Recent scenario is worse and even getting more worse by each passing day. It is important for the businesses to stay compliant and fulfilling all the compliances related to business during the year. Considering statutory compliance and Tax compliance, every month is significant. Due dates related to ROC filing, GST return filings and Income Tax filing falls in the month of May, 2021 related to various tax compliance and statutory compliance, apart from this LLP Annual Compliance also need to be take care of. The due date for LLP form 11 for the financial year 2020-2021 shall be 30th May, 2021.
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Importance of Compliance for Business
- Helps in decision making
- Improves efficiency and productivity
- Helps organizing within the company
- Reduces risks
- Helps preventing criminal charges
- Helps in building a positive reputation
Important due dates in the Month of May, 2021 for the GST Returns
| Due Date | Form to be filed | Period | Who should file? |
| 10.05.2021 | GSTR 7 | April 2021 | Filed by the person who is required to deduct TDS under GST. |
| 10.05.2021 | GSTR 8 | April 2021 | Filed by the e-commerce operators who is required to deduct TCS under GST. |
| 11.05.2021 | GSTR 1 | April 2021 | Taxpayers having an aggregate turnover of more than Rs. 1.50 Crores or opted to file monthly return. |
| 13.05.2021 | GSTR 1 IFF (QRMP) | April 2021 | Taxpayers who opted for QRMP scheme has to file this GST Return |
| 13.05.2021 | GSTR 6 | April 2021 | Input Service Distributors |
| 20.05.2021 | GSTR 5 & 5A | April 2021 | Non-Resident Taxpayers and ODIAR services provider |
| 20.05.2021 | GSTR 3B | April 2021 | The due date for GSTR-3B having an Annual Turnover |
| 25.05.2021 | GST Challan | For all Quarterly filers | GST Challan Payment if no sufficient ITC for April (For all quarterly filers) |
Important due dates in the Month of May, 2021 for the Income Tax Compliance/PF/ESI
| Due Date | Form to be filed | Period | Who should file? |
| 07.05.2021 | Challan No. ITNS-281 | April 2021 | Payment of TDS/TCS deducted/collected in April, 2021 |
| 15.05.2021 | TDS Certificate | March 2021 | Due date for issue of TDS Certificate for tax deducted under Section 194IA in the month of March, 2021 |
| 15.05.2021 | TDS Certificate | March 2021 | Due date for issue of TDS Certificate for tax deducted under Section 194IB in the month of March, 2021 |
| 15.05.2021 | TDS Certificate | March 2021 | Due date for issue of TDS Certificate for tax deducted under Section 194M in the month of March, 2021 |
| 15.05.2021 | Filing of TCS Statement | Quarterly | Quarterly statement of TCS deposited for the quarter ending March 31, 2021 |
| 15.05.2021 | Electronic Challan cum Return (ECR) (PF) | April 2021 | E-payment of provident fund |
| 15.05.2021 | ESI Challan | April 2021 | ESI Payment |
| 15.05.2021 | Form No. 3BB | April 2021 | Due 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 |
| 30.05.2021 | TDS Challan-cum-statement | April 2021 | Due date for furnishing of challan cum statement in respect of tax deducted under section 194-IA, 194-IB, 194M |
| 30.05.2021 | TCS Certificate | 4th quarter of FY 2020-21 | Issue of TCS certificates for the 4th Quarter of the Financial Year 2020-2021 |
| 31.05.2021 | Form 24Q (TDS Return for Salary) | January to March 2021 | Statement for TDS from salaries |
| 31.05.2021 | Form 26Q (Filing of TDS statement) | Quarterly | Quarterly statement of TDS deposited for the quarter ending March 31, 2021 |
Important due dates in the Month of May, 2021 for the LLP Annual Filing
| Due Date | Form to be filed | Period | Who should file? |
| 30.05.2021 | LLP Form 11 | FY 2020-21 | LLP Annual Filing- An annual statement for submitting details of the business of the LLP and its partners for the FY 2020-21 |
If the Taxpayers file the above mentioned forms on or before due dates will save hefty penalties. The month of May is important for the due dates for various compliances under GST Act, Income Tax Act, 1961, Companies Act, 2013 and LLP Act, 2008.
