{"id":66073,"date":"2024-09-11T11:19:26","date_gmt":"2024-09-11T05:49:26","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=66073"},"modified":"2024-09-11T11:20:08","modified_gmt":"2024-09-11T05:50:08","slug":"due-date-compliance-calendar","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/due-date-compliance-calendar\/","title":{"rendered":"Due Date Compliance Calendar for September 2024"},"content":{"rendered":"\n<p>It is crucial for businesses to effectively handle compliance deadlines to maintain seamless operations and prevent penalties. This article overviews important GST, Income Tax, and ROC adherence deadlines. Keep your business running smoothly by staying informed about these crucial dates to ensure compliance.<\/p>\n\n\n\n<p>This article discusses adherences to the Income Tax Act, Goods and Services Tax Act, and Companies Act, 2013. It discusses multiple topics including GSTR-1, GSTR-3, GSTR-7, GSTR-8, FORM FC-3, DIR-3 KYC, and more.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/due-date-compliance-calendar\/#Compliance_Calendar_for_September_2024\" >Compliance Calendar for September 2024<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/due-date-compliance-calendar\/#Importance_of_Compliance_and_Consequences_of_Non-Adherence\" >Importance of Compliance and Consequences of Non-Adherence<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/due-date-compliance-calendar\/#Compliances_Under_Goods_Service_Tax\" >Compliances Under Goods &amp; Service Tax<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/due-date-compliance-calendar\/#Penalties_for_Non-Compliance_with_GST_Filing_Requirements\" >Penalties for Non-Compliance with GST Filing Requirements<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/due-date-compliance-calendar\/#Compliances_of_ROC_Registrar_of_Companies\" >Compliances of ROC (Registrar of Companies)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/due-date-compliance-calendar\/#Penalties_for_Non-Compliance_with_Corporate_Filing_Obligations\" >Penalties for Non-Compliance with Corporate Filing Obligations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/due-date-compliance-calendar\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/corpbiz.io\/learning\/due-date-compliance-calendar\/#Frequently_Asked_Question\" >Frequently Asked Question<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Compliance_Calendar_for_September_2024\"><\/span>Compliance Calendar for September 2024<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Below is the list of the dates of Compliance under Income Tax is given:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Sr. No.<\/strong><\/td><td><strong>Particulars<\/strong><\/td><td><strong>Due date<\/strong><\/td><\/tr><tr><td>1.<\/td><td>TDS\/TCS payment for the month of August 2024.<\/td><td><strong>7th September<\/strong><\/td><\/tr><tr><td>2.<\/td><td>The due date for issuing the TDS certificate for tax deducted under section 194-IA, IB &amp; M, S for the month of July 2024.<\/td><td><strong>14th September<\/strong><\/td><\/tr><tr><td>3.<\/td><td>Second instalment of Advance tax for the FY 2024-25\/ AY 2025-26<\/td><td><strong>15th September<\/strong><\/td><\/tr><tr><td>4.<\/td><td>Challan-cum-statement for tax deducted under sections 194-IA, 194-IB, 194-M, and 194-S for the month of August 2024<\/td><td><strong>30th September<\/strong><\/td><\/tr><tr><td>5.<\/td><td>Country-by-Country Report for the financial year 2023-24 to be filed by the parent entity or an alternate reporting entity, resident in India, for the international group of which it is a constituent (Form No. 3CEAD)<\/td><td><strong>30th September<\/strong><\/td><\/tr><tr><td>6.<\/td><td>Form 9 A for Trusts &#8211; Application to apply income of the current year in the next year or future (if the assessee is required to submit a return of income on November 30, 2024)<\/td><td><strong>30th September<\/strong><\/td><\/tr><tr><td>7.<\/td><td>Form 10 for Trusts &#8211; Application to accumulate income for future application (if the assessee is required to submit a return of income on November 30, 2024)<\/td><td><strong>30th September<\/strong><\/td><\/tr><tr><td>8.