Taxation Compliance Calendar with Notifications / Circulars & Updates _ March, 2020
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1. Compliance requirement under Income Tax
act, 1961
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Income Tax Act, 1961
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02.03.2020
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Due date for furnishing of
challan-cum-statement in respect of tax deducted under section 194-IA in
the month of January, 2020
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Tax
deducted under section 194-IA
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|
Income Tax Act, 1961
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02.03.2020
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Due date for furnishing of
challan-cum-statement in respect of tax deducted under section 194-IB
in the month of January, 2020
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Tax
deducted under section 194-IB
|
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Income Tax Act, 1961
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02.03.2020
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Due date for furnishing of challan-cum-statement
in respect of tax deducted under section 194M in the month of January, 2020
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Tax
deducted under section 194M
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Income Tax Act, 1961
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07.03.2020
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Due date
for deposit of tax deducted/collected for the month of February, 2020. (TDS
& TCS)
However, all the sum deducted/collected by an
office of the government shall be paid to the credit of the Central
Government on the same day where tax is paid without production of an
Income-tax Challan
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TDS &
TCS
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Income Tax Act, 1961
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15.03.2020
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Due date for furnishing of Form
24G by an office of the Government where TDS/TCS for the month of February,
2020 has been paid without the production of a challan
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Form 24G
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Income Tax Act, 1961
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15.03.2020
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Fourth instalment of advance tax
for the assessment year 2020-21
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advance tax
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Income Tax Act, 1961
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15.03.2020
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Due date for payment of whole
amount of advance tax in respect of assessment year 2020-21 for assessee
covered under presumptive scheme of Section 44AD/ 44ADA
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advance tax under presumptive scheme of Section 44AD/ 44ADA
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Income Tax Act, 1961
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17.03.2020
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Due date for issue of TDS
Certificate for tax deducted under section 194-IA in the month of
January, 2020
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|
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Income Tax Act, 1961
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17.03.2020
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Due date for issue of TDS
Certificate for tax deducted under section 194-IB in the month of
January, 2020
|
|
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Income Tax Act, 1961
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17.03.2020
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Due date for issue of TDS
Certificate for tax deducted under section 194M in the month of
January, 2020
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TDS Certificate u/s 194M
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Income Tax Act, 1961
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30.03.2020
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Due date for furnishing of
challan-cum-statement in respect of tax deducted under section 194-IA in the
month of February, 2020
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challan-cum-statement _ Tax deducted under section 194-IA
|
|
Income Tax Act, 1961
|
30.03.2020
|
Due date for furnishing of
challan-cum-statement in respect of tax deducted under section 194-IB in the
month of February, 2020
|
challan-cum-statement _ Tax deducted under section 194-IB
|
|
Income Tax Act, 1961
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30.03.2020
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Due date for furnishing of
challan-cum-statement in respect of tax deducted under section 194M in the
month of February, 2020
|
challan-cum-statement _ Tax deducted under section 194M
|
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Income Tax Act, 1961
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31.03.2020
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Due date for linking of Aadhaar
number Country-By-Country Report in Form No. 3CEAD for the previous year
2018-19 by a parent entity or the alternate reporting entity, resident in
India, in respect of the international group of which it is a constituent of
such group with PAN
|
Form No. 3CEAD
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Income Tax Act, 1961
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31.03.2020
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Country-By-Country Report in Form
No. 3CEAD for a reporting accounting year (assuming reporting accounting year
is April 1, 2018 to March 31, 2019) by a constituent entity, resident in
India, in respect of the international group of which it is a constituent if
the parent entity is not obliged to file report u/s 286(2) or the parent
entity is resident of a country with which India does not have an agreement
for exchange of the report etc.
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·
Importatnt updates:
1.
PAN-Aadhaar linking deadline extended to MARCH, 2020
The
due date for linking of PAN with Aadhaar as specified under sub-section 2 of Section
139AA of the Income-tax Act,1961 has been extended from 31st December, 2019 to
31st March, 2020. (Notification
no.107 of 2019 dated 30/12/2019 issued by CBDT.)
2.
Condonation of delay under section 119(2)(b) of the
Income-tax Act, 1961 in filing of Return of Income for A.Y 2016-17,2017-18, and
2018- 19 and Form No.9A and Form No. 10.-Reg.
