Income Tax Compliance Calendar May 2021 and I-T Amendments April 2021 By CA Rubneet Anand


Notifications and Circulars

Government extends time for payment under VSV (Vivad Se Vishwas Scheme) to 30.06.2021 including timelines for assessment (Notification No. 39/2021-Income Tax/S.O. 1704(E)& Notification No. 38/2021-Income Tax/S.O. 1703(E) dated 27/04/2021)

CBDT vide Notification No. 37/2021-Income Tax Dated: 26th April, 2021 amends rule 2DB which deals with Other conditions to be satisfied by the pension fund and substitutes Form 10BBA (Notification No. 37/2021-Income Tax/G.S.R. 291(E) dated 26/04/2021)

CBDT notifies Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income (Notification No. 2 of 2021-DGIT dated 20/04/2021)

CBDT notifies Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Dividend income (Notification No. 1 of 2021-DGIT dated 20/04/2021)

CBDT notifies new Provisions of DTAA between India & Iran (Notification No. 29/2021-Income-tax [S.O. 1442(E).] dated 01/04/2021)

CBDT issues New reporting requirements in Form 3CD (Notification No. 28/2021 [G.S.R. 246(E).] dated 01/04/2021)

Income Tax Compliance Calendar – May 2021

Due Date

Particulars

7th May 2021

Due date for deposit of Tax deducted/collected for the month of April, 2021. 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

15th May 2021

Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of March, 2021

-Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of March, 2021

-Due date for issue of TDS Certificate for tax deducted under Section 194M in the month of March, 2021

-Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of April, 2021 has been paid without the production of a Challan

-Quarterly statement of TCS deposited for the quarter ending March 31, 2021

-Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes have been modified after registering in the system for the month of April, 2021

30th May 2021

-Submission of a statement (in Form No. 49C) by non-resident having a liaison office in India for the financial year 2020-21

-Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of April, 2021

-Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194M in the month of April, 2021

-Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB in the month of April, 2021

-Issue of TCS certificates for the 4th Quarter of the Financial Year 2020-21

-Return of tax deduction from contributions paid by the trustees of an approved superannuation fund

-Application for allotment of PAN in case of non-individual resident person, which enters into a financial transaction of Rs. 2,50,000 or more during FY 2020-21 and hasn't been allotted any PAN

-Application for allotment of PAN in case of person being managing director, director, partner, trustee, author, founder, karta, chief executive officer, principal officer or office bearer of the person referred to in Rule 114(3)(v) or any person competent to act on behalf of the person referred to in Rule 114(3)(v) and who hasn't allotted any PAN


JUDICIAL PRONOUNCEMENTS

  • No addition for Transfer Pricing Adjustment related to Specified Domestic Transaction (Sobha City Vs ACIT (ITAT Bangalore)

  • Salary for services rendered in Foreign Countries cannot be taxed in India for non-production of TRC (Tax residency Certificate) (Sri Vamsee Krishna Kundurthi Vs ITO (International Taxation) (ITAT Hyderabad))

  • DTAA exemption cannot be denied merely for non-availability of Tax residency Certificate (Ranjit Kumar Vuppu Vs ITO (ITAT Hyderabad)

  • Exchange difference as on date of Balance sheet is allowable (HSBC Electronic Data Processing India P Ltd Vs ACIT (ITAT Hyderabad)

  • Issuance of notice under section 143(2) is not mandatory for completing search Assesment (Kubendran Vs DCIT (Madras High Court))

  • Assessment order passed against amalgamated company is without jurisdiction (Teleperformance Global Services Private Limited Vs Acit (Bombay High Court)

  • Foreign currency is not a commodity for section 43(5) of Income Tax Act (ACIT Vs M/s. Lifestyle International (P) Limited (ITAT Bangalore)

  • No disallowance can be made merely for investment in Penny Stock (Shri Kamal Kishore Soni Hyderabad Vs ITO (ITAT Hyderabad)

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