Corporate Compliance Calendar for the month of November 2020

CS Lalit Rajput , Last updated: 04 November 2020
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1. Compliance requirement under the Income Tax Act, 1961

Sr. No.	Particulars	Period	Actual Due Date		Revised Due Date
1	Income Tax Return u/s 139 (Revised or Belated Return)	AY 2019- 20	31st March 2020		30th November 2020
2	Revised Return of Income for	A/Y 2019-20			30th November 2020
3	Income Tax Return u/s 139 (In cases of the 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	Deduction available under Chapter VI A, in heading B (e g., 80C, 80D, 80G, etc.)	AY 2020-21	31st March 2020		No Change 31st July 2020
13	Capital Gain Exemption u/s 54 to 54GB	AY 2020-21	Due dates as per Income Tax Act		No Change 30th September 2020
14	Furnishing of TDS/ TCS Statement (Returns)	Q4 of AY 2020-21	31st May 2020		No Change 31st July 2020
15	Issuance of TDS/ TCS certificate	AY 2020-21	15th June 2020		No Change 15th August 2020
16	Linking of Aadhar with PAN	–	30th June 2020		No Change 31st March 2021
17	Payment under Vivad se Vishwas Act, 2020	–	31st March 2020		As per Notification dated 27 October 2020 31st March 2021**
18	Declaration to be filed before the designated authority under Vivad se Vishwas Act, 2020		31st March 2020		31st December 2020**
19	Commencement of Operation for Special Economic Zone units under section 10AA of the IT Act	–	31st March 2020		No Change 30th September 2020
20	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
21	Form 24Q, 26Q, 27Q, and 27EQ of Q1 and Q2	F/Y 2020-21			31st March 2021
22	Form 26QB, 26QC, and 26QD	April to November 2020			31st March 2021
23	In the 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 the extension of date for the same is issued.

Corporate Compliance Calendar for the month of November 2020

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 the date of receipt of a certificate from a 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.

Important updates:

1. You must check these 5 things in your Form 26AS

i) Information regarding Tax Deducted at Source for all income and Tax Collected at Source wherever applicable.

ii) Information related to specified financial transactions from ‘specified persons’, mutual funds, banks, bond issuers, etc.

iii) Information related to income-tax payments such as advance tax and self-assessment tax paid by the taxpayer.

iv) Information regarding tax demands and tax refunds by the IT department.

v) Information related to pending and completed income tax proceedings.

2. Income Tax refunds issued: Taxpayers get more than Rs 1 lakh crore in the first half of this fiscal

The Income Tax Department today said that it has issued refunds of over Rs 1.18 lakh crore to more than 33.54 lakh taxpayers between 1 April 2020 and 29 September 2020. Income tax refunds of Rs 32,230 crore have been issued in 31.75 lakh cases and corporate tax refunds of Rs 86,094 crore have been issued in 1.78 lakh cases.

3. New Tax Collected at Source (TCS) regime

The Income Tax Department issued guidelines for the applicability of TCS provision which requires an e-commerce operator to deduct a 1 percent tax on the sale of goods and services. The new Tax Collected at Source (TCS) regime will come into effect from October 1. The Finance Act, 2020 inserted a new section 194-O in the Income-tax Act 1961 which mandates that with effect from October 1, 2020, an e-commerce operator shall deduct income tax at the rate of 1 percent of the gross amount of sale of goods or provision of service or both, facilitated through its digital or electronic facility or platform

4. Scrip-wise reporting in ITR must only for LTCG exemption, not for day-trading, short-term gains: CBDT

The Central Board of Direct Taxes has clarified that there is no requirement for scrip wise reporting for day trading and short-term sale or purchase of listed shares in the filing of income tax return (ITR) in assessment year (AY) 2020-21.

The scrip wise details are needed while filing ITR for AY 2020-21 for reporting long-term capital gains (LTCG) for listed shares or specified units eligible for the benefit of grandfathering. The Finance Act, 2018 exempted gains made on the listed shares/specified units up to January 31, 2018, by introducing a grandfathering mechanism for computation of LTCG for these shares.

