Corporate compliance calendar for the month of December 20

CS Lalit Rajput , Last updated: 03 December 2020
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1. Compliance requirement under Income Tax act, 1961

Sr. No.	Particulars	Period	Actual Due Date		Revised Due Date
1	Due date for deposit of Tax deducted/collected for the month of November, 2020. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan	November, 2020	07th December, 2020		07th December, 2020 (No Change)
2	Third instalment of advance tax for the assessment year 2021-22	AY 2021-22	15th December, 2020		15th December, 2020 (No Change)
3	Income Tax Return u/s 139 (In cases of assessee to whom TP Audit, Company Audit and Tax Audit is applicable)	AY 2020-21	31st October 2020/ 30th November 2020		31st January, 2021
4	Income Tax Return u/s 139 (Other than Sr. no. 2 above)	AY 2020-21	31st July, 2020		31st December, 2020
5	Self - Assessment (SA) Tax Liability. No interest chargeable under Section 234A, if the SA Tax liability is up-to INR 1 Lakh	AY 2020-21	On or Before 31st July 2020/ 31st October 2020		31st January, 2021 (In case of assessees not requiring any Audit, it is 31st December, 2020)
6	Filing of Tax Audit Report under section 44AB and TP Report under section 92E of the IT Act	AY 2020-21	30th September, 2020		31st December, 2020
7	Filing of Master file in Form 3CEAA-Part A and /or Part B	AY 2020-21	30th November 2020		No clarification presumed to be 31st January, 2021*
8	Intimation for Master File - Form 3CEAB	AY 2020-21	31st October 2020		31st December, 2020*
9	Safe Harbour Rule - Form 3CEFA	AY 2020-21	30th November 2020		31st January, 2021*
10	Filing of Intimation in Form 3CEAC Country by Country Reporting	AY 2020-21	31st January 2021		No Change 31st January, 2021
11	Filing of Form 3CEAD Country by Country Reporting	AY 2020-21	31st March 2021		No Change 31st March, 2021
12	Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of November, 2020	November, 2020	30th December 2020		30th December 2020 (no change)
13	Linking of Aadhaar with PAN	-	30th June 2020		No Change 31st March, 2021
14	Payment under Vivad se Vishwas Act, 2020	-	31st March 2020		As per Notification dated 27 October 2020 31st March 2021*
15	Declaration to be filed before the designated authority under Vivad se Vishwas Act, 2020		31st March 2020		31st December 2020*
16	Return of income for the assessment year 2020-21 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 (d) an assessee who is required to furnish a report under section 92E.	AY 2020-21	31st December 2020		31st December 2020
17	Matters other than specifically provided: a. Completion of any proceeding or passing of any order or issuance of any notice, intimation, notification, sanction or approval or such other action, by whatever name called, by any authority, commission or tribunal, by whatever name called, under the provisions of the specified Act; or Filing of any appeal, reply or application or furnishing of any report, document, return, statement or such other record, by whatever name called, under the provisions of the specified Act			Deadline falling between 20th March 2020 and 31st December 2020		No Change 31st March, 2021
18	Form 24Q, 26Q, 27Q, and 27EQ of Q1 and Q2	F/Y 2020-21			31st March, 2021
19	Form 26QB, 26QC, and 26QD	April to November 2020			31st March, 2021
20	In case where any due date for making payments towards any tax or levy under the specified Act falls between 20.3.2020 and 29.6.2020 and where such tax or levy has been paid on or before 30.6.2020, Interest would be levied at a reduced rate of 0.75% p.m. Further no penalties or prosecution shall be initiated in respect of such amount for the period of delay. No clarification on extension of date for the same is issued.

Corporate compliance calendar for the month of December 20

Note: ** The Ministry of Finance has issued a Notification No 85/2020 dated 27 October, 2020 , under the Vivad se Vishwas Act, 2020, that in order to mitigate undue hardship and remove difficulty that may be caused by the requirement of payment within 15 days from date the date of receipt of certificate from designated authority, allows the declarant to make the payment without any additional amount till on or before 31st March, 2021. Further, the declaration can be filed by 31 December, 2020.

Importatnt updates:

1. I-T department allows condonation of delay in filing audit reports by trusts, institutions

The Income Tax Department has allowed condonation of delay in filing audit reports by trusts, institutions, universities and hospitals who claim tax exemption. Any funds, trusts, institutions including educational and medical universities or hospitals claiming income tax exemption will have to get their accounts audited if their total income of that year exceeds the maximum amount not chargeable to tax.

Income tax law mandates that such institutes can claim tax benefits available to them only after furnishing the tax audit report in form 10BB before the prescribed time.

2. People opting for lower tax regime not eligible for LTC stimulus: Govt.

People who opted for the lower tax regime provided in the Budget for 2020-21 are not eligible for the new incentive package through leave travel concession (LTC), said the finance ministry clarified on Thursday, 29th October, 2020.

