CA Yash V.

Rajpurohit
8898668707

Deadly Deadlines
“Kaal Kare So Aaj Kar,
Aaj Kare So Ub,
Pal Mein Pralaya Hoyegi,
Bahuri Karoge Kub”
- Sant Kabir

Sant Kabir in the 15th Century has clearly portrayed the importance of time management;
while inscribing the above doha. The above verse clearly explains the human tendency of laziness
and procrastination even at that point of time. Sant has also explained that if we keep on postponing
our work, it may cause stress related problems to us. Sant has advised that we should complete our
work well within the given timeframe. Completing our work before the target date will not only help
us to reduce the stress but it will also help in improving the quality of work.

Even the phrase ‘Time is money’ which was first quoted by Benjamin Franklin highlights the
value of time. The time management is important for everyone, whether it is to meetsales targets,
delivery of products, completion of contract, filing return of income, compliance with other
regulatory requirements, etc. Regardless of your age, gender, working status, or otherwise, time is
one of the most important resources you have.

Thus, in order to manage the upcoming month, I had compiled the important due dates for the
month of March 2018, and the list of events or work which needs to be completed within the said
deadline as below:

Particulars Action Consequences of missing

Deadline

A Income-tax related compliances

FY 2015-16 (AY 2016-17) File revised or belated Assessing officer may direct
income-tax return on or to pay penalty of Rs. 5,000

FY 2016-17 (AY 2017-18) before 31st March, 2018 along with income-tax and
interest

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 CA Yash V. Rajpurohit
8898668707

Particulars Action Consequences of missing

Deadline

FY 2017-18 (AY 2018-19) Plan and investin tax saving A person may end up
instruments on or before 31st paying more tax due to poor
March 2018 tax planning

B Aadhaar related Compliances*

Aadhaar number needs to be linked to various services on or before 31st March 2018, to
continue to enjoy the benefits of said services. Some of the important services are listed
below:

- Bank Account Visit Bank or update by net- Bank accounts may be

banking to link Aadhaar blocked.

- Mobile number Visit or call mobile service Mobile service provider

provider to update Aadhaar may stop providing services

- Permanent Account Number Visit Income-tax website to It may create problem in

(PAN) update Aadhaar filing income-tax returns,
etc.

- Social / welfare schemes Visit social security service An individual may not be
(such as LPG subsidy, centre and link Aadhaar to entitle to receive subsidy,
educational scholarship, continue enjoying benefits until he linked Aadhaar no.
fertilizer subsidy, etc.)

- Financial products (such as Visit respect agency centre to An Individual may face
Mutual Funds, Demat, Post link Aadhaar with financial disruption in services
office schemes, Insurance products
Policy, etc.)

*Note: the due date for Aadhaar linking compliance is subject to writ petition filed in the
Hon’ble Supreme Court

C Country-by-Country Report and Master File

Master File

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Particulars
Every constituent entity
covered under section
92D
Constituent entity
covered under section
92D and threshold under
Rule 10DA(1) is satisfied
Country-by-Country
Report
Every parent entity or an
alternate reporting entity,
resident in India
(applicable to an
international group having
total consolidated group
revenue of more than INR
5,500crores)
D Other important due dates
Due date for deposit of TDS /
TCS for February, 2018
Fourth installment of advance
tax for the assessment year
2018-19 (including taxpayers
covered u/s. 44AD and
44ADA)
Action
Furnish Part A of Form no.
3CEAA
Furnish Part A and Part B of
Form no. 3CEAA
Furnish Form No.3CEAD
Payment of TDS / TCS
amount to GOI on or before 7
March 2018
Pay Advance tax on or before
15 March 2018
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CA Yash V. Rajpurohit
8898668707
Consequences of missing
Deadline
Penalty for failure to keep
and maintain Master File
(INR 500,000)
Penalty for failure to furnish
CbC report u/s 286(2):
a. INR 5,000 per day upto
one month; or
b. INR 15,000 per day
beyond one month
(If failure continues after
penalty order, than INR
50,000 per day)
Penal interest on delayed
payment of TDS / TCS
amount
Penal interest on delayed
payment of Advance tax
amount
 CA Yash V. Rajpurohit
8898668707

Particulars Action Consequences of missing

Deadline

January 2018 monthly GST Furnish GSTR-1 on or before Payment of any Interest and
Return for persons with 10 March 2018 Penalty.
aggregate turnover over INR
1.5crores

Summary GST Return for Furnish GSTR-3B on or Payment of any Interest and
February 2018 before 20 March 2018 Penalty.

