Indian taxes are classified into two types: direct taxes and indirect taxes. Direct taxes are levied on the income earned by various types of business entities during a fiscal year. There are various types of taxpayers who are registered with the Income Tax Department and pay taxes at various rates. Individuals and corporations, for example, are not taxed at the same rate.
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Meaning of Statutory Tax
The statutory tax rate is the legal rate levied on taxable income that falls within a specific tax bracket. For example, an individual earning $40,000 in 2019 would fall into a tax bracket with a maximum statutory tax rate of 22%. However, after taking into account marginal tax rates, the standard deduction, and other provisions for which they may be eligible, the average effective tax rate for someone with that income is 7.9 percent. The same idea holds true for corporate taxes.
Let us discuss the corporate taxes so that we can have a clear understanding of the Statutory Taxes.
Corporate Tax in India
A corporation is a legal entity that is distinct and distinct from its stockholders. The Income Tax Act, of 1961 requires both domestic and international corporations to pay corporate tax. A domestic corporation is taxed on its whole income, but a foreign company is only taxed on income generated within India, that is, money accumulated or received in India.
The following categories of corporations can be defined for the purpose of calculating taxes under the Income Tax Act:
- Domestic Company: Domestic Companies are the type of companies that are registered under the Companies Act, 2013 India. Moreover, it also includes the company registered in foreign countries having management and control wholly established in India. A Domestic Company includes both private and public companies.
- Foreign Company: A foreign company is one that is not registered under the Indian Companies Act and has control and management outside of India.
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From the above information, we can get an idea of what actually a corporate tax means and how it relates to statutory taxes. Now we shall discuss the Statutory Tax Compliance and the Statutory Compliance Calendar 2022 for September Month.
Statutory Compliance
The Income Tax Act, 1961 Companies Act, 2013 PF and ESIC, and Service Tax are some of the laws and regulations that must be followed or that need statutory compliance. These have various forms, taxes, and assessors.
What exactly is Statutory Compliance?
India has a complicated network of rules that apply to diverse areas. Statutory refers to ‘rules and regulations,’ while compliance refers to ‘adherence to.’ Income Tax, Service Tax, Companies Act, 2013, Partnership Act, and Value Added Tax (VAT) are only a few of the rules and regulations in the country. It is preferable to have a wide awareness of the country’s different significant rules.
Regulations and Rules
- The following are some of the most important rules and regulations in the country:
- Income Tax Act,
- Service Tax,
- PF and ESIC
- Companies Act: The following table contains a collection of incorporation-related forms.
| Purpose | Form (public and private cos) |
| Incorporation of company | INC-7 |
| Reservation of name | INC-1 |
| Nominee consent form | INC-1 (OPC) |
| Appointments of Directors | DIR-12 |
| DIN Application | DIR-3 |
| Notice – director’s resignation | DIR-11 |
| Notice- Auditor registration | ADT-3 |
| Statutory Report | 22 |
| Nominee consent form | INC-3 |
| Change in Member | INC-4 |
| Filing profit and loss account | 23ACA |
Statutory Tax Compliance Tracker for September 2022
Compliance is just conforming to the different legal organizations’ set laws and regulations. It might be difficult at times to obey each law and act in line with it, but neglecting to do so can result in the loss of many opportunities. Simple examples of compliance include obtaining a local business license and timely payment of taxes. Businesses must not only obey external laws and standards, but they must also follow internal corporate rules in order to succeed.
As a company grows, compliance becomes more crucial. As a result, businesses must adjust their compliance procedures to changes in both external and internal contexts.
Let us discuss Statutory Tax Compliance for the month of September 2022.
Statutory Compliance Calendar 2022
Due dates for the GSTR-1 Return, GSTR-3B, GSTR TRAN-02, TDS Payment, and issuance of the TDS Certificate for tax deducted U/s. have been compiled by Legal Window. 194-IA /194-IB, Providing Form 24G by a Government Office, Issuing a Quarterly TDS Certificate, Advance Tax, Providing Form 3CEK, and Providing a Challan-cum-Statement for Tax Deducted Under Section Forms 194-IA and 194-IB, Return in respect of Securities Transaction Tax, Form 64 C, Form No. 64B, Report by an Approved Institution/Public Sector Company under Section 35AC(4)/(5), and Payment of ESI/PF/PT, are just a few of the forms you may need to complete.
