Compliances for taxpayers for the month of September 2022
Arjuna (Fictional Character): Krishna, “Vighnaharta” Lord Vinayak is arriving to resolve all the “Vighnas” of all the devotees. The upcoming month of September is the most important month which the Taxpayers should take care of. What are “Vighnas” that taxpayers might /face during the month of September?
Krishna (Fictional Character): Arjuna, Ganesh Chaturthi symbolizes the deity’s rebirth and to represent new beginnings. Every new beginning comes from some other beginning’s end. The month of September is the most important month for the Taxpayers. Taxpayers who are required to get their books of accounts audited for F.Y 21-22 are required to upload their Income Tax Audit Report till 30th September 2022. While filing Income Tax Audit Report, taxpayers have to provide information of GST too. Also, the month of September is the last month for GST Taxpayers for taking effect of corrections of errors or omissions made while filing the GST returns for the F.Y 2021-22.
Arjuna (Fictional Character): Krishna, what are “Vighnas” that Taxpayer might face relating to Income Tax Audit Report for F.Y 21-22?
Krishna (Fictional Character): Arjuna, the books of accounts for F.Y 21-22 are to be finalized before 30th September, 2022. Hence while finalizing the books of accounts for F.Y 21-22, Taxpayer should also finalize their GST liability for F.Y. 2021-22 and take its subsequent effect in books of accounts. The Taxpayer might face the “Vighna” of providing detailed break-up of total expenditure of entities registered and unregistered under the GST in the Income Tax Audit Report i.e. expenditure-wise details of inward supplies-
1. Relating to goods or services exempt from GST
2. Relating to entities falling under the composition scheme
3. Relating to other registered entities
4. Expenditure relating to entities not registered under GST.
Hence the Taxpayer should be prepared with all the above information which is needed to be furnished in Income Tax Audit Report.
The Taxpayer might also face the “Vighna” of reconciliation of purchase details in AIS and books and reconciliation of sale details in form 26AS and books.
Arjuna (Fictional Character): Krishna, what are “Vighnas” that Taxpayer might face while finalizing the GST Return for the month of September 2022?
Krishna (Fictional Character): Arjuna, The GST return for the month of September 2022 is the last return for taking effect of corrections of errors or omissions made while filing the GST returns for the F.Y 2021-22. The taxpayers should reconcile books of accounts and GST returns. The details of transactions which were not shown in returns but accounted in books of accounts should be provided.
Arjuna (Fictional Character): Krishna, what lesson we should take from this?
Krishna (Fictional Character): Arjuna, the month of September is the crucial for taxpayers as many “Vighnas” are awaiting but with arrival of “Vighnaharta” we can hope for early resolution of all “Vighnas”.
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Vigna Vinayaga pathanamsthe!!!