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Corporate Compliance Calendar for the m/o May, 2021

CS Lalit Rajput 
Updated on 06 May 2021

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1. Compliance requirement under Income Tax act, 1961

Sl.

Compliance Particulars

Due Dates

1

Deposits of TDS /TCS for the month of April 21.

07-05-2021

2

Equalisation levy payment due date for the month of April 21 in respect of equalisation levy on 'specified services'.

07-05-2021

3

TDS Certificate issue due date for tax deducted under section 194-IA in the month of March 2021.

15-05-2021

4

TDS Certificate issue due date for tax deducted under section 194-IB in the month of March 2021.

15-05-2021

5

TDS Certificate issue due date for tax deducted under section 194-IM in the month of March 2021.

15-05-2021

6

TCS quarterly return for the quarter ended on March 2021.

15-05-2021

7

Form no 3BB by a Stock Exchange for month of April 2021. The said to be furnished by Stock Exchange in respect of transactions in which client codes been modified after registering in the system.

15-05-2021

8

Due Date by Government’s office for furnishing of Form 24G. (TDS for the month of April 21 without challan production)

15-05-2021

9

Form No 49C statement submission by non-resident having a liaison office in India for the Financial year 2020-21.

30-05-2021

10

Due date for furnishing of challan cum statement in respect of tax deducted under section 194-IA in the month of April 2021.

30-05-2021

11

Due date for furnishing of challan cum statement in respect of tax deducted under section 194-IB in the month of April 2021.

30-05-2021

12

Due date for furnishing of challan cum statement in respect of tax deducted under section 194-IM in the month of April 2021.

30-05-2021

13

TCS certificates issue for the quarter ended on March 2021 of Financial year 2020-21.

30-05-2021

14

Quarterly TDS return for the quarter ended on March 2021 of F.Y 2020-21.

31-05-2021

15

Return of Tax Deduction from contributions paid by the trustees of an superannuation fund.

31-05-2021

16

Statement of financial transaction due date in Form 61A under section 285BA(1) of F.Y. 2020-21.

31-05-2021

17

Due date for e-filing of annual statement of reportable accounts as required to be furnished under section 285BA(1)(k) (in Form No. 61B) for calendar year 2020 by reporting financial institutions.

31-05-2021

18

Application for allotment of PAN in case of non-individual resident person, which enters into a financial transaction of Rs. 2,50,000 or more during FY 2020-21 and hasn’t been allotted any PAN.

31-05-2021

19

Application for allotment of PAN in case of person being managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in Rule 114(3)(v) or any person competent to act on behalf of the person referred to in Rule 114(3)(v) and who hasn’t allotted any PAN.

31-05-2021

20

Filing belated return of income tax u/s 139(4) for F.Y. 2019-20 extended to 31st May 2021 (which ended on 31st March 2021)

31-05-2021

21

Filing revised return of income tax u/s 139(5) for F.Y. 2019-20 extended to 31st May 2021 (which ended on 31st March 2021)

31-05-2021

22

Return filled in response to section 148 of Income tax Act – where income tax return had to be filed on or after 1st April 2021 – can now be filed upto 31st May 2021

31-05-2021

23

Relaxation of Filing Appeal dates for Appeals to CIT (Appeals) extended to 31st May, 2021 (where such last date was 1st April, 2021 or after)

31-05-2021

24

Payments of TDS deducted u/s 194IA, 194IB and 194M and filing of challan-cum-statement on the same may be furnished on or before 31st May, 2021 (earlier date 30th April, 2021)

31-05-2021

25

Equalisation levy payment due date for the month of April 21 in respect of equalisation levy on 'specified services'.

31-05-2021

26

TDS Certificate issue due date for tax deducted under section 194-IA in the month of March 2021.

31-05-2021

27

TDS Certificate issue due date for tax deducted under section 194-IB in the month of March 2021.

31-05-2021

28

TDS Certificate issue due date for tax deducted under section 194-IM in the month of March 2021.

31-05-2021

Corporate Compliance Calendar for the m/o May, 2021

Notes:

  • 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 – April, 2021:

ITR forms for FY 2020-21 notified by the govt

The government has notified the income tax return filing forms for the financial year 2020-21 via a notification dated March 31, 2021. As per the notification, some of the new elements in the forms are: ITR-1 cannot be used by an individual for whom income tax is deferred on ESOPs; if the return is being filed in response to any tax notice then DIN has to be mentioned.

ITR-1 has to be filed by individuals whose total income does not exceed Rs 50 lakh in a financial year. The income sources for ITR 1 include income from salaries, one house property, other sources such as interest income etc. and agriculture income up to Rs 5,000. The ITR-2 also asks for the DIN number if the ITR-2 is filed in the response to any tax notice from the tax department.

