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Corporate Compliance Calendar m/o February, 2021

CS Lalit Rajput 
on 02 February 2021

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1. Compliance requirement under Income Tax act, 1961

Sl.

Compliance Particulars

Due Dates

1

​Due date for deposit of Tax deducted/collected for the month of January, 2021. However, all the 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

07-072-2021

2

​Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of December, 2020

14-02-2021

3

​Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of December, 2020

14-02-2021

4

​Due date for issue of TDS Certificate for tax deducted under section 194M in the month of December, 2020

14.02.2021

5

​​​ Due date for filing of return of income for the assessment year 2020-21 if the assessee is (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) required to submit a report under section 92E pertaining to international or specified domestic transaction(s)

15.02.2021

6

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

15.02.2021

7

​Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending December 31, 2020.

15.02.2021

Corporate Compliance Calendar m/o February, 2021

Notes:

1. The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 has extended due dates for compliance falling during the period from 20-03-2020 to 31-12-2020. Readers are requested to please check the relevant documents from below links:

The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020.

Click here

Notification No. 88/2020 [F. No. 370142/35/2020-TPL] / SO 3906(E) dated 29 October, 2020.

Click here

Important updates

1. I-T refunds worth Rs 1.81 lakh cr issued so far in FY21

The Income Tax Department on Wednesday said it has issued over Rs 1.81 lakh crore worth refunds to more than 1.74 crore taxpayers so far this fiscal year.

Of this, personal income tax refunds of Rs 62,231 crore have been issued to over 1.71 crore taxpayers and corporate tax refunds of Rs 1.19 lakh crore have been issued in 2.12 lakh cases. CBDT issues refunds of over Rs. 1,81,336 crore to more than 1.74 crore taxpayers between 1st April, 2020 to 25th January, 2021, the department tweeted.

2. Capital gains relief rule on flat sales given retro effect

A recent ruling of the Income-Tax Appellate Tribunal (ITAT)'s Mumbai bench has come as a relief to taxpayers embroiled in litigation on capital gains arising out of sale of their flats due to the sale price being lower than the stamp duty valuation.

ITAT has held that the benefit of a higher tolerance band of 10% for the difference between the sale price of a flat and the stamp duty valuation will apply with retrospective effect.

The ITAT bench of vice-president Pramod Kumar and judicial member Saktijit Dey held this benefit would apply retrospectively from financial year 2002-03 (assessment year beginning April 1, 2003) when anti-abuse provisions were introduced in the income-tax Act.

To prevent tax abuse and deter the use of black money in property deals, Section 50C was introduced by the Finance Act, 2002. It provided that if the sale consideration claimed to be received by the seller is less than the stamp duty rate, the latter would be considered for determining capital gains.

3. Govt creates special unit in Income Tax dept for probe into undisclosed foreign assets

The taxman now has huge data coming in from various international and domestic sources to check possible illegal foreign assets holding of an individual and hence, a dedicated wing was required to analyse this information and sift through this mountain of data, according to an official.

A special unit has been created by the government in the countrywide investigation wings of the Income Tax department for focussed probe in cases of undisclosed assets held by Indians abroad and possession of black money in foreign shores, officials said. The Foreign Asset Investigation Units (FAIUs) have been recently created in all the 14 investigation directorates of the tax department located in various parts of the country that are primarily tasked to undertake raids and seizures, and develop intelligence to check tax evasion done by various methods.

Important Notifications - For the month of January - 2021

Sl. No.

Particulars of the Notification(s)

File No. / Circular No.

Notification Link(s)

1.

​Clarification regarding approval for attachment provided in the Order dated 19th October, 2020 issued under section 119 of the Income-tax Act, 1961

F.No. 275129/ 2020-IT(B)

LINK

2.

e-filing website has enabled the public to file information on Tax Evasion under the link 'Submit Tax Evasion Petition or Benami Property holding'

Notification No. 03/2021

LINK

3.

the Faceless Penalty Scheme, 2021

Notification No. 02/2021

LINK

4.

Amount of remuneration prescribed under section 9A(3)(m) of the Income-tax Act, 1961

Circular No. 01/2021

LINK

5.

ORDER UNDER SECTION 119 OF INCOME TAX ACT, 1961

F.NO. 370153/39/2020-TPL

LINK

6.

​ Timeline before which UDIN are to updated with respect to the audit report and certificates uploaded from 27th April, 2020 extended up to 15th February, 2021. Kindly update to avoid invalidation.

UDIN

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, 1961 for AY 2020-21

Press Release

LINK

8

Amendment to the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020

Notification No. 93/2020

LINK

9

Direct Tax Vivad se Vishwas Act, 2020 – Reg.

Notification No. 92/2020

LINK

3. Compliance Requirement under GST, 2017

Filing of GSTR –3B

GSTR 3B Due Dates for May 2020

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

January, 2021

20th February,

2021

-

-

-

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

January, 2021

22nd February,  2021

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

January,  2021

24th February,  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  (January, 2021)

11.02.2020

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

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

20.02.2020

GSTR -6

Every Input Service Distributor (ISD)

13th of succeeding month

13.02.2020

GSTR -7

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

10th of succeeding month

10.02.2020

GSTR -8

E-Commerce operator registered under GST liable to TCS

10th of succeeding month

10.02.2020

F. GST Annual Returns

Form No.

Compliance Particulars

Due Date (New)

GSTR-9 (FY 2019-20)

Taxpayers having an aggregate turnover of more than Rs. 2 Crores or opted to file Annual Return.

28.02.2021

GSTR-9C (FY 2019-20)

Reconciliation Statement/ Audit Report for Taxpayers having a Turnover of more than Rs. 5 crores.

28.02.2021

G. GST Refund

Form No.

Compliance Particulars

Due Date (New)

RFD -10

Refund of Tax to Certain Persons

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

 

Key UPDATE(s)

1. HC tells GST dept to tone down harsh measures

Hearing a case related to the Central Goods and Service Tax act the Gujrat high court asked the union government to take steps to stop provisionally attaching bank account of person after the GST departments raids over suspected tax evasion or other irregularities.

2. Module wise new functionalities deployed on the GST Portal during October-December, 2020 for taxpayers.

Various new functionalities are implemented on the GST Portal, from time to time, for GST stakeholders. These functionalities pertain to different modules such as Registration, Returns, Advance Ruling, Payment, Refund, other Miscellaneous topics. Various webinars are also conducted during the period for the benefit of the stakeholders.

New functionalities made available for Taxpayers on GST Portal (October-December, 2020) Link: : Click here

3. New GST return filing system: How 'Quarterly Return Monthly Payment' scheme helps small taxpayers

With an intent to ease of doing business & as a trade facilitation measure, GST Council in its 42nd Meet held on 5th October 2020 proposed new GST Return Filing System for the small taxpayers having aggregate annual turnover (hereinafter AATO) up to Rs 5 crore in the preceding FY i.e. 2019-20, with effect from January 01, 2021. The very attempt behind the Introduction of this scheme is to reduce the monthly return filing burden on the small taxpayers. The council recommended that the taxpayers having the AATO up to Rs 5 Crore is allowed to furnish GSTR-3B quarterly with a monthly payment of GST Liability, from January 01, 2021, onwards. The government has issued various notifications to implement this scheme & circular to explain this scheme in simple terms & to ensure uniformity in its implementation

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