The clarifications said non-central government employees will get tax exemption on cash allowance subject to a maximum of Rs 36,000 per person as deemed LTC fare. ( Click here )

3. FM Sitharaman announces tax relief on some home deals; stimulus tops Rs 30 lakh cr

Finance Minister Nirmala Sitharaman on Thursday announced tax relief on select home sale deals, enhanced credit guarantee programme for small businesses and provide incentives for new job creation as the government widened stimulus measures to boost the economy.

The measures, that also include additional fertiliser subsidy and already announced production-linked inventive scheme for manufacturing units, totalled Rs 2.65 lakh crore, taking the cumulative stimulus package announced since the lockdown to almost Rs 30 lakh crore, or 15 per cent of the Gross Domestic Product (GDP). (to read more: Click here )

4. I-T Act change: Property sale at lower than circle rate to be exempt from tax

The government on Friday said it would amend the income-tax law to exempt real-estate developers and homebuyers from tax liability if the actual consideration for an asset is lower than the stamp duty value (circle rate) by not more than 20%.

The changes would be applicable only to primary sale of residential properties not exceeding Rs 2 crore in value. Without the relaxation, the developer selling the flat at a price lower than the circle rate would be liable to pay tax on profits calculated on the basis that the flat/home was sold at the circle rate.

Similarly, the buyer would be taxed on differential amount between the circle rate and the actual consideration under section 56(2)X — which is an anti-evasion provision and brings to tax consideration that deviates from fair market value.

5. Income Tax Return filing: Tax changes to keep in mind while filing ITR for AY 2020-21

The ITR filing due date for AY 2020-21 stands extended to 31 December 2020, and 31 January 2021 for tax audit cases. The ITR forms notified carry some significant changes such as in reporting requirements, tax deductions and changes introduced in Budget 2019. Taxpayers should bear in mind these changes while filing their ITR for AY 2020-21 (FY 2019-20).

The Budget 2019 introduced interchangeability of PAN and Aadhaar. An individual who does not have a PAN can quote Aadhaar number at various places in the ITR. For example, the ITRs enable quoting of Aadhaar in the case of a buyer of immovable property, a tenant while reporting income from house property, ITR filing by representative assessee etc.

The ITR also incorporates new criteria introduced for mandatorily filing of tax return even though the gross total income of the individual is below the basic exemption limit. The compulsory filing is applicable in case any of the below criteria are satisfied:

Deposited in one or more current account(s) an amount or aggregate of amounts exceeding Rs 1 crore during the FY 2019-20
Expenditure on travel to a foreign country incurred of an amount exceeding Rs 2 lakh in aggregate for self or any other person

Important Notifications - For the month of November - 2020:

Sl. No.	Particulars of the Notification(s)	File No. / Circular No.	Notification Link(s)
1.	Extension of due dates for filing Income-tax Returns and Tax Audit Reports under the Income-tax Act, 1961 for AY 2020-21	Notification No. 88/2020/ F. No. 370142/35 /2020-TPL	LINK
2.	Clarification in respect of the Direct Tax Vivad se Vishwas Act, 2020	Circular No. 18 / 2020	LINK
3.	sovereign wealth fund, namely, the MIC Redwood 1 RSC Limited, Abu Dhabi, United Arab Emirates	Notification No. 89/2020/ F. No. 370133 /16 / 2020-TPL	LINK
4.	the Equalisation levy (Amendment) Rules,2020	Notification No. 87/2020 / F. No. 370142/ 21/2020-TPL	LINK
5.	Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10BB for Assessment Year 2016-17 and subsequent years	Circular No. 19/2020	LINK
6.	Income Tax Department conducts searches in Tamil Nadu	Release ID: 1672235	LINK
7.	India has Moved from Tax-Terrorism to Tax-Transparency: Prime Minister	Release ID: 1671979	LINK
8.	Income Tax Department conducts searches at various locations in Uttar Pradesh	Release ID: 1674334	LINK
9.	Instruction sheets for filling of ITR-2,3,5,6 & 7 revised for better clarity		LINK

2. Compliance Requirement under GST, 2017

Keeping in view the preventive measures taken to contain the spread of Novel Coronavirus (COVID-19) and the difficulties being faced by the GST taxpayer, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes & Customs, has extended the various due date for Filing GST Returns without additional fee / penalty.

Filing of GSTR - 3B

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

Tax period	Due Date	No interest payable till	Interest payable @ 9% from & till	Interest payable @ 18% from
November, 2020	20th December, 2020	-	-	-

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

Tax period	Due Date	No interest payable till	Interest payable @ 9% from & till	Interest payable @ 18% from
November, 2020	22nd December, 2020
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	Interest payable @ 9% from & till	Interest payable @ 18% from
November, 2020	24th December, 2020
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