The list of legal and tax compliances that must be fulfilled in September 2022 is as follows:
Statutory Compliances under GST
| SR. No. | Compliances Particular | Forms Returns | Due Date |
| 1. | Every individual who must withhold Tax at Source (TDS) for the month of August 2022 must submit a return. | GSTR-7 | 10-09-2022 |
| 2. | Every online merchant who must subtract Tax Collected at Source (TCS) for the month of August 2022 must submit a report. | GSTR-8 | 10-09-2022 |
| 3. | Return of outward supplies (or sales) for assesses with a turnover of more than Rs. 5 Cr. or who have chosen to file a monthly return (August 2022) | GSTR-1 | 11-09-2022 |
| 4. | Return for the month of August 2022 to be submitted by Input Service Distributor | GSTR-6 | 13-09-2022 |
| 5. | Return of outward supplies for assesses who choose quarterly reporting under the QRMP Scheme (i.e., sales) | GSTR- 1 IFF(QRMF) | 13-09-2022 |
| 6. | For the month of August 2022, a registered individual must file a return if their revenue exceeds Rs. 5 Cr. | GSTR- 3B | 20-09-2022 |
| 7. | Return for the month of August 2022 to be filed by Non-Resident & OIDAR Service Provider | GSTR-5 & 5A | 20-09-2022 |
| 8. | For the month of August 2022, taxpayers who choose the QRMP Scheme must deposit their taxes using the GST PMT-06(Challan) form. | GST Challan | 15-09-2022 |
Statutory Compliances under Companies Act, 2013
| SR. No. | Compliances Particular | Forms Returns | Due Date |
| 1. | Approval and signature on audited financial statements for the fiscal year ending March 31, 2022 | – | 08-09-2022 |
| 2. | Notice of Annual General Meeting for the fiscal year ending March 31, 2022 | – | 08-09-2022 |
| 3. | If applicable, consent from the newly appointed auditor | – | 08-09-2022 |
| 4. | Audited Financial Statements Submission (only for One Person Company) | Form AOC- 4 | 27-09-2022 |
| 5. | The deadline for holding the Annual General Meeting for the fiscal year ending March 31, 2022, is March 31, 2022. | – | 30-09-2022 |
| 6. | Directors’ KYC | DIR-3 KYC/WEB | 30-09-2022 |
| 7. | Resolutions for approval of the Board’s Report and Audited Financial Statements must be filed (only for public companies) | Form MGT- 14 | Within 30 days of the resolutions being adopted |
Statutory Compliances under RBI Act, 1934
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FLA Return: All companies/LLPs that have received FDI and/or made FDI abroad (i.e. overseas investment) are required to submit an Annual Return with the RBI, which is known as the Foreign Assets and Liabilities Return (FLA) | FLA Return (Audited Financials) | 30-09-2022 |
Statutory Compliances under Income Tax Act, 1961
| SR. No. | Compliances Particular | Forms Returns | Due Date |
| 1. | For the deposit of taxes deducted/collected for the month of August 2022 | Challan No. ITNS- 281 | 07-09-2022 |
| 2. | Second advance tax installment for the fiscal year 2023-24 | – | 15-09-2022 |
| 3. | Filing of an audit report for the fiscal year 2022-23 in the case of a corporate assessor/non-business assessor under Section 44AB (ITR for AY 2022-23 for assesses whose books are required to be audited) | – | 30-09-2022 |
Statutory Compliances under ESIC, PF, and PT Payments
| SR. No. | Compliances Particular | Forms Returns | Due Date |
| 1. | Professional Tax Payment for the month of August 2022 | PT | 10-09-2022 |
| 2. | PF Payment for the month of August 2022 | ECR | 15-09-2022 |
| 3. | ESIC Payment for the month of August 2022 | ESI Challan | 15-09-2022 |
Takeaway
The Central Goods and Services Act, 2017 and the Income Tax Act, 1961, and other statutes, further have payment deadlines in September 2022, Completing the aforementioned forms on, or before the due date will spare taxpayers from hefty penalties.
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