by furnishing any false or incorrect
 The Second – e-Form No.18 – Notice of
information or representation or by suppressing
Registered Address
any material fact or information in any of the
 The Third – e-Form No.32. – Particulars of
documents or declaration filed or made for
Directors
incorporating such company, or by any fraudulent
action, the promoters, the persons named as the
6. Statutory Declaration in e-Form No.1
first directors of the company and the persons
 This declaration, furthermore states that ‘All the
making declaration under section 7(1)(b) shall each
requirements of the Companies Act and the rules
be punishable for fraud under section 447. [Section
thereunder have been compiled with respect of
7(6)]
and matters precedent and incidental thereto.’

7. Payment of Registration Fees Powers of the Tribunal in case of Incorporation

 A prescribed fee is to be paid to the Registrar of of a Company by furnishing false or incorrect
Companies during the course of incorporation. It information
Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.
 Page 7 of 21
Issue No. 2024/41
| Knowledge and Development Committee

As per Section 7(7), where a company has been got

incorporated by furnishing any false or incorrect 03 General
information or representation or by suppressing any
material fact or information in any of the documents
The Geopolitical Game:
or declaration filed or made for incorporating such How Global Politics Shape
company or by any fraudulent action, the Tribunal
may, on an application made to it, on being satisfied
Business Economics
that the situation so warrants:- (a) pass such orders,
as it may think fit, for regulation of the management
of the company including changes, if any, in its
memorandum and articles, in public interest or in the
interest of the company and its members and
creditors; or (b) direct that liability of the members
shall be unlimited; or (c) direct removal of the name
of the company from the register of companies; or (d)
Akash Patel
pass an order for the winding up of the company; or
(e) pass such other orders as it may deem fit. Provided
Geopolitics, the study of the effects of geography
(human and physical) on international politics and
that before making any order under this sub-
international relations, plays a crucial role in shaping
section,— (i) the company shall be given a reasonable the global business landscape. The
opportunity of being heard in the matter; and (ii) the interconnectedness of global economies means that
Tribunal shall take into consideration the transactions political events in one part of the world can have
entered into by the company, including the significant economic repercussions elsewhere. This
obligations, if any, contracted or payment of any newsletter explores how geopolitics affects business
economics and highlights three current geopolitical
liability.
cases impacting the global economy.

How Geopolitics Affects Business Economics

Geopolitical events can influence business economics

in several ways:
Read next: The Geopolitical Game: How Global Politics Shape Business Trade Relationships: Geopolitical tensions, such as
Economics
trade wars, can disrupt global supply chains, leading
to tariffs, trade barriers, and economic sanctions.
These disruptions can increase costs for businesses
that rely on international trade.

Investment Flows: Political instability and conflicts

can deter foreign investment. Investors seek stable
environments, and geopolitical risks can lead to
capital flight from affected regions.

Commodity Prices: Geopolitical events can affect

the supply and demand of key commodities like oil
and gas. For instance, conflicts in oil-producing
regions can lead to supply shortages and price spikes.

Regulatory Changes: Governments may

implement protectionist policies or sanctions in
response to geopolitical tensions, affecting
businesses’ ability to operate internationally.
Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.
 Page 8 of 21
Issue No. 2024/41
| Knowledge and Development Committee

Market Volatility: Geopolitical uncertainty can lead India-China: Relations Recent improvements in
to increased market volatility. Businesses must India-China relations have brought some stability to
navigate fluctuating exchange rates, stock prices, and the region. The two countries have reached a deal to
interest rates. de-escalate tensions along their disputed border,
known as the Line of Actual Control (LAC). This
Technological Advancements: Geopolitical agreement has led to the withdrawal of troops from
competition can drive technological innovation. For key flashpoint areas, reducing the risk of conflict.
example, the race for technological supremacy Improved relations could enhance trade and
between the US and China has led to significant investment opportunities between the two Asian
advancements in AI, 5G, and other cutting-edge giants, benefiting businesses on both sides.
technologies.
Conclusion:
Cybersecurity Threats: Geopolitical tensions can
increase the risk of cyberattacks on businesses. Understanding the impact of geopolitics on business
Companies must invest in robust cybersecurity economics is essential for companies operating in
measures to protect their data and operations from today’s globalized world. By staying informed about
state-sponsored cyber threats. geopolitical developments and their potential
economic implications, businesses can better navigate
Cultural and Social Impacts: Geopolitical events risks and seize opportunities.
can influence cultural and social dynamics, affecting
consumer behaviour and market trends. Businesses
need to be aware of these shifts to adapt their
strategies accordingly.
Read next: Wall of Wisdom
Current Geopolitical Cases Affecting Business
Economics

