1. INCOME TAX COMPLIANCE CALENDAR _ OCTOBER, 2020

Compliance requirement under Income Tax act, 1961

Applicable Laws/Acts	Compliance Particulars	Due Dates
Income Tax Act, 1961	filing of ITR for Assessment year 2019-20	30.11.2020
Income Tax Act, 1961	Tax Audit Report or A/Y 2020-21	31.10.2020
Income Tax Act, 1961	date for furnishing the belated and revised return for Assessment Year 2019-20	30.11.2020
Income Tax Act, 1961	​​Due date for deposit of tax deducted/collected for the month of September, 2020. However, all 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	07.10.2020
Income Tax Act, 1961	​Due date for deposit of TDS for the period July 2020 to September 2020 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H	07.10.2020
Income Tax Act, 1961	​Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of September, 2020 has been paid without the production of a challan	15.10.2020
Income Tax Act, 1961	​Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of August, 2020	15.10.2020
Income Tax Act, 1961	​Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of August, 2020	15.10.2020
Income Tax Act, 1961	​Due date for issue of TDS Certificate for tax deducted under Section 194M in the month of August, 2020	15.10.2020
Income Tax Act, 1961	​Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending September, 2020	15.10.2020
Income Tax Act, 1961	​Quarterly statement of TCS deposited for the quarter ending September 30, 2020​	15.10.2020
Income Tax Act, 1961	​Upload declarations received from recipients in Form No. 15G/15H during the quarter ending September, 2020​	15.10.2020
Income Tax Act, 1961	​Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of September, 2020​	15.10.2020
Income Tax Act, 1961	​Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of September, 2020	31.10.2020
Income Tax Act, 1961	​Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB in the month of September, 2020	31.10.2020
Income Tax Act, 1961	​Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194M in the month of September, 2020	31.10.2020
Income Tax Act, 1961	​Quarterly TCS certificate (in respect of tax collected by any person) for the quarter ending September 30, 2020​	31.10.2020
Income Tax Act, 1961	​Intimation by a designated constituent entity, resident in India, of an international group in Form no. 3CEAB for the accounting year 2019-20.​	31.10.2020
Income Tax Act, 1961	​Quarterly statement of TDS deposited for the quarter ending September 30, 2020​	31.10.2020
Income Tax Act, 1961	​Due date for furnishing of Annual audited accounts for each approved programmes under section 35(2AA)	31.10.2020
Income Tax Act, 1961	​Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending September 30, 2020​*	31.10.2020
Income Tax Act, 1961	Copies of declaration received in Form No. 60 during April 1, 2020 to September 30, 2020 to the concerned Director/Joint Director	31.10.2020
Income Tax Act, 1961	​ Audit report under section 44AB for the assessment year 2020-21 in the case of an assessee who is also required to submit a report pertaining to international or specified domestic transactions under section 92E	31.10.2020
Income Tax Act, 1961	​​ Report to be furnished in Form 3CEB in respect of international transaction and specified domestic transaction​	31.10.2020
Income Tax Act, 1961	Due date for filing of audit report under section 44AB for the assessment year 2020-21 in the case of a corporate-assessee or non-corporate assessee	31.10.2020

 

q Importatnt updates:

1. 5% tax will be levied on foreign fund transfer

Any amount sent abroad to buy foreign tour packages, and every other foreign remittance made above ₹7 lakh, will attract a tax-collected-at source (TCS) beginning 1 October unless tax is already deducted at source (TDS) on that amount. While the tax on foreign tour packages will be 5% for any amount, for other foreign remittances the tax will kick in only for the amount spent above ₹7 lakh.

2. New Tax Collected at Source (TCS) regime

The Income Tax Department issued guidelines for applicability of TCS provision which requires an e-commerce operator to deduct 1 per cent tax on sale of goods and services. The new Tax Collected at Source (TCS) regime will come into effect from October 1 . The Finance Act, 2020 inserted a new section 194-O in the Income-tax Act 1961 which mandates that with effect from October 1, 2020, an e-commerce operator shall deduct income tax at the rate of 1 per cent of the gross amount of sale of goods or provision of service or both, facilitated through its digital or electronic facility or platform

3. Buying television sets can be expensive

Open cell panels will attract 5% import duty from 1 October, with the government saying that a duty exemption expiring at the end of this month will not be extended . As part of 'Atmanirbhar Bharat' the government is keen to expand domestic production capacity for open cell panels so that imports can be curbed. The one-year exemption given to the item expires today, 30 September.

4. “Transparent Taxation–Honouring the Honest”- a platform to meet the requirements of the 21st century taxation system. The platform has major reforms like Faceless Assessment, Faceless Appeal and Taxpayers Charter.

5. The Faceless Assessment Scheme, 2019 (earlier known as the E-assessment Scheme, 2019) was introduced in 2019 to impart efficiency, transparency and accountability to the assessment process by inter alia eliminating the interface between the Assessing Officer and the assessee and team-based assessment with dynamic jurisdiction. Similar Scheme will be introduced for disposal of appeals by the Commissioner (Appeals) in a faceless manner.

q Important Notifications:

 

Sl. No.	Particulars of the Notification(s)	File No. / Circular No.	Notification Link(s)
1.	The terms and conditions on which the approval of the Government of India has been accorded for setting up of an industrial park by M/s Softzone Tech Park Ltd	CG-DL-E-08092020-221603	LINK
2.	the Central Government hereby notifies the Infrastructure Debt Fund	Notification No. 74/2020/F. No. 178/42/2017-ITA-1	LINK
3.	the Central Government hereby notifies for the purposes of the said clause, ‘District Mineral Foundation Trust’ as specified in the schedule to this notification	Notification No. 73/2020/F. No. 300196/36/2017-ITA-I	LINK
4.	Income-tax (21st Amendment) Rules, 2020	Notification No. 75/2020/F. No. 370142/8/2020-TPL	LINK
5.	the Faceless Appeal Scheme, 2020	CG-DL-E-25092020-221959	LINK
6.	Income-tax (21st Amendment) Rules, 2020	CG-DL-E-22092020-221872	LINK
7.	Amendments in the notification of the Government of India, Ministry of Finance, published in the Gazette of India, vide no. S.O. 2753 (E) dated the 22.10.2014	CG-DL-E-25092020-221964	LINK
8.	CBDT issues Notification on Extension of time limit for filing of AY 2019-20 under the Income Tax Act, 1961.	F. No. 225/150/2020 – ITA-II	LINK
9.	The Taxation and Other Laws (Relaxation and amendment of Certain Provisions) Act, 2020	CG-DL-E-30092020-222154	LINK

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This article is updated till 30^th September, 2020 with all Laws / Regulations and their respective amendments.                                                           

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