December is the month to rejoice the closing of a calendar year and also a month to close all tax compliances pertaining to FY 2021-22.
Income tax
Under Income tax Act, 31st December is the last date for filing the original return as well as Revised Return for FY 2021-2022. After 31st December, filing would not be allowed and Refund cannot be claimed. One will be left with only option of filing ITR – U where tax payment is mandatory.
Advance Tax payment
Plan your taxes ahead…!
- Advance tax payment helps you to avoid interest
- The due date for Advance tax for 3rd Installment (October to December ) for FY 2022-2023 is 15th December 2022
GST – Annual return filing
Under Goods and Services Act, filing of the Annual returns(GSTR 9) is mandated. Annual returns(GSTR 9) is an annual compilation of outward supplies, Inward Supplies , tax liability & input tax credit availed during a financial year.
GSTR 9 C on the other hand is a reconciliation statement between GSTR – 9 ie annual return for a financial year and the audited financial statement of the tax payer.
The different types of forms, category of tax payers, applicability in turnover and statutory dates are tabled below…
Penalty on non – filing
Late fee of Rs.200/- per day (Rs.100/- per day under CGST Law and Rs.100/- under SGST Law) could be levied which would be capped to a maximum of half percent of turnover in the state or union territory.
Remember in December to comply with the above listed compliances & Get ready to meet the prosperous calendar year 2023 ahead…!