India-Canada: Recent diplomatic tensions

between India and Canada have escalated due to
allegations of interference in each other’s internal
affairs. The situation intensified after the murder of a
Sikh separatist leader, Hardeep Singh Nijjar, in Canada
in June 2023. Canada accused Indian government
agents of involvement in the killing, leading to a series
of diplomatic expulsions and retaliatory measures.
The tensions have strained trade relations,
particularly affecting sectors such as technology and
agriculture. Businesses operating in both countries are
facing increased scrutiny and regulatory hurdles,
impacting their operations and profitability.
Additionally, the Indian government has expressed
concerns over the activities of the Sikh diaspora in
Canada, which it views as a national security threat

Russia-Ukraine: War The ongoing conflict between

Russia and Ukraine continues to have profound
economic impacts globally. Sanctions imposed on
Russia have disrupted trade and investment flows,
particularly in the energy sector. Europe, heavily
reliant on Russian gas, has faced energy shortages and
rising prices, prompting a shift towards alternative
energy sources. Additionally, the war has led to
increased defence spending and inflation in Russia,
affecting its economic stability.
Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.
 Page 9 of 21
Issue No. 2024/41
| Knowledge and Development Committee

WALL OF WISDOM (WOW):

 “Follow one course until Success.”

 “Nothing changes if you don’t
changes yourself.”

Read next: Do you know?

DO YOU KNOW?

1. Hummingbirds are the only birds that

can fly backward.
2. The giant squid has the largest eyes in
the world. At up to 10 inches in
diameter, people often describe it as
the size of a dinner plate -- or, in other
words, as big as a human head.

What else do You Know?

Let us know.

Read next: Motivational Quote

MOTIVATIONAL QUOTE:

“Difficulties come in your life not to

destroy you but help you to realise your
hidden potential and power. Let's
difficulties knows that you too are
difficult."

― A.P.J Abdul Kalam

Sources-
- Company Law Notifications and Circulars
- CBDT Notifications and Circulars
- CBIC Notifications and circulars
- Other Allied Law Notifications and circulars
- MCA21 Website.
- Income Tax Website.
- GST Website.
- Other Statutory Government Websites.
- Extracts from Tax guru- Extracts from Clear Tax.- Extracts
from CA club India.
Contact Details-
Offices 3,4,9,11 Gaurav Building, Opp. Karishma Society Gate
No. 2, Kothrud, Pune – 411038.
Phone: +91 20-67426111
Email – [email protected]

Read next: Statutory Due Date

Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.
 Page 10 of 21
Issue No. 2024/41
| Knowledge and Development Committee

Statutory Due Dates Calendar

INCOME TAX

Due Dates in the Particulars For the Period Due Date

Month of
1 TDS/TCS Payment March 2024 TDS 30/04/2024
April-2024 and TCS
07/04/2024

1 TDS/TCS Payment April 2024 07/05/2024

May-2024
2 TDS Statement for Form 24Q, 26Q and 27Q Q4 FY 2023-24 31/05/2024

3 TCS Statement– for Form 26QB, 26QC, 26QD Q4 FY 2023-24 15/05/2024

4 Statement of Financial Transactions (SFT) FY 2023-24 31/05/2024

Compliance

1 TDS/TCS Payment May 2024 07/06/2024

June-2024 2 Advance Tax 1stInstallment of 15/06/2024
FY 2024-25

3 Form 16/ 16A Q4 FY 2023-24 15/06/2024

July-2024 1 TDS/TCS Payment June 2024 07/07/2024

2 TDS Statement for Form 24Q Q1 FY 2024-25 31/07/2024

3 TCS Statement– for Form 26QB, 26QC, 26QD Q1 FY 2024-25 15/07/2024

4 Income tax Return for A.Y. 2024-25 for all assesse FY 2023-24 31/07/2024
other than

(a) Assesse whose accounts are required to be

audited
(b) Partner of a firm whose accounts are required
to be audited
(c) An assessee who is required to furnish a report
under Section 92E.

August-2024 1 TDS/TCS Payment July 2024 07/08/2024

1 TDS/TCS Payment August 2024 07/09/2024

2 Advance Tax 2nd Instalment FY 15/09/2024

September-2024 2024-25
3 Due date for filing of audit report under Section 30/09/2024
44AB for AY 2024-25 in the case of a corporate- FY 2023-24
Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.
 Page 11 of 21
Issue No. 2024/41
| Knowledge and Development Committee

assessee or non-corporate assessee (who is

required to submit his/its return of income on
October 31, 2024) Q1 FY 2024-25

TDS Statement for Form 26Q and 27Q 30/09/2024

October-2024 1 TDS/TCS Payment September 2024 07/10/2024

2 Due date for filing of return of income for AY 2024- FY 2023-24 31/10/2024
25 if assesse is

(a) Corporate-assessee
(b) Non-corporate assessee (whose books of
account are required to be audited)
(c) Partner of a firm whose accounts are
required to be audited
(d) An assessee who is required to furnish a
Report u/s 92 E

3 TDS Statement for Form 24Q, 26Q and 27Q Q2 FY 2024-25 31/10/2024

4 TCS Statement– for Form 26QB, 26QC, 26QD Q2 FY 2024-25 15/10/2024

November-2024 1 TDS/TCS Payment October 2024 07/11/2024

1 TDS/TCS Payment November 2024 07/12/2024

December-2024 2 Advance Tax 3rdInstallment FY 15/12/2024
2024-25

3 Filing of belated/revised return of income for the FY 2023-24 31/12/2024

assessment year 2024-25 for all assessee.

January-2025 1 TDS/TCS Payment December 2024 07/01/2025

2 TDS Statement for Form 24Q, 26Q and 27Q Q3 FY 2024-25 31/01/2025

3 TCS Statement– for Form 26QB, 26QC, 26QD Q3 FY 2024-25 15/01/2025

February-2025 1 TDS/TCS Payment January 2025 07/02/2025

March-2025 1 Advance Tax 4thInstallment of 15/03/2025

FY 2024-25

2 TDS/TCS Payment February 2025 07/03/2025

Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.
 Page 12 of 21
Issue No. 2024/41
| Knowledge and Development Committee

GOODS AND SERVICES TAX ACT

Due Dates in the Particulars For the Period Due Date
Month of

1 GSTR 1 (Regular Taxpayers) March 2024 11/04/2024

2 GSTR 1 (Quarterly Taxpayers) March 2024 13/04/2024

3 GSTR 3B (Monthly Return) March 2024 20/04/2024

3 GSTR 3B (Quarterly Return) Jan to Mar 2024 22/04/2024

April-2024
4 CMP 08 Jan to Mar 2024 18/04/2024

5 GSTR 4(Annual Return under Composition Apr 2023 to Mar 30/04/2024

scheme) 2024

May-2024 1 GSTR 1 (Regular Taxpayers) April 2024 11/05/2024

2 GSTR 3B (Monthly Return) April 2024 20/05/2024

3 Monthly Tax Payment under QRMP April 2024 25/05/2024

Scheme(PMT 06)

1 GSTR 1 (Regular Taxpayers) May 2024 11/06/2024

2 GSTR 3B (Monthly Return) May 2024 20/06/2024

June-2024 3 Monthly Tax Payment under QRMP May 2024 25/06/2024
Scheme(PMT 06)

1 GSTR 1 (Regular
Taxpayers) June 2024 11/07/2024
2
GSTR 1
(Quarterly Apr to June 2024 13/07/2024
Taxpayers)

July-2024 3 GSTR 3B (Monthly Return) June 2024 20/07/2024

4 GSTR 3B Quarterly Return) June 2024 22/07/2024

5 CMP-08 Apr to June 2024 18/07/2024

1 GSTR 1 (Regular Taxpayers) July 2024 11/08/2024

2 GSTR 3B (Monthly Return) July 2024 20/08/2024

Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.
 Page 13 of 21
Issue No. 2024/41
| Knowledge and Development Committee

August-2024 3 Monthly Tax Payment under QRMP July 2024 25/08/2024

Scheme(PMT 06)

1 GSTR 1 (Regular Taxpayers) August 2024 11/09/2024

September-2024 2 GSTR 3B (Monthly Return) August 2024 20/09/2024

3 Monthly Tax Payment under QRMP August 2024 25/09/2024

Scheme(PMT 06)

