Extension of time limits of certain compliances to provide relief to taxpayers in view of severe pandemic

The CBDT vide Circular No. 9/2021, dated 20th May 2021 has extended the due dates for filing of return of income for the assessment year 2021-22. SituationsOriginal Due DateExtended Due Date   If assessee is required to furnish a report of transfer pricing (TP) Audit in Form No. 3CEB30-11-202131-12-2021If assessee is a partner in a firm who is required to…

TAX COMPLIANCE CALENDAR APRIL 2021

GST Compliance Calendar April 2021: Due DateForms to be filedTaxpayer TypePeriod10-04-2021GSTR-7Taxpayer who is required to deduct TDS as per GST ActMar-2110-04-2021GSTR-8Taxpayer who is required to collect TCS as per GST ActMar-2111-04-2021GSTR-1Normal Registered Taxpayer who has not opted for Quarterly Return Monthly Payment (QRMP) SchemeMar-2113-04-2021GSTR-6A taxpayer having registration of Input Service Distributor (ISD)Mar-2113-04-2021GSTR-1Registered Taxpayer who has…

CBDT Defers GST & GAAR reporting till 31.03.2022

The Central Board of Direct Taxes (CBDT) deferred the Tax Audit Clause 30C and 44 till 31st Mar 2022 due to COVID-19. F.No. 370142/9/2018-TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesTPL DivisionNew Delhi **** Circular No. 05/2021, Dated 25th March, 2021. Order under section 119 of the Income-tax Act, 1961 Section 44AB…

16 Bullet Points to be taken care of while implementing HSN digits from the new financial year 2021-22

A major change for which the businesses have to gear up starting 01st April 2021 is mentioning of HSN codes on all the tax invoices: Major points to be considered for this new provision are as below: 1. The change is an extension of the amendment made in Notification 12/2017-Central Tax through Notification No. 78/2020 dated 15/12/2020. 2. For turnover…

Significant Changes in Income Tax w.e.f 01.04.2021:

1. Pre-filled ITR Forms: A major change in ITR Form is expected as per Budget 2021 (Pre-Filed ITR) will be introduced. The Pre-filled ITR Forms will have information of Capital Gains from Listed Securities, Dividend   Income, Interest from Banks/Post Office, etc. Earlier Pre-filed   ITR form   was   available    for   Salaried employees where Income was reflected on basis…

Mandatory to mention 4/6-digit HSN/SAC Code w.e.f. April 1, 2021

The Central Board of Indirect Taxes (CBIC) issued Notification No. 12/2017-Central Tax dated June 28, 2017, to show specified digits of Harmonised System of Nomenclature (HSN)/ Service Accounting Code (SAC) Code on raising of tax invoices for supply of goods or services as under: S. No.Aggregate Turnover in the preceding Financial YearNumber of Digits of HSN Code1.Upto…

Rule 114E: Reportable Transactions & Guidelines for Preparation of SFT

Central Board of Direct Taxes Directorate of Income Tax amends Rule 114E to capture details of interest, dividend and capital gain from listed securities and mutual fund units: Rule_114EDownload The notification of the amendments is attached: