Statutory and Tax Compliance Calendar for November 2022

Before we deal with the Statutory and Tax Compliance Calendar for November 2022, let us first discuss the forms of various taxes prevailing in our nation.

There are 2 types of Indian taxes: Direct and Indirect Taxes. During a fiscal year, direct taxes are chargeable on the revenue received by various business commodities. Hence, many taxpayers register it with the Income Tax Department to pay the additional tax rates. Individuals and corporations reimburse the taxes in a way other rates. Now, in the blog, it's time to briefly discuss the statutory and tax compliance calendar for November 2022.

What is Statutory Tax?

The rate assessed by law on taxable income that falls within a given tax frame is known as statutory tax. A taxpayer is defined by his taxable income. Different tax tables reflect the taxpayer's filing status as such personal taxes; it includes single, married filing jointly, filing as a qualifying widower, or married filing separately. The statutory tax calculates the tax rate using the appropriate tax table. Suppose an individual accumulates 40,000/- in the previous year and is taxable at a maximum statutory tax rate of 22%. However, the standard deduction may be privileged after considering marginal tax rates. The average effective tax rate for an individual earning is 7.9%. The same idea applies to corporation taxes.

What is Corporate Tax?

A corporation is a legal commodity that exists apart from its investors. The corporate tax is mandatory for local and multinational companies under the Income Tax Act of 1961.

For computing the taxes under the Income Tax Act of 1961, here are the following classifications of corporations:

Domestic Company: 

Domestic companies cover corporation registration in foreign countries, but the authority is located in India. It can be both a private and public company.

Foreign Company:

A Foreign Company has administration and management outside India and is not registered under the Companies Act 2013.

What are Statutory and Tax Compliance?

Statutory means' rules and regulations,' whereas compliance means 'adherence to.' India has a complicated web of laws that apply to various situations. Some rules and regulations needed in statutory compliance include Income Tax, Service Tax, the Companies Act of 2013, the Partnership Act, and Value Added Tax (VAT). These countries' norms and laws are preferable to have a broad understanding of the country's several critical rules.

Rules and Regulations of Tax and Compliance

Some of the rules and regulations of Tax and Compliance are as follows:

• The Income-tax Act, 1961
• The Service Tax,
• The ESIC and PF,
• And The Companies Act.

Look at the Facts below, which cover a collection of forms relating to incorporation:

• The INC-7 Form for Incorporation of Company.
• The INC-1 Form for Name Reservation.
• The INC-1 (OPC) Form for Nominee Consent Form.
• The DIR-12 Form for Director's Appointments.
• The DIR-3 Form for DIN Application.
• The DIR-11 Form for Notice-Director's Resignation.
• The ADT-3 Form for Notice-Auditor Registration.
• The INC-3 Form for Nominee Consent Form.
• The INC-4 Form for Change in Member.
• The 23ACA Form for Filing profit and loss account.

What are the Corporation Tax rates in 2022 in India?

According to Trading Economics multinational macro models and analysts' anticipations, the Corporation Tax Rates in 2022 in India predicts to reach 34.9 % by the end of the year.

Statutory and Tax Compliance

The company must function smoothly and simplify and organize to have proper rules and regulations. These regulations flare to every factor, including how the company interacts with its employees. It refers to statutory compliance. In the HR department, statutory compliance correlates to the legal framework within which companies must operate in the treatment of their employees.

What is the Need for Tax and Compliance?

The purpose of establishing various rules and regulations is to ensure that employees' interests are secure and they are in no way of exploitation. It helps to establish employee loyalty. Companies failing to stick to the specified rules and regulations risk facing legal issues, leading to heavy drifts on the corporation's bottom line.

Statutory and Tax Compliance Calendar for November 2022

Compliance is attached to the rules and regulations established by various legal entities. Simple instances of compliance include getting a local business license and paying taxes on time. A business's triumph must not only follow external laws, standards, and internal corporate rules. Compliance becomes immensely crucial as the company expands. As for the result, a company must adapt its compliance procedures to modify the company from inside and outside.

to the rules and regulations established by various legal entities. Simple instances of compliance include getting a local business license and paying taxes on time. A business's triumph must not only follow external laws, standards, and internal corporate rules. Compliance becomes immensely crucial as the company expands. As for the result, a company must adapt its compliance procedures to modify the company from inside and outside.

Most entities compiled the deadlines as such: GSTR-1 Return, GSTR-3B, GSTR TRAN-02, TDS(Tax Deducted at Source) Payment, and the TDS Certificate for tax-deducted. After filling out these forms, such as Forms 194-IA and 194-IB, Form 24G by a Government Authority, Quarterly TDS Certificate, Advance Tax, Form 3CEK, and Challan Statement for Tax Deducted Under Section Forms 194-IA and 194-IB are the examples of actions that fall under this category. 

Let's talk about the list of statutory and tax compliance requirements that must be met by November 2022:

• The TDS Payment for October will be by November 7, 2022.
• The GSTR 1 (Monthly) for October by November 11, 2022.
• The GSTR 1 IFF (Optional) (October 2022) for QRMP by November 13, 2022.
• The PF payment for October will be by November 15, 2022.
• The Quarterly Certificate for TDS (other than salary) for the quarter ending September 30, 2022, by November 15, 2022.
• The Provident Fund Payment for ESI Payment for October by November 15, 2022.
• The GSTR 3B for Monthly (October) by November 20, 2022.
• The GST Challan Payment if there is no sufficient ITC for October (for all Quarterly Filers) by November 25, 2022.
• The MGT 7 Filing for OPC(one-person companies) & Companies will be by November 29, 2022.
• The Renewal of the Labour Licence for Next Year will be by November 30, 2022.

Tax and Compliance Checklist

These are the points you must have on your checklist of statutory and tax compliances:

• Minimum wages.
• Tax deducted at the source.
• Employee State Insurance and Provident Fund.
• Gratuity.

Conclusion

Ultimately, the information provided above may help us understand what a corporation tax is and how it connects to statutory taxes. We will review the Statutory and Tax Compliance and the Statutory and Tax Compliance Calendar 2022 for November. Taxpayers can avoid severe fines by submitting the documents above on time or earlier. Get your corporation registered with the help of our experts at Lawgical India. And get benefits from hassle-free services with little concern about corporate compliance.