1 GSTR 1 (Regular Taxpayers) September 2024 11/10/2024

October-2024 2 GSTR 1 (Quarterly Taxpayers) July to Sept 2024 13/10/2024

3 GSTR 3B (Monthly Return) September 2024 20/10/2024

4 GSTR 3B (Quarterly Return) July to Sept 2024 22/10/2024

5 CMP-08 July to Sept 2024 18/10/2024

1 GSTR 1 (Regular Taxpayers) October 2024 11/11/2024

November-2024 2 GSTR 3B (Monthly Return) October 2024 20/11/2024

3 Monthly Tax Payment under ORMP October 2024 25/11/2024

Scheme(PMT 06)

1 GSTR 1 (Regular Taxpayers) November 2024 11/12/2024

December-2024 2 GSTR 3B (Monthly Return) November 2024 20/12/2024

3 Monthly Tax Payment under ORMP November 2024 25/12/2024

Scheme(PMT 06)
‘

4 GSTR-9( Annual Return) FY 2023-24 31/12/2024

1 GSTR 1 (Regular Taxpayers) December 2024 11/01/2025

January-2025 2 GSTR 1 (Quarterly Return) Oct to Dec 2024 13/01/2025

3 GSTR 3B (Monthly Return) December 2024 20/01/2025

4 GSTR 3B Quarterly Return) Oct to Dec 2024 22/01/2025

5 CMP-08 Oct to Dec 2024 18/01/2025

1 GSTR 1 (Regular Taxpayers) January 2025 11/02/2025

February-2025 2 GSTR 3B (Monthly Return) January 2025 20/02/2025

3 Monthly Tax Payment under QRMP January 2025 25/02/2025

Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.
 Page 14 of 21
Issue No. 2024/41
| Knowledge and Development Committee

Scheme(PMT 06)

1 GSTR 1 (Regular Taxpayers) February 2025 11/03/2025

March-2025 2 GSTR 3B (Monthly Return) February 2025 20/03/2025

3 Monthly Tax Payment under QRMP February 2025 25/03/2025

Scheme(PMT 06)

1 GSTR 1 (Regular Taxpayers) March 2025 11/04/2025

April-2025 2 GSTR 1 (Quarterly Return) Jan to Mar 2025 13/04/2025

3 GSTR 3B (Monthly Return) March 2025 20/04/2025

4 GSTR 3B Quarterly Return) Jan to Mar 2025 22/04/2025

5 CMP-08 Jan to Mar 2025 18/04/2025

6 GSTR 4(Annual Return under Composition Apr 2024 to Mar 30-04-2025

scheme) 2025

Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.
 Page 15 of 21
Issue No. 2024/41
| Knowledge and Development Committee

COMPANIES ACT
Due Dates in the Particulars Description Due Date
Month of

Form MSME The return is to be filed by any company, 30th April 2024
(outstanding payments who get supplies of goods or services from (For the period of
to MSME’s) micro and small enterprises and whose October’23 –
April-2024 payments to micro and small enterprise March’24)
suppliers exceed forty-five days from the
date of acceptance or the date of deemed
acceptance of the goods or services.

LLP FORM-11 Annual Return (to be filed by all LLP’s 30th May 2024
May-2024 irrespective of turnover)

DPT-3 To be filed in case company has deposit or 30th June 2024

June-2024 exempted deposit.

DIR-3 KYC Form for Director KYC. Need to be filed 30th September 2024
September-2024 mandatorily for every director on Board

October-2024 ADT-1 Form for Auditor Appointment 15th October 2024

AOC-4 Form for filing Financials, Auditors Report, 30th October 2024
Directors Report, etc.

Form MSME The return is to be filed by any company, 31st October 2024
(outstanding payments who get supplies of goods or services from (For the period of
to MSME’s) micro and small enterprises and whose April’24 –
payments to micro and small enterprise September’24
suppliers exceed forty-five days from the
date of acceptance or the date of deemed
acceptance of the goods or services.

MGT-7 ROC Annual Return (Details of Shareholding 29th November 2024

November-2024 etc.)

