This article contains various Compliance requirements under Income Tax Act for the Month of November, 2020 under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.
| Sr. No. | Particulars | Period | Actual Due Date | Revised Due Date | |||
| 1 | Income Tax Return u/s 139 (Revised or Belated Return) | AY 2019- 20 | 31st March 2020 | 30th November, 2020 | |||
| 2 | Revised Return of Income for | A/Y 2019-20 | 30th November, 2020 | ||||
| 3 | Income Tax Return u/s 139 (In cases of assessee to whom TP Audit, Company Audit and Tax Audit is applicable) | AY 2020-21 | 31st October 2020/ 30th November 2020 | 31st January, 2021 | |||
| 4 | Income Tax Return u/s 139 (Other than Sr. no. 2 above) | AY 2020-21 | 31st July, 2020 | 31st December, 2020 | |||
| 5 | Self – Assessment (SA) Tax Liability. No interest chargeable under Section 234A, if the SA Tax liability is up-to INR 1 Lakh | AY 2020-21 | On or Before 31st July 2020/ 31st October 2020 | 31st January, 2021 (In case of assessees not requiring any Audit, it is 31st December, 2020) |
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| 6 | Filing of Tax Audit Report under section 44AB and TP Report under section 92E of the IT Act | AY 2020-21 | 30th September, 2020 | 31st December, 2020 | |||
| 7 | Filing of Master file in Form 3CEAA-Part A and /or Part B | AY 2020-21 | 30th November 2020 | No clarification presumed to be 31st January, 2021* |
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| 8 | Intimation for Master File – Form 3CEAB | AY 2020-21 | 31st October 2020 | 31st December, 2020* | |||
| 9 | Safe Harbour Rule – Form 3CEFA | AY 2020-21 | 30th November 2020 | 31st January, 2021* | |||
| 10 | Filing of Intimation in Form 3CEAC Country by Country Reporting | AY 2020-21 | 31st January 2021 | No Change 31st January, 2021 |
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| 11 | Filing of Form 3CEAD Country by Country Reporting | AY 2020-21 | 31st March 2021 | No Change 31st March, 2021 | |||
| 12 | Deduction available under Chapter VI A, in heading B (e g., 80C, 80D, 80G etc.) | AY 2020-21 | 31st March 2020 | No Change 31st July, 2020 |
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| 13 | Capital Gain Exemption u/s 54 to 54GB | AY 2020-21 | Due dates as per Income Tax Act | No Change 30th September, 2020 |
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| 14 | Furnishing of TDS/ TCS Statement (Returns) | Q4 of AY
2020-21 |
31st May 2020 | No Change 31st July, 2020 |
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| 15 | Issuance of TDS/ TCS certificate | AY 2020-21 | 15th June 2020 | No Change 15th August, 2020 |
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| 16 | Linking of Aadhar with PAN | – | 30th June 2020 | No Change 31st March, 2021 |
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| 17 | Payment under Vivad se Vishwas Act, 2020 | – | 31st March 2020 | As per Notification dated 27 October 2020 31st March 2021** |
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| 18 | Declaration to be filed before the designated authority under Vivad se Vishwas Act, 2020 | 31st March 2020 | 31st December 2020** | ||||
| 19 | Commencement of Operation for Special Economic Zone units under section 10AA of the IT Act | – | 31st March 2020 | No Change
30th September, 2020 |
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| 20 | Matters other than specifically provided:
a. Completion of any proceeding or passing of any order or issuance of any notice, intimation, notification, sanction or approval or such other action, by whatever name called, by any authority, commission or tribunal, by whatever name called, under the provisions of the specified Act; or Filing of any appeal, reply or application or furnishing of any report, document, return, statement or such other record, by whatever name called, under the provisions of the specified Act |
Deadline falling between 20th March 2020 and 31st December 2020 |
No Change
31st March, 2021 |
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| 21 | Form 24Q, 26Q, 27Q, and 27EQ of Q1 and Q2 | F/Y 2020-21 | 31st March, 2021 | ||||
| 22 | Form 26QB, 26QC, and 26QD | April to November 2020 | 31st March, 2021 | ||||
| 23 | In case where any due date for making payments towards any tax or levy under the specified Act falls between 20.3.2020 and 29.6.2020 and where such tax or levy has been paid on or before 30.6.2020, Interest would be levied at a reduced rate of 0.75% p.m. Further no penalties or prosecution shall be initiated in respect of such amount for the period of delay. No clarification on extension of date for the same is issued. | ||||||
Note: ** The Ministry of Finance has issued a Notification No 85/2020 dated 27 October, 2020, under the Vivad se Vishwas Act, 2020, that in order to mitigate undue hardship and remove difficulty that may be caused by the requirement of payment within 15 days from date the date of receipt of certificate from designated authority, allows the declarant to make the payment without any additional amount till on or before 31st March, 2021. Further, the declaration can be filed by 31 December, 2020.