5. No need to fill Schedule 112A in ITR for stock trading, clarifies CBDT; but no respite for investors

If an investor redeems his/her investment in equity MF done through monthly SIP after 10 years, he/she will have to fill 7 columns in 240 rows for a single investment.

The CBDT, however, said that without scrip wise entries, taxpayers may not claim the grandfathering benefit properly.

Moreover, without separate entries, the income tax authorities can’t check the correctness of the claim, argues the CBDT. As a result, many returns will require to be audited, which may lead to unnecessary grievances/rectifications at a later stage.

6. Income tax: Faceless Appeals Scheme challenged in Delhi High Court

A petition has been filed in Delhi HC seeking a direction to the government to grant an opportunity of hearing to all taxpayers/assessees under the Faceless Appeals Scheme 2020. The petitioner has challenged the discretionary power of the Chief Commissioner or the Director-General of Income Tax in granting the chance of hearing to the assessee. In the matter, Delhi HC has issued notice to the Income-Tax department and a reply has been sought in four weeks. Matter to be heard on 15th December 2020.

7. Various Due date Extended

In view of constraints being faced by taxpayers due to COVID-19, CBDT further extends due dates for various compliances for FY 2019-20:

1) The due dt of furnishing Income Tax Returns (ITRs) for taxpayers whose accounts require to be audited has been extended to 31st, January 2021.

2) The due date for furnishing of ITRs for the taxpayers who are required to furnish a report in respect of international/specified domestic transactions has been extended to 31st January 2021.

3) The due date for furnishing of ITRs for the other taxpayers has been extended to 31st December 2020

4) The date for furnishing of various audit reports under the Act, including tax audit report and report in respect of international/specified domestic transaction, has been extended to 31st December 2020

5) Providing further relief to small & middle-class taxpayers in the matter of payment of self-assessment tax, the due dates for payment of self-assessment tax have again been extended. Details in Press Release above.

Source: Click here

8. Income Tax Department issues guidelines for filing income tax returns

The Income Tax Department has issued a detailed step by step reckoner for filing tax returns to be submitted under different heads. These instructions are guidelines to help the taxpayers for filing the particulars in Income-tax Return Form-1 for the Assessment Year 2020-21 relating to the Financial Year 2019-2020.

Important Notifications:

Sl. No.	Particulars of the Notification(s)	File No. / Circular No.	Notification Link(s)
1.	CBDT issues Notification on Extension of time limit for filing of AY 2019-20 under the Income Tax Act, 1961.	F. No. 225/150/2020 – ITA-II	LINK
2.	CBDT Notifies Faceless Appeal Scheme	CG-DL-E-25092020-221959	LINK
3.	Order of the CBDT regarding uploading Information relating to GST return in Form 26AS as per Rule 114-I	F. No.225/15512020/ ITA.II	LINK
4.	The Income-tax (22nd Amendment) Rules, 2020	Notification No. 82/2020/F. No. 370142/30/2020-TPL	LINK
5.	Income Tax Department conducts search in Ahmedabad	Release ID: 1663253	LINK
6.	the Central Government hereby notifies that where the variation between the arm‟s length price determined under section 92C	Notification No. 83/2020/F. No. 500/1/2014-APA-II	LINK
7.	CBDT issues Press Release for extension of due dates for filing Income-tax Returns and Tax Audit Reports under the Income-tax Act,	Press Release	LINK
8.	the Income-tax (23rd Amendment) Rules, 2020.	Notification No. 84/2020/F. No. 370149/76/2019-TPL]	LINK
9.	Extension Notification w.r.t. Direct Tax Vivad se Vishwas Act, 2020	Notification No. 85/2020, F. No. IT(A)/1/2020-TPL	LINK
10.	the Central Government, in consultation with the Chief Justice of the Gauhati High Court, hereby designates the Court of Munsiff No. 3-cum-Judicial Magistrate, 1st Class, Kamrup (M), Guwahati as the Special Court for the States of Assam, Nagaland, Mizoram and Arunachal Pradesh.	Notification No. 86/2020 dated 28-10-2020/F. No. 285/09/2018-IT(Inv.V) CBDT	LINK
11.	the Equalisation levy (Amendment) Rules,2020	Notification No. 87/2020 / F. No. 370142/21/2020-TPL	LINK
12.	the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020	Notification No. 88/2020/ F. No. 370142/35/2020-TPL	LINK
13	Clarifications in respect of the Direct Tax Vivad se Vishwas Act, 2020 - reg.	F. No. IT(A)/ 1I2020- TPL	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.