Tax Alert! TDS to be levied at higher rate for non-filers of

For those who have not filed their income tax return (ITR) but their income is liable for TDS deduction, there will be a levy of TDS at a higher rate. And, in case one does not have the PAN, the rate of tax deduction will even be higher. This new TDS rule will be effective from July 2021 as per the Budget announced by the Finance Minister. Archit Gupta, Founder and CEO, ClearTax explains the new TDS rule, whom it will impact and who all are excluded from it.

Government extends certain timelines in light of the raging pandemic

In view of the severe Covid-19 pandemic raging unabated across the country affecting the lives of our people, and in view of requests received from taxpayers, tax consultants & other stakeholders that various time barring dates, which were earlier extended to 30th April, 2021 by various notifications, as well as under the Direct Tax Vivad se Vishwas Act, 2020, may be further extended, the Government has extended certain timelines today:

  • Time limit for passing of any order for assessment or reassessment under the Income-tax Act, 1961(hereinafter called 'the Act' ) the time limit for which is provided under section 153 or section 153B thereof;
  • Time limit for passing an order consequent to direction of DRP under sub-section (13) of section 144C of the Act;
  • Time limit for issuance of notice under section 148 of the Act for reopening the assessment where income has escaped assessment;
  1. Time Limit for sending intimation of processing of Equalisation Levy under sub-section (1) of section 168 of the Finance Act 2016.

It has also been decided that time for payment of amount payable under the Direct Tax Vivad se Vishwas Act, 2020, without an additional amount, shall be further extended to 30th June, 2021.

 

Important Notifications – For the month of April - 2021

Sl.

Particulars of the Notification(s)

File No. / Circular No.

Link(s)

1.

Extension of time lines related to certain compliances by the Taxpayers under the Income-tax Act 1961

Circular No. 08/2021

LINK

2.

Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Mutual Fund Transactions by Registrar and Share Transfer Agent

Notification No. 4 of 2021

LINK

3.

Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions

Notification No. 3 of 2021

LINK

4.

the Income-tax (12th Amendment) Rules, 2021

Notification No. 40/2021] [F.No. 370142/8/2021-TPL

LINK

5.

The Income-tax (11th Amendment) Rules, 2021.

Notification No. 37/2021/ F. No. 370142/28/2020-TPL

LINK

6.

The Income-tax (7th Amendment) Rules, 2021

Notification No. 21/ 2021

LINK

7

Facilitation of the conduct of Faceless Assessment proceedings under section 144B of the said Act,

Notification No. 22/2021/F. No. 187/3/2020-ITA-I

LINK

8

To facilitate the conduct of Faceless Assessment proceedings under section 144B of the said Act

Notification No. 23/2021/F. No. 187/3/2020-ITA-I

LINK

9

Central Board of Direct Taxes

Notification No. 24/2021/F. No. 187/3/2020-ITA-I

LINK

10

The Central Board of Direct Taxes hereby authorises the Assistant Commissioner of Income-tax/Deputy Commissioner of Income-tax (NaFAC)

Notification No. 25/2021/F. No. 187/3/2020-ITA-I

LINK

11

The Income-tax (eighth Amendment) Rules, 2021.

Notification No. 28 /2021/F. No 370142 /9/2018-TPL

LINK

12

Agreement between the Government of the Republic of India and the Government of the Islamic Republic of Iran for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income

Notification No.29/2021/F.No.501/03/92-FTD-II

LINK

13

CBDT authorizes the Director of Income Tax(Centralized Processing Centre), Bengaluru and Commissioner of Income-Tax (Exemption), Bengaluru for various matters

Notification No. 30 /2021/F.No. 370142 /4/2021-TPL

LINK

14

The Income-tax (9th Amendment) Rules, 2021

Notification No. 31/ 2021 / F.No.370142 /19/2019-TPL

LINK

15

The Income-tax (10th Amendment) Rules, 2021

Notification No. 32 /2021/F. No. 370142/28/2020-TPL

LINK

16

Number of unique investors across Mutual Fund schemes also increased by 10% in FY 2020-21

Twitter Updates

LINK

17

The Central Government hereby specifies the sovereign wealth fund

Notification No. 33/2021/ F. No. 370142/6/2021-TPL

LINK

18

Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Dividend income

Notification No. 1 of 2021

LINK

19

Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income

Notification No. 2 of 2021

LINK

20

The Central Government hereby specifies the pension fund, namely, the Canada Pension Plan Investment Board

Notification No. 34/2021/F. No. 370142/39/2020-TPL

LINK

2. Compliance Requirement under GST, 2017

Filing of GSTR-3B

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

April, 2021

20th May,

2021

-

-

-

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

April, 2021

22nd May,

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

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

April, 2021

24th May,

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

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