News

28
May, 2021

KEY UPDATES FROM THE 43RD GST COUNCIL MEET

1) Late fee for non-furnishing FORM GSTR-3B for the tax periods from July, 2017 to April, 2021 has been reduced / waived as below:
(i) Late fee capped to a maximum of Rs 500/- (Rs. 250/- each for CGST & SGST) per return for taxpayers, who
did not have any tax liability for the said tax periods;

(ii) Late fee capped to a maximum of Rs 1000/- (Rs. 500/- each for CGST & SGST) per return for other
taxpayers;

The reduced rate of late fee would apply *if GSTR-3B returns for these tax periods are furnished between
01.06.2021 to 31.08.2021

2) The upper cap of late fee is being rationalized to align late fee with tax liability/turnover of the taxpayers.

3) The filing of annual return in FORM GSTR-9/9A for FY 2020-21 to be optional for taxpayers having aggregate annual turnover up to Rs 2 Crore.

4) The reconciliation statement in FORM GSTR-9C for the FY 2020-21 will be required to be filed by taxpayers with annual aggregate turnover above Rs 5 Crore.

5) GST Council recommended amendments in certain provisions of the Act so as to make the present system of GSTR-1/3B return filing as the default return filing system in GST.

6) Group of Ministers to be constituted to decide GST rate on Covid related medicines in next 10 days.

7) Annual Return for Financial Year 2020-21 has simplified.

8) QRP-Quarterly Return Quarterly Payment scheme to be worked out by the law committee.

20
May, 2021

Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic

The Central Board of Direct Taxes, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as ’the Act") provides relaxation in respect of the following compliances:
1) The Statement of Financial Transactions (SFT) for the Financial Year 2020- 21, required to be furnished on or before 31 May 2021 under Rule 114E of the Income-tax Rules, 1962 (hereinafter referred to as ”the Rules") and various notifications issued thereunder, may be furnished on or before 30 June 2021;

2) The Statement of Reportable Account for the calendar year 2020, required to be furnished on or before 31 May 2021 under Rule 114G of the Rules, may be furnished on or before 30 June 2021;

3) The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, required to be furnished on or before 31 May 2021 under Rule 31A of the Rules, may be furnished on or before 30 June 2021;

4) The Certificate of Tax Deducted at Source in Form No 16, required to be furnished to the employee by 15 June 2021 under Rule 31 of the Rules, may be furnished on or before 15 July 2021;

5) The TDS/TCS Book Adjustment Statement in Form No 24G for the month of May 2021, required to be furnished on or before 15t June 2021 under Rule 30 and Rule 37CA of the Rules, may be furnished on or before 30 June 2021;

6) The Statement of Deduction of Tax from contributions paid by the trustees of an approved superannuation fund for the Financial Year 2020-21, required to be sent on or before 31May 2021 under Rule 33 of the Rules, may be sent on or before 30June 2021;
7) The Statement of Income paid or credited by an investment fund to its unit holder in Form No 64D for the Previous Year 2020-21, required to be furnished on or before 15 June 2021 under Rule 12CB of the Rules, may be furnished on or before 30June 2021;

8) The Statement of Income paid or credited by an investment fund to its unit holder in Form No 64C for the Previous Year 2020-21, required to be furnished on or before 30 June 2021 under Rule 12CB of the Rules, may be furnished on or before 15 July 2021;

9) The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31 July 2021 under sub-section (1) of section 139 of the Act, is extended to 30 September 2021;

10) The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-21, which is 30! September 2021, is extended to 31 October 2021;

11) The due date of furnishing Report from an Accountant by persons entering into international transaction or specified domestic transaction under section

92E of the Act for the Previous Year 2020-21, which is 31 October 2021 extended to 30 November 2021

12) The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31October 2021 under sub-section (1) of section 139 of the Act, is extended to 30t November 2021;

13) The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 30 November 2021 under sub-section (1) of section 139 of the Act, is extended to 31 December 2021;

14) The due date of furnishing of belated / revised Return of Income for the Assessment Year 2021-22, which is 31 December 2021 under sub-section (4)/sub-section (5) of section 139 of the Act, is extended to 31 January 2022.

Clarification 1: It is clarified that the extension of the dates as referred to in clauses (9), (12) and (13) above shall not apply to Explanation 1 to section 234A of the Act, in cases where the amount of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of sub-section (1) of that section exceeds one lakh rupees.
Clarification 2: For the purpose of Clarification 1, in case of an individual resident in India referred to in sub-section (2) of section 207 of the Act, the tax paid by him under section 140A of the Act within the due date (without extension under this Circular) provided in that Act, shall be deemed to be the advance tax.

16
Oct, 2020

Time Period For Filing GSTR-1

The government announces GST return filing due dates from time to time in order to maintain taxation in line with respective clearance. Also, the main effort is to alert the taxpayers regarding the GST return filing due dates is to make them neglect any penalty or interest.

25
Jun, 2020

Extension of various time limits under Direct Tax & Benami laws

TDS/TCS return filing date extended

The furnishing of the TDS/ TCS statements and issuance of TDS/ TCS certificates being the prerequisite for enabling the taxpayers to prepare
their return of income for FY 2019-20, the date for furnishing of TDS/ TCS
statements and issuance of TDS/ TCS certificates pertaining to the FY
2019-20 has been extended to 31st July, 2020 and 15th August, 2020 respectively.


Last date for making tax saving investment s extended

The date for making various investment/ payment for claiming deduction under Chapter-VIA-B of the IT Act which includes section 80C (LIC, PPF, NSC etc.), 80D (Mediclaim), 80G (Donations) etc. has also been further extended to 31st July, 2020. Hence the investment/ payment can be made upto 31st July, 2020 for claiming the deduction under these sections for FY 19-20.

14
Jun, 2020

Decisions in 40th GST Council Meet

1. No late fee on GSTR 3B from July 2017 to January 2020 for taxpayers with no tax liability

2. Late fee on GSTR 3B from July 2017 to January 2020 capped to Rs. 500 for taxpayers liable to pay tax. The reduced late fee would apply for GSTR 3B returns filed between July to September 2020.

3.Small taxpayers with turnover is up to 5 crores can file their returns for the months February to April 2020 till 6th July with no interest and then with a reduced rate of 9% till September 2020.

4. Small taxpayers with turnover up to 5 crores can file their returns for the months May to July 2020 till September 2020 without any interest and late fee.

5. One-time extension in period for revocation of cancellation of registration up to 30th September 2020 for registrations which have been cancelled up to June 12, 2020.

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