The Quarterly Returns and Monthly Payment of Tax (QRMP) scheme was implemented on 1st January 2021. The taxpayers who opted for the QRMP scheme have to choose any of the two options available for tax payment for the first two months of a quarter.
The following are the available two options:
In the fixed sum method, the 35% Challan can be generated by selecting the following path:
Reason For challan –> Monthly Payment for Quarterly Return –> 35% Challan which is in turn calculated as per the following situation:
This pattern for tax payment will be applicable from April 2021 onwards. However, it is clarified that for Q4 of 2020-21 (for January and February 2021), the auto-populated challan generated under 35% challan contains 100% of the tax liability discharged from electronic cash ledger for December 2020. The same is that till December 2020, all taxpayers were filing GSTR-3B return monthly.
The QRMP taxpayers are not required to deposit any amount for the first two months of a quarter, if:
For any clarifications/feedback on the topic, please contact the writer at dvsr.anjaneyulu@cleartax.in
DVSR Anjaneyulu known as AJ, is a Chartered Accountant by profession. Loves to listening to music & spending time with family and friends.
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