4 important tax-related tasks to be done in December
4 important tax-related tasks to be done in December: Last chance to file ITR with late fees, the third installment of advance tax has to be deposited
The last month of the year will start this week. Celebrate the new year with ease, for this, it is necessary that the rest of the work related to tax in 2022 should be completed before time. These include filing of income tax returns with a late fee, correction of mistakes in ITR filed, filing of GST return-9C and the third installment of advance tax.
CA Kirti Joshi explains that if any of these tasks are missed, it may have to pay a heavy price. You may have to pay a penalty, additional interest or even have to respond to legal notices, CA Kirti Joshi. Such problems can fade the colour of New Year's gaiety, while they can be avoided by taking some caution. There is still enough time for this.
If you have not yet filed the Income Tax Return for 2021-22, then you can file till December 31 with late fees. If the total income is less than 5 lakhs, then you will have to pay a late fee of Rs 1,000. If the total income exceeds Rs 5 lakh, a late fee of Rs 5,000 will have to be paid.
The last date to pay the third installment of advance tax for 2022-23 is December 15. Those whose annual income tax is more than 10 thousand, have to deposit advance tax. If by December 15, they do not deposit 75% tax in advance or deposit less tax, then 1% interest will be charged.
It is possible that you have filed the Income Tax Return for the financial year 2021-22 and there has been a mistake in it. In such a situation, you can file a revised return by 31 December. After this, the mistake will not be rectified. Because of this, you may get a notice from the Income Tax Department.
Taxpayers registered in GST have to file annual returns GSTR-9 after the end of every financial year. Correction return GSTR-9C has to be filed if required. Its last date for 2021-22 is 31 December.
After this, the late fee will have to be paid at the rate of Rs 200 per day upon filing the return. It can go up to a maximum of 0.5% of the turnover. GSTR-9C is for taxpayers whose annual turnover is more than 5 crores.