Thursday, 2 May 2019

Statutory Compliance Chart for the month of May 2019

Due Date
Category
Form
Description
07/05/19
TDS
Challan No. ITNS-281
Payment of TDS Deducted in April 2019
11/05/19
GST
GSTR-1
Outward supplies of taxable goods and/or services for The month of April 2019 turnover exceeding 1.5 Cr.) Monthly Return.
13/05/19

GST
GSTR-6
Return for Input Service Distributor
15/05/19
Provident
Fund
PF Challan
E-Payment of PF for April 19. 
15/05/19
ESI
ESI Challan
Payment of ESI of April 19.       
20/05/19
GST
GSTR -3B

GSTR return for the month of April 2019

30/05/19
Income
Tax
Form 26QB

Deposit of TDS/TCS of the previous month on the purchase of property

30/05/19
Income Tax
Form 16A/27D
Issue of TCS Certificate for March by all collectors
31/05/19
GST
GSTR-6
Furnishing return by Input Service Distributors for the month of July 18 to April 2019
31/05/19
Income Tax
Form 61-A
AIR by Assessee liable to Tax Audit Receiving cash above 2 lacs against sales, Bank, credit card companies etc For FY 2018-19
31/05/19
TDS
Form 24Q, 26Q & 27 Q
TDS Return for March quarter by all dedicator.
31/05/19
GST
GST -1
Monthly Return of Outward supplies of for April 2019


Please note that this is a general list capturing most of the compliance applicable to all our clients, hence it is quite possible that some of the compliance/due dates mentioned therein might not be applicable to you or your firm/Company.

Thanks and Regards,

CA Anand Chandak
Office 02, Gera 77
Kalyani Nagar |Pune 16
Connect- +91 9423734647/ 7757024647
​Email: info@agchandak.com

Monday, 8 April 2019

Statutory Compliance Chart for the month of April 2019

Due Date
Category
Form
Description

10/04/19
GST
GSTR-8
The due date for furnishing statement by e-commerce companies for the month of March 2019.
11//04/19
GST
GSTR-1
Outward supplies of taxable goods and/or services for the Month of March 2019 turnover exceeding 1.5 Cr.) Monthly Return.
13/04/19

GST
GSTR-6
Return for Input Service Distributor
15/04/19
Provident
Fund
PF Challan
E-Payment of PF for March 19.              
15/04/19
ESI
ESI Challan
Payment of ESI of March 19.    
18/04/19
GST
GSTR-4

Return for Compostion Dealer for March quarter

20/04/19
GST
GSTR -3B

GSTR return for the month of March 2019

20/04/19
GST
GSTR-5 & 5A

Summary of outward taxable supplies and tax payable by Non-Resident taxable person & OIDAR.

22/04/19
ROC

Form DPT-3


Return for disclosure of details of outstanding money or loan received by the  company but not considered as deposits in terms of rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014

25/04/19
ROC
Active Form INC -22 A

Every company incorporated on or before the 31st December 2017 shall file the particulars of the company and its registered office, in e-Form ACTIVE

30/04/19
Income Tax

Form. 15G/15H

Due date for uploading declarations received from recipients during the quarter ending March 2019.
30/04/19
Income Tax
Challan No. ITNS-281
Payment of TDS Deducted in March2019
30/04/19
Income
Tax
Form 26QB

Deposit of TDS/TCS of previous month on purchase of property

30/04/19

ROC

e-form DIR 3 KYC

Application for KYC of Directors for the year ending 31.03.2019.

30/04/19
MSMED, 2006
MSME Form I

Every Specified Companies(receiving supplies from Micro & Small whose outstanding dues exceed 45 days) to file details of all outstanding dues to Micro or Small enterprises suppliers for Oct to March in PY.

Please note that this is a general list capturing most of the compliance applicable to all our clients, hence it is quite possible that some of the compliance/due dates mentioned therein might not be applicable to you or your firm/Company.

Friday, 1 March 2019

Sunday, 2 December 2018

Statutory Compliance Chart for the Month of January 2019 (December Commitments )

Dear All,

Please find below for due dates of Statutory compliance required to adhere in the month of  January 2019 (December Commitments)

Download Attachment. >>  Statutory Compliance Chart for the Month of January 2019




Tuesday, 20 March 2018

Must-do’s before 31st March-A quick checklist


                     Things to do before the end of 31st March 2018:

1.    Linkage of Aadhaar with PAN: It must be noted that the return of income tax payer will not be processed if Aadhaar is not linked to PAN. However the deadline for linking of Aadhaar with mobile phones and bank account has been extended infinity.

2.    Filing of Pending Returns:  31st March, 2018 is the last date for filing Income tax return for AY 2016-17 and 2017-18. One must file the belated income tax return by the end of 31st March, 2018.

