1. Compliance requirement under Income Tax Act, 1961
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Sl. |
Compliance Particulars |
Due Dates |
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1 |
Due date of depositing TDS/TCS liabilities under Income Tax Act, 1961 for previous month. |
07.12.2021 |
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2. |
Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB and 194M in the month of October, 2021 |
15.12.2021 |
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3 |
Due date of furnishing of Form 24G by an office of the Government where TDS/TCS for the month of November, 2021 has been paid without the production of a challan |
15.12.2021 |
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4 |
Due date for payment of 3rd Installement of Advance Tax for FY 2021-22 |
15.12.2021 |
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5 |
Due date for furnishing of challan-cum-statement in respect of tax deductedunder section 194-IA, 194-IB, 194-IM, in themonth of November, 2021 |
30.12.2021 |
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6 |
"Return of income for the assessment year2021-22 for all assessee other than (a) corporate- assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) partner of a firm whose accounts are required to be audited or the spouse of such partner if the provisions of section 5A applies or (d) an assessee who is required to furnish a report under section92E. The due date for furnishing of return of income for Assessment Year 2021-22 has been extended from July 31, 2021 to September 30, 2021 vide Circular no. 9/2021,dated 20-05-2021 The due date for furnishing of return of income for Assessment Year 2021-22 has been further extended from September 30,2021 to December 31, 2021 vide Circular no.17/2021, dated 09-09-2021" |
31.12.2021 |
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7 |
"Return of income for the assessment year2021-22 in the case of an assessee if he/it is required to submit a report under section 92Epertaining to international or specified domestic transaction(s). The due date for furnishing of return of income for Assessment Year 2021-22 hasbeen extended from November 30, 2021 to December 31, 2021 vide Circular no. 9/2021,dated 20-05-2021" |
31.12.2021 |
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8 |
"Furnishing of Equalisation Levy statement forthe Financial Year 2020-21 The due date for furnishing of Equalisation Levy statement has been extended from June30, 2021 to July 31, 2021 vide Circular no.12/2021, dated 25-06-2021. The due date for furnishing of Equalisation Levy statement has been extended from July 31, 2021 to August 31, 2021 vide Circular no. 15/2021, dated 03-08-2021 The due date for furnishing of Equalisation Levy statement has been further extended from August 31, 2021 to December 31, 2021 vide Circular no. 16/2021, dated 29-08-2021" |
31.12.2021 |
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9 |
"A self-declaration form for seeking non-deduction of TDS on specific income as annual income of the tax assessee is less than the exemption limit. Upload declarations received from recipients in Form No. 15G/15H during the quarter ending September, 2021 The due date for uploading declarations has been further extended from October 15, 2021 to December 31, 2021 vide Circular no. 16/2021, dated 29-08-2021" |
31.12.2021 |
Income Tax Due Date - Extensions
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Sl. |
Nature of Extension |
Provisions / Forms of IT Act 1961 |
Original Due Date |
Extended Due Date |
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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 |
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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 |
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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 September, 2021 |
Form No. 15G/15H |
15.10.2021 |
31.12.2021 |
|
9 |
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 |
|
10 |
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 |
Important Notifications - For the month of November - 2021
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Sl. |
Particulars of the Notification(s) |
File No. / Circular No. |
Link(s) |
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1. |
The Central Government hereby approves „Pimpri Chinchwad College of Engineering‟ |
Notification No. 128/2021 |
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|
2. |
The e-Settlement Scheme, 2021 |
Notification No. 129/2021 |
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3. |
The Central Government hereby specifies the pension fund, namely, the School Employees Retirement System of Ohio |
Notification No. 130/2021 |
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4. |
Income Tax Department conducts searches in Bihar and Jharkhand |
Release ID: 1768467 |
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5. |
Income Tax Department conducts searches in Tamil Nadu |
Release ID: 1768838 |
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6. |
Income Tax Department conducts searches in Karnataka |
Release ID: 1769134 |
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7 |
The Central Government hereby notifies for the purposes of the said clause, ‘Assam Building and Other Construction Workers Welfare Board’ |
Notification No. 131/2021 |
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8 |
Application for Standing Counsels to represent the Income Tax Department in Ner |
Application |
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9 |
Income Tax Department conducts searches in Maharashtra |
Release ID: 1769680 |
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10 |
