India Compliance Roundup: November — Key Deadlines, Filings & Regulatory Updates

Why November Matters for Foreign-Owned Indian Companies

If October is the peak of India's annual compliance cycle, November is its critical extension — especially for companies with foreign direct investment. The most important November deadline is the income tax return for companies that filed transfer pricing reports under Section 92E. Since virtually every Indian subsidiary of a foreign company has international transactions with its parent or affiliates, the 30 November ITR deadline affects most foreign-owned entities.

Beyond the ITR, November brings the ROC annual return (Form MGT-7) due within 60 days of the AGM, ongoing monthly GST and TDS obligations, and the need to begin preparing for the third advance tax installment due 15 December. This roundup covers every November 2025 deadline, verified against current government notifications.

Income Tax Return for Transfer Pricing Cases — Due 30 November

The headline deadline for November is the ITR filing for companies required to furnish a report under Section 92E of the Income Tax Act (transfer pricing report). For FY 2024-25 (Assessment Year 2025-26), this deadline is 30 November 2025.

Who Falls Under This Category?

Any company that has entered into international transactions with an associated enterprise — regardless of value — must file Form 3CEB (the transfer pricing report) and consequently gets the extended ITR deadline of 30 November. For foreign-owned Indian private limited companies, this covers:

• Payments to the parent company for management fees, brand royalties, or technical service fees
• Inter-company loans or guarantees
• Cost-sharing or cost-contribution arrangements
• Purchase or sale of goods, raw materials, or finished products with group entities
• Any service provided to or received from affiliated companies abroad

Since the transfer pricing report (Form 3CEB) was due by 31 October, the ITR must be filed by 30 November — giving companies exactly one month after the TP report to finalise their income tax return.

ITR-6: Critical Sections for Foreign-Owned Companies

ITR-6 is the return form for all companies other than those claiming exemption under Section 11. For foreign-owned subsidiaries, several sections require particular attention:

Section 115BAA Election

Companies opting for the concessional corporate tax rate of 22% (effective 25.17% including surcharge and cess) under Section 115BAA must file Form 10-IC. This election is irrevocable — once made, the company cannot revert to the old regime with its higher rate but broader deductions. The Section 115BAA rate eliminates Minimum Alternate Tax (MAT), which is a significant benefit for companies with accumulated MAT credits that would otherwise be forfeited.

Transfer Pricing Adjustments

If your transfer pricing analysis identified any transactions not at arm's length, the ITR must reflect voluntary adjustments. Alternatively, if you are confident your pricing is arm's length, no adjustment is needed — but be prepared for scrutiny. The tax department's Transfer Pricing Officer (TPO) can propose adjustments during assessment, and the ITR filing creates the baseline for comparison.

Foreign Tax Credit

Companies that earned income taxed in another jurisdiction can claim a foreign tax credit in India using Form 67, which must be filed before or along with the ITR. This is relevant for Indian subsidiaries that provided services to overseas group entities and had tax withheld by the payer country. The India-specific Double Taxation Avoidance Agreements determine the credit methodology.

Withholding Tax Compliance

Verify that all payments to the foreign parent during FY 2024-25 had proper TDS deducted under Section 195. Each outward remittance should have been accompanied by Form 15CA and Form 15CB (CA certificate). Any shortfall in TDS deduction will be flagged during processing and can trigger demand notices with interest at 1% per month.

Penalties for Late ITR Filing

For a foreign-owned subsidiary with inter-company transactions, losing the ability to carry forward business losses can have significant multi-year tax implications. File on time.

ROC Annual Return (Form MGT-7 / MGT-7A) — Due 28-29 November

The Annual Return in Form MGT-7 (or MGT-7A for small companies and OPCs) must be filed within 60 days of the Annual General Meeting. If the AGM was held on the standard deadline of 30 September 2025, the MGT-7 filing deadline falls on 29 November 2025.

What MGT-7 Covers

Form MGT-7 is a comprehensive return that captures:

• Registered office address and principal business activities
• Particulars of holding, subsidiary, and associate companies
• Share capital structure and shareholding pattern — including details of foreign shareholders
• Membership and debenture details
• Promoters, directors, and key managerial personnel
• Meetings of members and board of directors
• Penalties, fines, and compounding of offences
• Corporate Social Responsibility (CSR) details, if applicable

For foreign-owned companies, the shareholding pattern section is scrutinised carefully. Ensure that foreign shareholding percentages match FC-GPR filings with the RBI and that all transfers during the year are properly documented.

