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)

Revised Due Dates under Income Tax and GST Act

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

Revised Due Dates under Income Tax and GST Act

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

CARO, 20 Again Extended !

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

In terms of Rule 138E (a) and (b) of the CGST Rule,2017

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.

From 1st december,2020

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.

As per Notification No.88/2020

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.

Vide Notification No. 88/2020

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.

Extension in Due Date of Various Returns

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.

Extension in Due Date of Various Returns

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.

Extension in Due Date of Various Returns

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.

Extension in Due Date of Various Returns

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.

The central objectives of the latest amendment proposed in the FCRA, 2010 are the following:

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.

The central objectives of the latest amendment proposed in the FCRA, 2010 are the following:

To prohibit the transfer of grants received under FCRA to any other person or organisation.

The central objectives of the latest amendment proposed in the FCRA, 2010 are the following:

To lower the cap on administrative expenses that can be funded by FCRA funds from 50% to 20%.

The central objectives of the latest amendment proposed in the FCRA, 2010 are the following:

To expand the power of the Ministry of Home Affairs, GoI to cancel FCRA certificate for more than 180 days.

The central objectives of the latest amendment proposed in the FCRA, 2010 are the following:

To make Aadhaar mandatory for persons who control recipient organisations.

The central objectives of the latest amendment proposed in the FCRA, 2010 are the following:

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 Reduction (GSTR-4 and GSTR-10):**

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 Reduction (GSTR-4 and GSTR-10):**

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.

Section 115BAA-22% Tax Scheme (Considerable Points):

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.

Section 115BAA-22% Tax Scheme (Considerable Points):

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.

AGM Due Dates:

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

AGM Due Dates:

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.

No late fees on GSTR 3B for taxpayers with no tax liability

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 Update!

PF Contribution to be 10% each of employer and employee instead 12% earlier for May, June and July, 20.

Notified by Govt.

आत्मनिर्भर भारत
Part-5 : Government Reforms and Enablers

Health Related Steps taken so far for COVID containment…

आत्मनिर्भर भारत
Part-4 : New Horizons of Growth

Fast track Investment Clearance through Empowered Group of Secretaries (EGoS)…

आत्मनिर्भर भारत
Part-3 : Agriculture

Rs 30,000 croreAdditional Emergency Working Capital for farmers through NABARD…

आत्मनिर्भर भारत
Part-2 : Poor, Including Migrants And Farmers

Direct Support to Farmers & Rural Economy provided post COVID-19…

आत्मनिर्भर भारत Covid-19
Part -1 : Businesses including MSMEs

Package to cater to various sections including cottage industry, MSMEs, labourers, middle class…

CA Gopal Kumar Kedia

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.

#GST

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.

#GST

Companies which have less than Rs 5 crore turnover will not have to pay interest, late fee or penalty under the GST act, 2017.

#GST

Date for filing of GST returns for March, April and May, 2020 is extended till 30th June 2020.

#GST

The date for opting for GST Composition Scheme has been extended to 30th June, 2020.

#TDS

Due date for filing TDS/TCS return Q4 F.Y. 2019-20 has been extended to 30th June 2020.

#TDS

For delayed deposit of TDS, interest has been reduced to 9% from 18% and 12%.

#Income Tax

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.

#Income Tax

No additional 10% amount, if payment made by June 30, 2020 – Vivad se Vishwas Scheme.

#Income Tax

Due to COVID-19 pandemic, the reporting under clause 30C & 44 of Tax Audit Report has been deferred till 31st March 2021.

#Income Tax

Last date for filing Income Tax Returns for FY 2018-19 is 30th June, 2020 instead of 31st March, 2020.

#Income Tax

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.