CA Yash V. Rajpurohit has compiled a list of all important due dates in March 2018, and the statutory obligations which require to be complied with within the said deadline. The checklist will help taxpayers and professionals ensure that they do not miss out on any obligation which may attract penal consequences
“Kaal Kare So Aaj Kar,
Aaj Kare So Ub,
Pal Mein Pralaya Hoyegi,
Bahuri Karoge Kub”
Sant Kabir
Sant Kabir in the 15th Century has clearly portrayed the importance of time management; while inscribing the above doha. The above verse clearly explains the human tendency of laziness and procrastination even at that point of time. Sant has also explained that if we keep on postponing our work, it may cause stress related problems to us. Sant has advised that we should complete our work well within the given timeframe. Completing our work before the target date will not only help us to reduce the stress but it will also help in improving the quality of work.
Even the phrase ‘Time is money’ which was first quoted by Benjamin Franklin highlights the value of time. The time management is important for everyone, whether it is to meetsales targets, delivery of products, completion of contract, filing return of income, compliance with other regulatory requirements, etc. Regardless of your age, gender, working status, or otherwise, time is one of the most important resources you have.
Thus, in order to manage the upcoming month, I had compiled the important due dates for the month of March 2018, and the list of events or work which needs to be completed within the said deadline as below:
| Particulars | Action | Consequences of missing Deadline | |
| A | Income-tax related compliances | ||
| FY 2015-16 (AY 2016-17) | File revised or belated income-tax return on or before 31st March, 2018 | Assessing officer may direct to pay penalty of Rs. 5,000 along with income-tax and interest | |
| FY 2016-17 (AY 2017-18) | |||
| FY 2017-18 (AY 2018-19) | Plan and investin tax saving instruments on or before 31st March 2018 | A person may end up paying more tax due to poor tax planning | |
| B | Aadhaar related Compliances* Aadhaar number needs to be linked to various services on or before 31st March 2018, to continue to enjoy the benefits of said services. Some of the important services are listed below: |
||
| – Bank Account | Visit Bank or update by net-banking to link Aadhaar | Bank accounts may be blocked. | |
| – Mobile number | Visit or call mobile service provider to update Aadhaar | Mobile service provider may stop providing services | |
| – Permanent Account Number (PAN) | Visit Income-tax website to update Aadhaar | It may create problem in filing income-tax returns, etc. | |
| – Social / welfare schemes (such as LPG subsidy, educational scholarship, fertilizer subsidy, etc.) | Visit social security service centre and link Aadhaar to continue enjoying benefits | An individual may not be entitle to receive subsidy, until he linked Aadhaar no. | |
| – Financial products (such as Mutual Funds, Demat, Post office schemes, Insurance Policy, etc.) | Visit respect agency centre to link Aadhaar with financial products | An Individual may face disruption in services | |
| *Note: the due date for Aadhaar linking compliance is subject to writ petition filed in the Hon’ble Supreme Court | |||
| C | Country-by-Country Report and Master File | ||
| Master File | |||
| Every constituent entity covered under section 92D |
Furnish Part A of Form no. 3CEAA | Penalty for failure to keep and maintain Master File (INR 500,000) |
|
| Constituent entity covered under section 92D and threshold under Rule 10DA(1) is satisfied |
Furnish Part A and Part B of Form no. 3CEAA | ||
| Country-by-Country Report Every parent entity or an alternate reporting entity, resident in India (applicable to an international group having total consolidated group revenue of more than INR 5,500crores) |
Furnish Form No.3CEAD | Penalty for failure to furnish CbC report u/s 286(2):
(If failure continues after penalty order, than INR 50,000 per day) |
|
| D | Other important due dates | ||
| Due date for deposit of TDS / TCS for February, 2018 | Payment of TDS / TCS amount to GOI on or before 7 March 2018 | Penal interest on delayed payment of TDS / TCS amount | |
| Fourth installment of advance tax for the assessment year 2018-19 (including taxpayers covered u/s. 44AD and 44ADA) | Pay Advance tax on or before 15 March 2018 | Penal interest on delayed payment of Advance tax amount | |
| January 2018 monthly GST Return for persons with aggregate turnover over INR 1.5crores | Furnish GSTR-1 on or before 10 March 2018 | Payment of any Interest and Penalty. | |
| Summary GST Return for February 2018 | Furnish GSTR-3B on or before 20 March 2018 | Payment of any Interest and Penalty. | |