<\/td><td>The due date for filing the audit report under section 44AB for the assessment year 2024-25 in the case of a corporate assessee or non-corporate assessee (who is required to submit a return of income on October 31, 2024)<\/td><td><strong>30th September<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Importance_of_Compliance_and_Consequences_of_Non-Adherence\"><\/span>Importance of Compliance and Consequences of Non-Adherence<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Timely compliance with tax regulations is crucial for maintaining the integrity of financial operations. Failure to adhere to these deadlines can lead to significant financial penalties, loss of exemptions, and even legal repercussions. Below, we discuss the importance of specific compliance requirements and the penalties associated with non-compliance for various tax obligations due in September 2024.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">TDS\/TCS Payment for August 2024<\/h3>\n\n\n\n<p>Timely payment of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) ensures smooth financial operations and compliance with tax regulations. Failure to deposit TDS\/TCS within the prescribed time frame can lead to the following penalties:<\/p>\n\n\n\n<ul>\n<li><strong>Interest:<\/strong> As per Section 201(1A) of the Income Tax Act, interest is levied at 1.5% per month or part thereof. This interest is calculated from the date the TDS was deducted to the date it was actually paid to the government.<\/li>\n\n\n\n<li><strong>Late Fee:<\/strong> Under Section 234E, a late fee of Rs.200 per day is imposed for delays in filing the TDS return, capped at the amount of TDS.<\/li>\n\n\n\n<li><strong>Prosecution:<\/strong> Non-payment of TDS\/TCS can lead to prosecution under Section 276B. Penalties include rigorous imprisonment for a period ranging from 3 months to 7 years and a fine.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Issuance of TDS Certificates for July 2024<\/h3>\n\n\n\n<p>Issuing TDS certificates on time is essential to provide proof of tax deductions for recipients. Delays can result in:<\/p>\n\n\n\n<ul>\n<li><strong>Penalty:<\/strong> Under Section 272A(2)(g), failure to issue the TDS certificate within the stipulated period can attract a penalty of Rs.100\/- per day, up to the amount of TDS.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Second Instalment of Advance Tax for FY 2024-25<\/h3>\n\n\n\n<p>Advance tax payments are essential for reducing the burden of a lump sum payment at the end of the financial year. Non-compliance can lead to:<\/p>\n\n\n\n<ul>\n<li><strong>Interest for Shortfall:<\/strong> Section 234C imposes interest at the rate of 1% per month for any shortfall in the advance tax instalments.<\/li>\n\n\n\n<li><strong>Interest for Underpayment:<\/strong> Section 234B charges interest at 1% per month if 90% of the total tax liability is not paid by the end of the financial year.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Challan-cum-Statement for August 2024<\/h3>\n\n\n\n<p>Filing the challan-cum-statement within the due date is crucial to ensure that the tax deducted is properly accounted for. Non-compliance results in:<\/p>\n\n\n\n<ul>\n<li><strong>Late Fee:<\/strong> Under Section 234E, a late fee of Rs.200 per day is applicable, capped at the TDS amount.<\/li>\n\n\n\n<li><strong>Interest:<\/strong> As per Section 201(1A), interest at 1.5% per month is levied for the late payment of TDS.<\/li>\n\n\n\n<li><strong>Prosecution:<\/strong> Continuous failure to comply can lead to prosecution under Section 276B, with penalties including imprisonment and fines.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Country-by-Country Report for FY 2023-24<\/h3>\n\n\n\n<p>Filing the Country-by-Country Report (CbCR) is mandatory for multinational enterprises to ensure transparency in their financial reporting. Non-compliance with CbCR obligations can lead to:<\/p>\n\n\n\n<ul>\n<li><strong>Rs.5,000 per day:<\/strong> If the delay continues after the due date and before receiving an order from tax authorities.<\/li>\n\n\n\n<li><strong>Rs.15,000 per day:<\/strong> If the default persists beyond the first month after the due date.