Compliance requirement under Income Tax act, 1961
| Sl. | Compliance Particulars | Due Dates | Due Dates |
| 1 | Deposits of TDS /TCS for the month of May 21. | 07-06-2021 | 07-06-2021 |
| 2 | Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB and 194M in the month of April, 2021 | 14-06-2021 | 14-06-2021 |
| 3 | Due date for First Installment of advance tax for the AY 2022-23 | 15-06-2021 | 15-06-2021 |
| 4 | Form 3BB is the monthly statement to be furnished by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of May 2021 | 15-06-2021 | 15-06-2021 |
| 5 | Due date for issuance of TCS Certificate for Q4 of FY 2020-21 | 15-06-2021 | 15-06-2021 |
| 6 | Certificate of TDS in respect of tax deducted for payments other than salary. | 15-06-2021 | 15-06-2021 |
| 7 | Extended Due date of filing of TDS return for TDS deducted during Q4 of FY 2020-21. The due date for furnishing of quarterly statement of TDS has been extended from May 31, 2021 to June 30, 2021 vide Circular no. 9/2021, dated 20-05-2021 | 31-05-2021 | 30-06-2021 |
| 8 | Due date of furnishing of Form 24G by an office of the Government where TDS/TCS for the month of May, 2021 has been paid without the production of a challan (Extended date Circular no. 9/2021, dated 20-05-2021) | 15-06-2021 | 30-06-2021 |
| 9 | Return of tax deduction from contributions paid by the trustees of an approved superannuation fund (Extendeddate) | 31-05-2021 | 30-06-2021 |
| 10 | Furnishing of Statement of financial transactions for person mentioned u/s 285BA (Extendeddate) | 31-05-2021 | 30-06-2021 |
| 11 | Statement of Reportable Account where Information is required to be maintained and reported by reporting Financial Institutions with respect to reportable account. | 31-05-2021 | 30-06-2021 |
| 12 | Linking of PANwith AADHAAR number is mandatory from 1st april 2019 (due date Extended from 31 March 2021 to 30th June 2021 vide notif. S.O. 1432(E), dated 31-03-202) (if not linking the PAN with AADHAAR number then the PAN will be inoperative and a person will not be able to conduct financial transactions) | 30-06-2021 | |
| 13 | Vivad se Vishwas Scheme– Settling tax disputes between individuals and the income tax department. Its declaration last date was 31st march though its payment last date without additional interest is 30th April 2021, these dates have been Extended to 30th June 2021 vide Notification S.O. 1704 (E), dated 27-04-2021 | 30-06-2021 | |
| 14 | furnishing challan cum statement of TDS in respect of tax deducted u/s 194IA,194M, 194-IB | 30-06-2021 |
Important updates – MAY, 2021:
1. New e-filing portal to be mobile friendly, have manuals, videos: I-T Dept
The Income Tax Department on 29th May, 2021, said it will launch on June 7 its new portal e-filing 2.0, which will be mobile friendly, have pre-filled ITR form and simplified utility.
Giving the salient features of the “e-filing 2.0 portal”, the I-T Department said there will be a “all new mobile app” and taxpayers will have a step-by-step guidance with user manuals and videos.Besides, multiple options for on-portal tax payments, multiple options for login, helpdesk support and chatbot are the features in the portal.
2. New rules notified for determining deemed consideration for slump sale; key things to know
Union Budget 2021 introduced significant amendments in the provisions relating to the taxation of slump sale transactions. One of the key amendments is in relation to computation of consideration value for slump sale taxation. Earlier, the consideration actually paid or received on the slump sale was considered for determining the capital gains tax on the sale.CBDT has now prescribed the rules containing the mechanism relating to computation of the FMV in slump sale transactions.
The Finance Act, 2021 has however provided that to compute the tax arising on account of such slump sale, the Fair Market Value (FMV) of the capital assets (being an undertaking or division transferred by way of slump sale) shall be deemed to be full value of the consideration. However, the methodology to compute FMV was not prescribed by the Finance Act, 2021.
Corporate Compliance Calendar For the Month of March , 2021 contains Compliance Requirement Under Income Tax Act, 1961, Goods & Services Tax Act, 2017 (GST) and Other Statutory Laws.
