As month is about to end and the year 2020 as well, So why not begin the New Year without any fear of legal compliances. 12 compliances under GST, Income Tax, LLP Act and Companies Act which needs to be fulfilled before the last date of the year end i.e. 31-12-2020 to avoid late fee and penalties. Let’s see, what are the compliances which we should comply before the year ends i.e, 31st December 2020.
1. GST Audit for the financial year 2018-19
Businesses whose annual turnover has exceeded Rs 5 crores in a Financial Year 2018-19 are required to get their accounts audited by either a practicing Chartered Accountant or Cost Accountant. Last date of GST audit and Filing GSTR 9C is 31st December 2020.
Read Also: GST audit of FY 18-19 : Not to repeat the mistakes done in FY 17-18 audit
2. Filing of Annual Return of GST in GSTR 9
Every Registered person other than an Input Service Distributor, a person paying tax under section 51 (TDS) or section 52 (TCS), a casual taxable person and a non-resident taxable person, shall furnish an annual return for every financial year electronically in Form GSTR9 through the GST portal. For FY 2018-19, Form GSTR 9 is mandatory for turnover more than Rs 2 crores. Last date of GSTR 9 is 31st December 2020 without penalty or late fee.
Read Also: GST Audit Turnover for FY 2018-19 – GSTR 9 and GSTR 9C
3. Non-Audit Income Tax Return
An Individual is required to file the income tax return before 31st July of the following financial year. This AY 2020-21, due to COVID-19, the last date has been extended to 31st December 2020. For tax payers and Individual’s, who are not subject to tax audit but are liable for filing of Income Tax Return shall file their ITR before the last date of filing ITR which is 31st Dec 2020.
Read Also: ITR: 10 mistakes to avoid while Filing Income Tax Return
4. Income Tax Audit Report
According to section 44AB of Income Tax Act, 1961, Assesses liable to Tax Audit shall get its Books of account audited by an Auditor. ITR of the businesses can be sent till 31st January 2021, but Audit report in the form of Form 3CA/3CB & 3CD has to be filed by 31.12.20.
Read Also: Cases when Income Tax audit is compulsory for AY 2020-21
5. Form 3CEB
Under transfer pricing regulations, companies in India are expected to file Form 3CEB if the entity has entered into any international transaction with an associated enterprise or some specified domestic transaction. As discussed above Income Tax Audit Report in form of Form 3 CA/ CB has to be filed by assesses, but if there is international transaction and specified domestic transaction Form 3CEB has to be furnished along with Form 3CA/CB and 3 CD. Last date for submitting Form 3CEB is 31st December 2020.
5. Annual General Meeting
Annual General Meeting is a meeting required to be conducted by every Private Limited Company or Limited Company that provides an opportunity to the shareholders to meet every year and discuss matters relating to the Company. Last date of Annual General Meeting of the companies under Companies Act, 2013 popularly known as AGM is 31.12.20.
Read Also: Companies Act, 2013 compliance calendar for December 2020
6. KYC in form DIR 3
The DIR–3 KYC is used to ensure that correct particulars of an individual holding Director identification number (DIN) is available with the Ministry of Corporate Affairs. Last date to update DIR–3 KYC for Financial Year 2018-19 & 2019-20 is 31.12.20 without any additional fee.
7. Annual Return of Limited Liability Partnership (LLP)
Limited Liability Partnerships registered under Limited Liability Act, 2008 have to annually file two forms Form 11 and Form 8. Statement of Account and Solvency is submitted in Form LLP 8. Annual Return of Limited Liability Partnership (LLP) has to be filed in Form LLP-11. The last date for LLP-11 is 31st dec 2020.
8. Vivad se Vishwas
An Assessee having any appeal pending before Income Tax Appellate Tribunal, Commissioner (Appeals), High Court or Supreme court, in respect of disputed tax/interest/penalty as on or before specified date i.e. 31-01-2020, can opt for Vivad se Vishwas scheme. If an assessee wants to opt for Vivad se Vishwas Scheme then 31.12.20 is the last date for the same.
Read Also: Vivad se Vishwas -Tax Amnesty Scheme: What, When, How, For Whom.
9. Companies Fresh Start Scheme, 2020 (CFSS)
Companies Fresh Start Scheme, 2020 is the scheme mainly for defaulting company. They can settle their default by paying only the normal fees as prescribed for all filings with the MCA 21 registry. Also, will get immunity against prosecution and proceedings for imposing penalty. The last date for Companies Fresh Start Scheme, 2020 is 31st December 2020.
10. LLP Settlement Scheme 2020
The LLP Settlement Scheme 2020 is for the defaulting LLPs for the filing of belated documents that were due for filing till the 31st of August, 2020. No additional fees and no prosecution by the Registrar for those defaulting LLPs who complete the filing of all the belated documents and dues by the 31st December, 2020.
Read Also: Form 26AS importance in GST- Never underestimate the power of 26AS
12. Other Income Tax Compliances
30th December 2020 is the due date for furnishing of challan-cum-statement in respect of tax deducted under
- Section 194-IA in the month of Nov 2020.
- Section 194-IB in the month of Nov 2020.
- Section 194M in the month of Nov 2020.
For any questions, you may reach us at Discussion Forum
The author of the above article is Sneha Bhalotia.
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