Five Important Compliance's to complete by the end of this year – 2018-19

“So many compliances, too little time”

The above line holds true for every business that is busy in complying with the hell lot of compliances under the different act. Any missed compliance will invite heavy penalties and fines that could prove to be very costly to the company.

Hence, we have listed out the five important compliances that you must not miss at any cost.

1. File GST annual Return along with GST audit (if applicable)

GSTR 9 i.e. GST annual returns, of course, does not need any introduction if you are a business. This is because almost every business is finding it difficult to remove the mismatches between the companies audited records and GSTR 9.

Further, the things get more complicated if your turnover surpasses the limit of Rs.2 crore because then you shall be required to file the audit that too signed by a Chartered Accountant.

The due date for filing returns in form GSTR 9, GSTR 9A and reconciliation statement in FORM GSTR 9C extended in the following manner

2. Preparing Financial Statement and getting it audit

Preparing the financial statements of the company may be a routine task but it is important to be finished within the specified time. This is because every other filing including the filing of annual return and the income tax return depend upon the finalization of financial statements.

Further, if your turnover is more than Rs.2 crore, then you shall also need to get your account audited as per the income tax act, 1961.

 

3. Filing the Income-tax return (ITR)

The company must file the income tax return in ITR 6 form on income tax website by uploading the XML file. The last date for filing the ITR for companies or the assessee who required getting their accounts audited under section 44AB is 30th September 2019.

4. Annual Filing – MGT 7 and AOC 4

The company needs to file three forms for submitting the financial statement to the Registrar of Companies (ROC), via three forms, AOC 4, MGT 7 and ADT 1. Further, make sure your file these forms in time, because the late filing penalty for these forms is Rs.100 per day. The due dates for these forms are as follows;

• AOC 4 form is filed within 30 days of the AGM.
• MGT 7 form is filed within 60 days of the AGM.

5.GST RET 1/2/3 – New GST Returns

The government has decided to introduce single GST return for all business from January 2020 and in order to implement that return, GSTR 3B will be phased out soon in the following manner;

(i) GST returns for small taxpayers (with turnover up to Rs.5 crore)

(ii) GST returns for large taxpayers (with turnover more than Rs.5 crore)

Conclusion

It is getting difficult for the companies to cope up with the increasing returns and compliances, hence you can outsource all your compliances to us and concentrate on your business hassle-free.