Important Notifications – For the month of May – 2021:
| Sl. | Particulars of the Notification(s) | File No. / Circular No. | Link(s) |
| 1. | The Income-tax (12th Amendment) Rules,2021. | Notification No. 40/2021][F.No. 370142/8/2021-TPL | LINK |
| 2. | Extension of time lines related to certain compliances by the Taxpayers underthe Income-tax Act 1961 | Circular No. 08/2021 | LINK |
| 3. | Format, Procedure and Guidelines for submission of Statement of Financial Transactions(SFT) for MF Transactions by Registrar and Share Transfer Agent | Notification No. 4 of 2021 | LINK |
| 4. | Format, Procedure and Guidelines for submission of Statement of Financial Transactions(SFT) for Depository Transactions | Notification No. 3 of 2021 | LINK |
| 5. | Amendments in the notification of theGovernment of India, Ministry of Finance, (Department of Revenue), number 85/2020, dated the 27th October, 2020, | Notification No. 39/2021/ F.No. IT(A)/01/2020-TPL | LINK |
| 6. | TheIncome-tax (11th Amendment) Rules, 2021. | Notification No. 37/2021/ F. No. 370142/28/2020-TPL | LINK |
| 7 | TheIncome-tax (13th Amendment) Rules, 2021. | Notification No. 41 /2021/ F. No. 370142/11/2018-TPL | LINK |
| 8 | TheIncome-tax (14th Amendment) Rules, 2021 | [Notification No. 42/2021 | LINK |
| 9 | TheCentralGovernment hereby specifies the pension fund, namely, the Caissede dépôt et placement du Québec | Notification No. 43/2021 | LINK |
| 10 | TheCentralGovernment hereby specifies the pension fund, namely, the CDPQ Infrastructures Asia III Inc. | Notification No. 44/2021 | LINK |
| 11 | TheIncome tax (15th Amendment),Rules, 2021. | Notification No. 50/2021 | LINK |
| 12 | Modificationof the Notification No. 14/2015 dated 16.02.2015 | Notification No. 47/2021 | LINK |
| 13 | Govt eases income tax norms for cash received by hospitals providing Covid treatment | Notification No. 56/2021 | LINK |
| 14 | Extension of time limits of certain compliances to provide relief totaxpayers in view of the severe pandemic | Circular No. 9 of 2021 | LINK |
| 15 | Income Tax department to launch new e-filing portal for taxpayers on June 7 | Newspaper | LINK |
| 16 | Procedure for exercise of option under sub-section (1) of section 245M and intimation thereof by furnishing and upload of Form No. 34BB under sub-rule (1) of Rule 44DA of Income-tax Rules, 1962. | Notification No. 05 of 2021 | LINK |
| 17 | Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic | Circular No. 9 of 2021 | LINK |
| 18 | TheIncome- tax (16th Amendment) Rules,2021 | Notification No.68 /2021/F. No.370142 /16 /2021-TPL | LINK |
| 19 | Clarification regarding the limitation time for filing of appeals before the CIT(Appeals) under the Income-tax Act, 1961 (the Act) | Circular No. 10/2021 | LINK |
3. Compliance Requirement under GST, 2017
| S. No. | Purpose | Compliance Period | Original date | Extended Date | Compliances Particulars |
| 1 | GSTR – 3B | April, 2021 | 20th May 2021 | 04th June 2021 | Extended Due Date for filling GSTR – 3B return for the month of April, 2021 without interest for the taxpayer with: a. Aggregate turnover exceeding INR 5 crores during previous year b.Aggregate turnover of less then INR 5 Crores for registered person opted for monthly filing of return under QRMP |
| 2 | GST Challan Payment under QRMP | April, 2021 | 25th May 2021 | 09th June 2021 | Extended due date of GST payment for the month of April, 2021 by registered person having aggregate turnover of less than INR 5 Crores and who has opted for quarterly filing of return under QRMP. |
| 3 | GSTR-7- TDS return under GST | May-21 | 10th June 2021 | 10th June 2021 | GSTR 7 is a return to be filed by the persons who is required to deduct TDS (Tax deducted at source) under GST. |
| 4 | GSTR-8- TCS return under GST | May-21 | 10th June 2021 | 10th June 2021 | GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST. |
