Income Tax Amendments (October) and Income Tax Compliance Calendar November 2020 By CA Rubneet Anand


Notifications and Circulars October, 2020

CBDT issues notification extending the due dates for Income Tax Returns & Tax Audit Reports, as follows (Notification no. 88/2020 dated 29.10.2020)

-Without tax audit- 31.12.2020

-Transfer pricing and tax audit- 31.01.2021

-Income Tax return FY 2018-19 -30.11.2020

CBDT notifies Equalisation Levy (Amendment) rules, 2020 & related forms (Notification no. 87/2020 dated 28.10.2020)

Govt. notifies the extension of Cut-off/ payment due dates under Vivad se Vishwas Scheme (Notification no. 85/2020 dated 27.10.2020)

-31st December 2020- Last date for filing the declaration

-31st March 2021- Last date for paying the amount payable as per the third column of the table to section 3

-1st April 2021- Last date for paying the amount payable as per the fourth column of the table to section 3

CBDT notifies the tolerance range as per section 92C i.e.w.r.t. the variation in the transaction value and arm length price (Notification no. 83/2020 dated 19.10.2020)-Whole trade- 1% & on other cases 3%

CBDT amends form 3CD, Form 3CEB, ITR6 and other related forms (Notification no. 82/2020 dated 01.10.2020)

Income Tax Compliance Calendar – November 2020

Due Date

Particulars

7th November

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

14th November

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

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

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

15th November

- Quarterly TDS certificate (in respect of tax deducted for payments other than salary) for the quarter ending September 30, 2020?

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

- 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 October, 2020?

30th November

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

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

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

- Report in Form No. 3CEAA by a constituent entity of an international group for the accounting year 2019-20?

- Statement of income distribution by Venture Capital Company or venture capital fund in respect of income distributed during previous Year 2019-20 (Form No. 64)?

- Statement to be furnished in Form No. 64D by Alternative Investment Fund (AIF) to Principal CIT or CIT in respect of income distributed (during previous year 2019-20) to units holders?

- Due date to exercise option of safe harbour rules for international transaction by furnishing Form 3CEFA?

- Due date to exercise option of safe harbour rules for specified domestic transaction by furnishing Form 3CEFB?

- Due date for filing of statement of income distributed by business trust to unit holders during the financial year 2019-20. This statement is required to be filed electronically to Principal CIT or CIT in form No. 64A

- Application in Form 9A for exercising the option available under Explanation to section 11(1) to apply income of previous year in the next year or in future (if the assessee is required to submit return of income on November 30, 2020)?

- Statement in Form no. 10 to be furnished to accumulate income for future application under section 10(21) or 11(1) (if the assessee is required to submit return of income on November 30, 2020)?

- Submit copy of audit of accounts to the Secretary, Department of Scientific and Industrial Research in case company is eligible for weighted deduction under section 35(2AB) [if company has any international/specified domestic transaction]

- Statement by scientific research association, university, college or other association or Indian scientific research company as required by rules 5D, 5E and 5F (if due date of submission of return of income is November 30, 2020)?

- Due date for claiming foreign tax credit, upload statement of foreign income offered for tax for the previous year 2019-20 and of foreign tax deducted or paid on such income in Form no. 67. (if due date of submission of return of income is November 30, 2020)?

JUDICIAL PRONOUNCEMENTS

Section 153C notice without recording satisfaction note is unjustified (ACIT vs RangoliBuildtech (P) Ltd)

Section 14A disallowance not applicable to Insurance Companies (DCIT Vs Edelweiss Tokio Life Insurance Ltd. (ITAT Mumbai))

ITAT allows deduction u/s 80HH, 80I & 80IA on processed Natural Gas Supply (Gail(India) Ltd vs DCIT)

Section 263 revision not sustainable for mere inadequacy of Enquiry/ Insufficiency of Material on record (CIT vs Cyber Park Development & Construction Ltd)

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