CBDT has decided that where the application for
condonation of delay in filing Form 9A and Form 10 has been filed , and the
Return of Income has been fi led on or before 31st March of the
respective assessment years i.e. Assessment Years 20 16- 17, 20 17- 18 and
2018- 19, the Commissioners of Income-tax (Exemptions) arc authorised u/s
119(2)(b) of the Act, to admit such belated applications for condonation of
delay in filing Return of Income and decide on merit.
Source:
Important Notifications:|
Sl. No.
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Particulars of
the Notification(s)
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Notification
Link(s)
|
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1.
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In exercise of
the powers conferred by sub section 1 of section 280A of the Income tax Act
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2.
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Notification No.
11/2020 : Procedure of PAN allotment through Common Application Form (CAF)
along with registration of Foreign Portfolio Investors (FPIs) with SEBI under
Department of Economic Affairs and KYC for opening Bank and Demat Account
|
|
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3.
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Notification No.
09/2020 [F. No. 285/41/2019-IT (Inv.V) CBDT] / SO 664(E) : Notification No.
09/2020 [F. No. 285/41/2019-IT (Inv.V) CBDT] / SO 664(E)
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4.
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Notification No.
10/2020 [F. No. 370142/34/2019-TPL] / GSR 110(E) : Notification No. 10/2020
[F. No. 370142/34/2019-TPL] / GSR 110(E)
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5.
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Notification No.
11/2020 [F.No. 370149/166/2019-TPL] / GSR 112(E) : Notification No. 11/2020
[F.No. 370149/166/2019-TPL] / GSR 112(E)
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6.
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Notification No.
12/2020 [ F.No.370142/29/2019-TPL] / GSR 124(E) : Income-tax (6th Amendment)
Rules, 2020
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7.
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Notification No.
13/2020 [ F.No.285/33/2019-IT (Inv. V) CBDT] / SO 862(E) : Notification No.
13/2020 [ F.No.285/33/2019-IT (Inv. V) CBDT] / SO 862(E) !New
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2. Compliance Requirement under Goods & Services Tax
Act, (GST) 2017
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Applicable Laws/Acts
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Due Dates
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Compliance Particulars
|
Forms/
(Filing mode)
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GST, Act, 2017
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10.03.2020 |
Form GSTR-7
{TDS Deductor)
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GSTR-7
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GST, Act, 2017
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10.03.2020 |
Form GSTR-8 (for the month of February 2020) -TCS Collector
(Summary of Tax Collected
at Source (TCS) and deposited by E-commerce operators under GST laws)
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GSTR – 8
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GST, Act, 2017
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11.03.2020
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Return of
outward supplies of taxable goods and/or services for the Month of February
2020 (for Assesses having turnover exceeding 1.5 Cr.) Monthly Return.
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GSTR – 1
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GST, Act, 2017
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13.02.2020
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Due date
for Furnishing return of February 2020 by Input Service Distributors (ISD)
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GSTR – 6
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GST, Act, 2017
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20th of the succeeding
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Payment of self-assessed tax
(Payment of tax shall be
made by 20th of the month succeeding the month to which the liability
pertains.)
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PMT-08
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GST, Act, 2017
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18 months
after end of the quarter for which refund is to be claimed
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Application for Refund
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RFD-10
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GST, Act, 2017
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20.03.2020
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Summary of
outward taxable supplies and tax payable by Non-Resident taxable person &
OIDAR respectively.
(for the
month of January
2020)
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GSTR-5
&
GSTR - 5A
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GST, Act, 2017
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20.03.2020*
22.03.2020*
24.03.2020*
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Simple GSTR
return for the month of February, 2020
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GSTR – 3B
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GST, Act, 2017
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18.04.2020
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Return
filed by composition dealer statement-cum-challan
to declare the details or summary of his/her self-assessed tax payable for a
given quarter.
(January 2020
to March 2020)
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CMP - 08
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GST, Act, 2017
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31.03.2020
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Annual
Returns for FY 2018-19
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GSTR-9,
GSTR – 9A
& GSTR-9C
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GST, Act, 2017
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3 months of the registration cancellation
date or order cancellation date, whichever comes late
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A taxable
person who opts for cancellation of GST registration has to file a final
return under GST law in form GSTR-10 within three months.