| 5 | GSTR -6 | May-21 | 13th June 2021 | 13th June 2021 | Due Date for filing return by Input Service Distributors. |
| 6 | GST CMP-08 | January to March, 2021 | 18th April 2021 | 17th June 2021 | Extended Due date of filing of GST CMP-08 for dealers opted for composition scheme with reduced interest of 9%. |
| 7 | GSTR – 3B | March, 2021 | 20th April 2021 | 19th June 2021 | Extended Due Date for filling GSTR – 3B return for the month of March, 2021 with interest @ 9% for the taxpayer with: a. Aggregate turnover exceeding INR 5 crores during previous year b.Aggregate turnover of less then INR 5 Crores for registered person opted for monthly filing of return under QRMP |
| 8 | GSTR – 3B | May-21 | 20th June 2021 | 20th June 2021 | Due Date for filling GSTR – 3B return for the previous month without interest for the taxpayer with: a. Aggregate turnover exceeding INR 5 crores during previous year |
| 9 | GSTR -5 | May-21 | 20th June 2021 | 20th June 2021 | GSTR-5 to be filed by Non-Resident Taxable Person for the previous month. |
| 10 | GSTR -5A | May-21 | 20th June 2021 | 20th June 2021 | GSTR-5A to be filed by OIDAR Service Providers for the previous month. |
| 11 | GSTR – 3B | March, 2021 | 22th April 2021 | 21th June 2021 | Extended Due Date for filling GSTR – 3B return for the month of March, 2021 with interest @ 9% for the taxpayer with aggregate turnover of less than INR 5 Crores and opted for quarterly filing of return. (Category X state) |
| 12 | GSTR – 3B | March, 2021 | 24th April 2021 | 23th June 2021 | Extended Due Date for filling GSTR – 3B return for the month of March, 2021 with interest @ 9% for the taxpayer with aggregate turnover of less than INR 5 Crores and opted for quarterly filing of return. (Category Y state) |
| 13 | GSTR-1 | May-21 | 11th June 2021 | 26th June 2021 | 1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores. 2. Registered person, with aggregate turnover of less then INR 5 Crores, opted for monthly filing of return under QRMP |
| 14 | Details of outward supply-IFF | May-21 | 13th June 2021 | 28th June 2021 | Invoice furnishing facility is availbaled for registered person with turnover less than INR 5 Crores and opted for quarterly filing of return. |
| 15 | GST ITC-04 | January to March, 2021 | 25th April 2021 | 30th June 2021 | Extended due date of filing of details of goods sent to and received from Job Worker. |
*Note 1: Not Opting for QRMP Scheme-Due Date for filling GSTR – 3B with Annual Turnover up to 5 Crore in State 1 Group (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)
**Note 2: Not Opting for QRMP Scheme-Due Date for filling GSTR – 3B with Annual Turnover up to 5 Crore in State 2 Group (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).
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 |
Key UPDATE(s):
1. Taxpayers registered under Companies Act, 2013, can now file their Form GSTR-1 and GSTR-3B with EVC also, apart from using DSC, on GST Portal.
2. Haryana allows reimbursement of GST on Covid items’ donations
The Haryana government has allowed reimbursement of goods and service tax paid by companies, non-governmental organisations and individuals on purchase of 15 items including Covid vaccines, remdesivir injections, ventilators and oxygen cylinders that they have donated free of cost to the state government or state-run hospitals.
3. Govt. relaxes GST refund claim norms
The Central Board of Indirect Taxes and Customs (CBIC) has eased the norms for claiming Goods and Services Tax (GST) refunds making it easier for businesses to rectify their applications. The period between filing a refund claim and an officer issuing a deficiency notice will not be counted in the total time limit available for filing a refund request.
