On consideration of difficulties reported by taxpayers / stakeholders due to Covid & in e-filing of Audit reports for AY 2021-22 under the IT Act, 1961,CBDT further extends due dates for filing of Audit reports & ITRs for AY 21-22. Circular No. 01/2022 dated 11.01.2022 issued
Due Dates for ITR(Tax Audit/Tp Assessee) Extended to 15.03.2022
Due Dates For Audit Report (TAR/TP) Extended to 15.02.2022
Extension of Last date for submitting M.E.F.
2021-22 from 20th November 2021 to 25
November 2021
AAR Charitable trusts are liable to pay 18% GST on grants received by them, the Maharashtra AAR has ruled. In the case of donation, if its purpose is philanthropic and leads to on commercial gains and is not an advertisement, then it would not attract GST, AAR said. In all other cases, donations too would attract an 18% GST, it added.
Allahabad High Court has today quashed 148 notices issued on or after 1st April, 2021. Quashes explanation of notification no. 20 dt 31.3.2021 clarifying that old provisions of section 148,149 and 151 will be applicable up to 30th June,2021 and consequently all the notices issued under section 148 after 31.03.21 quashed with liberty to department issue notices under the new scheme of Finance Act, 2021 as per the law and procedure contained therein.
Rule 59(6) of CGST Rules, 2017 was inserted vide notifications No. 1/2021 as on 1st January, 2021 and as per update from GST Department this rule will be applicable from 1st September, 2021.
This rule not allowed to file GSTR-1/IFF to monthly filers if they have not filed two preceding months GSTR-3B.
This rule not allowed to file the GSTR-1/IFF to Quarterly filers if the tax payer has not filed the preceding quarter GSTR-3B.
For FY 20-21, Taxpayers with Turnover above 2 cr to file GSTR-9 & above 5 cr to file SELF CERTIFIED GSTR-9C also. Notifications 30&31/2021-CT of 30.7.21.
Today(13.7.21) is last date to file Quarterly Return of Outward Supplies in GSTR-1 for Apr-Jun by QRMP filers.
Ministry of Micro, Small and Medium Enterprises Validity of Udyog Aadhaar Memorandum 31st March, 2021 to 31st December, 2021
CBDT notifies new Forms w.e.f 01.04.2021 for the purpose of approval of trust and Application for registration of trust.
It may be noted that the due date for furnishing of the Annual returns (GSTR-9 and GSTR-9C) specified under section 44 of the CGST Act read with rule 80 of the CGST rules for the financial year 2019-20 was earlier extended from 31.12.2020 to 28.02.2021 vide Notification No. 95/2020- Central Tax dated 30.12.2020. In View of the difficulties expressed by the taxpayer in meeting this time limit, Government has decided to further extend the due date for furnishing of GSTR-9 and GSTR-9C for the financial year 2019-20 to 31.03.2021 with the approval of election Commission of India. This press note is being issued to keep taxpayer informed so that they may plan their return filing accordingly. Suitable notification to give effect to this decision is being issued.
Date for passing assessment or reassessment orders (not covered by (i) above), that are getting time barred on 31st March 2021, as per time limit specified in section 153/153B of the income-tax Act, has been extended by 6 months i.e. to 30th September, 2021(3/4)
Date for passing of penalty orders extended to 30th June, 2021. Date for issue of notice & passing of orders by Adjudicating Authority under the Benami Act extended to 30th September, 2021(4/4)
Date for passing of assessment or reassessment orders under the IT Act, that are getting time barred on 31st March, 2021 due to extension of limitation date by the notification dt 31st December, 2020 has been extended to 30th April, 2021(2/4)
1. ITR for assessee under Audit AY 20-21 – 15/02/2021
2. ITR for assessee under Transfer Pricing Audit AY 20-21 – 15/02/2021
3. ITR for assessee (not covered under Audit) AY 20-21 – 10/01/2021
1. Tax audit Report AY 20-21 – 15/01/2021
2. GST Annual Return FY 19-20 – 28/02/2021
3. GST Annual Return and Audit FY 18-19 – 31/12/2020
MCA has issued an order providing that the company (Auditor Report) Order, 2020 will be applicable for auditing the financial statements of FY 2021-22 instead FY 2020-21.