MGT-7A: Simplified Version

Small companies (paid-up capital up to INR 4 crore and turnover up to INR 40 crore) and One Person Companies can file the simplified Form MGT-7A. Most foreign-owned subsidiaries will not qualify as small companies and must file the full MGT-7.

Penalty for Late Filing

Late filing of MGT-7 attracts a penalty of INR 100 per day, with no maximum cap. The penalty applies to the company. A six-month delay results in approximately INR 18,000 in penalties, but the uncapped nature means longer delays become disproportionately expensive.

MCA Extension Note

For FY 2024-25, the MCA extended the deadline for filing MGT-7 and related forms to 31 December 2025 to accommodate the transition to MCA-21 Version 3. While this provides additional time, companies should target the standard 60-day deadline where possible to maintain compliance discipline.

GST Compliance in November 2025

Monthly GST filings continue through November alongside the annual compliance obligations.

Monthly Filings

GSTR-9 and GSTR-9C Preparation

While the GST annual return (GSTR-9) and reconciliation statement (GSTR-9C) for FY 2024-25 are due by 31 December 2025, November is when preparation should begin in earnest. GSTR-9 requires reconciliation of all monthly returns filed during the year with the annual financial statements, and any discrepancies must be resolved before filing. GSTR-9C is mandatory for taxpayers with aggregate turnover exceeding INR 5 crore and requires certification by a CA.

TDS Compliance in November 2025

Monthly TDS Deposit — Due 7 November

All TDS deducted during October 2025 must be deposited by 7 November 2025. Interest on late deposit runs at 1.5% per month from the date of deduction to the date of payment.

TDS Certificate Issuance — Due 15 November

Form 16A (TDS certificate for non-salary deductions) for Q2 (July-September 2025) must be issued to deductees by 15 November 2025. Failure to issue TDS certificates on time attracts a penalty of INR 100 per day per certificate under Section 272A(2)(g).

Challan-cum-Statement for Property/Rent TDS

For TDS deducted under Sections 194-IA (property transfer), 194-IB (rent), 194-M (professional fees), and 194-S (virtual digital assets) during October, the challan-cum-statement must be filed by 30 November 2025.

PF and ESI Compliance in November 2025

EPF Contribution — Due 15 November

EPF contributions for October 2025 must be deposited by 15 November 2025. The employer contributes 12% of basic salary, split between the EPF account (3.67%) and the Employee Pension Scheme (8.33%, capped at INR 15,000 basic salary). The employee's 12% contribution goes entirely to the EPF account.

ESI Contribution — Due 15 November

ESI contributions for October 2025 are due by 15 November 2025. The employer rate is 3.25% and the employee rate is 0.75% on gross wages up to INR 21,000 per month. Late deposit attracts interest at 12% per annum.

Advance Tax: Preparing for the December Installment

While no advance tax installment falls due in November, the third installment — 75% of estimated annual tax cumulatively — is due on 15 December 2025. November is the time to finalize your tax projection.

Key Planning Considerations

• Revised tax estimate: With 8 months of actual financials (April-November), companies should update their advance tax computation based on actual results rather than the Budget-day estimates used for June and September installments
• Section 115BAA calculation: If the company elected the concessional rate, the effective rate is 25.17%. Without the election, the rate is 30% plus applicable surcharge (7% for income above INR 1 crore, 12% for income above INR 10 crore) plus 4% health and education cess
• MAT check: For companies on the old regime, verify whether MAT under Section 115JB (15% of book profit + surcharge + cess) exceeds the regular tax liability. If so, MAT becomes the advance tax base
• TDS credit: Deduct the total TDS already deducted from income (visible in Form 26AS/AIS) to arrive at the net advance tax payable

Penalty for Shortfall

If cumulative advance tax paid by 15 December falls short of 75% of actual tax liability, interest under Section 234C applies at 1% per month on the shortfall for 3 months (December to March). Getting the calculation right in November prevents this interest exposure.

FEMA and RBI Compliance Actions for November

FEMA Year-End Preparation

November is the time to conduct a comprehensive FEMA compliance review before the financial year closes in March. Key actions include:

• FC-GPR review: Confirm all share allotments to foreign investors during the year have been reported within 30 days
• ECB-2 returns: Verify all monthly External Commercial Borrowing returns are filed and current
• Downstream investment: If the Indian subsidiary has made any downstream investments, ensure compliance with FEMA downstream investment regulations and ODI reporting
• Pricing compliance: Confirm that all inter-company transactions (especially share transfers) were conducted at fair market value per FEMA pricing guidelines

FLA Return Status

If you have not yet filed the revised FLA Return based on audited accounts (due 30 September), engage with the RBI through an AD bank to regularise the filing. The RBI has been increasingly strict about FLA compliance, with penalties of INR 7,500 for late filing and potential compounding proceedings for continued non-compliance.

