Question 1

What happens if I miss a tax deadline in India?

Accepted Answer

Missing tax deadlines can result in penalties, interest charges, and legal consequences. For ITR filing, late fees of Rs 5,000 (Rs 1,000 if income is below Rs 5 lakh) apply under Section 234F. Advance tax delays attract 1% interest per month under Section 234B/234C. GST late filing incurs Rs 50/day (CGST) + Rs 50/day (SGST). TDS late deposit attracts 1.5% interest per month. To avoid these, set calendar reminders at least one week before each deadline.

Question 2

Can I pay advance tax in one installment under Section 44ADA?

Accepted Answer

Yes! Professionals using Section 44ADA (presumptive taxation for income up to Rs 50 lakh) can pay 100% of their advance tax in a single installment by March 15. This is a major benefit as regular taxpayers must pay in four quarterly installments (15% by June 15, 45% by Sept 15, 75% by Dec 15, and 100% by March 15). This simplifies tax planning significantly for freelancers and consultants.

Question 3

Which ITR filing deadline applies to me - July 31 or October 31?

Accepted Answer

July 31 applies to individuals, HUFs, and firms NOT requiring tax audit. October 31 applies if: (1) Your business turnover exceeds Rs 1 crore (Rs 10 crore with 95% digital transactions), (2) Professional receipts exceed Rs 50 lakh, (3) You're claiming benefits under Section 44AD/44ADA but income exceeds presumptive limits. If you have international transactions or specified domestic transactions requiring transfer pricing audit, your deadline is November 30.

Question 4

What are the GST filing deadlines for quarterly filers (QRMP scheme)?

Accepted Answer

Under QRMP (Quarterly Return Monthly Payment) scheme for taxpayers with turnover up to Rs 5 crore: GSTR-1 is filed quarterly by 13th of the month following the quarter. GSTR-3B is filed quarterly by 22nd/24th of the month following the quarter. However, tax payment must still be made monthly using PMT-06 challan by 25th of each month. Annual return GSTR-9 is due by December 31.

Question 5

When should I file TDS returns and what forms do I need?

Accepted Answer

TDS returns are filed quarterly: Q1 (Apr-Jun) by July 31, Q2 (Jul-Sep) by October 31, Q3 (Oct-Dec) by January 31, Q4 (Jan-Mar) by May 31. Use Form 24Q for salary TDS, Form 26Q for non-salary payments to residents, Form 27Q for payments to non-residents, and Form 27EQ for TCS. TDS payment must be deposited by 7th of the following month (April TDS by May 7). Late filing attracts Rs 200/day penalty up to Rs 1 lakh.

Freelancer Tax Calendar & Deadlines

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