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Corporate Compliance Calendar for the month of March 2021

CS Lalit Rajput 
on 03 March 2021

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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 for previous month.

07-03-2021

2

Equalisation Levy is a direct tax, which is withheld at the time of payment by the service recipient where the annual payment made to one service provider (Non Residents only) exceeds Rs. 1,00,000 in one financial year for the specified and notified services.

07-03-2021

3

Due date of Fourth instalment of advance tax for FY 2020-21 last date of depositing the fourth instalment of advance tax (if liable to pay any) for FY 2020-21. It is also the due date for making payment of advance tax by those individuals who are covered under the presumptive taxation scheme under sections 44AD and 44ADA.

15-03-2021

4

Deadline for filing revised/Belated ITR with cost of Rs.10,000 (Note: no benefit of filing belated or revised return of FY 2020-21will be available) once this deadline is missed then you will not be able to file ITR for FY2019-20, nor you be able to file revised ITR for FY 2019-20. You will be liable to pay late filing fee of Rs 10,000 for filing belated ITR.

31.03.2021

5

Not linking PAN with AADHAAR will lead to inoperative of PAN

31.03.2021

6

Due date of payment of final amount of advance tax for FY 2020-21 (100% of Tax Liability)

31.03.2021

7

Filing quarterly statement of TDS/TCS deposited for Q1 and Q2 for FY 2020-21 (Extended Date)

31.03.2021

8

Vivad se Vishwas Scheme - Settling tax disputes between individuals and the income tax department

31.03.2021

S9

Date for passing of order or issuance of notice by the authorities and various compliances under various direct taxes & Benami Law

31.02.2021

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

1. Govt may tweak 2% equalisation levy to provide relief to local traders

The Central Board of Direct Taxes (CBDT) may tweak the equalisation levy imposed on the sale of goods or services carried out using a non-resident e-commerce operator.

Currently, a levy of 2 percent is paid by non-resident e-commerce operators on the gross amount of the transaction. However, experts believe the imposition of a levy results in double taxation in cases where the buyer and the seller are both resident Indians but carry out a transaction using a non-resident e-commerce platform like Amazon.

2. No TDS on buying property under liquidation: NCLAT

In the case between S Kumars Nationwide and Chief Commissioner of Income Tax, the NCLAT ruled the liquidator is not required to prepare a balance sheet and profit & loss account and get it audited during the liquidation process.

Liquidation of companies is set to get easier with the National Company Law Appellate Tribunal throwing out taxman's claims that the liquidator has to get tax deducted at source while liquidating a bankrupt company.

Any buyer of property from a liquidator under Insolvency and Bankruptcy Code, 2016 shall not be required to deduct and pay 1% TDS from the sale consideration under Section 194-IA of the Income-tax Act, 1961

3. Govt extends deadline for filing declarations under Vivaad Se Vishwas scheme till Mar 31

The government has extended the last date for availing of the direct tax Vivaad Se Vishwas dispute resolution scheme to March 31, 2021, from the earlier date of February 28. This is the fifth extension of the scheme.

Those willing to settle their tax disputes under the Direct Tax Vivad Se Vishwas Act can file their declarations till March 31 and pay the settled tax amount by April 30, 2021, the Central Board of Direct Taxes said in a notification Friday.

Corporate Compliance Calendar for the month of March 2021

Important Notifications - For the month of February - 2021

Sl. No.

Particulars of the Notification(s)

File No. / Circular No.

Notification Link(s)

1.

​CBDT extends due date for filing DTVSV Forms till 28th Feb 2021.

Notification No. 04/2021/ F.No. IT(A)/01/2020-TPL

LINK

2.

Extended Due date for filing ITRs requiring Tax Audit Report is 15th Feb 2021.

Update

LINK

3.

Income Tax Department conducts searches in Assam

Press Release

LINK

4.

Income Tax Department conducts searches in Kolkata

Press Release

LINK

5.

Tax Updates - Budget 2021

Press Release

LINK

6.

​Sharing of information with "CEO, Center for e-Governance, Govt. of Karnataka​"

Notification No. 05/2021

LINK

7

Extended Due date for filing ITRs requiring Tax Audit Report is 15th Feb 2021.

Update

LINK

8

Income Tax Department conducts searches in Bengaluru

Press Release

LINK

9

DGGI Gurugram arrests man for fraudulently availing input tax credit of more than Rs 69 crore

Press Release

LINK

10

DGGI Gurugram arrests man for fraudulently availing input tax credit of Rs 376 crore through 7 fake firms

Press Release

LINK

11

CGST Officials arrest one after busting network of 46 fake firms involved in fake input tax credit of Rs 82.23 crore

Press Release

LINK

12

​The Faceless Assessment(1stAmendment) Scheme, 2021

[Notification No. 6/2021/F. No. 370149/154/2019-TPL

LINK

13

Amendmentsinthe notificationvidenumber S.O 3265 (E), dated the 12thSeptember, 2019

Notification No. 7/2021/F. No. 370149/154/2019-TPL

LINK

14

Clarification issued by Department

Notification No. 8 /2021 F.No.300196/35/2019-ITA-I

LINK

15

DGGI Gurugram arrests man for fraudulently availing input tax credit of more than Rs 69 crore

Press Release

LINK

16

DGGI Gurugram arrests man for fraudulently availing input tax credit of Rs 376 crore through 7 fake firms

Press Release

LINK

17

CGST Officials arrest one after busting network of 46 fake firms involved in fake input tax credit of Rs 82.23 crore

Press Release

LINK

18

Amendments in Direct Tax Vivad se Vishwas Act

[Notification No. 09/2021/ F.No. IT(A)/01/2020-TPL

LINK

 

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

Interest payable @ 9% from & till

Interest payable @ 18% from

February, 2021

20th March,

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

February, 2021

22ndMarch,

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

February, 2021

24thMarch,

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

(February, 2021)

11.03.2020

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

20.03.2020

GSTR -6

Every Input Service Distributor (ISD)

13th of succeeding month

13.03.2020

GSTR -7

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

10th of succeeding month

10.03.2020

GSTR -8

E-Commerce operator registered under GST liable to TCS

10th of succeeding month

10.03.2020

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.

31.03.2021

GSTR-9C (FY 2019-20)

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

31.03.2021

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

 

H. Other Due Dates

Compliance Particulars

Due Date

• Updation of GSTN in Udyam Registration

31.03.2021

• Opt in GST Composition Scheme

31.03.2021

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