Keeping track of due dates can help in the smooth functioning of your business.
We’ve put together a list of the most important financial dates for 2022, so you can plan for the year ahead and avoid any penalties for missing a deadline.
End of the financial year (EOFY)
The end of the fiscal year is a crucial time for small businesses and startups. The 12 months from April 1 to March 31 is widely accepted in India as the accounting year.
Small business owners close their books at the end of the fiscal year and begin finalising their tax time paperwork and accounting.
Tax Returns
Tax accounts must be generated by March 31. The income tax return must be filed electronically on or before October 31 of the following fiscal year for those who own a business.
On or before May 31 of the year following the tax year, a financial transaction statement for the tax year must be filed electronically using Form 61A.
Furthermore, to claim the tax incentives/deductions, taxpayers must file their tax returns on or before the due date.
Taxpayers must have their accounts audited under the IT Act if their business’s sales, turnover, or gross receipts exceed ten crores (100 million). At the same time, the professionals’ limit was over 50 lakh (0.5 million) in 2020-21.
According to India’s Income tax department, the due date for furnishing of return of income for Assessment Year 2021-22 has been extended to March 15, 2022
The due date for filing return of income for the assessment year 2021-22 if the assessee is:
- Corporate-assessee
- Non-corporate assessee (whose books of account are required to be audited)
- Partner of a firm whose accounts are required to be audited or the spouse of such partner if the provisions of section 5A apply
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Tax Audit Process
In India, if your company’s revenue exceeds INR 50 million, you must have your accounting books audited for income tax purposes so that the total amount of all revenues, including sales, expenses, and gross receipts, in cash does not exceed 5 per cent of total receipts and total payments, including expenditure, in cash does not exceed 5 per cent of total payments.
The deadline for submitting the audit report for Assessment Year 2021-22 has been pushed back to February 15, 2022.
EPF e-nomination
The Employees’ Provident Fund Organisation (EPFO) had announced that members will be able to e-file nominations for their EPF accounts after December 31, 2021.
The registration deadline for the Atmanirbhar Bharat Rojgar Yojana (ABRY) has been extended until March 31, 2022.
Linking Adhaar with PAN
The government extended the deadline for linking Aadhaar to a permanent account number (PAN) until March 31, 2022.
Aadhaar is a 12-digit identification number issued to every Indian citizen by the Unique Identification Authority of India (UIDAI) (just like social security number in the US). PAN, on the other hand, is a 10-digit alphanumeric number assigned to a person, firm, or entity by the I-T department.
Source: incometaxindia.gov.in
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