Multi-Regulatory Compliance Calendar — March 2027
March is the financial year-end closing month and brings a heavy convergence of annual, half-yearly, quarterly, and monthly filings. The final advance tax instalment anchors the direct-tax calendar, while GST annual elections — Composition levy, LUT, and GTA forward-charge options — all fall on the last day. A significant cluster of AIF, REIT, and InvIT periodic reports also lands at month-end, alongside the standard monthly cycle of TDS/TCS deposits, GSTR returns, NBFC returns, and labour law payments for February 2027. This calendar consolidates every recurring due date across Income Tax, GST, RBI/NBFC, SEBI (AIF, REITs, InvITs, Custodians), SEZ/STPI, IFSC, and labour law that falls in March 2027.
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March 2027 01 March 2027 (Monday) Quarterly investor report for the quarter ended 31 December 2026 — financial information of investee companies and material risks (concentration, forex, leverage, realization, strategy, reputation, and extra-financial risks). Applicability: AIF Category III. Reference: SEBI (Alternative Investment Funds) Regulations, 2012, Regulation 22(h)
05 March 2027 (Friday) SEZ Monthly Performance Report (MPR) for February, 2027. Applicability: Units/Developers located in SEZ. Reference: Rule 22, SEZ Rules 2006 r.w. Form I
Monthly report to SEBI (including vault specifications and related operational data) — by 5th of the following month. Applicability: SEBI-registered Custodians. Reference: SEBI Master Circular for Custodians, Chapter IV, Annexure N
07 March 2027 (Sunday) Deposit of TDS/TCS for February, 2027 to the credit of Central Government — non-Government deductors. Applicability: All deductors/collectors other than Government offices. Reference: Section 218(2)(b), Income-tax Act 2025
Deposit of tax deducted/collected for February, 2027 — Government offices (same day if paid without challan; else within 7 days of month-end). Applicability: Government deductors/collectors. Reference: Section 218(1), Income-tax Act 2025
ECB-2 Return for February, 2027 (External Commercial Borrowings). Applicability: Borrowers with outstanding External Commercial Borrowings. Reference: Master Direction — External Commercial Borrowings, Trade Credits and Structured Obligations
NBS-6 (Monthly Return) for February, 2027. Applicability: Deposit Taking NBFCs. Reference: RBI Master Direction — NBFC SBR Directions, 2023
Monthly Return on Important Financial Parameters for February, 2027. Applicability: NBFCs not accepting/holding public deposits, asset size ≥ Rs.100 crore. Reference: RBI Master Direction — NBFC SBR Directions, 2023
10 March 2027 (Wednesday) GSTR-7 for February, 2027. Applicability: Persons required to deduct TDS under GST. Reference: Section 39(3), CGST Act 2017 r.w. Rule 66
GSTR-8 for February, 2027. Applicability: E-commerce operators liable to collect TCS. Reference: Section 52, CGST Act 2017 r.w. Rule 67
GST SRM-II (monthly return, pan masala/tobacco special procedure) for February, 2027. Applicability: Manufacturers of pan masala/tobacco products under special procedure. Reference: Notification 4/2024-CT r.w. Rule 162
SEZ — Softex Export Realisation Form (SERF) for February, 2027. Applicability: IT/ITES units in SEZ engaged in service exports. Reference: STPI/SEZ administrative guidelines r.w. RBI reporting requirements
STPI — Softex Export Realisation Form (SERF) for February, 2027. Applicability: IT/ITES units registered with STPI. Reference: STPI administrative guidelines
NAV disclosure to investors for open-ended schemes — at least monthly. Applicability: FMEs in IFSC managing open-ended schemes. Reference: IFSCA (Fund Management) Regulations, 2022 — NAV disclosure provision
ALM — NBS-ALM1 (Monthly Return) for February, 2027. Applicability: NBFC-ND-SI. Reference: RBI Master Direction — NBFC SBR Directions, 2023
11 March 2027 (Thursday) GSTR-1 (outward supplies) for February, 2027. Applicability: All GST-registered taxpayers except those under the QRMP scheme. Reference: Section 37, CGST Act 2017 r.w. Rule 59
13 March 2027 (Saturday) GSTR-1/IFF (Invoice Furnishing Facility) for February, 2027. Applicability: Taxpayers under the QRMP scheme. Reference: Section 37 r.w. Rule 59(2)
GSTR-5 for February, 2027. Applicability: Non-resident taxable persons registered under GST. Reference: Section 39(5), CGST Act 2017 r.w. Rule 63
GSTR-6 for February, 2027. Applicability: Taxpayers registered as Input Service Distributor (ISD). Reference: Section 39(4), CGST Act 2017 r.w. Rule 65
