Tax Calendar of July 2021- GST, Income Tax and other compliances
1. Compliance requirement under Income Tax act, 1961
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Compliance Particulars
Due Dates
1
Due date of depositing TDS/TCS liabilities for previous month.
07-07-2021
2
Due date of depositing TDS/TCS liabilities for the period April to June for quarterly deposit of TDS under section 192, 194A, 194D or 194H
07-07-2021
3
TDS certificate to employees in respect of salary paid (extended date vide Circular no. 9/2021, dated 20-05-2021)
15-07-2021
4
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), now it is again changed to July 15, 2021
15-07-2021
5
Due date for issue of TDS Certificate for tax deducted under section 194-IA, 194-IB and 194M in the month of April, 2021
15-07-2021
6
Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending June, 2021
15-07-2021
7
Quarterly statement of TCS deposited for the 1st Quarter
15-07-2021
8
Due date for issuance of TCS Certificate for Q1 of FY 2020-21
30-07-2021
9
Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA, 194-IB, 194M for the month of June, 2021
30-07-2021
10
Quarterly statement of TDS deposited
30-07-2021
11
Certificate of TDS in respect of tax deducted for payments other than salary (Further extentioin of due date from July 15, 2021 to July 31, 2021)
The deadline for receiving Form 16 has been extended to July 31, 2021.
The deadline for linking PAN with Aadhaar has been extended to September 30, 2021.
The ITR filing deadline for FY 2020-21 has been extended to September 30, 2021 from usual deadline of July 31, 2021.
2. National Faceless Assessment Centre, Delhi, directed
1.to designate the web portal www.incometax.gov.in as the “designatedportal”for the purpose of Faceless Assessment in terms of Explanation (i) to section144B(I)of the Income-tax Act.
3. “Compliance Check for Section 206AB &; 206CCA”.
The Central Board of Direct Taxes (‘CBDT’), in exercise of powers conferred under section 138 (1) (a) (i) of Income-tax Act, 1961, hereby directs that Director General of Income-tax (Systems), New Delhi shall be the specified income-tax authority for furnishing information to the ‘Tax Deductor / Tax Collector’, having registered in the reporting portal of the Project Insight through valid TAN, to identify the ‘Specified Persons’ for the purposes of section 206AB and 206CCA of the Act through the functionality “Compliance Check for Section 206AB &; 206CCA”.
TheCentral Government hereby approves M/s Indian Institute of Technology, Bhilai (PAN: AABAI0415K) under thecategory of ‘University, College or other institution’
A. Taxpayers having aggregate turnover >Rs. 5 Cr. in preceding FY
Tax period
Due Date
No interest payable till
Particulars
June, 2021
20thJuly, 2021
–
Due Date for filling GSTR – 3B return for the month of June, 2021 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year
B. Taxpayers having aggregate turnover uptoRs. 5 crores in preceding FY (Group A)
Tax period
Due Date
No interest payable till
Particulars
June, 2021
22nd July, 2021
Due Date for filling GSTR – 3B return for the month of June, 2021 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B
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
C. Taxpayers having aggregate turnover uptoRs. 5 crores in preceding FY (Group B)
Tax period
Due Date
No interest payable till
Particulars
June, 2021
24thJuly, 2021
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
D. Filing Form GSTR-1:
Tax period
Due Date
Remarks
Monthly return (June, 2021)
11.07.2021
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
E. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Return for Tax Deducted at source to be filed by Tax Deductor
10th of succeeding month
10.07.2021
GSTR -8
E-Commerce operator registered under GST liable to TCS
10th of succeeding month
10.07.2021
F. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
Form No.
Compliance Particulars
Timeline
Due Date
Details of outward supply-IFF
Invoice furnishing facility is available for registered person with turnover less than INR 5 Crores and opted for quarterly filing of return.
13th of succeeding month
13.07.2021
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
Other Returns:
Form No.
Compliance Particulars
Timeline
Due Date
GST CMP-08
Due date of filing of GST CMP-08 for dealers opted for composition scheme. Quarterly – April to June 2021
Date was extended from 15.07.2021
18.07.2021
GSTR-4
Annual return for dealers opted for Composition Scheme
For 2020-21
31.07.2021
GST return for pending Period-Amnesty Scheme
Filing of Pending GST return with reduced penalty under Amnesty Scheme
July, 2017 to April, 2021
From 01.6.2021 to 31.08.2021
Key UPDATE(s):
1. GSTN enables functionality to lodge complaint of PAN misuse for GST registration
“To check the misuses of PAN in GST Registration, a functionality has been provided at GST Portal to register the complaint. GSTN, which handles the technology backbone of the Goods and Services Tax, has enabled an utility to lodge complaints relating to misuse of PAN for obtaining GST registration, a move aimed at curbing creation of bogus entities for the purpose of tax evasion. Any person whose PAN has been misused can lodge such a complaint. Following that, it would be sent to the concerned tax officer under whose jurisdiction the registration has taken place fraudulently for further action.