<\/li>\n\n\n\n<li><strong>Rs.50,000 per day:<\/strong> If the delay continues even after receiving an order from tax authorities.<\/li>\n\n\n\n<li><strong>Inaccurate Information: <\/strong>A penalty of Rs.5 lakh is imposed for providing incorrect information in the CBCR.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Form 9A for Trusts<\/h3>\n\n\n\n<p>Form 9A allows trusts to apply their current year&#8217;s income in the next year or future years. Non-compliance can result in:<\/p>\n\n\n\n<ul>\n<li><strong>Loss of Exemption:<\/strong> If Form 9A is not filed, the trust may lose its tax exemption on unutilized income, which would then be taxed at the maximum marginal rate.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Form 10 for Trusts<\/h3>\n\n\n\n<p>Trusts use Form 10 to accumulate income for future applications. Failure to submit Form 10 can lead to:<\/p>\n\n\n\n<ul>\n<li><strong>Loss of Exemption:<\/strong> Non-filing can result in denying tax exemptions on accumulated income, leading to taxation at the maximum marginal rate.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Filing Audit Report under Section 44AB for AY 2024-25<\/h3>\n\n\n\n<p>Filing the audit report on time is essential for entities subject to tax audit under Section 44AB. Non-compliance can result in:<\/p>\n\n\n\n<ul>\n<li><strong>Penalty for Late Filing:<\/strong> Under Section 271B, a penalty of 0.5% of the turnover or gross receipts, subject to a maximum of Rs.1.5 lakh, is imposed for late filing.<\/li>\n\n\n\n<li><strong>Disqualification:<\/strong> Delayed filing can disqualify the taxpayer from opting for certain presumptive taxation schemes, although there is no direct penalty for this disqualification.<\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/corpbiz.io\/gst-registration\">GST registration<\/a> is essential for seamless tax compliance and avoiding penalties like interest, late fees, and legal consequences. Ensure your business stays compliant to avoid costly repercussions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Compliances_Under_Goods_Service_Tax\"><\/span>Compliances Under Goods &amp; Service Tax<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Below is the list of forms and due date to maintain compliance under GST:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Sr. No.<\/strong><\/td><td><strong>Form<\/strong><\/td><td><strong>Particulars<\/strong><\/td><td><strong>Due date<\/strong><\/td><\/tr><tr><td>1.<\/td><td>GSTR-7 (GST-TDS)<\/td><td>To be filed by the person who is required to deduct TDS under GST for the August month<\/td><td>10th<strong> <\/strong>September<\/td><\/tr><tr><td>2.<\/td><td>GSTR-8 (GST-TCS)<\/td><td>To be filed by the e-commerce operators required to collect TCS under GST- for August month<\/td><td>10th September<\/td><\/tr><tr><td>3.<\/td><td>GSTR-1-Other than the QRMP scheme<\/td><td>For the month of August 2024<\/td><td>11th September<\/td><\/tr><tr><td>4.<\/td><td>GSTR-5<\/td><td>To be filed by a Non-Resident taxable person &#8211; for August month<\/td><td>13th September<\/td><\/tr><tr><td>5.<\/td><td>GSTR-6<\/td><td>To be filed by Input Service Distributor- for August month<\/td><td>13th September<\/td><\/tr><tr><td>6.<\/td><td>GSTR-3B-Other than the QRMP scheme<\/td><td>For the month of August 2024<\/td><td>20th September<\/td><\/tr><tr><td>7.<\/td><td>GSTR-5A<\/td><td>To be filed by the OIDAR for August month<\/td><td>20th September<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Ensure timely compliance with GST by filing GSTR-7 and GSTR-8 by September 10, and stay ahead with GSTR-1, GSTR-5, and GSTR-6 by their respective deadlines this month to avoid penalties and keep your business running smoothly with accurate <a href=\"https:\/\/corpbiz.io\/gst-return-filing\" title=\"GST Return Filing Process\">GST return filing.