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1. Compliance requirement under Income Tax Act, 1961

Sl.

Compliance Particulars

Due Dates

1

Due date of depositing TDS/TCS liabilities under Income Tax Act, 1961 for previous month.

07.12.2021

2.

Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB and 194M in the month of October, 2021

15.12.2021

3

Due date of furnishing of Form 24G by an office of the Government where TDS/TCS for the month of November, 2021 has been paid without the production of a challan

15.12.2021

4

Due date for payment of 3rd Installement of Advance Tax for FY 2021-22

15.12.2021

5

Due date for furnishing of challan-cum-statement in respect of tax deductedunder section 194-IA, 194-IB, 194-IM, in themonth of November, 2021

30.12.2021

6

"Return of income for the assessment year2021-22 for all assessee other than (a) corporate- assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) partner of a firm whose accounts are required to be audited or the spouse of such partner if the provisions of section 5A applies or (d) an assessee who is required to furnish a report under section92E.

The due date for furnishing of return of income for Assessment Year 2021-22 has been extended from July 31, 2021 to September 30, 2021 vide Circular no. 9/2021,dated 20-05-2021

The due date for furnishing of return of income for Assessment Year 2021-22 has been further extended from September 30,2021 to December 31, 2021 vide Circular no.17/2021, dated 09-09-2021"

31.12.2021

7

"Return of income for the assessment year2021-22 in the case of an assessee if he/it is required to submit a report under section 92Epertaining to international or specified domestic transaction(s).

The due date for furnishing of return of income for Assessment Year 2021-22 hasbeen extended from November 30, 2021 to December 31, 2021 vide Circular no. 9/2021,dated 20-05-2021"

31.12.2021

8

"Furnishing of Equalisation Levy statement forthe Financial Year 2020-21

The due date for furnishing of Equalisation Levy statement has been extended from June30, 2021 to July 31, 2021 vide Circular no.12/2021, dated 25-06-2021.

The due date for furnishing of Equalisation Levy statement has been extended from July 31, 2021 to August 31, 2021 vide Circular no. 15/2021, dated 03-08-2021

The due date for furnishing of Equalisation Levy statement has been further extended from August 31, 2021 to December 31, 2021 vide Circular no. 16/2021, dated 29-08-2021"

31.12.2021

9

"A self-declaration form for seeking non-deduction of TDS on specific income as annual income of the tax assessee is less than the exemption limit. Upload declarations received from recipients in Form No. 15G/15H during the quarter ending September, 2021

The due date for uploading declarations has been further extended from October 15, 2021 to December 31, 2021 vide Circular no. 16/2021, dated 29-08-2021"

31.12.2021

Corporate Compliance Calendar for the m/o December, 2021

Income Tax Due Date - Extensions

Sl.

Nature of Extension

Provisions / Forms of IT Act 1961

Original Due Date

Extended Due Date

1

The application in Form No. 10A/ Form No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations etc.,

Under Section 10 (23C), 12AB, 35 (1) (ii) / (iia) / (iii) and 80G of the Act

30.06.2021

31.03.2022

2

The Quarterly Statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th June, 2021

Form No. 15CC

30.06.2021

31.12.2021

3

The Quarterly statement in Form No. 15CC to be fumished by authorized dealer in respect of remittances made for the quarter ending on 30 September, 2021

 

15.10.2021

31.12.2021

4

The Equalization Levy Statement in Form No. 1 for the Financial Year 2020-21

Form No. 1

30.06.2021

31.12.2021

5

Intimation by a constituent entity, resident in India, of an international group, the parent entity of which is not resident in India for the purposes of section 286 (1)

Form No.3CEAC

30.11.2021

31.12.2021

6

Report by a parent entity or an alternate reporting entity or any other constituent entity, resident in India, for the purposes of section 286 (2) / 286 (4)

Form No.3CEAD

30.11.2021

31.12.2021

7

Intimation on behalf of an international group for the purposes of the proviso to sub-section (4) of section 286 of the Act

Form No.3CEAE

30.11.2021

31.12.2021

8

Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30th September, 2021

Form No. 15G/15H

15.10.2021

31.12.2021

9

Intimation to be made by Sovereign Wealth Fund in respect of investments made by it in India in Form II SWF for the quarter ending on 30th September,2021

Form II SWF

31.10.2021

31.12.2021

10

Intimation to be made by a Pension Fund in respect of each investment (11) made by it in India in Form No. 10BBB for the quarter ending on 30

September, 2021

Form No. 10BBB

31.10.2021

31.12.2021

 

Important Notifications - For the month of November - 2021

Sl.

Particulars of the Notification(s)

File No. / Circular No.

Link(s)

1.

The Central Government hereby approves „Pimpri Chinchwad College of Engineering‟

Notification No. 128/2021

Click Here

2.

The e-Settlement Scheme, 2021

Notification No. 129/2021

Click Here

3.

The Central Government hereby specifies the pension fund, namely, the School Employees Retirement System of Ohio

Notification No. 130/2021

Click Here

4.