Income Tax Department conducts searches in Jammu & Kashmir and Punjab |
Release ID: 1769500 |
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11 |
Guidelines under sub-section (4) of section 194-O, sub-section (3) of section 194Q and sub-section (1-I) of section 206C of the Income-tax Act, 1961 !Ne |
Circular No. 20 of 2021 |
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12 |
The Income tax (32nd Amendment), Rules, 2021. |
Notification No. 132/2021 |
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13 |
Notification No. 133/2021 [F. No. 300196/7/2021-ITA-I] / SO 4841(E) : Notification No. 133/2021 [F. No. 300196/7/2021-ITA-I] / SO 4841(E) !New |
Notification No. 133 /2021 |
2. Compliance Requirement under GST, 2017
Filing of GSTR –3B
A. Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
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Tax period |
Due Date |
No interest payable till |
Particulars |
|
November, 2021 |
20th December, 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)
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Tax period |
Due Date |
No interest payable till |
Particulars |
|
November, 2021 |
22nd December, 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 |
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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 |
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C. Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
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Tax period |
Due Date |
No interest payable till |
Particulars |
|
November, 2021 |
24th December, 2021 |
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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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D. Filing Form GSTR-1
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Tax period |
Due Date |
Remarks |
|
Monthly return (November, 2021) |
11.12.2021 |
"1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceeding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceeding year, opted for monthly filing of return under QRMP" |
E. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
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Form No. |
Compliance Particulars |
Timeline |
Due Date |
|
GSTR-5 & 5A |
Non-resident ODIAR services provider file Monthly GST Return |
20th of succeeding month |
20.12.2021 |
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GSTR -6 |
Every Input Service Distributor (ISD) |
13th of succeeding month |
13.12.2021 |
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GSTR -7 |
Return for Tax Deducted at source to be filed by Tax Deductor |
10th of succeeding month |
10.12.2021 |
|
GSTR -8 |
E-Commerce operator registered under GST liable to TCS |
10th of succeeding month |
10.12.2021 |
F. GSTR - 1 QRMP monthly return
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Form No. |
Compliance Particulars |
Timeline |
Due Date |
|
Details of outward supply-IFF |
GST QRMP monthly return due date for the month of November, 2021 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore. |
13th of succeeding month |
13.12.2021 |
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
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Form No. |
Compliance Particulars |
Timeline |
Due Date |
|
CMP-08 |
GST Challan Payment for taxpayer, with aggregate turnover of less than INR 5 Crores during preceeding year, who has opted for quarterly filing of returns. |
GST Challan payment if No sufficient ITC available |
25.12.2021 |
Annual Returns
|
Form No. |
Compliance Particulars |
Due Date |
|
GSTR - 9 |
GSTR-9 is Annual Return applicable for registered person with aggregate turnover exceeding INR 2 Crores during the F.Y. 2020-21. However, registered person with aggregate turnober upto INR 2 Crores have option to file GSTR-9. |
31.12.2021 |
|
GSTR – 9C |
GSTR-9C is reconciliation statement applicable for registered person with aggregate turnover exceeding INR 5 Crores during the F.Y. 2020-21. |
31.12.2021 |
GST UPDATES - from 01.11.2021 to 30.11.2021
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Sl. |
Notification Particulars |
Notification No. |
Link (s) |
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1. |
CBIC Chairman inaugurates Customs & GST pavilion at 40th India International Trade Fair |
17/2021-Central Tax (Rate), dt. 18-11-2021 |
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2. |
Seeks to amend Notification No 12/2017- Central Tax (Rate) dated 28.06.2017. |
16/2021-Central Tax (Rate), dt. 18-11-2021 |
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3. |
Seeks to amend Notification No 11/2017- Central Tax (Rate) dated 28.06.2017. |
15/2021-Central Tax (Rate), dt. 18-11-2021 |
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4. |
Seeks to further amend notification No. 01/2021-Central Tax (Rate) dated 28-06-2021 |
14/2021-Central Tax (Rate), dt. 18-11-2021 |
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5. |
Clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020- Central Tax dated 21st March, 2020 |
165/21/2021-GST |
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6 |
Circular on Clarification on refund related issues |
166/22/2021-GST |
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7 |
Improvements in GSTR-1 |
GSTN 513 |
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8 |
Clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020- Central Tax dated 21st March, 2020 |
165/21/2021-GST |
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9 |
Removal of Inverted Tax Structure on MMF Textiles Value chain and uniformity of rates brings relief to Textiles sector; |
Press Release ID: 1773973 |
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10 |