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GSTR - 10
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GST, Act, 2017
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28th of the month following
the month in which an inward supply is received by the UIN holders
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Statement
of inward supplies by persons having Unique Identification Number (UIN)
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GSTR - 11
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Note:
*The govt has eased filing of GST returns for taxpayers by
allowing them to file in a staggered manner and has provided three dates for
different categories of taxpayers.
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a. If Turnover
> 5Crore:
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b. If Turnover <
5Crore (in two parts)
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Due date of GSTR
3B - 20th every month)
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i. 15
States/UT’s: due date is *22nd (every month)
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ii. 22
States/UT’s: due date is *24th (every
month)
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(States:- Chhattisgarh, MP, Gujarat, Daman and Diu, Dadra and Nagar Haveli,
Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, TN, Puducherry, Andaman and
Nicobar Islands, Telangana and Andhra Pradesh)
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(states:- J&K, Laddakh, Himachal Pradesh, Punjab, Chandigarh, Uttarakhand,
Haryana, Delhi, Rajasthan, UP, Bihar, Sikkim, Arunachal Pradesh, Nagaland,
Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand and
Odisha)
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Key UPDATE(s):
1. GST
Helpdesk has become multi-lingual, supporting 12 languages at Toll Free number
- 1800 103 4786 (from 9AM to 9PM, 7 days a week). Existing contact number will
no longer be available to connect with GST Helpdesk.
2. Accounting
and Billing Software Providers can enrol with GSTN to receive regular updates
on e-invoice
Being
key players in Indian business eco-system, the role and support of Accounting
and Billing Software Providers is crucial for successful implementation of GST
e-invoice System.
3. Advisory
on Opting-in Composition Scheme for 2020-21 by filing FORM GST CMP-02
A. How
to opt-in Composition Scheme:
B. Return
/Payment
C. Who
are eligible taxpayers for opting-in for Composition Scheme:-
D. Taxpayers,
who are not eligible for opting in composition scheme:
4. A
webinar has been scheduled on 28th February 2020 at 2.30pm IST on the topic GST
New Returns: Concept and Live Demonstration in Marathi
Content
Coverage:
·
New GST Returns: Concept,
Business Process and Benefits
·
Live Demonstration of New
Returns
5. The
due date to submit TRAN-01 for carrying forward the
transitional credit is extended to 31st March 2020 for those taxpayers who
could not file earlier due to technical glitches.
GST
UPDATES AS ON 29.02.2020:|
Sl.
No.
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Notification(s)
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Notification
No.
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Link(s)
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1.
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Seeks to extend the last date for furnishing of
annual return/reconciliation statement in FORM GSTR-9/FORM GSTR-9C for the
period from 01.07.2017 to 31.03.2018.
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06/2020-Central Tax ,dt. 03-02-2020
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2.
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Notification issued to prescribe due dates for
filing of return in FORM GSTR-3B in a staggered manner.
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07/2020-Central Tax ,dt. 03-02-2020
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3.
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Seeks to amend notification No. 1/2017- Central
Tax (Rate) dated 28.06.2017 so as to notify rate of GST on supply of lottery.
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01/2020-Central Tax (Rate) ,
dt. 21-02-2020
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4.
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Seeks to amend notification No. 1/2017- Integrated
Tax (Rate) dated 28.06.2017 so as to notify rate of GST on supply of lottery.
|
01/2020-Integrated Tax (Rate) ,
dt. 21-02-2020
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5.
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Seeks to amend notification No. 1/2017- Union
Territory Tax (Rate) dated 28.06.2017 so as to notify rate of GST on supply
of lottery.
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01/2020-Union Territory tax(rate), dt. 21-02-2020
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Important Circulars:|
Sl.
No.
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Circular
(s)
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File
No.
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Link(s)
|
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1.
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amendments in the notification of the
Government of India in the Ministry of Finance
(Department of Revenue), No.1/2017-Central Tax (Rate), dated
the 28th June, 2017,
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G.S.R. 134(E)
Gazette ID:
CG-DL-E-24022020-216342
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