After months of discussion, the National Financial Reporting Authority (NFRA) on Monday decided to move towards the International Standard of Audit 600 (ISA 600) for all listed companies, barring public sector companies and state-run banks and their branches. Separately, the Institute of Chartered Accountants of India (ICAI) also agreed to revise the Standard on Quality Management (SQM), a mechanism for quality management for audits or reviews of financial statements, where public consultations have been completed.
Apr 12, 2024 Supreme Court upholds NCLAT order against errant auditors In a boost to the National Financial Reporting Authority (NFRA), the regulator for auditors and audit firms dealing with large and listed companies, the Supreme Court has upheld an order by the National Company Law Appellate Tribunal (NCLAT) related to disciplinary action against errant auditors. Last month, the apex court dismissed an appeal filed by chartered accountant Sam Varghese, partner at K Varghese & Co.
Compliance
Calendar in Your Business:-
Business
involves juggling many tasks in terms of compliance, local and federal
regulation, which required filing tax- related compliance on the due dates. If
the business working is not done in a plan or systematic way, there is always
possibility of missing any important deadline. So setting up compliance
calendar which help to manage all these tax related compliance, various aspect
of business. A compliance calendar keeps track of all of your business required
filings, their due dates, and related.
Non-compliance with the due dates of return filing as per compliance
calendar may result in imposing heavy penalties by the government for taxpayers
in India. Paying taxes as per the compliance calendar by taxpayers also helps
the government in terms of the proper functioning of the administrative work
related to tax collection. Taxpayers can also avoid heavy penalties and fines
imposed by the government by filing their Income Tax returns on time.
What to include
in a Compliance Calendar:-
What include
in compliance calendar depends upon types of business, state and industry.
Compliance calendar include monthly, quarterly tax return, corporate meeting
minutes and schedule, annual report filing deadlines, or special event related
to compliance activities. Compliance calendar helps us to track all these types
of monthly or annual filing deadline on time.
Income Tax
& GST Compliance Calendar of December 2022:-
Statutory
compliance is an essential part of running a business. So, here is a Tax &
GST Compliance Calendar for the months of December, 2022, covering all of the
important due dates for Income Tax Return Filing, GST Return Filing, and TDS
Payments.
Due Dates |
Return Filing |
Description |
||
7/12/2022 |
INCOME TAX |
Due date for
deposit of Tax deducted/collected (TDS/ TCS) for the month of November, 2022. |
||
10/12/2022 |
GSTR 7 |
GSTR-7 is a monthly
return filed by individuals who deduct tax at source or TDS under the Goods
and Services Tax (GST). |
||
GSTR 8 |
GSTR 8 is a monthly
GST return that must be filed by all e-commerce operators registered under
GST for collection of TCS |
|||
11/12/2022 |
GSTR 1 |
Monthly Return of
Outward Supplies for the month of November, 2022. |
||
13/12/2022 |
GSTR 6 |
GSTR 6 is a monthly return that has to be filed by
an Input Service Distributor. |
||
IFF |
IFF- An Optional
Upload of B2B invoices, Debit or credit notes for the Month of November under
QRMP scheme. |
|||
15/12/2022 |
ESI |
ESI Payment for the
month of November,2022 |
||
PF |
PF payment for the month
of November, 2022. |
|||
15/12/2022 |
INCOME TAX |
Ø Third installment of advance tax for the
assessment year 2023-24 |
||
Ø Due date for issue of TDS Certificate for
tax deducted under section 194-IA in the month of October, 2022. |
||||
Ø Due date for issue of TDS Certificate for
tax deducted under section 194-IB in the month of October, 2022. |
||||
Ø Due date for issue of TDS Certificate for
tax deducted under section 194M in the month of October, 2022. |
||||
Ø Due date for furnishing statement in Form
no. 3BB by a stock exchange in respect of transactions in which client codes
have been modified after registering in the system for the month of November,
2022. |
||||
Ø Due date for issue of TDS Certificate for
tax deducted under section 194S in the month of October, 2022. |
||||
20/12/2022 |
GSTR 3B |
GSTR 3B- is
a simplified summary return of inward and outward supplies and declaration
and discharge of GST liabilities for the month of November 2022. |
||
GSTR 5 |
GSTR 5-
return that has to be filed by a non-resident foreign taxpayer who is
registered under GST for the period during which they carry out businesses
transactions in India. |
|||
GSTR 5A |
GSTR 5A-
Return furnished by the OIDAR service providers providing services to
unregistered service recipients in India. |
|||
25/12/2022 |
GST |
GST Challan Payment for insufficient ITC for
November,2022 (for QRMP(Scheme) |
||
30/12/2022 |
INCOME TAX |
Ø Due date for furnishing of
challan-cum-statement in respect of tax deducted under section 194-IB in the
month of November, 2022 |
||
Ø Due date for furnishing of
challan-cum-statement in respect of tax deducted under section 194M in the
month of November, 2022. |
||||
Ø Due date for furnishing of
challan-cum-statement in respect of tax deducted under section 194-IA in the
month of November, 2022. |
||||
Ø Furnishing of report in Form No. 3CEAD for a
reporting accounting year. |
||||
Ø Due date for furnishing of
challan-cum-statement in respect of tax deducted under section 194S in the
month of November, 2022 |
||||
31/12/2022 |
INCOME TAX |
Filing of
belated/revised return of income for the A Y 2022-23 for all assessee if the
assessment has not been completed before December 31, 2022. |
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31/12/2022 |
GSTR 9 |
GSTR 9 is an annual return to be filed once for
each financial year, by the registered taxpayers whose turnover is above Rs 2
cr. |
||
GSTR 9C |
GSTR 9C is an annual audit form for all the
taxpayers having the turnover above 5 crores in a particular financial year. |
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