GSTR 6 (for Input Service Furnish GSTR-6 on or before Payment of any Interest and
Distributor) for July 2017 – 31 March 2018 Penalty.
February 2018

As discussed above, the last date for income-tax return FY 2015-16 and FY 2016-17 is 31st
March 2018. Thus, for easy of reference, the various income-tax slab and tax rate are compiled in a
comparative form for FY 2015-16, FY 2016-17 and FY 2017-18 as below:

FY 2015-16 FY 2016-17 FY 2017-18

Total Taxable Income
(AY 2016-17) (AY 2017-18) (AY 2018-19)

A Applicable to all Individuals / HUF / AOP / BOI / AJP(other than B and C below)

Up to Rs. 2,50,000 Nil Nil Nil

Rs. 2,50,000 – Rs. 5,00,000 10% 10% 5%

Rs. 5,00,000 – Rs. 10,00,000 20% 20% 20%

Above Rs. 10,00,000 30% 30% 30%

B Resident Individual's age 60 years or more but less than 80 years(Senior Citizen)

Up to Rs. 3,00,000 Nil Nil Nil

Rs. 3,00,000 – Rs. 5,00,000 10% 10% 5%

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 CA Yash V. Rajpurohit
8898668707

FY 2015-16 FY 2016-17 FY 2017-18

Total Taxable Income
(AY 2016-17) (AY 2017-18) (AY 2018-19)

Rs. 5,00,000 – Rs. 10,00,000 20% 20% 20%

Above Rs. 10,00,000 30% 30% 30%

C Resident Individual's age 80 years or more(Super Senior Citizen)

Up to Rs. 5,00,000 Nil Nil Nil

Rs. 5,00,000 – Rs. 10,00,000 20% 20% 20%

Above Rs. 10,00,000 30% 30% 30%

Note: Surcharge and Tax rebateapplicable toabove point A, B and C

Add: Surcharge on tax, if;

Taxable income > 50lakhs Nil Nil 10%

Taxable income > 1crore 12% 15% 15%

Less: Tax rebate* amount lower of: 100% of income-tax payable or specified tax amount

Specified tax amount Rs. 2,000 Rs. 5,000 Rs. 2,500

*Rebate u/s. 87A is available to

resident individual, only if taxable 500,000 500,000 350,000
income is less than or equal to:

Tax Rate for Partnership Firm /

D 30% 30% 30%
LLP / Local Authority

12%
Add: Surcharge on tax, if taxable (In case of local
12% 12%
income > 1crore authority, it is
10%)

E Tax Rate for Domestic Company

Turnover / Gross Receipt <= 30% 29% 25%

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 CA Yash V. Rajpurohit
8898668707

FY 2015-16 FY 2016-17 FY 2017-18

Total Taxable Income
(AY 2016-17) (AY 2017-18) (AY 2018-19)

5crores

Turnover / Gross Receipt between

30% 30% 25%
5crores and 50crores

Turnover / Gross Receipt >

30% 30% 30%
50crores

Add: Surcharge on tax, if

Taxable income > 1crore 7% 7% 7%

Taxable income > 10crores 12% 12% 12%

F Tax Rate for Foreign Company 40% 40% 40%

Add: Surcharge on tax, if

Taxable income > 1crore 2% 2% 2%

Taxable income > 10crores 5% 5% 5%

G Tax Rate for Co-operative Society

Up to Rs. 10,000 10% 10% 10%

Rs. 10,000 – Rs. 20,000 20% 20% 20%

Above Rs. 20,000 30% 30% 30%

Add: Surcharge on tax, if taxable

12% 12% 12%
income > 1crore

Add: Education cess on tax and

surcharge(applicable for all above points 3% 3% 3%
from A to G)

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 CA Yash V. Rajpurohit
8898668707

Conclusion:

The conclusion would not be possible without giving reference to a quote: ‘A stitch in time
saves nine’ which means that timely action in any matter saves a person from a lot of troubles, loss,
and waste of time. Thus, a person may suffer if he is lazy and leaves his work for tomorrow, as it can
be seen from above the consequences of missing deadlines; the same are very stringent
consequences.

A person’s reputation is generally based on two things: the quality of work, and how well that
person complete work within the given deadlines. So, plan your schedule well in advance and block
the adequate time to meet the deadline work within the timeline. Planning the work and keeping the
timeline updated, will also help in tracking the progress of the work and it will ensure that you never
miss the deadline.

Always keep buffer time for sudden events or contingency, as certain events and external
circumstances are not in our control and sometime it may consume of a lot of time, and may have
dire consequences, which can affect our work. Thus, plan your schedule well in advance, avoid last
minute rush and any penal consequences of missing deadline.

We have all heard the proverb ‘Time and tide waits for none’, as tide does not wait for
anyone, in the same manner time also does not wait for anyone Even Sant Kabir in the verse ‘Aaj
Kare So Ub’ has also explained the importance to time. Thus, it is critical for everyone to act wisely
and act now.

“Yesterday is gone
Tomorrow has not yet come
We have only today
Let us begin”
- Mother Teresa

The author Yash V. Rajpurohit can be reached at 8898668707 or yash@vispitpatel.com

Disclaimer: Take advice from expert before taking action.

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