Compliances Under GST & Income Tax Act-Kinexin

Compliances Under Income Tax Act:
Particulars Due Date Compliances

TDS amount deposit 7th of next Month except for Deposit of TDS deducted in a
March it must be deposited on month
or before 30th April
TDS Returns 31st July 1st Quarter
31st October 2nd Quarter
31st January 3rd Quarter
31st May 4th Quarter
Issue TDS Certificate form 16A 15th August 1st Quarter
(TDS on other than Salary)
15th November 2nd Quarter
15th February 3rd Quarter
15th June 4th Quarter
Issue TDS Certificate form 16 Within 15 days From filling of 4th Quarter TDS
(TDS on Salary) return
Advance Tax 15th June 15% of total Advance tax
liability
15th September 45% of total Advance tax
liability
15th December 75% of total Advance tax
liability
15th March 100% of total Advance tax
liability
Form 15 CA and 15 CB Subject to Rule 37BB of When payment not exceed 5
Income Tax, as per Sec 195 (6) lakhs rupees then file Part A of
“A person responsible for Form 15CA
making a payment to a non- However, if the payment
resident or to a foreign exceeds 5 lakhs then file Part B
company has to provide the and Part C of Form 15CA and
following details: (i.e. in Form Certificate in Form 15CB from
15CA and 15CB) a Chartered Accountant.
Individual Return of Income 31st July All taxpayers other than
companies or those not liable
for a tax audit
Tax Audit u/s 44AB 30th September All businesses with turnover >
Rs 1 crore and Professionals
with gross receipts > Rs 50
lakhs.
Annual return of Income 30th September All businesses with turnover >
Rs 1 crore and Professionals
with gross receipts > Rs 50
lakhs
Tax Audit and Annual return 30th November 2018 If, Taxpayers having
of income in case of Transfer international transactions and
Pricing u/s 92E and Report in liable to submit report under
Form 3CEB Section 92E
Compliances Under GST Act:

Particulars Due Date Compliances
th
GSTR-1 11 of Next Month Details of outward supplies of
taxable goods or services or
both effected
GSTR-3B 20th of Next Month Monthly return based on
finalization of details of
outward supplies and inward
supplies along with the
payment of amount of tax.
GSTR-7 31st December (but extended Annual Return (consolidated
till 31st March 2019) for all the monthly returns)
GST Audit 31st December (but extended The following documents
till 31st March 2019) must be submitted to
As per Sec 35 (5) of CGST Act department:
2017, Every registered
taxable person whose 1. an annual return using
turnover during a financial the Form GSTR 9 by
year exceeds the prescribed 31st December of the
limit [as per the latest GST next Financial Year (as
Rules, the turnover limit is extended till 31st
above Rs 2 crore] shall get his March 2019),
accounts audited by a 2. the audited copy of
chartered accountant or a the annual accounts,
cost accountant. 3. a certified
reconciliation
statement in the form
GSTR-9C, reconciling
the value of supplies
declared in the return
with the audited
annual financial
statement,
4. and other particulars
as prescribed
Note: The requirement of filling GSTR-2 (Return related to Inward of goods or Services) is
suspended now.
Audit Compliances
Statutory Audit As per Sec 139 of Indian Companies Act 2013. Appointment of auditors
(1) Subject to the provisions of this Chapter, every company shall, at the
first annual general meeting, appoint an individual or a firm as an auditor
who shall hold office from the conclusion of that meeting till the conclusion
of its sixth annual general meeting and
thereafter till the conclusion of every sixth meeting……
Hence, Kinexin is liable to conduct Statutory Audit.
Internal Audit As per section 138 of Indian Companies Act 2013 read with Rule 13
Of Companies (Accounts) Rules, 2014, (1) The following class of companies
shall be required to appoint an internal auditor or a firm of internal auditors,
namely:……
(c) every private company having–
(i) turnover of two hundred crore rupees or more during the preceding
financial year; or
(ii) outstanding loans or borrowings from banks or public financial
institutions exceeding one hundred crore rupees or more at any point of time
during the preceding financial year:
Hence, till 31st Oct 2018 Kinexin has a turnover of 93.75 lakhs, thus not
required to conduct Internal Audit.
Accounts Compliances
The financial statement must be prepared as per the Indian Accounting Standards issued by
Institute of Chartered Account of India and must submit to Registrar of Company U/S 137 of
Companies Act 2013 within 30 days from the date of Annual General meeting (i.e. till 30th
October).

Compliances Under GST & Income Tax Act-Kinexin

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Compliances Under Income Tax Act:

Particulars Due Date Compliances

Compliances Under GST Act:

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