Monthly (March 2023) Legal Obligations + Legal updates for India
- March 11, 2023
- Compliance
As we approach the month of March 2023, it is important for businesses and individuals in India to stay up-to-date with their legal obligations and any recent legal updates. In this article, we will discuss the key legal obligations and updates that are relevant for March 2023 and Compliance Calendar for March 2023.
| Table of Content |
Legal Obligations of March 2023
There are several challans are necessary to be filled in a whole year. Among all some of them require to be filled on monthly basis and these are called Legal Obligations. This article will inform you regarding the compliances that need to be furnished by the end of March, 2023 such as Tax Compliance Calendar for 2023 about GST, TDS, PF, TCS, & ESI compliances.
Legal Obligations in India: Income Tax Act, 1961
Herein below presents the tabular form with due dates of furnishing following are the Income Tax Compliances are: –
| S. No. | Date of Event | Challan/ Form | Period ending | Frequency | Legal Obligation |
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2nd of March | Challan | Jan. 2023 | – | Tax deducted u/s 194-IA |
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2nd of March | Challan | Jan. 2023 | – | Tax deducted u/s 194-IB |
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2nd of March | Challan | Jan. 2023 | – | Tax deducted u/s 194M |
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7th of March | Challan | Feb. 2023 | Monthly | TDS Payment |
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10th of March | Feb. 2023 | Monthly | Professional Tax for Employees | |
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15th of March | – | – | Quarterly | 4th instalment of advance tax assessment year 2023-2024 |
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15th of March | – | – | – | Due date for payment of whole amount of advance tax in respect of assessment year 2023-24 for assessee covered under presumptive scheme of section 44AD/ 44ADA |
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15th of March | Form | Feb. 2023 | Monthly | Due date for furnishing of Form 24G by an office of the Government where TDS/TCS has been paid without the production of a challan |
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17th of March | – | Jan. 2023 | Monthly | Due date for issue of TDS Certificate for tax deduction u/s 194-IA |
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17th of March | – | Jan. 2023 | Monthly | Due date for issue of TDS Certification for tax deducted u/s 194M |
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30th of March | Challan | Feb. 2023 | Monthly | Due date for furnishing of challan-cum-statement in respect of tax deducted u/s 194-IA |
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30th of March | Challan | Feb. 2023 | Monthly | Due date for furnishing of challan-cum-statement in respect of tax deducted u/s 194-IB |
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30th of March | Challan | Feb. 2023 | Monthly | Due date for furnishing of challan-cum-statement in respect of tax deducted u/s 194M |
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31st of March | Form No. 3CEAD | Previous year 2021-2022 | Yearly | Country-By-Country Report in Form for the previous year 2021-22 by a parent entity or the alternate reporting entity, resident in India, in respect of the international group of which it is a constituent of such group |
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31st of March | Form No. 3CEAD | Previous year 2021-2022 | Yearly | Country-By-Country Report in Form for a reporting accounting year (assuming reporting accounting year is April 1, 2021 to March 31, 2022) by a constituent entity, resident in India, in respect of the international group of which it is a constituent if the parent entity is not obliged to file report under Section 286(2) or the parent entity is resident of a country with which India does not have an agreement for exchange of the report etc. |
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31st of March | Form 67 | Previous year 2021-2022 | Yearly | Uploading of statement, foreign income offered to tax and tax deducted or paid on such income a year, to claim foreign tax credit [if return of income has been furnished within the time specified under Section 139(1) or Section 139(4) |
Legal Obligations in India: CGST Act, 2017
Herein below presents the tabular form with due dates of furnishing following GST compliances are:
| S. No. | Date of Event | Challan/ Form | Period ending | Frequency | Legal Obligation |
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11th of March | GSTR-1 | Feb. 2023 | Monthly | Filing of return in case taxpayers having turnover exceeding 5 Crore/ opted for monthly filing |
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13th of March | IFF | Feb. 2023 | Monthly | Optional for taxpayers opted for quarterly filing under QRMP Scheme |
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13th of March | GSTR-6 | Feb. 2023 | Monthly | Every Input service Distributor (ISD) is required to file this |
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20th of March | GSTR-3B | Feb. 2023 | Monthly | For taxpayers having turnover exceeding 5 Cr./ opted for monthly filing |
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20th March | GSTR-5 | Feb. 2023 | Monthly | Non-resident dealer filing of return |
Legal Obligations in India: Miscellaneous (FEMA + Company + ESI + PF + LLP) Acts
Herein below presents the tabular form with due dates of furnishing following miscellaneous compliances are:
| S. No. | Date of Event | Challan/ Form | Period ending | Frequency | Legal Obligation |
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On or before 15thof March | – | Feb 2023 | Monthly | PF Payment |
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On or before 15th of March | Challan | Feb. 2023 | Monthly | Filing of Electronic Challan cum Return (ECR) |
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31st of March | – | – | – | Last date to Link Pan and Aadhaar with a penalty of Rs 1000/- |
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31st of March | Form CSR-2 | – | – | To be filed by the Companies covered under the CSR parameters.
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Takeaway
In the abovementioned article, Experts at Legal window has tried to provide you the lists of deadlines for several taxes; GST and rest of them are miscellaneous compliances for the month of March 2023. Individuals and businesses in India have a number of monthly legal obligations, including GST filing, TDS/TCS Filing, PF Filing, ESI Filing, and Professional Tax Filing.
Additionally, people may need to be aware of legal updates related to labour codes, data protection, digital signatures, and FDI policy. Keeping up to date with these legal obligations and updates can help businesses to ensure compliance and avoid penalties.
Neelansh Gupta is a dedicated Lawyer and professional having flair for reading & writing to keep himself updated with the latest economical developments. In a short span of 2 years as a professional he has worked on projects related to Drafting, IPR & Corporate laws which have given him diversity in work and a chance to blend his subject knowledge with its real time implementation, thus enhancing his skills.
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