Compliance Calendar For FY 2021-22 - Grant Thornton Bharat

Compliance calendarfor FY 2021-22April 2021

2IntroductionIn an ever-changing regulatory environment, one of the biggestchallenges for directors is to implement appropriate systems andprocesses to proactively protect their organisations, people andcustomers from any potential business disruption due to newregulatory requirements. Not to mention, regulators oversightand penal provisions have become more stringent.In case you are not already using our ‘Grant ThorntonCompliance Management Solution’ - which creates efficientworkflows to help management monitor and report compliancerisk and exposure to the Board - here is a checklist of keycompliances applicable on a private limited company forfinancial year 2021–2022 for your ready reference.2 Compliance calendar for FY 2021-22

Corporate secretarial andFEMA compliancesS. NoCompliance areaCompliance descriptionFrequencyDue date1Annual General Meeting(AGM)Shareholder's meeting to approvefinancial statements, auditor’sappointment and dividend declarationYearly30 September 20212Board meetingsMeeting of the Board of Directors toapprove regular businessQuarterly4 meetings in a calendar year.(Not more than 120 days gap in2 meetings)3Financial statementsFiling of financial statements withRegistrar of Companies (RoC)YearlyWithin 30 days from the date ofAGM4Company Annual returnFiling of Annual return with ROCYearlyWithin 60 days from the date ofAGM5Annual return on ForeignAssets & Liabilities (FLA)Annual return on foreign assets andYearlyliabilities to be submitted with ReserveBank of India15 July 20216Annual declarationAnnual declaration from the existingdirectors in Form DIR-8 & Form MBP-1YearlyIn the first board meeting of thecompany and thereafter beforethe first board meeting of thefinancial year7CSR committee meetingsDisclosure of composition of CSRCommittee and ensuring Companyspends in every financial year at least2% of the average net profits of thecompany made during the threeimmediately preceding financial yearsYearlyBefore the end of FinancialYear8MSME ReturnHalf-yearly return for informingoutstanding payment to micro andsmall-scale vendorsHalf yearlyFor October 2020 to March2021 return – due date ofreturn is 30 April 2021For April to September 2021return – due date of return is 30October 20219DPT-3Annual return to be submitted to ROCstating the money taken by companynot in the form of depositsYearly30 June 202110DIR-3 KYCKYC form for all directorsYearly30 September 2021Compliance calendar for FY 2021-22 3

4Direct tax and transfer pricingcompliancesS. No12Compliance areaCompliance descriptionFrequencyDue dateCorporate Income taxAdvance tax payment (Federal)Quarterly15th day of June, September,December and March of everytax yearReturn of income (Federal)*Yearly31 October 2021 (30November 2021 in casetransfer pricing applicable)Withholding tax payments (Federal)(Salary and non-salary)Monthly7th of the subsequent monthexcept for March which is dueby 30 April 2021Withholding tax returns (Federal)(Salary and non-salary)Quarterly31 July - first quarter31 October - second quarter 31January - third quarter31 May - fourth quarterWithholding tax certificate (Federal)(Form-16A non-salary)Quarterly15 August - first quarter15 November - second quarter15 February - third quarter15 June - fourth quarterWithholding tax certificate (Federal)(Form-16 Salary)Yearly15 June of the following FYCertification for withholding taxes onforeign remittances (Form 15CA/15CB)Per foreignremittanceAt the time of foreignremittanceWithholding taxes3Tax audit (applicable in case Filing of prescribed information in Formof turnover above INR 1 cr) ** No 3CD, accompanied by tax auditor'scertificate in Form No. 3CA/3CBYearly30 September 2021 (31October 2021 in case transferpricing applicable)4Transfer Pricing (applicableIn case of foreign relatedparty with transactions)Submission of accountant's certificateForm No. 3CEB for all transactionsassociated enterprisesYearly31 October 2021Preparation of transfer pricing studyreportYearlyBefore filing of Form No. 3CEBFiling of Form 61AYearly31 May 20215Specified FinancialTransactions*Finance Act 2021 has reduced the time limit available for filing revised or belated return. Accordingly, such returns for FY 2020-21 can be filed upto 31 December 2021or before completion of assessment, whichever is earlier.** The Finance Act 2021 has further increased the turnover threshold for mandatory tax audit for small and medium enterprises carrying on business from INR 5 crore toINR 10 crore. The essential condition is that cash receipts and payments do not exceed 5% of the total receipts and payments, respectively. Payment/ receipts settledthrough non-account payee cheque or non account payee draft will be treated as cash transactions.Further the certifications to be obtained by the client in relation to taxability/exemptions/allowance/deductions, the due date is one month prior to the due date of filing thereturn of income.4 Compliance calendar for FY 2021-22

