Direct Tax Updates August 2020 with Income Tax Compliance Calendar – September 2020 By CA Rubneet Anand


  • CBDT notified the procedure for notification of Pension funds (PF) for claiming exemption under section 10(23FE) for income from Investment in Specified Infrastructure business (Notification no. 67/2020 dated 17.08.2020)

  • CBDT notifies 34 authorities for Faceless Assessment (Notification no. 64/2020 dated 13.08.2020)

  • CBDT notifies the Faceless Assessment Procedure (Notification no. 61/2020 & 60/2020 dated 13.08.2020)

  • CBDT notifies prescribed authority under section 133C related to Power to call for information by Prescribed Income Tax Authority (Notification no. 60/2020 dated 13.08.2020)

  • CBDT inserted a new provision in section 269SU instructing Banks to refund charges on account of Transactions made through Debit Card, BHIM UPI & BHIM UPI QR CODE w.e.f 01.01.2020 (Circular no. 16/2020 dated 30.08.2020)

Income Tax Compliance Calendar – September 2020

Due Date

Particulars

7th September 2020

Due date for deposit of Tax deducted/collected for the month of August, 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

14 September 2020

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

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

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

15 September 2020

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

· Second instalment of advance tax for the assessment year 2021-22?

· 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 August, 2020

30 September 2020

· Due date for filing of audit report under section 44AB for the assessment year 2020-21 in the case of a corporate-assessee or non-corporate assessee (who is required to submit his/its return of income on October 31, 2020).

· The due date for filing of audit report has been extended from September 30, 2020 to October 31, 2020 vide the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 read with Notification No.35 /2020, dated 24-06-2020.

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

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

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

· Return of income for the assessment year 2019-20 for all assessee

· The due date for filing of return of income under section 139 for the assessment year 2019-20 has been extended to September 30, 2020 vide the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 read with Notification No. 35 /2020, dated 24-06-2020 and Notification No. 56/2020, dated 29-07-2020.

 
JUDICIAL PRONOUNCEMENTS

  • No penalty u/s 271(c) is not leviable on any debatable issue (Piramal Healthcare Ltd. Vs DCIT (ITAT Mumbai)

  • Ex parte order is not justified if notice is Served on wrong address (Vibgyor Tech Solutions (P) Ltd. Vs ITO)

  • Assessment initiated on Non- existing entity considered as Void ab Initio (Atos India (P) Ltd Vs. DCIT (ITAT Mumbai)

  • Marketing expense of Issuance of Handsets on Free of cost is allowed as Business Expense (Nokia India (P) Ltd Vs. ACIT (ITAT Delhi)

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