So, CARO-2016 will be applicable for FY 2020-21 also.
Order No. – S.O. 4588(E) dated 17.12.2020
The E-Way Bill (EWB) Generation facility of Taxpayer is liable to be restricted, in case the Taxpayer fails to file their FORM GSTR-3B Returns/ Statement in FORM GST CMP-08, for the Tax Periods of two or more.
Onwards the blocking of EWB generation facility would be made applicable to all the taxpayers (irrespective of their Aggregate Annual Turnover ) in terms of Rule 138 E(a) and (b) of CGST Rules,2017,on the EWB Portal.
Central Tax CBIC Notifies that E-Invoicing is mandatory from 1.1.2021 for the taxpayer (other than SEZ Unit) whose Aggregate Turnover in any of the F.Y. from 17 -18 Exceeds Rs.100 cr.
Central Tax, CBIC has notified that E-invoicing is mandatory from 01.01.2021 for every taxpayer (other than SEZ unit) whose aggregate turnover (TO) in any of the Financial Year from 17-18 exceeds Rs. 100 Crores.
In view of constraints being faced by taxpayers due to Covid-19, the due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as per the Act is 31st October, 2020] has been extended to 31st January, 2021.
The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as per the Act is 31st October, 2020] has been extended to 31st January, 2021.
The due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish report in respect of international/specified domestic transactions [for whom the due date (i.e. before the extension by the said notification) as per the Act is 30th November, 2020] has been extended to 31st January, 2021.
The due date for furnishing of Income Tax Returns for the other taxpayers [for whom the due date (i.e. before the extension by the said notification) as per the Act was 31st July, 2020] has been extended to 31st December, 2020.
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 also been extended to 31st December, 2020.
To prohibit any grants from abroad being made to organisations that involve ‘public servants’, or in other words, any organisation that is “controlled or owned” by the government.
To prohibit the transfer of grants received under FCRA to any other person or organisation.
To lower the cap on administrative expenses that can be funded by FCRA funds from 50% to 20%.
To expand the power of the Ministry of Home Affairs, GoI to cancel FCRA certificate for more than 180 days.
To make Aadhaar mandatory for persons who control recipient organisations.
To stipulate that foreign grants can only be received at the State Bank of India at New Delhi.
From the 1st January onwards, the taxpayers whose annual turnover is less than Rs 5 Crores will not be required to file monthly returns i.e. GSTR 3B and GSTR1. They will only file quarterly returns: Finance Secretary Ajay Bhushan Pandey at the 42nd GST Council meeting
On further consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Yr 2019-20 from 30th September, 2020 to 30th November, 2020. Order u/s 119(2a) issued.
After obtaining due clearances from the Election Commission in view of the Model Code of Conduct, Government has extended due date for furnishing Annual Return in GSTR-9 and GSTR 9C for 2018-19 from 30.09.2020 to 31.10.2020.
One-time relaxation for Verification of Income-tax Returns by EVC/ITR-V for Assessment Years 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 which are pending due to non-verification.
Please note that the e-verification must be completed by 30-SEP-2020.
Late fees for delay in filing of GSTR-4 (Quarterly) for the period from July, 17 to March, 20 has been reduced to “Nil” (for Nil Returns) and INR 500 maximum (for Returns with supplies).
Late fees for delay in filing of GSTR-10 (Final Return) has been reduced to INR 500 maximum.
**NN 67 & 68 (CT) dated 21.09.2020.
Due date of AGM of Company for the FY 2019-20 has been extended upto 3 month from its due date for all the companies without any GNL -1.
Due date for payment of second instalment of Advance Tax for F.Y. 2020-21 is 15.09.2020. Pay on time and avoid interest.- ITDEPT
The Central Board of Indirect Taxes and Customs (CBIC) in a tweet said, “Last date GSTR 4 for FY 2019-20 extended to 31st October 2020”. Goods and services Tax (GST) composition scheme can be opted by any taxpayer whose turnover is up to Rs 1.5 crore.
1. Additional depreciation u/s 32(1)(iia) will not be allowed to opting companies.
2. Losses in relation to “weighted deductions” such as Specified Business, Scientific Research etc. will be lapsed.
1. Opting Companies need to file From 10-IC on the portal to opt this scheme. Otherwise, normal provisions will apply.
2. MAT will be not applicable on opting companies and balance and balance of MAT Credit will get lapsed once you opt for this scheme. So, carefully compare this scheme with normal taxation system.