Income Tax Department conducts searches in Bihar and Jharkhand

Release ID: 1768467

Click Here

5.

Income Tax Department conducts searches in Tamil Nadu

Release ID: 1768838

Click Here

6.

Income Tax Department conducts searches in Karnataka

Release ID: 1769134

Click Here

7

The Central Government hereby notifies for the purposes of the said clause, ‘Assam Building and Other Construction Workers Welfare Board’

Notification No. 131/2021

Click Here

8

Application for Standing Counsels to represent the Income Tax Department in Ner

Application

Click Here

9

Income Tax Department conducts searches in Maharashtra

Release ID: 1769680

Click Here

10

Income Tax Department conducts searches in Jammu & Kashmir and Punjab

Release ID: 1769500

Click Here

11

Guidelines under sub-section (4) of section 194-O, sub-section (3) of section 194Q and sub-section (1-I) of section 206C of the Income-tax Act, 1961 !Ne

Circular No. 20 of 2021

Click Here

12

The Income tax (32nd Amendment), Rules, 2021.

Notification No. 132/2021

Click Here

13

Notification No. 133/2021 [F. No. 300196/7/2021-ITA-I] / SO 4841(E) : Notification No. 133/2021 [F. No. 300196/7/2021-ITA-I] / SO 4841(E) !New

Notification No. 133 /2021

Click Here

2. Compliance Requirement under GST, 2017

Filing of GSTR –3B

A. Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY

Tax period

Due Date

No interest payable till

Particulars

November, 2021

20th December,

2021

-

Due Date for filling GSTR - 3B return for the month of June, 2021 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year

B. Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)

Tax period

Due Date

No interest payable till

Particulars

November, 2021

22nd December,

2021

 

Due Date for filling GSTR - 3B return for the month of June, 2021 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B

Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep

C. Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)

Tax period

Due Date

No interest payable till

Particulars

November, 2021

24th December,

2021

   

Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi

D. Filing Form GSTR-1

Tax period

Due Date

Remarks

Monthly return

(November, 2021)

11.12.2021

"1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceeding year.

2. Registered person, with aggregate turnover of less then INR 5 Crores during preceeding year, opted for monthly filing of return under QRMP"

E. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers

Form No.

Compliance Particulars

Timeline

Due Date

GSTR-5 & 5A

Non-resident ODIAR services provider file Monthly GST Return

20th of succeeding month

20.12.2021

GSTR -6

Every Input Service Distributor (ISD)

13th of succeeding month

13.12.2021

GSTR -7

Return for Tax Deducted at source to be filed by Tax Deductor

10th of succeeding month

10.12.2021

GSTR -8

E-Commerce operator registered under GST liable to TCS

10th of succeeding month

10.12.2021

F. GSTR - 1 QRMP monthly return

Form No.

Compliance Particulars

Timeline

Due Date

Details of outward supply-IFF

GST QRMP monthly return due date for the month of November, 2021 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore.

13th of succeeding month

13.12.2021

G. GST Refund

Form No.

Compliance Particulars

Due Date

RFD -10

Refund of Tax to Certain Persons

18 Months after the end of quarter for which refund is to be claimed

Other Returns

Form No.

Compliance Particulars

Timeline

Due Date

CMP-08

GST Challan Payment for taxpayer, with aggregate turnover of less than INR 5 Crores during preceeding year, who has opted for quarterly filing of returns.

GST Challan payment if No sufficient ITC available

25.12.2021

Annual Returns

Form No.

Compliance Particulars

Due Date

GSTR - 9

GSTR-9 is Annual Return applicable for registered person with aggregate turnover exceeding INR 2 Crores during the F.Y. 2020-21. However, registered person with aggregate turnober upto INR 2 Crores have option to file GSTR-9.

31.12.2021

GSTR – 9C

GSTR-9C is reconciliation statement applicable for registered person with aggregate turnover exceeding INR 5 Crores during the F.Y. 2020-21.

31.12.2021

GST UPDATES - from 01.11.2021 to 30.11.2021

Sl.

Notification Particulars

Notification No.

Link (s)

1.

CBIC Chairman inaugurates Customs & GST pavilion at 40th India International Trade Fair

17/2021-Central Tax (Rate), dt. 18-11-2021

Click Here

2.

Seeks to amend Notification No 12/2017- Central Tax (Rate) dated 28.06.2017.

16/2021-Central Tax (Rate), dt. 18-11-2021

Click Here

3.

Seeks to amend Notification No 11/2017- Central Tax (Rate) dated 28.06.2017.

15/2021-Central Tax (Rate), dt. 18-11-2021

Click Here

4.

Seeks to further amend notification No. 01/2021-Central Tax (Rate) dated 28-06-2021

14/2021-Central Tax (Rate), dt. 18-11-2021

Click Here

5.

Clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020- Central Tax dated 21st March, 2020

165/21/2021-GST

Click Here

6

Circular on Clarification on refund related issues

166/22/2021-GST

Click Here

7

Improvements in GSTR-1

GSTN 513

Click Here

8

Clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020- Central Tax dated 21st March, 2020

165/21/2021-GST

Click Here

9

Removal of Inverted Tax Structure on MMF Textiles Value chain and uniformity of rates brings relief to Textiles sector;

Press Release ID: 1773973

Click Here

10

Centre releases two installments of tax devolution to State Governments amounting to Rs. 95,082 crore as against normal monthly devolution of Rs. 47,541 crore

Press Release ID: 1774224

Click Here

11

Module wise new functionalities deployed on the GST Portal for taxpayers

GSTN 496

Click Here

12

Seeks to make amendments (Ninth Amendment, 2021) to the CGST Rules, 2017.

37/2021-Central Tax dated 01.12.2021

Click Here

 

3. Key Compliances under FEMA / RBI

Applicable Laws/Acts

Due Dates

Compliance Particulars

Forms / (Filing mode)

FEMA ACT 1999

Not later than 30 days from the date of issue of Capital instrument

FC-GPR is a form filed when the Indian company receives the Foreign Direct Investment and the company allots shares to a person resident outside India.

Form FC-GPR

FEMA ACT 1999

With in 60 days of receipt/ remittance of funds or transfer of capital instruments whichever is earlier.

Reporting of transfer of shares and other eligible securities between residents and non-residents and vice- versa is to be made in Form FC-TRS.

The onus of reporting shall be on the resident transferor/ transferee.

Form FC-TRS.

FEMA ACT 1999

within 30 days from the date of receipt of the amount of consideration.

A Limited Liability Partnership receiving amount of consideration and acquisition of profit shares is required to submit a report in the Form FDI LLP-1

Form FDI LLP-I

FEMA ACT 1999

within 60 days from the date of receipt of funds in

A Limited liability Partnership shall report disinvestment/ transfer of capital contribution or profit share between a resident and a non resident (or vice versa)

Form FDI LLP-II

FEMA ACT 1999

within 30 days from the date of allotment of capital instruments

The domestic custodian shall report the issue/ transfer/ of sponsored/ unsponsored depository receipts

Downstream statement -Form DI & reporting at FIFP too

RBI Circulars / Notifications: November, 2021

Sl.

Particulars of the Circulars

Link

1

Opening of Current Accounts by Banks - Need for Discipline

Click here

2

Master Circular- Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs

Click here

3

Prompt Corrective Action (PCA) Framework for Scheduled Commercial Banks

Click here

4

Master Circular- Guarantees, Co-Acceptances & Letters of Credit - UCBs

Click here

5

Cancellation of Certificate of Authorisation

Click here

6

Unity Small Finance Bank Limited commences operations

Click here

7

RBI Governor meets MD & CEOs of Public Sector Banks and certain Private Sector Banks over Video Conference

Click here

8

RBI releases the Report of the Committee on functioning of Asset Reconstruction Companies and review of regulatory guidelines applicable to them for public comments

Click here

9

RBI announces rate of interest on Government of India Floating Rate Bonds, 2024

Click here

10.

Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract

Click here

11.

Investment by Foreign Portfolio Investors (FPIs) in Debt – Review

Click here

12

Master Circular - Guarantees and Co-acceptances

Click here

13

Reserve Bank - Integrated Ombudsman Scheme, 2021

Click here

14

Foreign Currency (Non-resident) Accounts (Banks) Scheme [FCNR(B)] - Master Direction on Interest Rate on Deposits

Click here

15

Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances – Clarifications

Click here

16

RBI launches its First Global Hackathon - HARBINGER 2021

Click here

17

Overseas Direct Investment for October 2021

Click here

18

Underwriting Auction for sale of Government Securities for ₹24,000 crore on November 12, 2021

Click here

19

Launch of RBI-Retail Direct Scheme and Reserve Bank- Integrated Ombudsman Scheme by Hon’ble Prime Minister on November 12, 2021

Click here

20

Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract

Click here

4. Compliance under Other Statutory LAws

Applicable Laws/Acts

Timeline / Due Dates

Compliance Particulars

Forms / (Filing mode)

EPF (The Employees’ Provident Funds And Miscellaneous Provisions Act, 1952)

15.12.2021

PF Payment

ECR

ESIC (Employees' State Insurance Act, 1948)

15.12.2021

ESIC Payment

ESI Challan

Contract Labour (Regulation & Abolition) Act, 1970

Within 15 Days of commencement/ completion of contract work

Return/Notice within 15 days of commencement/ completion of each contract by the Principal employer

Form VI-B

Contract Labour (Regulation & Abolition) Act, 1970

Within 15 Days of commencement/ completion of contract work

Notice of commencement/ completion of contract work by the Contractor within 15 days

Form VI-A

Payment of Gratuity Rule

Within 30 Days of applicability of the Act & any change

Notice of applicability of the Act & any change

Form A or B

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Published by

CS Lalit Rajput
(Company Secretary)
Category Corporate Law   Report

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