2. Petrol, diesel under GST: HC asks Centre to decide
The Kerala high court has asked the central government to decide on a representation seeking to bring petroleum products under goods and services tax (GST) regime.
A division bench comprising chief justice S Manikumar and justice Shaji P Chaly asked the government to take a decision on the representation raising the demand within six weeks after considering a petition (WP-C No. 12481/2021) filed by Kerala Pradesh Gandhi Darshanvedi through advocate Arun B Varghese. It was alleged by the petitioner that petrol and diesel rates differ in various states as the tax levied by each state is different.
Key GST UPDATES from 01.06.2021 to 30.06.2021:
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Notification Particulars
Notification No.
Link(s)
1.
Extension of the due date of filing Application for Revocation of Cancellation of Registration
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.
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.
Seeks to amend Notification no. 13/2020-Central Tax to exclude government departments and local authorities from the requirement of issuance of e-invoice.
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.
Seeks to amend notification No. 11/2017- Central Tax (Rate) so as to notify CGST rates of various services as recommended by GST Council in its 43rd meeting held on 28.05.2021.
Seeks to amend notification No. 06/2019- Central Tax (Rate) so as to give effect to the recommendations made by GST Council in its 43rd meeting held on 28.05.2021.
Seeks to amend notification No. 11/2017- Central Tax (Rate) so as to notify GST rates of various services as recommended by GST Council in its 44th meeting held on 12.06.2021.
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
3. Compliance Requirement UNDER Companies Act, 2013 and Rules made thereunder;
For all forms except, Charge related:If due date of any form given below falling between 1st April, 2021 to 31st July, 2021 then those forms can be file without additional fees till 31st August, 2021.
For Charges related forms – In line with the extension provided in General Circular 12/2021 issued by the Ministry of Corporate Affairs, Additional Fee/Ad valorem fee in respect of Charge documents viz. CHG-1 and CHG-9 shall be calculated after excluding No. of days between 01st April 2021 to 31st July 2021 based on the event date entered in the form.
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
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 FormINC -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, 2021Annual Exercise:CLICK HEREPenalty 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 HERECLICK HEREClick HereNote on NFRA -2
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 – FormNFRA -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
LLP Compliance:
Applicable Laws/Acts
Due Dates
Compliance Particulars
Forms / Filing mode
LLP Act, 2008
within 60 days from the closure of the financial year (date extended till 31.07.2021)
LLP Annual Filing- An annual statement for submitting details of the business of the LLP and its partners for the FY 2020-21
Form LLP-11
KEY UPDATES – May, 2021:
1. Relaxation in Maximum Gap between Two Board Meetings:
MCA extended gap between two board meetings by 60 days for first two quarters of financial year 2021-22. According to this, the gap between two consecutive Board Meetings may extend to 180 days during the quarters, April to June and July to August.
2. MCA expands small firm definition, raises turnover and borrowing limits
The ministry of corporate affairs has expanded the definition of small and medium companies (SMC), raising their turnover and borrowing limits. This would enable a wider set of companies to avail of greater flexibility in the accounting standards.
The 388-page notification has defined small and medium companies as unlisted entities which are not banks, financial institutions or insurance firms and have a turnover of up to Rs 250 crore and borrowings up to Rs 50 crore in the immediately preceding accounting year. The threshold has been Rs 50 crore and Rs 10 crore for turnover and borrowings under the general accounting standards.
“SMC which is a holding company or subsidiary company of a non-SMC will not qualify as a small and medium company.”The notification also says that an existing company which was not a small and medium company previously but became so subsequently would not be able to avail of any exemptions in accounting standards. It can avail of these exemptions if it continues as a small and medium company for two consecutive accounting periods.
Please refer the attached file for the list of forms for which additional fee waiver is made available as per Circular no. 06/2021 and 07/2021. Stakeholders may please take note and plan accordingly
National Financial Reporting Authority seeks comments/suggestions from public and stakeholders on consultation paper on NFRA’s engagement with its stakeholders
Refer the attached file for the list of forms for which additional fee waiver shall be made available/ extended in line with the General Circulars 11/2021 and 12/2021. Stakeholders may please take note and plan accordingly. CFSS Due Date Extended
In line with the extension provided in General Circular 11/2021 issued by the Ministry of Corporate Affairs, stakeholders shall be allowed to file various forms due for filing between 1st April 2021 to 31st July 2021 under the Companies Act 2013 or LLP Act, 2008 without payment of additional fees up to 31st August 2021. Please refer the list of forms under Latest News Section.
In line with the extension provided in General Circular 12/2021 issued by the Ministry of Corporate Affairs, Additional Fee/Ad valorem fee in respect of Charge documents viz. CHG-1 and CHG-9 shall be calculated after excluding No. of days between 01st April 2021 to 31st July 2021 based on the event date entered in the form
The author of the above article is CS Lalit Rajput, Partner at Xcede Consultech LLP. Email id: [email protected]
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