1.Companies formed between 01.01.2019 to 31.03.2019: AGM due date is 31.12.2020
2. Companies formed between 01.01.2020 to 31.03.2020: AGM due date is 31.12.2021
1. One Person Company: No need to hold AGM
2. All other Companies: AGM due date is 30.09.2020
The due date for submission of FLA for the year 2019-20 is extended to August 14, 2020.
In view of the constraints due to the Covid pandemic & to further ease compliance for taxpayers, CBDT extends the Due Date for filing of Income Tax Returns for FY 2018-19 (AY 2019-20) from 31st July, 2020 to 30th September, 2020, vide Notification in S.O. 2512 (E) dt 29th July, 2020.
CBDT has issued Circular No. 13/2020 dated 13th July 2020 giving one time relaxation for pending verification of Tax Returns for AY 15-16 to 19-20 by various modes upto 30th September, 2020.
Late fees on GSTR 3B capped to Rs 500 for taxpayers liable to pay tax
The reduced late fee would apply for 3B returns filed between 1/07/2020 to 30/09/2020
Small tax payers with turnover up to 5 Crores can file their return for the month of Feb to April till July 6th with no interest and then with a reduced rate of 9% till 30th September 2020
Small taxpayers with turnover up to 5 Crores can file returns for May to July till September 2020. No late fee will and interest will be charged if Form 3B furnished till September 2020.
One time extension in period for seeking revocation of cancellation of registration upto 30th September 2020 for registration which have been cancelled upto 12th June 2020
The facility to file PMT-09 and the CGST rules for the same shall come into effect from 21st April, 2020.
A further extension granted for filing annual returns (GSTR 9) and reconciliation statement (GSTR 9C) for FY 2018-19 untill 30th September, 2020. Companies can file GSTR-3B using EVC option till 30th June, 2020
PF Contribution to be 10% each of employer and employee instead 12% earlier for May, June and July, 20.
Notified by Govt.
Health Related Steps taken so far for COVID containment…
Fast track Investment Clearance through Empowered Group of Secretaries (EGoS)…
Rs 30,000 croreAdditional Emergency Working Capital for farmers through NABARD…
Direct Support to Farmers & Rural Economy provided post COVID-19…
Package to cater to various sections including cottage industry, MSMEs, labourers, middle class…
We are expert professional in handling the Income Tax Appeal matters related to enormous additions made on account of cash deposited during demonetization period. The preparation of appeals and arguments is done under the excellent guidance of CA Gopal Kumar Kedia Former Accountant Member of Income Tax Appellate Tribunal.
Due date for issue of notice, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents, time limit for any compliance under the GST laws where the time limit is expiring between 20th March 2020 to 29th June 2020 will be extended to 30th June 2020.
Companies which have less than Rs 5 crore turnover will not have to pay interest, late fee or penalty under the GST act, 2017.
Date for filing of GST returns for March, April and May, 2020 is extended till 30th June 2020.
The date for opting for GST Composition Scheme has been extended to 30th June, 2020.
Due date for filing TDS/TCS return Q4 F.Y. 2019-20 has been extended to 30th June 2020.
For delayed deposit of TDS, interest has been reduced to 9% from 18% and 12%.
Certificate for lower rate/ nil deduction issued u/s 195, 197 and 206C(9) of the IT Act for FY 2019-20 are applicable till 30.06.2020.
No additional 10% amount, if payment made by June 30, 2020 – Vivad se Vishwas Scheme.
Due to COVID-19 pandemic, the reporting under clause 30C & 44 of Tax Audit Report has been deferred till 31st March 2021.
Last date for filing Income Tax Returns for FY 2018-19 is 30th June, 2020 instead of 31st March, 2020.
Extension of date to file e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL/Non- XBRL for FY 20-21 to 15.2.22 & MGT-7/ MGT-7A to 28.2.22. Circular 22 of 29.12.21. Webtel.
Clarification issued by the board: Assessee intimating the employer/ deductor, intention of opting concessional rate u/s 115BAC of the IT Act shall be only for the purpose of TDS deduction. Intimation would not amount to exercise of the option.
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