Following Compliance need to be done by company during the financial year in respect of income tax Act, GST Act and TDS
Income tax Act and GST:-
a) Regarding Advance Taxes :
Every company is required pay advance taxes if tax liability is more than 10,000 in financial year.
1st Instalment: 15% advance tax liability by 15th June
2nd Instalment: 45% advance tax liability by 15th Sep
3rd Instalment: 75% advance tax liability by 15th Dec
4th Instalment= 100% advance tax liability by 15th Mar
b) Regarding Income tax return and Tax audit:
Every company will have to file ITR on 30th September and if turnover crosses the threshold limit that is Rs. 1 CR then tax audit becomes applicable and it is performed by a practicing chartered accountant and due date for the audit is 30th September for next financial year.
c) Regarding TDS Compliance:-
A company requires to deduct TDS specified payments as per the income tax act. This amount should be deposited with the government on or before 7th of the succeeding month in which tax was deducted except for the March month that is 30th April
TDS Return Due Date for the FY 2019-20:-
|Quarter Period||Last Date of Filing|
|1st Quarter (April-June)||31st July|
|2nd Quarter (July-Sep)||31st Oct 2019|
|3rd Quarter (Oct-Dec)||31st Jan 2020|
|4th Quarter (Jan-March)||30th May 2020 (Now its 30th June 2020 for the FY 19-20 Q4)|
Compliance under Goods & Service tax Act (GST)
As of now there are only two returns depends upon cases i.e. GSTR-3B is compulsory for the tax payment of taxpayer and for other depends on their registration type & and for regular tax payer its GSTR-1
I) GSTR 3B:
GSTR-3B is summary return it consist the details of total taxable supplies, Tax amount, ITC (Input Tax Credit) and Cash Payment if any.
ii) GSTR 1:
GSTR-1 is showing outward supplies for the month or quarter depends upon the person who file it whether they are liable for the monthly filing or quarterly filing.
iii) GST Annual return:
GST Annual return is basically a reconciliation statement which is prepare by registered person themselves and if there is any changes required then taxpayer reconcile the same on its own.
iv) GST Audit:
GST Audit is required by those companies, whose annual turnover has crossed threshold limit that is Rs. 2 crores. And its required to file annually .The due date to file GST audit report for FY is 30th September of subsequent financial year and it is amended time to time by the Government.
Due Dates are as follows:-
|Returns Type||Due Dates|
|GSTR-1(Return of Outward Supplies if turnover is less than 1.5 Cr then –Quarterly Return Filing)||31stof subsequent month after ending Quarter|
|GSTR-1(Return of Outward Supplies if turnover is More than 1.5 Cr then –Monthly Return Filing)||11th of Subsequent month|
|GSTR-3B||20th of Subsequent month|
|GSTR-9/9C (Annual Return & GST Audit)||30th September of Next financial year|
All the above due dates and turnover limits are as per the standard rules, but it’s possible in any circumstance government changes these rules for any time period so it’s very important to updated on daily basis because due to COVID-19 government changes many due dates and rules so all the above matter is just for basic idea about compliance and their due dates.
Author: – CMA Praveen Kumar Tiwari