Centre releases two installments of tax devolution to State Governments amounting to Rs. 95,082 crore as against normal monthly devolution of Rs. 47,541 crore |
Press Release ID: 1774224 |
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11 |
Module wise new functionalities deployed on the GST Portal for taxpayers |
GSTN 496 |
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12 |
Seeks to make amendments (Ninth Amendment, 2021) to the CGST Rules, 2017. |
37/2021-Central Tax dated 01.12.2021 |
3. Key Compliances under FEMA / RBI
|
Applicable Laws/Acts |
Due Dates |
Compliance Particulars |
Forms / (Filing mode) |
|
FEMA ACT 1999 |
Not later than 30 days from the date of issue of Capital instrument |
FC-GPR is a form filed when the Indian company receives the Foreign Direct Investment and the company allots shares to a person resident outside India. |
Form FC-GPR |
|
FEMA ACT 1999 |
With in 60 days of receipt/ remittance of funds or transfer of capital instruments whichever is earlier. |
Reporting of transfer of shares and other eligible securities between residents and non-residents and vice- versa is to be made in Form FC-TRS. The onus of reporting shall be on the resident transferor/ transferee. |
Form FC-TRS. |
|
FEMA ACT 1999 |
within 30 days from the date of receipt of the amount of consideration. |
A Limited Liability Partnership receiving amount of consideration and acquisition of profit shares is required to submit a report in the Form FDI LLP-1 |
Form FDI LLP-I |
|
FEMA ACT 1999 |
within 60 days from the date of receipt of funds in |
A Limited liability Partnership shall report disinvestment/ transfer of capital contribution or profit share between a resident and a non resident (or vice versa) |
Form FDI LLP-II |
|
FEMA ACT 1999 |
within 30 days from the date of allotment of capital instruments |
The domestic custodian shall report the issue/ transfer/ of sponsored/ unsponsored depository receipts |
Downstream statement -Form DI & reporting at FIFP too |
RBI Circulars / Notifications: November, 2021
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Sl. |
Particulars of the Circulars |
Link |
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1 |
Opening of Current Accounts by Banks - Need for Discipline |
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2 |
Master Circular- Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs |
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3 |
Prompt Corrective Action (PCA) Framework for Scheduled Commercial Banks |
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4 |
Master Circular- Guarantees, Co-Acceptances & Letters of Credit - UCBs |
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5 |
Cancellation of Certificate of Authorisation |
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6 |
Unity Small Finance Bank Limited commences operations |
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7 |
RBI Governor meets MD & CEOs of Public Sector Banks and certain Private Sector Banks over Video Conference |
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8 |
RBI releases the Report of the Committee on functioning of Asset Reconstruction Companies and review of regulatory guidelines applicable to them for public comments |
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9 |
RBI announces rate of interest on Government of India Floating Rate Bonds, 2024 |
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10. |
Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract |
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11. |
Investment by Foreign Portfolio Investors (FPIs) in Debt – Review |
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12 |
Master Circular - Guarantees and Co-acceptances |
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13 |
Reserve Bank - Integrated Ombudsman Scheme, 2021 |
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14 |
Foreign Currency (Non-resident) Accounts (Banks) Scheme [FCNR(B)] - Master Direction on Interest Rate on Deposits |
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15 |
Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances – Clarifications |
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16 |
RBI launches its First Global Hackathon - HARBINGER 2021 |
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17 |
Overseas Direct Investment for October 2021 |
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18 |
Underwriting Auction for sale of Government Securities for ₹24,000 crore on November 12, 2021 |
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19 |
Launch of RBI-Retail Direct Scheme and Reserve Bank- Integrated Ombudsman Scheme by Hon’ble Prime Minister on November 12, 2021 |
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20 |
Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract |
4. Compliance under Other Statutory LAws
|
Applicable Laws/Acts |
Timeline / Due Dates |
Compliance Particulars |
Forms / (Filing mode) |
|
EPF (The Employees’ Provident Funds And Miscellaneous Provisions Act, 1952) |
15.12.2021 |
PF Payment |
ECR |
|
ESIC (Employees' State Insurance Act, 1948) |
15.12.2021 |
ESIC Payment |
ESI Challan |
|
Contract Labour (Regulation & Abolition) Act, 1970 |
Within 15 Days of commencement/ completion of contract work |
Return/Notice within 15 days of commencement/ completion of each contract by the Principal employer |
Form VI-B |
|
Contract Labour (Regulation & Abolition) Act, 1970 |
Within 15 Days of commencement/ completion of contract work |
Notice of commencement/ completion of contract work by the Contractor within 15 days |
Form VI-A |
|
Payment of Gratuity Rule |
Within 30 Days of applicability of the Act & any change |
Notice of applicability of the Act & any change |
Form A or B |
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