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Taxpayers need to adhere to various compliance requirements every month. They are required to comply with different types of compliances applicable under different types of laws such as Income Tax Act, GST law etc. In order to duly comply with these requirements, taxpayers need to be aware of the types of compliances under income tax act and GST that they must adhere to. Failure to do so can lead to hefty fines and penalties. Therefore we have compiled the list of statutory compliances to be followed by taxpayers along with the due dates under Income Tax Act and GST.
The table made below list down the different compliances to be undertaken by taxpayers under Income Tax Act in May 2022:
Form GSTR 3B/GSTR 3B QRMP
Note- The due date for taxpayers with aggregate turnover of up to 5 crore rupees in the preceding FY is May 22, 2022 for Group A states such as Chhattisgarh, MP, Gujarat, Karnataka, Maharashtra, Goa, Tamil Nadu, Kerala, etc. However, in case of group B states such as HP, Punjab, Haryana, UP, Rajasthan, Bihar, Arunachal Pradesh, Sikkim, etc. the due date is May 24, 2022.
The table made below specifies compliances under GST:
Monthly compliances are a must and not to miss events. As a taxpayer you should be very careful with the compliances in order to safeguard your company from heavy penalty, late fee or legal ramifications. Here we have only provided compliances under Income Tax Act[1] and GST law for the month of May 2022, but there may be more compliances that you may have to follow as per your business activity.
Read Our Article: A Complete List of Penalties under the Income Tax Act
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