<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Penalties_for_Non-Compliance_with_GST_Filing_Requirements\"><\/span>Penalties for Non-Compliance with GST Filing Requirements<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Timely filing of GST returns is essential for maintaining compliance with tax regulations. Non-compliance can result in substantial penalties and interest charges, which can impact the financial health of your business. Below, we outline the penalties associated with specific GST returns:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">GSTR-7 (GST-TDS)<\/h3>\n\n\n\n<p>GSTR-7 is crucial for taxpayers who are required to deduct tax at source. Non-compliance with this filing can lead to the following penalties:<\/p>\n\n\n\n<ul>\n<li><strong>Late Fee:<\/strong> A late fee of Rs.200 per day (Rs.100 each under CGST and SGST) applies, up to a maximum of Rs.5,000.<\/li>\n\n\n\n<li><strong>Interest:<\/strong> Interest is charged at 18% per annum on the unpaid TDS amount beyond the due date.<\/li>\n\n\n\n<li><strong>Additional Penalty:<\/strong> If the TDS amount is not deposited or paid, the deductors may face a penalty of Rs.10,000 or an amount equivalent to the TDS, whichever is higher.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">GSTR-8 (GST-TCS)<\/h3>\n\n\n\n<p>For those collecting tax at source, timely filing of GSTR-8 is critical. The penalties for non-compliance include:<\/p>\n\n\n\n<ul>\n<li><strong>Late Fee:<\/strong> A late fee of Rs.200 per day (Rs.100 each under CGST and SGST) is levied, subject to a maximum of Rs.5,000.<\/li>\n\n\n\n<li>Interest: The TCS amount not deposited by the due date will be charged an 18% per annum interest rate.<\/li>\n\n\n\n<li><strong>Additional Penalty:<\/strong> Failure to deposit TCS may result in a penalty of Rs.10,000 or an amount equal to the TCS, whichever is higher.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">GSTR-1 (Other than QRMP Scheme)<\/h3>\n\n\n\n<p>GSTR-1 is a critical return for businesses, detailing outward supplies. Non-compliance with the due date can attract:<\/p>\n\n\n\n<ul>\n<li><strong>Late Fee:<\/strong> A late fee of Rs.200 per day (Rs.100 each under CGST and SGST), with a maximum penalty of Rs.10,000.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">GSTR-5 (Non-Resident Taxable Person Return)<\/h3>\n\n\n\n<p>GSTR-5 is required for non-resident taxable persons. Missing the filing deadline can result in:<\/p>\n\n\n\n<ul>\n<li><strong>Late Fee:<\/strong> Rs.200 per day (Rs.100 each under CGST and SGST), with a cap of Rs.5,000.<\/li>\n\n\n\n<li><strong>Interest:<\/strong> An interest rate of 18% per annum is applied for late tax payments.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">GSTR-6 (Input Service Distributor Return)<\/h3>\n\n\n\n<p>Input Service Distributors (ISDs) must file GSTR-6. Delays in filing can lead to:<\/p>\n\n\n\n<ul>\n<li><strong>Late Fee:<\/strong> Rs.200 per day (Rs.100 each under CGST and SGST), subject to a maximum of Rs.5,000.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">GSTR-3B (Other than QRMP Scheme)<\/h3>\n\n\n\n<p>GSTR-3B is a summary return filed monthly by businesses not opting for the QRMP scheme. Penalties for late filing include:<\/p>\n\n\n\n<ul>\n<li><strong>Late Fee: <\/strong>Rs.50 per day (Rs.25 each under CGST and SGST) for nil returns, up to a maximum of Rs.5,000.Rs.200 per day (Rs.100 each under CGST and SGST) for other cases, capped at Rs.10,000.<\/li>\n\n\n\n<li><strong>Interest:<\/strong> Interest at 18% per annum applies for delayed tax payments.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">GSTR-5A (Return for Non-Resident OIDAR Service Providers)<\/h3>\n\n\n\n<p>Non-resident Online Information and Database Access or Retrieval (OIDAR) service providers must file GSTR-5A. Non-compliance results in:<\/p>\n\n\n\n<ul>\n<li><strong>Late Fee:<\/strong> Rs.200 per day (Rs.100 each under CGST and SGST), capped at Rs.5,000.<\/li>\n\n\n\n<li><strong>Interest:<\/strong> An 18% per annum interest rate on delayed tax payments.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Compliances_of_ROC_Registrar_of_Companies\"><\/span>Compliances of ROC (Registrar of Companies)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Below is the list of the due dates to maintain compliance with ROC:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Sr. No.<\/strong><\/td><td><strong>Particulars<\/strong><\/td><td><strong>Due date<\/strong><\/td><\/tr><tr><td>1.<\/td><td>FC-3- Form FC-3 &#8211; Annual accounts of foreign companies<\/td><td><strong>30th September<\/strong><\/td><\/tr><tr><td>2.