Tax related work to be done in December…..

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, they 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 till 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 return 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, late fee will have to be paid at the rate of Rs 200 per day on 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.

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