AOC-4 Follow-Up

If Form AOC-4 (financial statements) was not filed in October as recommended, it remains a priority in November. The standard deadline is 30 days from the AGM, but the MCA has extended this to 31 December 2025 for FY 2024-25. The penalty remains INR 100 per day with no cap, calculated from the original due date regardless of any extension.

Practical Compliance Checklist for November 2025

Week 1 (1-7 November)

• Deposit TDS deducted in October by 7 November
• Begin finalising ITR-6 for 30 November filing (TP cases)
• Review all Section 195 payments and Form 15CA/15CB compliance

Week 2 (8-15 November)

• File GSTR-7/GSTR-8 by 10 November
• File GSTR-1 by 11 November
• Issue Form 16A certificates for Q2 by 15 November
• Deposit EPF and ESI contributions by 15 November

Week 3 (16-25 November)

• File GSTR-3B by 20 November
• Pay QRMP tax through GST PMT-06 by 25 November
• Begin advance tax computation for 15 December installment

Week 4 (26-30 November)

• File ITR-6 for transfer pricing cases by 30 November
• File Form MGT-7/MGT-7A annual return by 29 November (if AGM was 30 September)
• File challan-cum-statements for Section 194-IA/IB/M/S TDS by 30 November
• File AOC-4 if not yet filed (extended deadline: 31 December)

Penalty Quick-Reference for November Deadlines

Common Mistakes in November Compliance

November's complexity catches many foreign-owned subsidiaries off guard. Here are the errors we see most frequently:

Filing ITR Without Reconciling TDS Credits

Before filing ITR-6, verify that all TDS credits reflected in Form 26AS and the Annual Information Statement (AIS) match your books. Discrepancies arise when deductors file corrections late, when TDS certificates reflect different amounts than actual deductions, or when foreign tax credits claimed in Form 67 are not properly mapped to the correct assessment year. Filing an ITR with incorrect TDS credits can trigger a demand notice for the differential amount.

Ignoring Carry-Forward Implications

Companies that miss the 30 November deadline lose the ability to carry forward business losses under Section 72. For a startup subsidiary still in its loss-making years, this is catastrophic — those losses could have offset profits in future years for up to 8 assessment years. The INR 5,000 late filing fee is trivial compared to the tax impact of forfeited loss carry-forward on future profitability.

Inconsistent Shareholding Data in MGT-7

The shareholding pattern section of MGT-7 must exactly match your FC-GPR filings with the RBI and your internal share register. Any share transfer or allotment during the year must be reflected consistently across all three records. Discrepancies can trigger queries from both the ROC and the RBI, potentially resulting in compounding proceedings under FEMA for unreported or misreported foreign investment transactions.

Underestimating Advance Tax for December

Companies frequently underestimate their third advance tax installment because they base it on year-to-date results without accounting for seasonal revenue patterns or year-end adjustments. A company that books 40% of its revenue in Q3-Q4 will significantly underestimate its annual tax liability if projections are based solely on H1 results. Use trailing patterns and current order pipeline to build a realistic projection.

Key Takeaways

• The 30 November ITR deadline for transfer pricing cases is the defining filing of the month — virtually every foreign-owned Indian subsidiary falls into this category because any transaction with the parent or affiliate entity triggers Section 92E reporting
• ROC annual return (Form MGT-7) is typically due in late November — if the AGM was held on 30 September, the 60-day deadline falls on 29 November, with a penalty of INR 100/day and no cap for late filing
• November is the time to lock in your advance tax calculation — the third installment (75% cumulative) is due 15 December, and a shortfall triggers 1% per month interest under Section 234C for three months
• Begin GSTR-9 annual return preparation now — the 31 December deadline for the GST annual return requires reconciliation of 12 months of monthly returns with audited financial statements
• Conduct a year-end FEMA compliance review — verify all FC-GPR filings, ECB-2 returns, and inter-company pricing compliance before the March year-end closes the window for corrections

For comprehensive compliance support covering all monthly and annual deadlines, explore our annual compliance service. Companies with complex transfer pricing arrangements can benefit from our transfer pricing advisory service, and for regulatory filing assistance, visit our tax advisory service page.