Income tax, Statutory and GST Compliance calendar for May 2021

Compliance Calendar For May 2021

The second wave of covid 19 has hit us harder than the first wave. The situation in India is getting worse. However, businesses and entrepreneurs need to stay compliant with various compliances during May 2021.

Every month there are significant compliances related to statutory and Tax. However, if we look at the compliance calendar, we can understand that there are various tax and statutory compliance due dates relating to ROC filings, Income tax return filings, and GST Return filings which fall under May 2021.

For LLP’s apart from statutory and tax compliances, there is extra compliance in May 2021. Which is LLP annual compliance, this compliance needs to be filed by filing form 11. This compliance applies to all LLPs. The due date for filing form 11 for the financial year 2020-21 is 30th May 2021.

Below is the complete compliance calendar for May 2021. This calendar has been prepared in three parts, Compliance Calendar for GST due dates of May 2021, Compliance Calendar for Income Tax Return due dates for May 2021, and Compliance calendar for the LLP Annual Filing in May 2021.

Request you to look at each calendar below to understand the due dates and requirements for your business.

Tax Compliance and Statutory Compliance Calendar for May 2021

GST Compliance Calendar for May 2021. (Important due dates for GST Return filings)

SL NOForm to be filedFor the PeriodDue date Who should file?
1GSTR 7April 202110.05.2021GSTR 7 is a return to be filed by the persons who is required to deduct TDS (TaxTDS (Tax deducted at source) deducted at source) under GST
2GSTR 8April 202110.05.2021GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST
3GSTR 1April 202111.05.2021Taxpayers having an aggregate turnover of more than Rs. 1.50 Crores or opted to file Monthly Return
4GSTR 1 IFF (QRMP)April 202113.05.2021GST return for the taxpayers who opted for QRMP scheme (Optional)
5GSTR 6April 202113.05.2021Input Service Distributors
6GSTR 5 & 5AApril 202120.05.2021Non-Resident Taxpayers and ODIAR services provider
7GSTR 3BApril 202120.05.2021The due date for GSTR-3B having an Annual Turnover of more than 5 Crores
8GST ChallanFor all Quarterly filers25.05.2021GST Challan Payment if no sufficient ITC for April (for all Quarterly Filers)

 

Income Tax and Statutory Compliance Calendar for May 2021. (Important due dates for TDS/PF/ESI return filings)

SL NOForm to be filedFor the PeriodDue date Who should file?
1Challan No. ITNS-281April 202107.05.2021Payment of TDS/TCS deducted /collected in April 2021.
2TDS CertificateMarch 2021 15.05.2021Due date for issue of TDS Certificate for tax deducted under Section 194IA in the month of March, 2021
3TDS CertificateMarch 2021 15.05.2021Due date for issue of TDS Certificate for tax deducted under Section 194IB in the month of March, 2021
4TDS CertificateMarch 2021 15.05.2021Due date for issue of TDS Certificate for tax deducted under Section 194M in the month of March, 2021
5Filing of TCS StatementQuarterly15.05.2021Quarterly statement of TCS deposited for the quarter ending March 31, 2021
6Electronic Challan cum Return (ECR) (PF)April 202115.05.2021E-payment of Provident Fund
7ESI ChallanApril 202115.05.2021ESI payment
8Form No. 3BBApril 202115.05.2021Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of April, 2021
9TDS Challan-cum-statementApril 202130.05.2021 Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194 IB, 194M
10TCS Certificate4th quarter of FY 2020-2130.05.2021 Issue of TCS certificates for the 4th Quarter of the Financial Year 2020-21
11Form 24Q (TDS Return for Salary)January to March 202131.05.2021Statement for TDS from salaries
12Form 26Q (Filing of TDS statement)Quarterly31.05.2021Quarterly statement of TDS deposited for the quarter ending March 31, 2021

 

LLP Annual Filing Compliance in May 2021 (Important due date for Form 11 filing)

SL NOForm to be FiledFor the PeriodDue DateWho should file?
1LLP Form 11 FY 2020-21 30.05.2021LLP Annual Filing- An annual statement for submitting details of the business of the LLP and its partners for the FY 2020-21

 

May 2021 is crucial for due dates for various compliances as compared to the previous month.  There are various regular compliances related to GST filings, Income Tax filings, and Statutory compliances. Along with these, there is an additional filing of form 11 for LLPs.

Filing the above-mentioned list of compliances on or before the due days will save businesses and entrepreneurs from hefty penalties. We advise you to get in touch with your CA/CS for filing for these compliances. If you need any help feel free to write to us at Info@bbnc.in

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