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


Notifications and Circulars

  • CBDT issues directions for disposal of appeals under Faceless Appeal scheme 2020 (Notification no. 77/2020 dated 25.09.2020)
  • CBDT notifies the Faceless Appeals Scheme, 2020 (Notification no. 76/2020 dated 25.09.2020)
  • CBDT notifies for 15C for Application by Banking Company or Insurer for receipt of sum without deduction of Tax (Notification no. 752020 dated 22.09.2020)
  • Govt Introduces Taxation Law amendment bills in Lok Sabha (Bill no. 116 of 2020)
  • All Income Tax Return Preparation Software for AY 2020-21 are now available for e-Filing.
Income Tax Compliance Calendar – October 2020

Due Date

Particulars

7th October 2020

-  Due date for deposit of tax deducted/collected for the month of September, 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

-  Due date for deposit of TDS for the period July 2020 to September 2020 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H

15th October 2020

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

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

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

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

- Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending September, 2020

-Quarterly statement of TCS deposited for the quarter ending September 30, 2020

-Upload declarations received from recipients in Form No. 15G/15H during the quarter ending September, 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 September, 2020

30th October 2020

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

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

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

-Quarterly TCS certificate (in respect of tax collected by any person) for the quarter ending September 30, 2020

31st October 2020

-Intimation by a designated constituent entity, resident in India, of an international group in Form no. 3CEAB for the accounting year 2019-20.

-Quarterly statement of TDS deposited for the quarter ending September 30, 2020

-Due date for furnishing of Annual audited accounts for each approved programmes under section 35(2AA)

-Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending September 30, 2020

-Copies of declaration received in Form No. 60 during April 1, 2020 to September 30, 2020 to the concerned Director/Joint Director

 
JUDICIAL PRONOUNCEMENTS

  • No section 14A disallowance if there is no exempt income (Tata Sky Limited Vs. ACIT (ITAT Mumbai)

  • Keyman Insurance Policy Maturity Value taxable as Income from Other Sources (Ravjibhai L. Kakadia Vs. ACIT (ITAT Mumbai)

  • No penalty on additional income admitted though there is no evidence (ACIT Vs Deccan Jewellers Pvt. Ltd. (ITAT Visakhapatnam)

  • ITAT allows section 80IB deduction on Pro rata basis

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