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.

1^st Instalment: 15% advance tax liability by 15^th June

2^nd Instalment: 45% advance tax liability by 15^th Sep

3^rd Instalment: 75% advance tax liability by 15^th Dec

4^th Instalment= 100% advance tax liability by 15^th Mar

b) Regarding Income tax return and Tax audit:

Every company will have to file ITR on 30^th 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 30^th 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 7^th of the succeeding month in which tax was deducted except for the March month that is 30^th April

TDS Return Due Date for the FY 2019-20:-

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 30^th September of subsequent financial year and it is amended time to time by the Government.

 Due Dates are as follows:-

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

Website:- https://www.mycorporation.in/