GST UPDATES from 01.05.2020 to 31.05.2021:
| Sl. | Notification Particulars | Notification No. | Link(s) |
| 1. | Extension of the due date of filing Application for Revocation of Cancellation of Registration | GSTN Circular 474 | LINK |
| 2. | Waiver of interest and late fee to normal taxpayers (filing return on monthly or quarterly basis) and composition taxpayers, for the tax periods of March and April, 2021 | GSTN Circular 468 | LINK |
| 3. | Seeks to provide relief by lowering of interest rate for the month of March and April, 2021 | 08/2021-Central Tax dated 01.05.2021 | LINK |
| 4. | Seeks to amend notification no. 76/2018-Central Tax in order to provide waiver of late fees for specified taxpayers and specified tax periods | 09/2021-Central Tax dated 01.05.2021 | LINK |
| 5. | Seeks to extend the due date for filing FORM GSTR-4 for financial year 2020-21 to 31.05.2021 | 10/2021-Central Tax dated 01.05.2021 | LINK |
| 6 | Seeks to extend the due date for furnishing of FORM ITC-04 for the period Jan-March, 2021 till 31st May, 2021. | 11/2021-Central Tax dated 01.05.2021 | LINK |
| 7 | Seeks to extend the due date of furnishing FORM GSTR-1 for April, 2021 | 12/2021-Central Tax dated 01.05.2021 | LINK |
| 8 | Seeks to make third amendment (2021) to CGST Rules. | 13/2021-Central Tax dated 01.05.2021 | LINK |
| 9 | Seeks to extend specified compliances falling between 15.04.2021 to 30.05.2021 till 31.05.2021 in exercise of powers under section 168A of CGST Act. | 14/2021-Central Tax dated 01.05.2021 | LINK |
| 10 | SSeeks to provide relief by lowering of interest rate for the month of March and April, 2021 | 01/2021- Integrated Tax dated 01-05-2021 | LINK |
| 11 | Seeks to provide relief by lowering of interest rate for the month of March and April, 2021 | 01/2021-Union Territory Tax,dt. 01-05-2021 | LINK |
| 12 | GST Revenue collection for April’ 21 sets new record | Release ID: 1715314 | LINK |
| 13 | Module wise new functionalities deployed on the GST Portal for taxpayers | GSTN Circular 470 | LINK |
| 14 | Extension in dates of various GST Compliances for GST Taxpayers | GSTN Circular 469 | LINK |
| 15 | Waiver of interest and late fee to normal taxpayers (filing return on monthly or quarterly basis) and composition taxpayers, for the tax periods of March and April, 2021 | GSTN Circular 468 | LINK |
| 16 | Extension of the due date of filing Revocation application of Cancellation | GSTN Circular 472 | LINK |
| 17 | Generation of GSTR-2B for April 2021 | GSTN Circular 473 | LINK |
| 18 | Seeks to prescribe Standard Operating Procedure (SOP) for implementation of the provision of extension of time limit to apply for revocation of cancellation of registration under section 30 of the CGST Act, 2017 and rule 23 of the CGST Rules, 2017. | 148/04/2021-GST | LINK |
| 19 | Seeks to make fourth amendment (2021) to CGST Rules, 2017. | 15/2021-Central Tax dated 18.05.2021 | LINK |
| 20 | Seeks to appoint 01.06.2021 as the day from which the provisions of section 112 of Finance Act, 2021, relating to amendment of section 50 of the CGST Act, 2017 shall come into force. | 16/2021-Central Tax dated 01.06.2021 | LINK |
| 21 | Seeks to extend the due date for FORM GSTR-1 for May, 2021 by 15 days. | 17/2021-Central Tax dated 01.06.2021 | LINK |
| 22 | Seeks to provide relief by lowering of interest rate for a specified time for tax periods March, 2021to May, 2021. | 18/2021-Central Tax dated 01.06.2021 | LINK |
| 23 | Seeks to rationalize late fee for delay in filing of return in FORM GSTR-3B ; and to provide conditional waiver of late fee for delay in filing FORM GSTR-3B from July, 2017 to April, 2021; and to provide waiver of late fees for late filing of return in FORM GSTR-3B for specified taxpayers and specified tax periods. | 19/2021-Central Tax dated 01.06.2021 | LINK |
| 24 | Seeks to rationalize late fee for delay in furnishing of the statement of outward supplies in FORM GSTR-1. | 20/2021-Central Tax dated 01.06.2021 | LINK |
| 25 | Seeks to rationalize late fee for delay in filing of return in FORM GSTR-4. | 21/2021-Central Tax dated 01.06.2021 | LINK |
| 26 | Seeks to rationalize late fee for delay in filing of return in FORM GSTR-7. | 22/2021-Central Tax dated 01.06.2021 | LINK |
| 27 | Seeks to amend Notification no. 13/ 2020-Central Tax to exclude government departments and local authorities from the requirement of issuance of e-invoice. | 23/2021-Central Tax dated 01.06.2021 | LINK |
| 28 | Seeks to amend notification no. 14/2021-Central Tax in order to extend due date of compliances which fall during the period from “15.04.2021 to 29.06.2021” till 30.06.2021. | 24/2021-Central Tax dated 01.06.2021 | LINK |
| 29 | Seeks to extend the due date for filing FORM GSTR-4 for financial year 2020-21 to 31.07.2021. | 25/2021-Central Tax dated 01.06.2021 | LINK |
| 30 | Seeks to extend the due date for furnishing of FORM ITC-04 for QE March, 2021 to 30.06.2021. | 26/2021-Central Tax dated 01.06.2021 | LINK |
| 31 | Seeks to make amendments (Fifth Amendment, 2021) to the CGST Rules, 2017. | 27/2021-Central Tax dated 01.06.2021 | LINK |
Compliance Requirement UNDER Companies Act, 2013 and Rules made there under;
- If due date of any form given below falling between 1st April, 2021 to 30th May, 2020 then those forms can be file without additional fees till 31st July, 2021.