CHG FORMS Form for charge creation, modification, Within 30 days of any
Event Based satisfaction charge occurring

Form for Director Changes (Appointment/ Within 30 days of any

DIR-12 Resignation/Death) charge occurring

Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.
 Page 16 of 21
Issue No. 2024/41
| Knowledge and Development Committee

PTRC and PTEC Compliance

Due Dates in the Particulars Description Due Date
Month of

PTEC Person who stands enrolled before the 30/06/2024

commencement of a year or is enrolled on
or before 31st May of a year (F.Y. 2023-24)

Person who is enrolled after the 31st May Within one month of
June-2024 of a year the date of enrolment

Person who is enrolled and the rate of tax Within one month of
at which he is liable to pay tax is revised the date of such
revision

PTRC Yearly - Tax Liability is less than INR 31/03/2024

1,00,000/-
March-2025 Monthly - Tax Liability is equal to or more The last date of the
than INR 1,00,000/- month to which the
return relates

Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.
 Page 17 of 21
Issue No. 2024/41
| Knowledge and Development Committee

VAT
Due Dates in the Particulars For the Period Due Date
Month of
1 Monthly Return (VAT payment) March 2024 21/04/2024
April 2024 2 Quarterly Return (VAT payment) January 2024 to 21/04/2024
March 2024

May 2024 1 Monthly Return (VAT payment) April 2024 21/05/2024

June 2024 1 Monthly Return (VAT payment) May 2024 21/06/2024

1 Monthly Return (VAT payment) June 2024 21/07/2024

July 2024 2 Quarterly Return (VAT payment) April 2024 to June 21/07/2024
2024

August 2024 1 Monthly Return (VAT payment) July 2024 21/08/2024

September 2024 1 Monthly Return (VAT payment) August 2024 21/09/2024

1 Monthly Return (VAT payment) September 2024 21/10/2024

October 2024 2 Quarterly Return (VAT payment) July 2024 to 21/10/2024
September 2024

November 2024 1 Monthly Return (VAT payment) October 2024 21/11/2024

December2024 1 Monthly Return (VAT payment) November 2024 21/12/2024

1 Monthly Return (VAT payment) December 2024 21/01/2025

January 2025 2 VAT Audit (Form 704) F.Y. 2023-2024 15/01/2025

3 Quarterly Return (VAT payment) October 2024 to 21/01/2025

December 2024

February 2025 1 Monthly Return (VAT payment) January 2025 21/02/2025

March 2025 1 Monthly Return (VAT payment) February 2025 21/03/2025

Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.
 Page 18 of 21
Issue No. 2024/41
| Knowledge and Development Committee

Summary of Penalties of Income Tax

Particulars Description Amount/ Interest rate

1. Default in making payment The amount of penalty leviable will be as Penalty determined by the
of tax. determined by the Assessing Officer. However, assessing officer
the amount will not exceed the amount of tax in
arrears 2023

2. Under-reporting of income. 1. If the income assessed/ re-assessed exceeds 50% of tax payable Under
the income declared by the assesse, or in cases reported Income OR 200%
where return has not been filed and income of tax payable from
exceeds the basic exemption limit, penalty misreporting of income
at 50% of tax payable on such under reported
income shall be levied.

2. 200% of the tax is payable if under-reporting

results from misreporting of income

3. Failure to maintain books of 1. Normally, the amount of penalty leviable INR 25000 OR 2% of value
accounts and other documents is INR25,000 of International transaction

2. In case, the assesse is a person who has

entered into international transaction, the
penalty will be 2% of the value of such
international transactions or specified domestic
transactions

4. Penalty for false entry such 1. The assesse might have to pay a penalty of the Amount equal to such false
as fake invoices amount equal to sum of such false or omitted or omitted entries
entries.

5. Undisclosed income 1. If undisclosed income is admitted during the 30% OR 60%

course of Search and assesse pays tax and
interest and files return, a penalty @ 30% of such
undisclosed income is payable.

2. In all other cases, penalty is leviable @ 60%

6. Audit and Audit Report 1. If the assesse fails to get his accounts audited, INR 150000/- OR 0.5% of
obtain audit report, or furnish report of such total sale, turnover/gross
auditor, a penalty will be leviable at the INR receipt
1,50,000 or 0.5% of the total sale/ Turnover/
gross receipts whichever is lesser.

2. Failure of assesse to furnish Audit

report related to foreign transaction, a penalty
@ INR 1,00,000 will be payable

Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.
 Page 19 of 21
Issue No. 2024/41
| Knowledge and Development Committee

7. TDS/TCS 1. Where a person fails to deduct tax at source, Penalty equal to amount of
he will be liable to pay a penalty equal to the Tax,
amount of tax which he has failed to deduct/ pay.

