Stay Reminder of Your Compliance Due Dates. Businesses in India need to be compliant with all their tax and statutory obligations. Deadlines in place only play their part, and missing them can cost you fines, interest, and all sorts of paperwork. A clean and regular filing and payment schedule helps you stay on top of the business, and helps keep your business name. Here’s an in-depth guide to the key compliance deadlines for January and February.
January Compliance Reminders
PMT-06 (QRMP) for December – January 25. Small taxpayers in the Quarterly Return Monthly Payment (QRMP) scheme will need to report PMT-06 returns on such returns. By doing so, businesses are still able to pay GST on a monthly basis, even if they make quarterly returns. To prevent such discrepancies all outward and inward supplies details for December will need to be reported accurately.
TDS (24Q/26Q/27Q) & TCS (27EQ) Returns (Oct–Dec) – January 30th
Employers and enterprises are mandated to report quarterly in TDS and TCS terms. TDS 24Q is for salary payments, 26Q for non-salary pay, 27Q for those made to non-residents. TCS 27EQ addresses tax collected at source. Correct filing ensures they comply with the Income Tax Department and avoid notices/penalties.
February Due Dates For Compliance
TDS/TCS Payment for January – February 7th. On time deposit of TDS and TCS is a must. Late payment is a good reason to pay interest and may be charged a penalty. Before paying, businesses should reconcile their records, as mistakes can leave errors.
GSTR-7 & GSTR-8 for January – February 10th
Companies that deduct TDS under GST (GSTR-7) or collect TCS under GST (GSTR-8) must file returns for the previous month. Correct reporting provides adequate credit to the government and prevents mismatch in GST accounts.
GSTR-1 Monthly / IFF (QRMP) – February 11th
January will be expected to report all outward supplies. QRMP taxpayers will use the Invoice Furnishing Facility (IFF) to report invoices for the month, making it easier to follow the GST rules.
GSTR-6 (ISD) – February 13th
In the GSTR-6 format, Input Service Distributors are required to report the distribution of input tax credit to their units. Filing accurately allocates credits.
PF & ESI Payment for January – February 15th
Provident Fund (PF) and Employee State Insurance (ESI) contributions by employers must be paid in a timely manner. Fines and interest may be levied in case of delays.
GSTR-3B for January – February 20th
Monthly summary return for GST, GSTR-3B, to provide your outward supplies and input tax credit and tax liability in one. You are allowed to file your fees late to avoid your bills and interest to be paid.
PMT-06 (QRMP) for January – February 25th
In QRMP, this is the monthly payment return of small taxpayers. Punishable penalties are avoided when filing on time.
Tip: To stay compliant and avoid fines the only way of staying on top of it is to keep an effective compliance calendar, with reminders, or to use accounting software or professional help. A well-organized business avoids last minute rush situations, saves on penalties, and operates smoothly.