- Please refer MCA circular related extension Click Here
| Applicable Laws/Acts | Due Dates | Compliance Particulars | Forms / Filing mode |
| Companies Act, 2013 | Within 180 Days From The Date Of Incorporation Of The Company (one time compliance only) | As per Section 10 A (Commencement of Business) of the Companies Act, 2013, inserted vide the Companies (Amendment) Ordinance, 2018 w.e.f. 2nd November, 2018, a Company Incorporated after the ordinance and having share capital shall not commence its business or exercise any borrowing powers unless a declaration is filed by the Director within 180 days from the date of Incorporation of the Company with the ROC. | MCA E- Form INC 20A (one time compliance) |
| Companies Act, 2013 | First declaration within 90 days from the date of notification Dt. 08.02.2019 | A person having Significant beneficial owner shall file a declaration to the reporting company http://www.mca.gov.in/Ministry/pdf/CompaniesOwnersAmendmentRules_08020219.pdf i.e. within 90 days of the commencement of the Companies (Significant Beneficial Owners) Amendment Rules, 2019 i.e. 08.02.2019 In case Subsequent Acquisition of the title of Significant Beneficial Owner / Any Change therein a declaration in Form No. BEN-1 required to be filed to the reporting company, within 30 days of acquiring such significant beneficial ownership or any change therein. | Form BEN-1 Draft Format available at LINK |
| Companies Act, 2013 | within 30 days of acquiring beneficial interest | Filing of form BEN-2 under the Companies (Significant Beneficial Owners) Rules, 2018. (the date of receipt of declaration in BEN-1 ) CLICK HERE | Form BEN – 2 (e-form deployed by Ministry (ROC)) on 01.07.2019 |
| Companies Act, 2013 | One time Compliance | Filing of the particulars of the Company & its registered office. (by every company incorporated on or before the 31.12.2017.) | Active Form INC -22A |
| Companies Act, 2013 | Annual Compliance (30.09.2021) | *DIN KYC through DIR 3 KYC Form is an Annual Exercise. Last date for filing DIR-3 KYC for Financial year 2020-21is 30th September, 2021 Annual Exercise:CLICK HERE Penalty after due date is Rs. 5000/-(one time) | E-Form DIR – 3 KYC (Web Based and E-form) |
| Companies Act, 2013 | Within 270 days from the date of deployment of this Form | Annual Return To Be Filed By Auditor With The National Financial Reporting Authority CLICK HERE CLICK HERE Click Here Note on NFRA -2Click Here | NFRA-2 (NFRA-2 e-Form live since 9th December 2019.) |
| Companies Act, 2013 | Within 15 days of appointment of an auditor. | The Ministry in its General Circular No. 12/2018 dated 13th December, 2018 clarified that filing of Form NFRA-1 is applicable only for Bodies Corporate and ruled out filing by Companies as defined under sub-section (20) of Section 2 the Act. | E – Form NFRA -1 |
| Companies Act, 2013 | Within 30 days of the board meeting | Filing of resolutions with the ROC regarding Board Report and Annual Accounts. The details of the resolutions passed should be filed. | MGT-14 (Filing of resolution with MCA) |
| Companies Act, 2013 | Within 60 (sixty) days from the conclusion of each half year. | Reconciliation of Share Capital Audit Report (Half-yearly) Pursuant to sub-rule Rule 9A (8) of Companies (Prospectus and Allotment of Securities) Rules, 2014 To be filed all unlisted companies, deemed public companies Till further clarification to be filled in GNL-2 | E-Form PAS – 6 |
| Companies Act, 2013 | 30th June, 2021 | Every company must file DPT 3 for outstanding loans annually. The Companies (Acceptance of Deposits) Amendment Rules, 2019, | E-Form DPT – 3 |
Compliance requirement under Income Tax act, 1961
| SN. | 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 |
| 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 |
| 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:
| The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. | Click here |
| Notification No. 88/2020 [F. No. 370142/35/2020-TPL] / SO 3906(E) dated 29 October, 2020. | Click here |
Important Income tax 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 | LINK |
| 2. | Extended Due date for filing ITRs requiring Tax Audit Report is 15th Feb 2021. | Update | LINK |
| 3. | Income Tax Department conducts searches in Assam | Press Release | LINK |
| 4. | Income Tax Department conducts searches in Kolkata | Press Release | LINK |
| 5. | Tax Updates – Budget 2021 | Press Release | LINK |
| 6. | sharing of information with “CEO, Center for e-Governance, Govt. of Karnataka” | Notification No. 05/2021 | LINK |
| 7 | Income Tax Department conducts searches in Bengaluru | Press Release | LINK |
| 8 | DGGI Gurugram arrests man for fraudulently availing input tax credit of more than Rs 69 crore | Press Release | LINK |
| 9 | DGGI Gurugram arrests man for fraudulently availing input tax credit of Rs 376 crore through 7 fake firms | Press Release | LINK |
| 10 | CGST Officials arrest one after busting network of 46 fake firms involved in fake input tax credit of Rs 82.23 crore | Press Release | LINK |
| 11 | The Faceless Assessment(1st Amendment) Scheme, 2021 | [Notification No. 6/2021/F. No. 370149/154/2019-TPL | LINK |
| 12 | Amendmentsinthe notificationvidenumber S.O 3265 (E), dated the 12thSeptember, 2019 | Notification No. 7/2021/F. No. 370149/154/2019-TPL | LINK |
| 13 | Clarification issued by Department | Notification No. 8 /2021 F.No.300196/35/2019-ITA-I | LINK |
| 14 | DGGI Gurugram arrests man for fraudulently availing input tax credit of more than Rs 69 crore | Press Release | LINK |
| 15 | DGGI Gurugram arrests man for fraudulently availing input tax credit of Rs 376 crore through 7 fake firms | Press Release | LINK |
| 16 | CGST Officials arrest one after busting network of 46 fake firms involved in fake input tax credit of Rs 82.23 crore | Press Release | LINK |
| 17 | Amendments in Direct Tax Vivad se Vishwas Act | [Notification No. 09/2021/ F.No. IT(A)/01/2020-TPL | LINK |
Compliance Requirement under GST, 2017
Filing of GSTR –3B Due Dates for May 2020
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 | 20thMarch, 2021 | – | – | – |
B. Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
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
| Tax period | Due Date | No interest payable till | Interest payable @ 9% from & till | Interest payable @ 18% from |
| February, 2021 | 22ndMarch, 2021 |
C. Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
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
| Tax period | Due Date | No interest payable till | Interest payable @ 9% from & till | Interest payable @ 18% from |
| February, 2021 | 24thMarch, 2021 |
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 |
Key GST Updates:
1. Advisory on Reconciliation Statement (GSTR-9C )
Reconciliation statement to be filed in Form GSTR-9C requires the tax rate wise declaration of transactions for the concerned financial year. In the said form, tax amount pertaining to tax rates 1%, 1.5% and 7.5% in section III (table 9 and 11) and section V may be made in row/ under label ‘Others’ of the said tables, wherever applicable.
2. Budget 2021: Govt scraps GST Audit, No Need to file GSTR-9C [Read Finance Bill].
The Union Finance Minister Nirmala Sitharaman while presenting the Budget 2021 today before the Parliament, proposed to omit the requirement of furnishing the GSTR audit report in the form GSTR-9C. The GSTR-9C is a reconciliation statement required to be furnished by a taxpayer whose turnover exceeds Rs.2 crore in a financial year while filing his annual return in form GSTR-9. As per the Finance Bill 2021, “In section 35 of the Central Goods and Services Tax Act,sub-section (5) shall be omitted.”