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
October 2020	20th November 2020	-	-	-

B. Taxpayers having aggregate turnover up to 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
Feb 2020	22nd March 2020	30th June 2020	1st July to 30th Sept. 2020	1st Oct. 2020
March 2020	22nd April 2020	3rd July 2020	4th July to 30th Sept. 2020	1st Oct. 2020
April 2020	22nd May 2020	6th July 2020	7th July to 30th Sept. 2020	1st Oct. 2020
May 2020	12th July 2020 (extended date for filing)	12th Sept. 2020	13th Sept to 30th Sept. 2020	1st Oct. 2020
June 2020	22nd July 2020	23rd Sept. 2020	24th Sept to 30th Sept. 2020	1st Oct. 2020
July 2020	22nd August 2020	27th September 2020	28 Sep-30 Sep 2020	01.10.2020 to till the actual date of deposit of Tax
October 2020	22nd November 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 up to 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
Feb 2020	24th March 2020	30th June 2020	1st July to 30th Sept. 2020	1st Oct. 2020
March 2020	24th April 2020	5th July 2020	6th July to 30th Sept. 2020	1st Oct. 2020
April 2020	24th May 2020	9th July 2020	10th July to 30th Sept. 2020	1st Oct. 2020
May 2020	14th July 2020 (extended date for filing)	15th Sept 2020	16th Sept to 30th Sept. 2020	1st Oct. 2020
June 2020	24th July 2020	25th Sept 2020	26th Sept to 30th Sept. 2020	1st Oct. 2020
July 2020	24th August 2020	29th Sept 2020	30th Sept. 2020	1st Oct. 2020
October 2020	24th November 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

D. Filing Form GSTR-1:

Tax period

Due Date

Remarks

October to December 2020

Quarterly return

13.01.2021

Taxpayers having an aggregate turnover of Up to Rs. 1.50 Crores (< Rs 1.50 Cr) or opted to file Quarterly Return

Monthly return

(October 2020)

11.11.2020

Taxpayers having an aggregate turnover of More than Rs. 1.50 Crores (> Rs 1.50 Cr) or opted to file Monthly Return

E. Compliances for Composition taxpayers

Form No.	Compliance Particulars	Due Date (New)
GST CMP-08	3rd Quarter – October to December 2020	18.01.2021
GSTR-4	The yearly return for 2019-20 shall be required to be filed in Form GSTR 4	31.10.2020 (no further extension)
GSTR-4	Annual Return by Composition Dealer for the F/Y 2019-2020	31.10.2020 (no further extension)

F. 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	20.11.2020
GSTR -6	Every Input Service Distributor (ISD)	13th of succeeding month	13.11.2020
GSTR -7	Return for Tax Deducted at source to be filed by Tax Deductor	10th of succeeding month	10.11.2020
GSTR -8	E-Commerce operator registered under GST liable to TCS	10th of succeeding month	10.11.2020

G. GST Annual Returns:

Form No.	Compliance Particulars	Due Date (New)
GSTR-9A (2018-19)	Annual return	31.12.2020
GSTR-9 (2018-19)	Taxpayers having an aggregate turnover of more than Rs. 2 Crores or opted to file Annual Return.	31.12.2020
GSTR-9C (2018-19)	Reconciliation Statement/ Audit Report for Taxpayers having a Turnover of more than Rs. 5 crores.	31.12.2020