An overview on Direct Tax Updates for the month of November 2020 By CA Rubneet Anand


INCOME TAX AMENDMENTS NOVEMBER 2020

Notifications and Circulars

CBDT issues a circular condoning the delay in filing of form No. 10 BB (Form for furnishing the audit report of the accounts of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution) for AY 2016-17 and onwards (Circular no. 19/2020 dated 03th November 2020)

Income tax department issues SOPs for faceless Income Tax Assessment Scheme, 2019
(Instruction no. F. No. Pr.CCIT(NeAC)/2019-20/343 and F. No. Pr. CCIT/NeAC/SOP/2020-21 dated 19th November 2020)

Income Tax Compliance Calendar – November2020

Due Date

Particulars

7 December 2020

Due date for deposit of Tax deducted/collected for the month of November, 2020. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan

15 December 2020

-Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of November, 2020 has been paid without the production of a challan?

-Third instalment of advance tax for the assessment year 2021-22

-Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of October, 2020

-Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of October, 2020

-Due date for issue of TDS Certificate for tax deducted under Section 194M in the month of October, 2020

-Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of November, 2020?

30 December 2020

Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB in the month of November, 2020

-Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of November, 2020

-Furnishing of report in Form No. 3CEAD for a reporting accounting year (assuming reporting accounting year is January 1, 2019 to December 31, 2019) by a constituent entity, resident in India, in respect of the international group of which it is a constituent if the parent entity is not obliged to file report under section 286(2)or the parent entity is resident of a country with which India does not have an agreement for exchange of the report etc

-Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of November, 2020

31 December 2020

-Return of income for the assessment year 2020-21 for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) partner of a firm whose accounts are required to be audited or (d) an assessee who is required to furnish a report under section 92E.

-Due date for furnishing of various audit reports including tax audit report and report in respect of international/specified domestic transaction for the Assessment Year 2020-21

JUDICIAL PRONOUNCEMENTS

Section 171(3A) penalty related to Anti Profiteering cannot be levied retrospectively (Kerala State Screening Committee on Anti Profiteering Vs TTK Prestige Ltd)

Sales against opening stock accepted by the department cannot be treated as unexplained income (PCIT Vs Akshit Kumar (Delhi High Court)

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