Official CBDT, CBIC, and MCA regulatory amendments, due date notifications, and actionable compliance advisories curated by practicing Chartered Accountants.
CBIC mandates stricter automated GSTR-2B vs 3B reconciliation to curb fake invoices. Any ITC claimed in excess of GSTR-2B will trigger automated system queries under Rule 88C with immediate DRC-01B intimation.
Reconcile purchase register with GSTR-2B prior to filing monthly return.
Employers must download Form 16 Part A via TRACES and provide signed Part B to employees by the statutory cutoff. Failure to issue within the prescribed deadline incurs Section 272A penalty of ₹500/day.
Complete Q4 Form 24Q TDS filing verification and download TRACES certificates.
All individuals holding an active Director Identification Number (DIN) must complete web-based or e-form DIR-3 KYC before September 30. Unverified DINs will be marked 'Deactivated due to non-filing of DIR-3 KYC' with a ₹5,000 restoration fee.
Validate active mobile & email OTPs for all board directors.
Clarifications issued on tax deduction at source on benefits or perquisites arising from business under Section 194R, requiring proof of value and mandatory tax deduction at 10%.
Review vendor gift ledgers and corporate promotional expenditure accounts.
Standard operating procedure announced for depositing mandatory pre-deposit of 10% disputed tax amount prior to admission of first appeals before Appellate Authorities.
Ensure pre-deposit challans are generated under the correct appellate head.
Upcoming Financial Calendar
TDS/TCS Payment for May
Deposit of tax deducted under all sections
Advance Tax (1st Installment)
15% of estimated total corporate/individual tax liability
Monthly GST Return for May
Summary of outward supplies and input tax credit claimed
TDS Certificate Distribution
Mandatory issuance of Form 16 Part A & B to employees
Non-Audit Income Tax Returns
Statutory deadline for individuals and non-audit entities
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