3. Sanitiser makers move court over ‘typo’ in GST regulations
Companies that were importing a key raw material used in manufacturing sanitisers and disinfectants have dragged the government to court following inability to avail benefits over an apparent typing error in the Goods and Services Tax (GST) framework.
Importers of ‘denatured ethyl alcohol’, a raw material used in hand sanitisers and disinfectants, have been paying a lower or concessional rate of customs duty, over the years as this was categorised as ‘excisable goods’.
GST UPDATES from 01.02.2021 to 28.02.2021:
| Sl. No. | Notification(s) | Notification No. | Link(s) |
| 1. | Module wise new functionalities deployed on the GST Portal for taxpayers. | GSTN Update 444 | LINK |
| 2. | Auto-population of e-invoice details into GSTR-1 | GSTN Update 445 | LINK |
| 3. | Payment of Tax by Fixed Sum Method under QRMP Scheme | GSTN Update 447 | LINK |
| 4. | Know more about “QRMP scheme and how to furnish details in IFF” | GSTN Update 449 | LINK |
| 5. | Due dates for filing of Form GSTR-3B from the Tax Period of January, 2021 | GSTN Update 450 | LINK |
| 6 | QRMP & IFF-Answers to Frequently Asked Questions | GSTN Update 451 | LINK |
| 7 | Standard Operating Procedure (SOP) for implementation of the provision of suspension of registrations under sub-rule (2A) of rule 21A of CGST Rules, 2017. | 145/01/2021-GST | LINK |
| 8 | Advisory on Reconciliation Statement (GSTR-9C ) | GSTN Update 453 | LINK |
| 9 | Know more about “QRMP scheme and how to furnish details in IFF” and Answers to Frequently Asked Questions | GSTN Update 452 | LINK |
| 10 | 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 – Reg. | 146/02/2021-GST | LINK |
| 11 | Seeks to notify persons to whom provisions of sub-section (6B) or sub-section (6C) of section 25 of CGST Act will not apply. | 03/2021- Central Tax dated 23.02.2021 | LINK |
| 12 | Seeks to extend the time limit for furnishing of the annual return specified under section 44 of CGST Act, 2017 for the financial year 2019-20 till 31.03.2021. | 04/2021-Central Tax dated 28.02.2021 | LINK |
Compliance under Other Statutory LAws
| Applicable Laws/Acts | Due Dates | Compliance Particulars | Forms / (Filing mode) |
| EPF (The Employees’ Provident Funds And Miscellaneous Provisions Act, 1952) | 15.03.2020 | PF Payment | ECR |
| ESIC (Employees’ State Insurance Act, 1948) | 15.03.2020 | 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 |
| 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 |
| Shops And Establishments Act | 31.03.2021 | Annual Return Under Shops and Establishments Act – Jharkhand | Annual Return |
Maharashtra Professional Tax Act | 31.03.2021 | Monthly Return for February Under Maharashtra Profession Tax, Trade and Ceilings | Profession Tax |
Key Update:
1. Labour Ministry finalises new job rules under 4 codes, reform to be a reality soon
Parliament had passed four codes on four broad codes on wages, industrial relations, social security and occupational safety health & working conditions (OSH) which would ultimately rationalise 44 central labour laws. The Code on Wages was passed by Parliament in 2019 while the three other codes got clearance from both the Houses in 2020.
The four broad codes on wages, industrial relations, social security and occupational safety, health & working conditions (OSH) have already been notified after getting the President’s assent. But for implementing these four codes, the rules need to be notified.
2. Labour codes to herald new wave of reforms in 2021; job creation likely to be major challenge
This year has also been a challenging year for the workforce as well as for employers due to the outbreak of the COVID-19 pandemic. The government imposed a nationwide lockdown from March 25, which had an adverse impact on economic activities and resulted in the exodus of migrant workers from large cities to their homes in the hinterland.
The implementation of four labour codes in one go from April 1 next year will usher in a new wave of reforms in industrial relations and also help in attracting more investments but employment generation will remain a key challenge in 2021.
The author of the above article is CS Lalit Rajput, Partner at Xcede Consultech LLP.
Email id: [email protected]
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