15 March 2027 (Monday) Fourth/final instalment of advance tax for Tax Year 2027-28 (100% less earlier instalments); also whole amount for assessees declaring presumptive income under section 58(2)/61(2). Applicability: All assessees liable to pay advance tax; presumptive-scheme assessees. Reference: Section 408(1) Table Sl.No.4 / 408(2), Income-tax Act 2025
Certificate (Form No. 132) for tax deducted on rent/property-transfer/contract-professional payments (specified persons) in January, 2027, within 15 days from the due date of the Form 141 challan-cum-statement. Applicability: Individuals/HUF and specified persons deducting TDS outside tax-audit thresholds. Reference: Rule 215(1) Table Sl.No.3, Income-tax Act 2025
NBS-4B (Monthly Return) for February, 2027. Applicability: NBFC-Deposit Taking; NBFC-NDSI with asset size > Rs.500 crore; group NBFCs with combined asset size ≥ Rs.500 crore; NBFC-Factors; NBFC-CICs; NBFC-ND with asset size Rs.100–500 crore (excl. NBFC-NOFHCs). Reference: RBI Master Direction — NBFC SBR Directions, 2023
Investor-wise Escrow Demat Reporting — investor-wise KYC details of units held in the Aggregate Escrow Demat Account (name, PAN, bank account details), with audit trail of transactions, within 15 days from the end of each month. Applicability: AIF Category I/II/III. Reference: SEBI Circulars on Dematerialization of AIF Units
Reporting of all cash transactions, including cross-border wire transfers, within 15 days of the succeeding month. Applicability: AIF Category I/II/III. Reference: PMLA Rule 3(1)(E) r.w. Rule 8(1), PMLA Rules 2005
PF (Provident Fund) payment for February, 2027. Applicability: All establishments covered under EPF & MP Act, 1952. Reference: Section 6, EPF & MP Act 1952 r.w. Para 38, EPF Scheme 1952
ESIC (Employees' State Insurance) contribution payment for February, 2027. Applicability: All establishments covered under the ESI Act, 1948. Reference: Regulation 31, ESI (General) Regulations 1950
Maharashtra PTRC — Profession Tax return for February, 2027. Applicability: Employers registered under Maharashtra PT Act, 1975 (PTRC). Reference: Section 6, Maharashtra State Tax on Professions Act 1975
20 March 2027 (Saturday) GSTR-3B for February, 2027. Applicability: All GST-registered taxpayers except those under the QRMP scheme. Reference: Section 39, CGST Act 2017 r.w. Rule 61
GSTR-5A for February, 2027. Applicability: OIDAR service providers. Reference: Section 14, IGST Act 2017 r.w. Rule 64
30 March 2027 (Tuesday) Challan-cum-statement for tax deducted on rent, transfer of immovable property, and contract/professional fee/commission payments (specified persons) for February, 2027. Applicability: Individuals/HUF and specified persons deducting TDS outside tax-audit thresholds. Reference: Section 393(1) Table Sl. No. (2)(i)/(3)(i)/(6)(ii), Income-tax Act 2025
SEZ — SOFTEX filing for software/IT services exported electronically in February, 2027. Applicability: Units in SEZ exporting software/IT services electronically. Reference: STPI/SEZ SOFTEX guidelines r.w. FEMA reporting norms
STPI — SOFTEX filing for software/IT services exported electronically in February, 2027. Applicability: Units registered with STPI exporting software/IT services electronically. Reference: STPI SOFTEX guidelines r.w. FEMA reporting norms
REIT — Quarterly report by Manager to Trustee: list of unitholders, SPV/HoldCo/Investment entity shareholding changes, and leverage-limit compliance confirmation, for the quarter ending 31 March 2027. Applicability: Real Estate Investment Trusts (REITs) — Manager. Reference: REIT Regulations 2014 — Trustee oversight provisions
31 March 2027 (Wednesday) CMP-02: Online option for Composition Levy for FY 2027-28. Applicability: Taxpayers opting into Composition Scheme. Reference: Rule 3(3), CGST Rules 2017
RFD-11 (LUT): Application for export of goods/services without payment of GST, for FY 2027-28. Applicability: Exporters / SEZ suppliers opting to export under LUT. Reference: Section 16, IGST Act 2017 r.w. Rule 96A
Filing of Annexure V/VI/VII under Notification No. 11/2017-CT(Rate) — GTA forward-charge / RCM option for FY 2027-28. Applicability: Goods Transport Agencies (GTA). Reference: Notification No. 11/2017-Central Tax (Rate)
Statement in Form No. 44 (foreign tax credit) — statement of foreign income offered to tax and foreign tax deducted/paid, for Tax Year 2025-26 (within 12 months from the end of the relevant tax year, where ITR filed within time). Applicability: Assessees claiming Foreign Tax Credit. Reference: Rule 76 (cross-reference), sub-rule (12) — Form No. 44, Income-tax Act 2025