2. Where a person fails to collect tax at source,

he will be liable to pay a penalty equal to the
amount of tax which he has failed to collect.

3. Failure to furnish TDS/TCS statement or INR 10000/-to INR

furnishing incorrect statements, shall attract a 100000/-
penalty ranging from 10,000 to 1,00,000

4. Non-Deduction of TDS, either in whole or part 1% Per month

5. Non-payment of TDS (after deduction), either 1.5% per month

in whole or part

6. Failure to furnish information/ furnishing INR 100000/-

inaccurate information related to TDS deduction
related regarding Non-residents shall attract a
penalty of 100,000

8. Penalty for using modes 1. If a person takes/ accepts loan/ deposit except Penalty amount equals to
other than Account payee by way of Account payee cheque/ account payee such loan / deposit
cheque/ draft/ ECS draft/ ECS, and if the aggregate amount exceeds
INR20,000, he shall be liable to pay a penalty of
an amount equal to such loan/ deposit.

2. If, an amount of INR2,00,000 or more is

received in aggregate from a person in a day/
single transaction/ relating to one event, a
penalty equal to such amount will be payable.

3. If a person repays loan/ deposit and such

amount so repaid exceeds INR20,000 and such
amount has been repaid except by way of
Account payee cheque/ account payee draft/
ECS, an amount equal to such loan/ deposit shall
be payable.

9. Others 1. Failure to apply/quote/ intimate PAN/ quoting INR 10000/-

false PAN shall attract a penalty of INR10,000

2. Failure to apply/quote TAN/ quoting false TAN

shall attract a penalty of INR10,000

In case of the following defaults, INR10,000 will

be the penalty leviable,

1. Refusal to answer questions put by the

department

Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.
 Page 20 of 21
Issue No. 2024/41
| Knowledge and Development Committee

2. Refusal to sign statements made in income tax

proceedings

3. Noncompliance with summons to give

evidence/ produce books of accounts

4. Failure to comply with a notice

10. late Filing ITR 1. If the ITR is filed after the due date but by INR 5000/-
31st December of the succeeding year.

2. If the ITR is filed after 31st December of the INR 10000/-

succeeding year.

3. for small taxpayers having total income of up INR 1000/-

to INR 5 lakh.

Read next: Amendment Summary

Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.
 Page 21 of 21
Issue No. 2024/41
| Knowledge and Development Committee

Amendment Summary
DEC-2022
MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY SUNDAY
1 Central 2 3 4
Excise
5 6 7 Direct Tax 8 9 10 11

12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31

Sr. Date Area of Knowledge Notification/ Short Description

No. (AOK) Circular/ Press
Release
To reduce the Special Additional Excise Duty
on Diesel, Seeks to further amend No.
1 1/12/2022 Central excise Notification No 40.2022 04/2022-Central Excise, dated the 30th June,
2022

To reduce the Special Additional Excise Duty

on production of Petroleum Crude, Seeks to
2 1/12/2022 Central excise Notification No 41.2022 amend No. 18/2022-Central Excise, dated
the 19th July, 2022

Deduction Of Tax At Source income-Tax

Deduction From Salaries Under Section 192
3 7/12/2022 Direct Tax Circular No 24.2022 Of The Income-Tax Act, 1961 During The
Financial Year 2022-23

Rectifications in the previous Newsletter:

No Rectifications pertaining to the previous Newsletter(s).

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Every effort has been made to avoid errors or omissions in this Newsletter. In spite of this, errors may creep in. Any mistake, error or discrepancy
noted may be brought to our notice, which shall be taken care of in the next Newsletter. It is notified that neither the author nor Knowledge &
Development Committee nor Varun A. Dahotre and Associates nor other network firms will be responsible for any damage or loss of action to
anyone, of any kind, in any manner therefrom. It is suggested that to avoid any doubt, the reader should cross check all the facts, law and
contents of the Newsletter with original Government publication or notifications and if required contact the Office of Dahotre and Dahotre
Chartered Accountants at +91 20-67426111 by dialling the specific extension number.

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Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or formal recommendation. While due care has been taken in preparing this document. The author does not
accept any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information nor any other action taken in reliance thereon. © 2021 Varun A Dahotre and Associates. All Rights Reserved.