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1. Compliance requirement under Income Tax act, 1961

Sl.

Compliance Particulars

Due Dates

1

Due date of depositing TDS/TCS liabilities under Income Tax Act, 1961 for the previous month.

07.08.2022

2.

Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB, and 194M in the month of June 2022.

14.08.2022

3

Due date for furnishing of form 24G by an office of the government where TDS/TCS for the month of July 2022 has been paid without the production of a challan.

15.08.2022

4

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 July 2022.

15.08.2022

5

Quarterly TDS certificate (in respect of tax deducted for payment other than salary) for the quarter ending June 30, 2022.

15.08.2022

6

Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194-IB, 194-IM, in the month of July 2022.

30.08.2022

Corporate Compliance Calendar for the m/o August 2022

Important updates - July, 2022

ITR e-Verification: What is It? How to e-Verify ITR Using Aadhaar-Based OTP

ITR e-Verification: Even as 5.82 crore people filed their income tax returns or ITRs, only around 4 crore of them were verified, meaning that over 1.8 crore people did not verify their ITR filings as till July 31. Ho Click on Generate wever, verifying income tax returns are as important as filing them, since unverified ITRs are treated as invalid by the income tax department. Once the taxpayer verifies the ITR, the income tax department processes it, sends the income tax intimation and issues refunds if applicable.

ITR E-VERIFICATION LAST DATE

Now, taxpayers have to electronically verify or e-verify their income tax returns (ITR) within 30 days of filing the return of income. Earlier the time limit was 120 days. In a notification, the Central Board of Direct Taxes (CBDT) said it has reduced the time limit for verification of income tax to 30 days from the date of transmitting or uploading the data of return of income electronically. This new rule will into effect from August 1, 2022, the CBDT said.

HOW TO E-VERIFY YOUR ITR THROUGH AADHAAR-BASED OTP

If you still have not e-verified your ITR, you need to do so within a month of filing the returns. This means that if you filed the income tax return on July 31, you need to e-verify ITR by August 31 to get it processed. Otherwise it will be rendered invalid.

There are several ways to e-verify your ITR. These include Aadhaar-based OTP, bank and demat account, net banking, ATM or digital signature certificate. Read on to find out how to e-verify using Aadhaar-based OTP.

 

Important Notifications - For the month of July - 2022

Sl.

Particulars of the Notification(s)

File No. / Circular No.

Link(s)

1.

Circular No. 14/2022 : Order under section 119 of the Income-tax Act, 1961 (the Act) in relation to tax deduction at source under section 194S of the Act for transactions other than those taking place on or through an Exchange

Circular No. 14/2022

Click Here

2.

the Central Government hereby notifiesthat where the variation between the arm‟s length price determined under section 92C of the Act

Notification No. 70/2022

Click Here

3.

TheIncome-tax (20th Amendment)Rules, 2022.

Notification No. 73/2022

Click Here

4.

Central Government hereby notifies following virtual digital assetswhich shall be excluded from the definition of virtual digital asset.

Notification No. 74/2022

Click Here

5

TheGovernment of India, Ministry of Finance, Departmentof Revenue (Central Board of Direct Taxes) number 73/2022 dated 30th June, 2022

Notification No. 77/2022

Click Here

6

TheCentralGovernment hereby specifies a token which qualifies to be a virtual digital asset

Notification No. 75/2022

Click Here

7

Condonation of delay under Section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10BB for Assessment Year 2018-19 and subsequent years

Circular No. 15/2022

Click Here

8

Condonation of delay under Section 119(2)(b) of the Income-tax Act, 1961 in filingof Form No.1 08 for Assessment Year 2018-19 and subsequent years - Reg.

Circular No. 16/2022

Click Here

9

Condonation of delay under Section 119(2)(b) of the Income-tax Act, 1961 in filingof Form No. 9A and Form No. 10 for Assessment Year 2018-19 and subsequent yearsReg.

Circular No. 17/2022

Click Here

10

TheIncome-tax (Twenty SecondAmendment) Rules, 2022.

Notification No. 83/2022

Click Here

11

TheIncome-tax (21st Amendment) Rules, 2022

Notification No. 80/2022

Click Here

12

Procedure of PAN application & allotment through Simplified Proforma for incorporating Limited Liability Partnerships (LLPs) electronically Form FiLLiP of Ministry of Corporate Affairs.

Notification No. 04/2022

Click Here

13

Order authorizing 'Prescribed Authority' for the purpose of e-Verification Scheme, 2021

F.No.282/04/2022

Click Here

14

Order under Section 119(1) of the Income Tax Act, 1961 - ASK Centers throughout India shall remain open on31st July 2022 during normal office hours.

F. No. 225/125/2022-ITA.II

Click Here

2. Compliance Requirement under GST, 2017

A. Filing of GSTR 3B / GSTR 3B QRMP

a) Taxpayers having aggregate turnover >Rs. 5 Cr. in preceding FY

Tax period

Due Date

Particulars

July, 2022

20th August, 2022

Due Date for filling GSTR - 3B return for the month of June, 2022 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year.

Due Date for filling GSTR - 3B return for the quarter of January to March 2022 for the taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.

b) Taxpayers having aggregate turnover uptoRs. 5 crores in preceding FY (Group A)

Tax period

Due Date

 

Particulars

July, 2022

22nd August, 2022

 

Due Date for filling GSTR - 3B return for the month of June, 2022 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B

Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep

c) Taxpayers having aggregate turnover uptoRs. 5 crores in preceding FY (Group B)

Tax period

Due Date

 

Particulars

July, 2022

24th August, 2022

 

Annual Turnover Up to INR 5 Cr in Previous FY But Opted Quarterly Filing

Group B States:Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi

B. Filing Form GSTR-1

Tax period

Due Date

Remarks

Monthly return

(July, 2022)

11.08.2022

1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year.

2. Registered person, with aggregate turnover of less then INR 5 Crores during preceeding year, opted for monthly filing of return under QRMP.

C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers

Form No.

Compliance Particulars

Timeline

Due Date

GSTR-5 & 5A

Non-resident ODIAR services provider file Monthly GST Return

20th of succeeding month

20.08.2022

GSTR -6

Every Input Service Distributor (ISD)

13th of succeeding month

13.08.2022

GSTR -7

Return for Tax Deducted at source to be filed by Tax Deductor

10th of succeeding month

10.08.2022

GSTR -8

E-Commerce operator registered under GST liable to TCS

10th of succeeding month

10.08.2022

D. GSTR - 1 QRMP monthly / Quarterly return

Form No.

Compliance Particulars

Timeline

Due Date

Details of outward supply-IFF&

Summary of outward supplies by taxpayers who have opted for the QRMP scheme.

a) GST QRMP monthly return due date for the month of April, 2022 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore.

b) Summary of outward supplies by taxpayers who have opted for the QRMP scheme.

13th of succeeding month - Monthly

Quarterly Return

13.08.2022

E. GST Refund

Form No.

Compliance Particulars

Due Date

RFD -10

Refund of Tax to Certain Persons

18 Months after the end of quarter for which refund is to be claimed

F. Payment of GST-PMT-06

Compliance Particular

Due Date

Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP.

25.08.2022

 

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Published by

CS Lalit Rajput
(Company Secretary)
Category Corporate Law   Report

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