Intimation in Form No. 45 (evidence of dispute settlement) — where foreign tax credit was earlier claimed on disputed tax and the dispute is subsequently settled (event-linked, illustrative FY-end anchor shown). Applicability: Assessees who claimed FTC on disputed foreign tax, now settled. Reference: Income-tax Act 2025, sub-rule (15) — Form No. 45
Claim for refund of excess TDS deposited (Form No. 139) — to be furnished by deductor when applicable (event-linked, illustrative FY-end anchor shown). Applicability: Deductors seeking refund of excess tax deposited under Chapter XIX-B. Reference: Rule 219(6), Income-tax Act 2025
NAV disclosure to investors for close-ended schemes — half-yearly, for the period ending 31 March 2027. Applicability: FMEs in IFSC managing close-ended schemes. Reference: IFSCA (Fund Management) Regulations, 2022 — NAV disclosure provision
Computation of NAV for Venture Capital schemes — at least annually, for the year ending 31 March 2027. Applicability: FMEs in IFSC managing Venture Capital schemes. Reference: IFSCA (Fund Management) Regulations, 2022 — VC scheme NAV provision
Annual review of Business Continuity Plan (BCP) — exact day not specified in Regulations; indicative FY-end date. Applicability: FMEs in IFSC. Reference: IFSCA (Fund Management) Regulations, 2022 — BCP review provision
AIF Annual Activity Report reminder — due by 30 April 2027 (no separate Quarterly Activity Report needed for the March-ending quarter). Applicability: All Alternative Investment Funds (Category I/II/III). Reference: SEBI Circular HO/19/28/(1)2026-AFD-SEC3/I/6176/2026 dated 04 March 2026
Valuation of investments (half-yearly) for the period ending 31 March 2027 — at least once every six months; period may be enhanced to one year with approval of at least 75% of investors by value. Applicability: AIF Category I/Category II. Reference: SEBI (Alternative Investment Funds) Regulations, 2012, Regulation 23(2)
NAV calculation and disclosure (quarterly) for close-ended funds — quarter ending 31 March 2027; NAV calculation must be independent from fund management, and investments in unlisted securities and listed debt securities must be valued by an independent valuer. Applicability: AIF Category III (close-ended). Reference: SEBI (Alternative Investment Funds) Regulations, 2012, Regulation 23(3)
Compliance and operational review report (half-yearly) for the period ending 31 March 2027. Applicability: AIF Category I/II/III — Investment Manager to Trustee / Board of Directors / Designated Partners. Reference: SEBI (AIF) Regulations & Trust Deed / LLP Agreement
Submission of compliance with CSCRF standards (half-yearly): user access rights review, privileged user activity review, third-party managed systems review, SOC functional efficacy, red teaming exercises, disaster recovery drill exercises, and review of contingency and continuity plans. Applicability: AIF Category I/II/III. Reference: SEBI Circular dated 20 August 2024, Para 4.1 (Part I)
Quarterly report on activities and compliance (Trustee Compliance Report) for the quarter ending 31 March 2027. Applicability: AIF Category I/II/III. Reference: SEBI AIF Regulations / Trust Deed
InvIT — Full (annual) asset valuation as at 31 March 2027, by registered valuer, with physical inspection of every project; valuation report to be submitted to designated stock exchange(s) along with annual financial results. Applicability: Infrastructure Investment Trusts (InvITs) — Investment Manager. Reference: Regulation 21(3), SEBI (InvIT) Regulations 2014
REIT — Net worth compliance certificate of the Manager (half-yearly) for the period ending 31 March 2027, submitted to Trustee. Applicability: Real Estate Investment Trusts (REITs) — Manager. Reference: REIT Regulations 2014 — Trustee oversight provisions
REIT — Net worth compliance certificate of Sponsor and Manager (annual) for the year ending 31 March 2027, from a practicing Chartered Accountant. Applicability: Real Estate Investment Trusts (REITs) — Sponsor and Manager. Reference: REIT Regulations 2014 — Trustee oversight provisions
How We Help March is the most compliance-intensive month of the year, closing the financial year with advance tax, the annual GST election suite, and a dense cluster of AIF, REIT, and InvIT periodic reports all falling on or around 31 March, on top of the uninterrupted monthly cycle. At Anuj Desai & Associates, we map every obligation against the entity’s registration profile, sequence the filings so nothing collides at the last moment, and manage the entire submission workflow — from data aggregation to regulator lodgement. If you’d rather have us carry March’s closing load, reach out to our compliance desk