| GSTR 6 (for Input Service Distributor) for July 2017 – February 2018 | Furnish GSTR-6 on or before 31 March 2018 | Payment of any Interest and Penalty. | |
As discussed above, the last date for income-tax return FY 2015-16 and FY 2016-17 is 31st March 2018. Thus, for easy of reference, the various income-tax slab and tax rate are compiled in a comparative form for FY 2015-16, FY 2016-17 and FY 2017-18 as below:
| Total Taxable Income | FY 2015-16 (AY 2016-17) |
FY 2016-17 (AY 2017-18) |
FY 2017-18 (AY 2018-19) |
|||
| A | Applicable to all Individuals / HUF / AOP / BOI / AJP(other than B and C below) | |||||
| Up to Rs. 2,50,000 | Nil | Nil | Nil | |||
| Rs. 2,50,000 – Rs. 5,00,000 | 10% | 10% | 5% | |||
| Rs. 5,00,000 – Rs. 10,00,000 | 20% | 20% | 20% | |||
| Above Rs. 10,00,000 | 30% | 30% | 30% | |||
| B | Resident Individual’s age 60 years or more but less than 80 years(Senior Citizen) | |||||
| Up to Rs. 3,00,000 | Nil | Nil | Nil | |||
| Rs. 3,00,000 – Rs. 5,00,000 | 10% | 10% | 5% | |||
| Rs. 5,00,000 – Rs. 10,00,000 | 20% | 20% | 20% | |||
| Above Rs. 10,00,000 | 30% | 30% | 30% | |||
| C | Resident Individual’s age 80 years or more(Super Senior Citizen) | |||||
| Up to Rs. 5,00,000 | Nil | Nil | Nil | |||
| Rs. 5,00,000 – Rs. 10,00,000 | 20% | 20% | 20% | |||
| Above Rs. 10,00,000 | 30% | 30% | 30% | |||
| Note: Surcharge and Tax rebateapplicable toabove point A, B and C | ||||||
| Add: Surcharge on tax, if; | ||||||
| Taxable income > 50lakhs | Nil | Nil | 10% | |||
| Taxable income > 1crore | 12% | 15% | 15% | |||
| Less: Tax rebate* amount lower of: 100% of income-tax payable or specified tax amount | ||||||
| Specified tax amount | Rs. 2,000 | Rs. 5,000 | Rs. 2,500 | |||
| *Rebate u/s. 87A is available to resident individual, only if taxable income is less than or equal to: | 500,000 | 500,000 | 350,000 | |||
| D | Tax Rate for Partnership Firm / LLP / Local Authority | 30% | 30% | 30% | ||
| Add: Surcharge on tax, if taxable income > 1crore | 12% (In case of local authority, it is 10%) |
12% | 12% | |||
| E | Tax Rate for Domestic Company | |||||
| Turnover / Gross Receipt <= 5crores | 30% | 29% | 25% | |||
| Turnover / Gross Receipt between 5crores and 50crores | 30% | 30% | 25% | |||
| Turnover / Gross Receipt > 50crores | 30% | 30% | 30% | |||
| Add: Surcharge on tax, if | ||||||
| Taxable income > 1crore | 7% | 7% | 7% | |||
| Taxable income > 10crores | 12% | 12% | 12% | |||
| F | Tax Rate for Foreign Company | 40% | 40% | 40% | ||
| Add: Surcharge on tax, if | ||||||
| Taxable income > 1crore | 2% | 2% | 2% | |||
| Taxable income > 10crores | 5% | 5% | 5% | |||
| G | Tax Rate for Co-operative Society | |||||
| Up to Rs. 10,000 | 10% | 10% | 10% | |||
| Rs. 10,000 – Rs. 20,000 | 20% | 20% | 20% | |||
| Above Rs. 20,000 | 30% | 30% | 30% | |||
| Add: Surcharge on tax, if taxable income > 1crore | 12% | 12% | 12% | |||
| Add: Education cess on tax and surcharge(applicable for all above points from A to G) | 3% | 3% | 3% | |||
Conclusion:
The conclusion would not be possible without giving reference to a quote: ‘A stitch in time saves nine’ which means that timely action in any matter saves a person from a lot of troubles, loss, and waste of time. Thus, a person may suffer if he is lazy and leaves his work for tomorrow, as it can be seen from above the consequences of missing deadlines; the same are very stringent consequences.
A person’s reputation is generally based on two things: the quality of work, and how well that person complete work within the given deadlines. So, plan your schedule well in advance and block the adequate time to meet the deadline work within the timeline. Planning the work and keeping the timeline updated, will also help in tracking the progress of the work and it will ensure that you never miss the deadline.
Always keep buffer time for sudden events or contingency, as certain events and external circumstances are not in our control and sometime it may consume of a lot of time, and may have dire consequences, which can affect our work. Thus, plan your schedule well in advance, avoid last minute rush and any penal consequences of missing deadline.
We have all heard the proverb ‘Time and tide waits for none’, as tide does not wait for anyone, in the same manner time also does not wait for anyone Even Sant Kabir in the verse ‘Aaj Kare So Ub’ has also explained the importance to time. Thus, it is critical for everyone to act wisely and act now.
“Yesterday is gone
Tomorrow has not yet come
We have only today
Let us begin”
– Mother Teresa
The author Yash V. Rajpurohit can be reached at 8898668707 or yash@vispitpatel.com
Disclaimer: Take advice from expert before taking action.
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