Indirect tax compliancesunder GSTS. No1Compliance areaCompliance descriptionFrequencyDetails of outward supplies of For registered person who have not Monthlygoods or servicesopted for QRMP schemeDue date11th day of succeedingmonth(Form GSTR-1).Please note- Quarterly ReturnFiling and Monthly Paymentof Taxes (QRMP) scheme isoptional and this optionavailable only for taxpayershaving aggregate turnover upto INR 5 crore in PFY2For registered person who have opted Quarterlyfor QRMP Scheme.13th of the subsequent monthfollowing the end of quarter(Under QRMP scheme a registeredperson can report B2B invoices up toINR 50 lakh per month using the IFFfacility by 13th of subsequent month forfirst two months of the quarter)Monthly return (Form GSTR- For registered person who have not Monthly3B)opted for QRMP scheme20th day of succeeding monthPlease note- QRMP schemeis optional and this optionavailable only for taxpayershaving aggregate turnover upto INR 5 crore in PFY22nd/24thofthesubsequentmonthfollowing the end ofquarterFor registered person wo have opted Quarterlyfor QRMP Scheme(Under QRMP scheme, taxpayers haveto deposit tax using form GST PMT-06by the 25th of the following month, forthe first and second months of thequarter)(Due dates for registeredpersonswhohaveopted for QRMP schemehave to file GST return nservative view thereturns can be filed on orbefore 20th day of thesucceedingmonthfollowing the end ofquarter).3ReturnforComposition For composition dealer for declaring Quarterlydealer in CMP - 08details of payment of self-assessed tax.18th of the subsequent monthfollowing the end of quarter4ReturnforComposition For registered person who have opted Annuallyscheme (Form GSTR-4)for the composition scheme30th of the month succeedingthe financial year5Returnfornon-resident For registered non-resident taxable Monthlytaxable person (Form GSTR- who are doing business transaction in5)India.20th of the succeeding monthor within seven days after thelast day of the validity ofregistration;whicheverisearlier6Return for online information For OIDAR service providers for Monthlyand database access or declaring outward supplies and taxretrieval(OIDAR)(Form payable thereon.GSTR-5A)20th of the succeeding monthCompliance calendar for FY 2021-22 5

Indirect tax compliancesunder GST (Contd.)S. NoCompliance areaCompliance descriptionFrequencyDue date7Return for input service For declaring details of input tax credit Monthlydistributor (Form GSTR-6)received and distributed by inputservice distributor.13th of the succeeding month8Return for TDS(Form GSTR-7)deductor For persons who is required to deduct MonthlyTDS (Tax deducted at source) underGST10th of the succeeding month9Return for TCS(Form GSTR-8)deductor For e-commerce operators who are Monthlyrequired to deduct TCS (Tax collectedat source) under GST10th of the succeeding month10Annual return (Form GSTR-9) For every taxpayer other than Annuallye-commerce operator, compositiondealer, Tax deductor and collectorunder GSTOn or before the 31st day ofDecember following the end ofFinancial Year.11Annual return for Composition For CompositionDealer (Form GSTR-9A)under GSTregistered AnnuallyOn or before the 31st day ofDecember following the end ofFinancial Year12Annualreturnfor For E-commerce operators registered AnnuallyE-commerce operators (Form under GSTGSTR-9B)On or before the 31st day ofDecember following the end ofFinancial Year13Formforregistered For declaring details of goods/capital Quarterlymanufacturer/principalgoods sent to job worker and receivedsending goods to job worker back(Form ITC-04)25th of month succeeding thequarter6 Compliance calendar for FY 2021-22Dealer

Payroll and Labour lawcompliancesS. NoCompliance areaCompliance descriptionFrequencyDue date1Professional TaxMonthly/Half Yearly/Annual paymentand returnMonthly/Half yearly/AnnualAs per respective state Act2Provident FundMonthly payment and returns salarypaymentMonthlyBy 15th of the subsequentmonth of3Employee State InsuranceMonthly payment and returns salarypaymentMonthlyBy 15th of the subsequentmonth of4Labour welfare fundMonthly/Annual deductionMonthlyPayments as per state act5TDS/Withholding TaxesMonthly payment and returnsMonthlyBy 7th of the subsequentmonth of salary payment6The Employment Exchanges(Compulsory Notification ofVacancies) ActReturn/ER -IQuarterlyWithin thirty days from the endof quarter7Payment of Bonus ActPayment of BonusAnnualWithin eight months from theend of financial year8Payment of Bonus ActReturn/Form DAnnualWithin Thirty days from thepayment of bonus9Sexual Harassment ofWomen at WorkplaceReportAnnualWithin reasonable time fromthe end of calendar year10Maternity Benefit ActReturn/L M N OAnnualAs per respective State Rules11Shop and Establishment ActReturnAnnualAs per respective State Act12National and FestivalHolidays ActList of HolidaysAnnualAs per respective State Act13Minimum WagesReturn/Form IIIAnnualOn or before 1st February14Contract Labour RegulationReturnAnnualAs per respective State RulesCompliance calendar for FY 2021-22 7

Our Compliance ManagementSolutionEver changing regulatory environment, focus on corporate governance, business complexities, etc., have increasedthe need for organisations to have a robust compliance system in place and hence organisation are constantlyexploring new technologies that can help them achieve higher compliance rates. At Grant Thornton Bharat, we havebuilt a reputation for helping large organisations manage compliance-related intricacies effectively through a platformthat helps create efficient workflows at a low cost and focuses on four keys aspects of the big picture.Know yourcomplianceDefine authoritiesand responsibilitiesReport adherenceand manage proofsMonitor and controlrisks Regulatory know how– all applicable Actsand rules Map internal andexternal stakeholders Reminders andescalationsbefore due date Personaliseddashboards for CXOsand directors Report adherence ofcompliance Risk parameters basispenal provisions Enclosedocumentary proofswith remarks Proactive controlsand complianceaudits Current definitionsof compliance Act masters andlegal updates Define owner,approver, HOD andmanagementusers Auto – populatedcompliance calendarCompliance calendar for FY 2021-22 8