Income Tax Compliance Calendar – January 2021 By CA Rubneet Anand


Notifications and Circulars

Government issues a circular clarifying the requirements for opening  of Senior Citizen Savings Scheme Account (Circular  no.  File No. FS-10/17/2020-FS dated 07.12.2020)

CBDT releases answers to FAQs on Vivad-se-Vishwas scheme (Circular No. 21/2020-Income Tax dated 04.12.2020)

Govt further extends the dates for various compliance's such Tax Audit, ITR, VSV scheme etc (Press release dated 30.12.2020)

 i) Due date for filing ITR (Non tax audit) extended till 10/01/2021.

ii) Due date for filing Tax Audit and TP Audit Report extended till 15/01/2021.

iii) Due date for filing ITR (Tax audit and TP audit) extended till 15/02/2021.

iv) Vivad Se Vishwas Scheme extended till 31/01/2021.

Income Tax Compliance Calendar – January 2021

Due Date

Particulars

7th January

Due date for deposit of Tax deducted/collected for the month of December, 2020. However, all the 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 October 2020 to December 2020 when Assessing Officer has permitted quarterly deposit of TDS under section 192, section 194A, 194D or 194H

 

10th January 

-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.

14th January

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

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

15th January

-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.

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

-Quarterly statement of TCS for the quarter ending December 31, 2020

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

-Due date for furnishing of Form 15G/15H declarations received during the quarter ending December, 2020

30th January

-?Quarterly TCS certificate in respect of quarter ending December 31, 2020

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

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

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

31st January

Quarterly statement of TDS for the quarter ending December 31, 2020

-Quarterly return of non-deduction at source by a banking company from interest on time deposit in respect of the quarter ending December 31, 2020

-?Intimation under section 286(1) in Form No. 3CEAC, by a resident constituent entity of an international group whose parent is non-resident

-Furnishing of declaration to opt for Vivad se Vishwas Scheme.


JUDICIAL PRONOUNCEMENTS

Failure to pass draft assessment order u/s 144C(1) invalidates final assessment order (PCIT Vs Headstrong Services India Pvt. Ltd. (Delhi High Court)

Valuation of shares issues on premium- Assessing officer cannot reject DCF method adopted by assesse (M/s. Innaccel Technologies Private Ltd. Vs ACIT (ITAT Bangalore)

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