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Income Tax

Compliances under Income Tax Act and GST for the Month of May

Ashish M. Shaji
10 Sep, 2022 10 Sep, 2022
Compliances under Income Tax Act and GST for the Month of May

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.

Compliances under Income Tax Act 1961

The table made below list down the different compliances to be undertaken by taxpayers under Income Tax Act in May 2022:

Sl. No.CompliancesDue Dates
  1Depositing TDS/TCS liabilities under the Income Tax Act, 1961 for previous monthMay 7, 2022
  2Issuance of TDS Certificate for the tax deducted under section 194-IA, 194-IB, & 194M of the Income Tax Act in March 2022May 15, 2022
  3Furnishing statement in Form 3BB by a stock exchange in respect of transactions wherein client codes have been modified after registering in the system for April 2022May 15, 2022
  4  Furnishing Form 24G by an office of the Government where TDS/TCS for April 2022 has been paid without producing a challan.May 15, 2022
  5  Quarterly statement of the TCS deposited for the quarter ending March 31, 2022.May 15, 2022
  6  Furnishing challan-cum-statement relating to tax deducted under section 194-IA, 194-IB, 194-IM of the Income Tax Act in December 2021.May 30, 2022
  7  Issuance of TCS certificate for the fourth Quarter of the Financial Year 2021-22.May 30, 2022
  8Quarterly statement of TDS deposited for quarter ending March 31, 2022.May 31, 2022
  9Furnishing statement of Specified Financial Transaction (SFT) according to section 285BA (1)May 31, 2022
  10e-filing of annual statement of reportable accounts by the reporting financial institution.May 31, 2022

Compliances under the GST Law

Form GSTR 3B/GSTR 3B QRMP

  • The due date for filing of GSTR 3B return for June 2021 is May 20, 2022 for those taxpayers having an aggregate turnover of more than 5 crore rupees during the previous year.
  • The due date for filing of GSTR 3B return, for the month of January to March 2022 for taxpayers having an aggregate turnover of up to 5 crore rupees during the previous year and opted for Quarterly filing of return under the QRMP, is also May 20, 2022.
  • The due date for filing of form GSTR – 3B return, for the month of June, 2021 for those taxpayers having an aggregate turnover of up to 5 crores rupees during the previous year and who opted for Quarterly filing of GSTR 3B, is May 22, 2022.
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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.

Form GSTR 5, 5A, 6, 7, 8, GSTR1, GSTR 3B tax liability payment

The table made below specifies compliances under GST:

Sl. No.GSTR FormParticularsDue Date
1GSTR 5 & 5AFiling of Monthly GST Return by Non-resident ODIAR services providerMay 20, 2022
2GSTR 6Filing of GSTR 6 by Input Service Distributor (ISD)May 13, 2022
3GSTR 7Return for Tax Deducted at source filed by Tax DeductorMay 10, 2022
4GSTR 8For E-Commerce operator registered under GST liable to TCS  May 10, 2022
            5              GSTR 1GST Filing of returns by registered person having an aggregate turnover of more than 5 Crore rupees during the preceding year.     Registered person, with aggregate turnover of below 5 Crore rupees during preceding year, who have opted for monthly filing of return under QRMP”                May 11, 2022
        6        GSTR 3B- Tax Liability Payment  Payment of Tax Liability by the taxpayer with an aggregate turnover of up to 5 crore rupees during the previous year and who has opted for Quarterly filing of return under the QRMP.          May 25, 2022

Conclusion

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.

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