Income Tax & GST Compliance Calendar for May 2021

Income Tax - GST Compliance - Calendar for May 2021 - Taxscan

In any case, a good citizen should always pay his taxes on time while adhering to all major tax-related rules and regulations proposed by the government as it is vital for the upliftment of an economy. Paying taxes as per by the compliance calendar by taxpayers also helps the government in terms of the proper functioning of the administrative work related to the tax collection.

Taxpayers can also avoid heavy penalties and fines imposed by the government by filing their Income Tax return of time.

The Compliance Calendar is divided into 2 parts, Compliance Calendar for GST due dates of May 2021 and Compliance Calendar for Income Tax Return due dates for the month of May, 2021.

Compliance Calendar of Income Tax for May 2021

  1. May 7, 2021

The Due date for deposit of Tax deducted/collected for the month of April, 2021. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan

2. May 15, 2021

​Due date for issue of TDS Certificate for tax deducted under section 194-IA, section 194-IB and section 194-M in the month of March, 2021

3. May 15, 2021

Quarterly statement of TCS deposited for the quarter ending March 31, 2021.

4. May 15, 2021

Due Date by Government’s office for furnishing of Form 24G. (TDS for the month of April 21 without challan production)

5. May 30, 2021

Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, section 194-IB and section 194M in the month of April, 2021.

6. May 30, 2021

The Issue of TCS certificates for the 4th Quarter of the Financial Year 2020-21

7. May 31, 2021

Quarterly statement of TDS deposited for the quarter ending March 31, 2021.

8. May 31, 2021

Due date for furnishing of statement of financial transaction (in Form No. 61A) as required to be furnished under sub-section (1) of section 285BA of the Act respect of a financial year 2020-21.

9. May 31, 2021

Due date for e-filing of annual statement of reportable accounts as required to be furnished under section 285BA(1)(k) (in Form No. 61B) for calendar year 2020 by reporting financial institutions

10. May 31, 2021

Application for allotment of PAN in case of non-individual resident person, which enters into a financial transaction of Rs. 2,50,000 or more during FY 2020-21 and hasn’t been allotted any PAN

11. May 31, 2021

Application for allotment of PAN in case of person being managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in Rule 114(3)(v) or any person competent to act on behalf of the person referred to in Rule 114(3)(v) and who hasn’t allotted any PAN.

It is noteworthy, the Government has extended the last date for filing both the belatedly and revised income tax returns for the financial year 2019-20 from March 31, 2021, to May 31, 2021 for Income Tax return arriving at within the domain of Section 148, the date for filing returns has been extended till May 31, 2021, from April 1, 2021.

GST Compliance Calendar for May 2021

  1. May 10, 2021

The due date for filing GSTR 7 for the period March 2021 is 10th May.

2. May 10, 2021

The due date for furnishing GSTR 8 for the period April2021 for registered e-commerce taxpayers in India who are liable to pay TCS should be deducted on or before deducted on or before 10th May.

3. May 13, 2021

Every Input Service Distributor (ISD) must file GSTR-6 on or before the given due date of 13th May.

4. May 20, 2021

Annual Turnover of more than INR 5cr in Previous FY- April 2021.

5. May 20, 2021

All the non-resident persons must file the GSTR-5 alongside the payment of GST on or before the given due date of 20th May, for the month of April 2021.

6. May 20, 2021

All the non-resident ODIAR services providers should file their monthly return GSTR-5A on or before the given due date of 20th May 2021, for the month of April 2021.

7. May 22, 2021

Annual Turnover of upto INR 5cr in Previous FY – April 2021 (Group A: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep)

8. May 24, 2021

Annual Turnover of upto INR 5 Cr in Previous FY – April 2021 (Group B: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi)

9. May 26, 2021

The last date to file GSTR-1 form is May 26, 2021, for the taxpayers having an annual aggregate turnover above INR 1.5 crore or the ones who have opted for the monthly return filing.

The GSTR-1 due date for April 2021 extended to 26th May and IFF due date extended to 28th May due to the second wave of COVID-19.

10. May 31, 2021

The government extended the due date for filing FORM GSTR-4 for the financial year 2020-21 to May 31, 2021due to the second wave of COVID-19.

11. May 31, 2021

GSTR 9 is an annual return form for the regular taxpayer. The return filing for the FY 2020-21 should be submitted within the given date of December 31st, 2021.

12. May 31, 2021

GSTR 9C is an annual audit return form for the reconciliation statement. The return filing for the FY 2020-21 should be submitted within the given date of December 31st, 2021.

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