3.    Compulsory investment under PPF: The minimum compulsory annual contribution to PPF account is Rs. 500. So if you have PPF Account then you need to contribute at least Rs. 500 per financial year. The last date of this contribution is 31st March, 2018

4.  Calculation of Deductions: Certain Deductions are allowed to individual tax payers for Investment made in certain specific sectors in order to avail tax benefit. Such calculation shall help you to further diversify the Investments for maximum Deductions like u/s 80C, 80D, 80G etc.

5.  Investment Strategies to claim deductions: Various investments are allowed to claim exemptions and deductions along with benefit of opportunity to earn returns on such investments. Thus to avail maximum deductions, such investments are to be made before 31st march to include it in the previous year for the future prospect.

6.   Claim reimbursements in case of salaried employees: Salaried individuals are entitled to certain reimbursements on the basis of their salary structure such as medical reimbursements, Telephone, leave travel, house rent allowance etc. To claim such tax exemption, such persons need to submit the proof of such expenses to their employers.

7.    New series for tax invoice – If anyone wants to change the series for billing in the new year, then he can do that from 1st April. New numbering should be started form 1st April.

From GST prospective

8.    Reversal of Input tax credit – As per the rules of Input tax credit, after issuance of tax invoice if receiver does not made the full payment of amount  within 180 days then the credit taken on that invoice is to be reversed. And whenever the payment is made, the receiver can take the credit of the amount. Therefore the aging analysis of the debtors and creditors is to be done. all old invoices  issued before 1st October, 2017, should be paid before 31st March 2018.

9.   E way bill – It is compulsory to issue E way bill from 1st April, 2018 for inter state transport.  In case of interstate supply, the goods are in transit as on 1st April, 2018, it is compulsory to generate e way bill for them. Therefore, it is necessary to take the registration under E way bill system before 31st March.

10.  Reconciliation – All the taxpayers should reconcile the cash ledger, credit ledger and liability ledger with their books of accounts. All the entries should be done before the year end. Also debit note, credit note, rate difference, discount, etc also to be reconciled.

11.  HSN Code in the Invoice – Before preparing first invoice in the new financial year, taxpayers should check the turnover for the year 2017-18. Taxpayers whose turnover is above Rs. 1.5 crores but below Rs. 5 crores shall use 2-digit code and the taxpayers whose turnover is Rs. 5 crores and above shall use 4-digit code. Taxpayers whose turnover is below Rs. 1.5 crores are not required to mention HSN Code in their invoices.

12.  Composition scheme – If any taxpayer wants to register under composition scheme then he can apply in Form GST CMP – 02 before 31st March. Similarly, those who wants to cancel the registration under composition scheme, they have to apply in Form GST CMP – 04 before 7th April. They have to calculate the effects of ITC on closing stock.

13.  Monthly/ Quarterly returns – Taxpayers should check the turnover for the year 2017-18. If the aggregate turnover is above Rs. 1.5 Crore then the taxpayers have to file monthly return. If the aggregate turnover is below Rs. 1.5 Crore then the taxpayers have an option to file the quarterly GST returns. Taxpayer can choose any of the option.

14.  Form GST TRAN 2 – The taxpayers who have filed the TRAN 1 and have taken the credit of Excise duty paid, without any documents, they have to file the details of outward supplies for six months in TRAN 2 before 31st March 2018 for availing 40%/ 60% credit.

15.  GSTR 6 – Input service distributor has to file GST return in form GSTR 6. So 31st March is the due date to file GSTR 6 from July 2017 to February 2018.

16.  Refund – As in Maharashtra VAT, there was a provision of refund for excess input tax credit, there is no such provision in GST law. Excess credit needs to be carried forward compulsorily.

17.  GSTR 2 – Details of purchases are reflecting on the portal in the form GSTR 2A. All the taxpayers should check the details of purchases before 31st March.

18.  Valuation of the closing stock – At the time of valuation of closing stock as on 31st March, the input tax credit taken on raw material, consumables, semi finished goods is to be calculated. In Excise, there was a concept of making provision for the tax payable on the finished goods as on 31st March, no such concept was introduced in the GST.

19.  Anti profiteering –– Do the comparative check of the gross profit earned for March 2018 with the gross profit of financial year 2016-2017 or gross profit for April 2017 to June 2018. If the gross profit ratio for the March 2018 is higher, then taxpayer should check whether he is trapped in the Anti profiteering or not?

Reach us :
A. G. Chandak & Associates 
Office No. 2, Gera 77, Kalyani Nagar, Pune 411 006 

Email : info@agchandak.com ,  
Tel: 7757024647 /9423734647