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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.

07.09.2021

2.

Deposit of equalization levy

07.09.2021

3

Due date for issue of TDS Certificate for tax deducted undersection 194-IA, section 194-IB and section 194-M in themonth of August 2021

14.09.2021

4

Form 3BB is the monthly statement to be furnished by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of August 2021 - Form 3BB by Stock Exchange

15.09.2021

5

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

15.09.2021

6

Advance Income Tax for Quarter July to September 2021

15.09.2021

7

Statement of TDS return u/s 194IA, 194IB, 194M

30.09.2021

8

Income Tax Return for Individuals & not liable for Tax Audit

30.09.2021

9

Linking of PAN with AADHAAR number is mandatory from 1st april 2019 (due date Extended from 31 March 2021 to 30th June 2021 vide notif. S.O. 1432(E), dated 31-03-202) (further extended from 30 June 2021 to 30 September 2021 (vide Circular no. 12/2021, dated 25-06-2021) (if not linking the PAN with AADHAAR numner then the PAN will be inoperative and a person will not be able to conduct financial transactions)

30.09.2021

Corporate Compliance Calendar for the m/o September, 2021

Income Tax Due Date - Extensions

Sl.

Nature of Extension

Provisions / Forms of IT Act 1961

Original Due Date

Extended Due Date

1

The application in Form No. 10A/ Form No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations etc.,

Under Section 10 (23C), 12AB, 35 (1) (ii) /(iia) / (iii) and 80G of the Act

30.06.2021

31.03.2022

2

The Quarterly Statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th June, 2021

Form No. 15CC

30.06.2021

31.12.2021

3

The Quarterly statement in Form No. 15CC to be fumished by authorized dealer in respect of remittances made for the quarter ending on 30 September, 2021

 

15.10.2021

31.12.2021

4

The Equalization Levy Statement in Form No. 1 for the Financial Year 2020-21

Form No. 1

30.06.2021

31.12.2021

5

Intimation by a constituent entity, resident in India, of an international group, the parent entity of which is not resident in India for the purposes of section 286 (1)

Form No.3CEAC

30.11.2021

31.12.2021

6

Report by a parent entity or an alternate reporting entity or any other constituent entity, resident in India, for the purposes of section 286 (2) / 286 (4)

Form No.3CEAD

30.11.2021

31.12.2021

7

Intimation on behalf of an international group for the purposes of the proviso to sub-section (4) of section 286 of the Act

Form No.3CEAE

30.11.2021

31.12.2021

8

Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30th June, 2021

Form No. 15G/15H

15.07.2021

30.11.2021

9

Uploading of the declarations received from recipients in Form No. 15G/15H during the quarter ending 30th September, 2021

Form No. 15G/15H

15.10.2021

31.12.2021

10

Intimation to be made by Sovereign Wealth Fund in respect of investments made by it in India in Form II SWF for the quarter ending on 30th June,2021,

Form II SWF

31.07.2021

30.11.2021

11

Intimation to be made by Sovereign Wealth Fund in respect of investments made by it in India in Form II SWF for the quarter ending on 30th September,2021

Form II SWF

31.10.2021

31.12.2021

12

Intimation to be made by a Pension Fund in respect of each investment ) made by it in India in Form No. 10BBB for the quarter ending on 30th June,2021

Form No. 10BBB

31.07.2021

30.11.2021

13

Intimation to be made by a Pension Fund in respect of each investment (11) made by it in India in Form No. 10BBB for the quarter ending on 30 September, 2021

Form No. 10BBB

31.10.2021

31.12.2021

14

The Central Board of Direct Taxes (CBDT) has further extended the deadline for the Direct Tax Vivad Se Vishwas scheme (DTVSV) for payment of tax arrears without any additional amount till September 30, 2021. The earlier deadline for the same was August 31, 2021.

Direct Tax Vivad Se Vishwas scheme (DTVSV)

31.08.2021

30.09.2021

 

Important updates - August, 2021

Govt releases draft of declaration to be given by companies to enable withdrawal of retro tax demands

In a move that will aid closure of retro tax demands against companies such as Cairn Energy and Vodafone PLC, the Income Tax Department on Saturday released draft of rules to drop such demands provided companies concerned give an "irrevocable" undertaking to withdraw all legal cases against the government as well as undertake not to pursue any in future.

Cairn was levied tax for a 2006 internal reorganisation of India business before listing while Vodafone was charged for not withholding tax from consideration it paid for acquiring Hutchison stake in India telecom unit.

Important Notifications - For the month of August - 2021

Sl.

Particulars of the Notification(s)

File No. / Circular No.

Link(s)

1.

The Income-tax (20th Amendment) Rules,2021

Notification No. 82 /2021

LINK

2.

The Income-tax (21st Amendment) Rules, 2021

Notification No. 83 /2021

LINK

3.

​Calling for region preference of candidates nominated to the post of Tax Assistant in CBDT through Combined Graduate Level Examination - 2018.

F. No. HRD/ CM/ 127 /12/2020-21 / 2847

LINK

4.

Extension of timelines for electronic filing of various Forms under the income-tax Act,1961

Circular No. 15 / 2021

LINK

5.

the Central Government hereby specifies the pension fund

Notification No. 84 /2021

LINK

6.

The Central Govt. hereby designates the Court

Notification No. 87 /2021

LINK

7

The Income tax Amendment(22nd Amendment), Rules, 2021

Notification No. 90 /2021

LINK

8

The Income tax (23rd Amendment), Rules, 2021.

Notification No. 92 /2021

LINK

9

The Income tax (24thAmendment), Rules, 2021.

Notification No. 93 /2021

LINK

10

Finance Ministry meeting with Infosys on glitches in e-filing portal of Income Tax Department

Release ID: 1748316

Click Here

11

Income Tax Department conducts searches in NCR

Release ID: 1746775

Click Here

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

Particulars

August, 2021

20th September, 2021

-

Due Date for filling GSTR - 3B return for the month of June, 2021 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year

 

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

Tax period

Due Date

No interest payable till

Particulars

August, 2021

22nd September, 2021

 

Due Date for filling GSTR - 3B return for the month of June, 2021 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B

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

Particulars

August, 2021

24th September,

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 (August, 2021)

11.09.2021

Taxpayers having an aggregate turnover of more than Rs. 1.50 Crores 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

20.09.2021

GSTR -6

Every Input Service Distributor (ISD)

13th of succeeding month

13.09.2021

GSTR -7

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

10th of succeeding month

10.09.2021

GSTR -8

E-Commerce operator registered under GST liable to TCS

10th of succeeding month

10.09.2021

F. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers

Form No.

Compliance Particulars

Timeline

Due Date

Details of outward supply-IFF

Invoice furnishing facility is available for registered person with turnover less than INR 5 Crores and opted for quarterly filing of return.

13th of succeeding month

13.09.2021

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

Other Returns

Form No.

Compliance Particulars

Timeline

Due Date

GST return for pending Period-Amnesty Scheme

Filing of Pending GST return with reduced penalty under Amnesty Scheme

July, 2017 to April, 2021

From 01.6.2021 to 30.11.2021

(earlier due date was 31.08.2021)

Major Update

Due date for filing of revocation application for cancelled registrations has been extended up to 30th Sept. 2021, for the cases where application due dates were falling between 1st Mar, 2020 & 31st Aug, 2021. More details in "News & Updates"

To read the full article: Click Here

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