Due dates for various compliances in January, 2021

Due Dates for Various Compliances in January 2021

These Income Tax & GST due dates will help you in keeping track of the compliances for January 2021.

As the new year arrives, we make resolutions mostly related to our health which we aim to achieve in that year. Having stating that, from this New Year of 2021, make an extra resolution to abide by all the compliances and regulations. Doing so will not just keep your health good but will also keep your future secured by not paying extra penalties and fines.

Income tax compliances for January, 2021

Income Tax compliances for January involve the following:
– Firstly, payment & collection of TDS/TCS 
– Secondly, filing of Income Tax Returns for taxpayers not requiring tax audit
– Thirdly, filing of audit report
– Fourthly, filing of quarterly statement of TCS deposited for the quarter ending December 31, 2021
– Fifthly, filing of quarterly statement of TDS deposited for the quarter ending December 31, 2021
– Lastly, the last date for making declaration under Vivad Se Vishwas Scheme.

Also Read: Difference between TDS & TCS easily explained

Income Tax Due Dates for January, 2021

The due dates for various compliances under Income Tax for the first month – January 2021 are as follows:

Tax Period

Particulars

Due Dates

December, 2020

Payment of TDS/TCS deducted/collected

07.01.2020

AY 2020-2021

Audit Report

15.01.2020

December, 2020

Quarterly statement of TCS deposited for the quarter ending December 31, 2020

15.01.2020

December, 2020

Quarterly statement of TDS deposited for the quarter ending December 31, 2020

31.01.2020

Last date for making declaration under Vivad Se Vishwas Scheme

31.01.2020

GST compliances for January, 2021

The GST compliances for January, 2021 are as follows:
– Firstly, GST Return for TDS
– Secondly, GST return for e-commerce operator required to deduct TCS.
– Thirdly, GST return for taxpayers having an aggregate turnover of more than Rs. 1.50 crore or who have opted to file monthly returns
– Fourthly, GST return for taxpayers who have opted for QRMP scheme.
– Fifthly, GST return for Input Service Distributor
– Sixthly, GST return for those who have opted for composition  scheme
– Seventhly, GST return for NRI and registered persons providing ODIAR services
– Eighthly, GST return for taxpayers having annual turnover of more than Rs. 5 crores.
– Ninthly, filing of quarterly GST return for
taxpayers falling in Part A states
– Lastly, filing of GST return for taxpayers falling in Part B states.

Also Read: Qualifications for GST Registration

GST due dates

Keeping in view, the above compliances, the due dates for GST compliances are as follows:

Tax Period

Return

Particulars

Due Date

December, 2020

GSTR-7

Return for tax deducted at source

10.01.2021

December, 2020

GSTR-8

Return by e-commerce operator required to deduct TCS

10.01.2021

December, 2020

GSTR-1

Taxpayers having an aggregate turnover of more than ₹1.50 Crores or opted to file Monthly Return

11.01.2021

October – December, 2020

GSTR-1

For quarter period October – December, 2020

13.01.2021

December, 2020

GSTR-6

Input Service Distributor

13.01.2021

October – December, 2020

GSTR-4

Taxpayers who have opted for Composition Scheme

18.01.2021

December, 2020

GSTR-5/5A

NRI and ODIAR services

20.01.2021

December, 2020

GSTR-3B

Annual Turnover of more than 5 Crores

20.01.2021

December, 2020

GSTR-3B

Taxpayer falls in Part A states

22.01.2021

December, 2020

GSTR-3B

Taxpayer falls in Part B states

24.01.2021

Part A states under GST are Chhattisgarh, Madhya Pradesh, Gujarat, Daman & Diu, Dadra & Nagar Haveli, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, Tamil Nadu, Puducherry, Andaman & Nicobar Islands, Andhra Pradesh and Telangana

Whereas, States under Part B are Jammu & Kashmir, Ladakh, Himachal Pradesh, Punjab, Chandigarh, Delhi, Haryana, Rajasthan, Uttar Pradesh, Uttarakhand, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand and Odisha.

So mark your calendar for the month of January!

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