If you run a small business, then paying your business taxes on time can help you stick to your budget and avert unnecessary tax penalties in 2021. The kind of taxes a business needs to pay may vary depending on the business structure. Mostly, there are five important taxes: income tax, employment tax, excise tax, self-employment tax, and estimated tax.
Business owners need to keep track of several dates, but the tax deadlines are the most important. Here are a few tax dates to help small business owners get a grip on the tax deadlines. Follow them and keep your tax payments on track.
A. For income tax compliance
|For Income Tax Compliance||Due Date||Extended Due Date|
|For individual/ sole proprietor/HUF or other entities where filing audit isn’t necessary||The original due date is 31st July 2021||The extended due date is 30th September 2021|
|For businesses that require an audit||The original due date is 30th September 2021||The extended due date is 31st December 2021|
|Small businesses that require transfer pricing audit reports filing||The original due date is 30th November 2021||The extended due date is 31st December 2021|
B. For ROC Compliance
|For ROC Compliance||Due Date||Extended Date|
|For form 11- MCA compliance for LLPs|
PS: Form 8 is also called the statements of accounts and solvency and it needs to be filed annually with the ROC. It is mandatory for every LLP to submit Form 8 by inculcating in it the balance sheet and the profit-loss data.
|The original due date is 30th May 2021||The extended due date is 31st August 2021|
|AOC 4 is to be submitted by all enterprises for annual account||30th October 2021||30th October 2021|
|The DPT 3 is applicable for all SMEs||The original due date is 30th June 2021||In case you miss it, you can meet your ROC compliance criteria by the extended due date that is on 31st August 2021|
|ADT-1 form that needs to be filled in less than 15 days from the submission of AGM by||14th October 2021||14th October 2021|
|For all approved DIN status, the KYC DIN submissions are on||30th September 2021||30th September 2021|
|Along with the registrar for outstanding payments to Micro, small or medium enterprises, all the MSMEs must file a half-yearly return by||31st October 2021||31st October 2021|
|The MTG-4 form includes the annual return as well as the necessary furnishing details of the company. Its Board Resolution submissions are by||30th October 2021|
(filed within 60 days from the conclusion of AGM)
The Bottom Line
You can adhere to the dates mentioned above for paying your taxes on time. In case of any doubts regarding compliance or your tax audit, you can visit the online tax calendar of the IRS to review and determine the important tax due dates for your business. Follow the tax regulations and deadlines word-by-word and avoid the snuck-up due dates that come with hefty late fees.