Arjuna (Fictional Character): Krishna, as we have entered into the last month of this Calendar Year, are there important due dates which should be kept in mind before the end of this year?
Krishna (Fictional Character): Arjuna, this December Month is full of Due Dates which are important from both GST and Income Tax Point of view.
Arjuna (Fictional Character): Krishna, what are some important due dates of Income Tax and what are the implications if such due dates are not followed?
Krishna (Fictional Character): Arjuna, following are the important Income tax due dates:
1. 7th December is the last date for payment of any tax deducted or collected in the month of November, otherwise interest @ 1.5% per month shall be applicable for late payment of TDS and TCS
2. 15th December is the last date for payment of third Installment of Advance Tax for FY 2022-23 or else Interest u/s 234A/234B/234C shall be attracted for short payment/Non-payment of advance tax.
3. 31st December is the Last date for filing Belated/Revised return for FY 2021-22, if the return is not filed before 31st December 2022 then the taxpayer will not be able to file/revise his Income tax return for FY 2021-22.
Arjuna (Fictional Character): Krishna, what are some important due dates of GST and what are the implications if such due dates are not followed?
Krishna (Fictional Character): Arjuna following are the important GST due dates:
1. 11th December is the last date for Filing GSTR-1 for the month of November, if GSTR-1 is filed after 11th December then the purchaser would not be able claim ITC in respect of such goods until such ITC is reflected in his GSTR-2B report.
2. 20th December is the last date for filing GSTR-3B for the month of November, if GSTR-3B is not filed before 20th December then Late Fees and Interest shall be applicable for late filing of GSTR-3B.
3. 31st December is the last date for Filing GSTR9 and GSTR9C for FY 2021-22, or else late fees of Rs 200 per day maximum up to 0.25% of Turnover shall be applicable also a general penalty of Rs. 25,000 shall be charged for late filing of GSTR-9C.
Arjuna (Fictional Character): Krishna, what should one learn from this?
Krishna (Fictional Character): Arjuna, this December month the taxpayer has an opportunity of Filing revised Income Tax return and also an opportunity to reconcile GST Turnover/ITC by filing GSTR9 and GSTR 9C for FY 2021-22. And, it should be kept in mind that to avoid any Interest, Penalties, Late Fees in the future the compliances should be made in time by the taxpayer.
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