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…

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:

INDIA – Has the economy turned around.

A. INTRODUCTION: COVID-19 affected the entire world making no difference between the rich and the poor, between the strong and poor nations. Wealth could not avoid the catastrophe and could not also guarantee a good life. Well laid rules of economics were tested. The well-established health care systems of advanced nations were also severely tested…

DUE DATE EXTENDED

The government on Wednesday extended the date for filing income tax return to January 10 from December 31, 2020, for individual taxpayers. The government on Wednesday extended the deadline to file income tax return (ITR) for individuals by 10 days to January 10, 2021. The deadline for filing tax returns by businesses too has been…

Income Tax relief for Real-estate Developers and Home Buyers : Press Release

Government of India Department of Revenue Ministry of Finance Central Board of Direct Taxes New Delhi, 13th November, 2020 PRESS RELEASE Income Tax relief for Real-estate Developers and Home Buyers As part of the AatmaNirbhar Bharat Package 3.0 as announced by Hon’ble Finance Minister on 12th November, 2020, certain income tax relief measures were brought…

Eligibility of Input Tax Credit (ITC) under RCM on supply received from unregistered persons Even after Expiry of Time Limit Specified in Section 16(4):-

There is a lot of confusion around sec 16(4) and there are many taxpayers who are suffering from lapses of ITC due provision of Sec 16(4) especially in the case of RCM where they forgot to deposit RCM on supply received from an unregistered person now they want to claim ITC on RCM even after…

Tax Compliance Calendar for November 2020

Article compliance due date under Income Tax Law, GST Law and Labour Laws. Same includes due date for filing of Form GSTR-3B, GSTR-7, GSTR-8, GSTR-1, GSTR-6, GST CMP 08, GSTR-5, GSTR-5A (OIDAR Service Provider), GSTR 9, GSTR 9C, GSTR-4 and due of Furnishing Tax Audit Report for A/Y 2020-21. It further includes due date of…