<\/td><td>Annual general meeting<\/td><td><strong>30th September<\/strong><\/td><\/tr><tr><td>3.<\/td><td>DIR-3-KYC for DIN holders<\/td><td><strong>30th September<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Penalties_for_Non-Compliance_with_Corporate_Filing_Obligations\"><\/span>Penalties for Non-Compliance with Corporate Filing Obligations<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Ensuring timely compliance with corporate filing requirements is crucial for avoiding substantial penalties. Below is an overview of the penalties associated with non-compliance for Form FC-3, annual general meetings (AGMs), and DIR-3 KYC:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Form FC-3: Annual Accounts of Foreign Companies<\/h3>\n\n\n\n<p>Form FC-3 must be filed by foreign companies operating in India to report their annual accounts. Non-compliance with this filing requirement leads to the following:<\/p>\n\n\n\n<ul>\n<li><strong>Late Fee:<\/strong> A late fee of Rs.1,000 per day is charged for each day of delay after the due date.<\/li>\n\n\n\n<li><strong>Additional Penalty:<\/strong> In addition to the late fee, failure to file Form FC-3 can result in further penalties under the Companies Act 2013. This may include prosecution or additional fines based on the duration and severity of the non-compliance.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Annual General Meeting (AGM)<\/h3>\n\n\n\n<p>Every company is required to hold its AGM within a specified timeframe. The penalties for failing to do so are:<\/p>\n\n\n\n<ul>\n<li><strong>Penalty for Late Filing:<\/strong> The company and its officers can face a fine if an AGM is not held within the prescribed period. Typically, the penalty is Rs.1,00,000 for the company and Rs.50,000 for each officer in default.<\/li>\n\n\n\n<li><strong>Additional Penalty:<\/strong> Continued failure to hold the AGM can lead to increased fines and potential legal action from regulatory authorities.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">DIR-3 KYC for DIN Holders<\/h3>\n\n\n\n<p>Directors must file DIR-3 KYC to update their KYC details with the Ministry of Corporate Affairs. Non-compliance with this requirement results in:<\/p>\n\n\n\n<ul>\n<li><strong>Late Fee:<\/strong> A late fee of Rs.500 per day is imposed for delays beyond the due date.<\/li>\n\n\n\n<li><strong>Additional Penalty:<\/strong> Failure to complete DIR-3 KYC may deactivate the Director Identification Number (DIN), affecting the director\u2019s ability to function in their role.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Maintaining compliance with GST, income tax, and corporate filing requirements is not just a legal obligation but a critical aspect of sound business management. The penalties for non-compliance are significant and can range from financial files to more severe repercussions like legal action and loss of essential rights or statuses.<\/p>\n\n\n\n<p>For businesses, failing to meet deadlines for filings such as GSTR returns, TDS payments, Form FC-3, or the conduct of annual general meetings can lead to substantial financial strain and operational disruptions. Businesses must prioritize these obligations to safeguard their operations and maintain a solid reputation with regulatory authorities.<\/p>\n\n\n\n<p>Moreover, adherence to these compliance requirements reflects a company\u2019s commitment to transparency and responsible governance. Timely and accurate filings ensure businesses remain in good standing, avoid unnecessary penalties, and foster stakeholder trust. By staying vigilant about these deadlines and maintaining a proactive approach to compliance, companies can ensure smoother operations, protect their financial health, and thrive in a competitive environment.<\/p>\n\n\n\n<p>Don\u2019t let deadlines sneak up on you. Stay ahead of compliance with the September due date calendar by visiting our website <a href=\"https:\/\/corpbiz.io\/\">Corpbiz<\/a>\u00a0 and keeping your business on track to avoid penalties.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Question\"><\/span>Frequently Asked Question<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div class=\"saswp-faq-block-section\"><ol style=\"list-style-type:none\"><li style=\"list-style-type: none\"><h3><strong>What happens if I miss the deadline for filing my GSTR returns?<\/strong><\/h3><p class=\"saswp-faq-answer-text\">Missing the deadline for filing GSTR returns can result in late fees and interest charges. For example, GSTR-1, GSTR-3B, and other returns come with penalties of Rs. 50\/- to Rs. 200\/- per day of delay, depending on the return type. In addition to late fees, interest at 18 per annum is typically charged on any tax amount due.<\/p><li style=\"list-style-type: none\"><h3><strong>What are the consequences of not holding AGM on time?<\/strong><\/h3><p class=\"saswp-faq-answer-text\">Failing to hold an AGM within the stipulated time frame can result in a penalty of Rs. 1,00,000\/ for the company and Rs. 50,000\/ for each officer in default. Continuous failure to hold an AGM may result in additional fines and potential legal action by regulatory authorities.<\/p><li style=\"list-style-type: none\"><h3><strong>How much is the late fee for not filing the DIR-3 KYC on time?<\/strong><\/h3><p class=\"saswp-faq-answer-text\">The late fee for not filing DIR-3 KYC is rs. 500 per day. If the DIR-3 KYC is not filed by the due date, the Director Identification Number (DIN) may be deactivated, impacting a director\u2019s ability to function in their role legally.<\/p><li style=\"list-style-type: none\"><h3><strong>What is the penalty for foreign companies not submitting Form FC-3?<\/strong><\/h3><p class=\"saswp-faq-answer-text\">Failing to submit FC-3 on time for foreign companies results in a late fee of Rs. 1,000\/- per day for each delay. Non-compliance can also lead to further penalties, including fines and possible prosecution under the Companies Act.<\/p><li style=\"list-style-type: none\"><h3><strong>What are the penalties for late payment of TDS or TCS?<\/strong><\/h3><p class=\"saswp-faq-answer-text\">The penalties for late payment of TDS or TCS include a late fee, interest at 1.5% per month on the amount due, and possible further penalties if the tax is not deposited. Failure to comply can also result in additional scrutiny and legal consequences.<\/p><\/ul><\/div>\n\n\n<p class=\"text-left\"><b>Read Our Article<\/b>: <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/top-patent-holders-india\/\" title=\"Patent Hoder in India\">Who Holds the Most Patents in India?<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It is crucial for businesses to effectively handle compliance deadlines to maintain seamless operations and prevent penalties. This article overviews important GST, Income Tax, and ROC adherence deadlines. Keep your business running smoothly by staying informed about these crucial dates to ensure compliance. This article discusses adherences to the Income Tax Act, Goods and Services [&hellip;]<\/p>\n","protected":false},"author":85,"featured_media":66074,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[120],"tags":[],"acf":{"service_id":"408"},"authorName":"Shuchi Saxena","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2024\/03\/suchi.png","authorDescription":"Shuchi Saxena is an experienced business advisor with 10+ years of experience in management consulting. Maintaining a creative flow while writing content comes naturally to her. 99.2% of her writeups are problem-solving and help readers get what they intend to look out for. Her expertise lies in Startup Advisory, Regulations, Consulting, Environmental Advisory, etc.","postViews":1420,"readingTime":9,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/66073"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/85"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=66073"}],"version-history":[{"count":4,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/66073\/revisions"}],"predecessor-version":[{"id":66078,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/66073\/revisions\/66078"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/66074"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=66073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=66073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=66073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}