Tax Compliance Calendar for September 2022

Compliance is simply adhering to the laws and regulations established by various legal bodies. It can be difficult at times to follow each legislation and behave in accordance with it, but failing to do so may result in the loss of numerous chances. Simple instances of compliance include acquiring a local business licence and paying your taxes on time. Businesses must not only follow exterior laws and norms, but they must also follow internal business policies for the success of the company.

Compliance becomes more important as a company grows. As a result, companies must adapt compliance procedures to changes in the external and internal environments.

Let us briefly take a short understanding of the Tax Compliances under Income Tax and GST before we shall move on to discuss Tax Compliance Calendar for September 2022.

Meaning of Tax Compliance 

A law-abiding citizenry is always a benefit for any government seeking to increase tax collection. Tax compliance is indicated by taxpayers’ loyal approach to following tax regulations correctly, whether individuals or companies. A tax-compliant society facilitates tax administration by allowing for voluntary and spontaneous payment of taxes without compulsion or extensive scrutiny. When society is tax compliant, the stress on tax administrators is reduced.

Tax compliance refers to a person’s or another taxable entity’s desire to operate in accordance with both the text and the spirit of the applicable tax legislation and administration without the need for enforcement activities.

Tax avoidance and evasion are not tolerated in a tax-compliant society. However, other experts disagree, arguing that tax compliance also includes avoiding taxes.

A society might be tax compliant for a variety of reasons. A culture may occasionally become more tax compliant due to its dedication, conventions, socioeconomic behaviour, etc. Similar initiatives, such as those with low or moderate tax rates, straightforward tax laws, helpful administration, etc., may also increase tax compliance.

Factors that are affecting Tax Compliance

Following are the factors that are affecting Tax Compliance: 

• The economic factor of Tax Compliance: In the tax compliance research tradition, a number of factors are considered important in explaining tax compliance: the level of the effective tax rate; tax benefits; tax audit; audit probability; fines and penalties. Considering the fact that the negative relationship between income and compliance would call into question the intended or pretended distributional effect, i.e., tax progress

• Non-Economic Factors: There are many non-economic factors that affect the level of tax compliance. Much research has been done to include these non-economic factors to explain tax compliance behaviour within the economic analysis. Non-economic factors include willingness to pay for public measures, public education, and economic factors for analysing tax compliance behaviour. As there are some limitations of behavioural analysis and tax compliance, most studies pay attention to only one or a few rigorous analyses. Although it is understood that non-economic factors are important in determining the level of tax compliance, it is difficult to compare the factors between two or more countries due to the limitations of available information.

Benefits of abiding by the Tax Compliance Calendar 

Clients should note that the benefits of tax compliance are mainly derived from proper record keeping. These benefits include the following:

• The information kept by businesses is used to effectively manage the businesses as well as check and show company performance;
• Business efficiency is also derived from good record keeping;
• When business systems are up to date and properly managed, there is improved decision-making;
• Updated records enable a clear assessment of the current affairs of the company;
• Proper records facilitate audits and reduce the time taken by auditors;

Compliance Calendar of Income Tax for September 2022

Being a business owner entails a variety of duties and obligations. To be a law-abiding citizen, one must follow all rules and regulations set forth by the government. In order to continue doing business in India, a company must follow a number of compliances. This article will provide you with details on the September 2022 compliance calendar, which covers the deadlines for filing GSTRs, TDS returns, and other reports that taxpayers are required to submit on time or before the deadline.

GST Compliance Calendar for September 2022

Taxpayers in India are required to adhere to the Indian government’s recommended tax compliance. Such compliance also instils the importance of meeting GST Return filing deadlines. View the amended due dates for GSTR 1, GSTR 3B, GSTR 4, GSTR 5, GSTR 6, GSTR 9, and other GST return filing forms. The dates are those announced by the Indian government.

Noncompliance with GST return filing deadlines and tax-related requirements may result in the government imposing severe fines on Indian taxpayers. Tax compliance appears as one of the key priorities of the Indian government and tax department when it comes to tax evasion and corruption.

Tax Compliance Calendar for September 2022

The following is the Tax Compliance Calendar for September 2022:

• Compliance Calendar of Income Tax for September 2022

• Compliance Calendar of GST for August 2022

Conclusion

The month of September 2022 is significant for the due dates of various payments under the Central Goods and Services Act, 2017 and the Income Tax Act, 1961. Filing the above forms on or before the due date will save taxpayers hefty fines. Although ITR is not required to be filed when no tax is due, you may still receive notice of non-filing of ITR even if you were not required to file ITR. This article focuses on such cases where you may receive notice of non-filing of ITR.