GST:

• 01st April 2023: New Billing Series for the financial year 2023-24.
• 11th April, 2023: GSTR-1 invoice-wise filing.
• 20th April, 2023: GSTR-3B monthly filing.

Income Tax:

• 30th April 2023: Deposit of TDS.

Company Law:

• 01st April, 2023: Applicable Audit Trail in the Accounting system.
• 30th April, 2023, MSME form Filing

PT, PF, ESI:

• 30th April, 2023: PT renewal fee payment.
• 15th April, 2023: Deposit of PF and ESI

It’s crucial to adhere to these compliance filing dates to avoid any late fees or penalties. Here are some important points to keep in mind:

• New Billing Series for the financial year 2023-24 is mandatory to comply with GST regulations.
• GSTR-1 invoice-wise filing is mandatory for all GST-registered taxpayers. It’s important to file accurate and timely returns to avoid penalties and interest charges.
• GSTR-3B monthly filing is also mandatory for all GST-registered taxpayers. Make sure to file your returns on time to avoid any late fees.
• TDS deposit is an essential compliance requirement for all taxpayers who deduct TDS from their employees or vendors.
• Audit Trail in the Accounting system is mandatory for companies that meet certain criteria under the Company Law Act. Non-compliance can result in penalties and legal action.
• MSME form filing is mandatory for all Micro, Small, and Medium Enterprises, and it’s important to file timely returns to avoid any late fees or legal action.
• PT renewal fee payment is mandatory for all businesses registered under the Professional Tax Act.
• Deposit of PF and ESI is a mandatory compliance requirement for all employers who deduct these amounts from their employees’ salaries.

We understand that compliance filing can be a daunting task, but it’s essential to keep your business in good standing with the authorities. If you need any assistance in complying with these requirements, please don’t hesitate to reach out to us.

the explanation for each compliance requirement mentioned in the email. Here’s a breakdown of each point:

GST:

• New Billing Series for the financial year 2023-24: It’s mandatory for all GST-registered taxpayers to comply with this regulation. This means that businesses need to update their billing and invoicing systems with the new series and ensure that all invoices issued from April 1, 2023, are in line with the new series. This helps in avoiding any confusion or errors while filing GST returns.
• GSTR-1 invoice-wise filing: This requirement mandates GST-registered taxpayers to file their sales and outward supply details on a monthly or quarterly basis. Businesses need to ensure that reconcile the earlier month GST data with purchases, sales, and then they file accurate and timely returns to avoid any penalties or interest charges. It’s important to maintain proper records and documentations to support the filed returns.
• GSTR-3B monthly filing: This is a monthly return that GST-registered taxpayers need to file summarizing their sales, purchases, and input tax credit. It’s essential to file the return within the due date to avoid any late fees or penalties. It’s important to maintain proper records and documentation to support the filed returns.

Income Tax:

• Deposit of TDS: Tax Deducted at Source (TDS) is a tax deducted by a person while making payments to someone else like Rent tds, salary, fees etc. The TDS deducted needs to be deposited to the government within the due date. It’s important to file accurate and timely returns and deposit the TDS amount within the due date to avoid any interest charges or penalties.

Company Law:

• Applicable Audit Trail in the Accounting system: The Audit Trail feature in the accounting system helps in maintaining proper records of transactions and ensures the accuracy and completeness of the financial statements. This requirement is mandatory for companies that meet certain criteria under the Company Law Act. It’s important to adopt the new changes and comply with the requirements to avoid any penalties or legal action. In this regard, we have communicated the process to apply, if you need any help, please reach us.
• MSME form filing: Micro, Small, and Medium Enterprises (MSMEs) are required to file their returns on a half-yearly basis (October to March). It’s important to file timely returns to avoid any late fees or legal action.

PT, PF, ESI:

• PT renewal fee payment: Professional Tax (PT) is a tax levied by state governments (here in Karnataka Government) on the income earned by Business like companies, professionals, such as lawyers, doctors, and accountants. PT renewal fee payment is a mandatory compliance requirement for all businesses registered under the Gst Act, Professional Tax Act. It’s important to pay the renewal fee within the due date to avoid any penalties.
• Deposit of PF and ESI: Employers are required to deduct Provident Fund (PF) and Employee State Insurance (ESI) amounts from their employees’ salaries and deposit them to the respective government accounts. It’s important to file accurate and timely returns and deposit the amounts within the due date to avoid any interest charges or penalties.

Team IN Filings is a leading business consultant providing comprehensive services to businesses of all sizes. With years of experience and a team of skilled professionals, we offer expert guidance in areas like taxation, accounting, compliance, and more. Our goal is to help businesses achieve their objectives and grow sustainably.

Thank you for your attention to this matter. We look forward to continuing our partnership with you.

Best regards,

Team

Team IN Filings

No 188, BT pura, Sahakarnagar Bangalore 560092

teamIndia.co.in

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