1. Compliance requirement under Income Tax act, 1961
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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 |
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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 |
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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:
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The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. |
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Notification No. 88/2020 [F. No. 370142/35/2020-TPL] / SO 3906(E) dated 29 October, 2020. |
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.
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 |
|
|
2. |
Extended Due date for filing ITRs requiring Tax Audit Report is 15th Feb 2021. |
Update |
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|
3. |
Income Tax Department conducts searches in Assam |
Press Release |
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4. |
Income Tax Department conducts searches in Kolkata |
Press Release |
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5. |
Tax Updates - Budget 2021 |
Press Release |
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6. |
Sharing of information with "CEO, Center for e-Governance, Govt. of Karnataka" |
Notification No. 05/2021 |
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7 |
Extended Due date for filing ITRs requiring Tax Audit Report is 15th Feb 2021. |
Update |
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8 |
Income Tax Department conducts searches in Bengaluru |
Press Release |
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|
9 |
DGGI Gurugram arrests man for fraudulently availing input tax credit of more than Rs 69 crore |
Press Release |
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|
10 |
DGGI Gurugram arrests man for fraudulently availing input tax credit of Rs 376 crore through 7 fake firms |
Press Release |
|
|
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 |
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|
12 |
The Faceless Assessment(1stAmendment) Scheme, 2021 |
[Notification No. 6/2021/F. No. 370149/154/2019-TPL |
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13 |
Amendmentsinthe notificationvidenumber S.O 3265 (E), dated the 12thSeptember, 2019 |
Notification No. 7/2021/F. No. 370149/154/2019-TPL |
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|
14 |
Clarification issued by Department |
Notification No. 8 /2021 F.No.300196/35/2019-ITA-I |
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|
15 |
DGGI Gurugram arrests man for fraudulently availing input tax credit of more than Rs 69 crore |
Press Release |
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|
16 |
DGGI Gurugram arrests man for fraudulently availing input tax credit of Rs 376 crore through 7 fake firms |
Press Release |
|
|
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 |
|
|
18 |
Amendments in Direct Tax Vivad se Vishwas Act |
[Notification No. 09/2021/ F.No. IT(A)/01/2020-TPL |
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 |
|||
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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)
|
Tax period |
Due Date |
No interest payable till |
Interest payable @ 9% from & till |
Interest payable @ 18% from |
|
February, 2021 |
24thMarch, 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
|
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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