Importatnt updates
- You must check these 5 things in your Form 26AS
- Information regarding Tax Deducted at Source for all income and Tax Collected at Source wherever applicable.
- Information related to specified financial transactions from ‘specified persons’, mutual funds, banks, bond issuers etc.
- Information related to income-tax payments such as advance tax and self-assessment tax paid by the taxpayer.
- Information regarding tax demands and tax refunds by the IT department.
- Information related to pending and completed income tax proceedings.
- Income Tax refunds issued: Taxpayers get more than Rs 1 lakh crore in first half of this fiscal
The Income Tax Department today said that it has issued refunds of over Rs 1.18 lakh crore to more than 33.54 lakh taxpayers between 1 April 2020 and 29 September 2020. Income tax refunds of Rs 32,230 crore have been issued in 31.75 lakh cases and corporate tax refunds of Rs 86,094 crore have been issued in 1.78 lakh cases.
- New Tax Collected at Source (TCS) regime
The Income Tax Department issued guidelines for applicability of TCS provision which requires an e-commerce operator to deduct 1 per cent tax on sale of goods and services. The new Tax Collected at Source (TCS) regime will come into effect from October 1 . The Finance Act, 2020 inserted a new section 194-O in the Income-tax Act 1961 which mandates that with effect from October 1, 2020, an e-commerce operator shall deduct income tax at the rate of 1 per cent of the gross amount of sale of goods or provision of service or both, facilitated through its digital or electronic facility or platform
- Scrip-wise reporting in ITR must only for LTCG exemption, not for day-trading, short-term gains: CBDT
The Central Board of Direct Taxes has clarified that there is no requirement for scrip wise reporting for day trading and short-term sale or purchase of listed shares in the filing of income tax return (ITR) in assessment year (AY) 2020-21.
The scrip wise details are needed while filing ITR for AY 2020-21 for reporting long-term capital gains (LTCG) for listed shares or specified units eligible for the benefit of grandfathering. The Finance Act, 2018 exempted gains made on the listed shares/specified units up to January 31, 2018, by introducing grandfathering mechanism for computation of LTCG for these shares.
- No need to fill Schedule 112A in ITR for stock trading, clarifies CBDT; but no respite for investors
If an investor redeems his/her investment in equity MF done through monthly SIP after 10 years, he/she will have to fill 7 columns in 240 rows for a single investment.
The CBDT, however, said that without scrip wise entries, taxpayers may not claim the grandfathering benefit properly.
Moreover, without separate entries, the income tax authorities can’t check the correctness of the claim, argues the CBDT. As a result many returns will require to be audited, which may lead to unnecessary grievances/rectifications at a later stage.
- Income tax: Faceless Appeals Scheme challenged in Delhi High Court
A petition has been filed in Delhi HC seeking a direction to government to grant an opportunity of hearing to all taxpayers/assessees under the Faceless Appeals Scheme 2020. The petitioner has challenged the discretionary power of the Chief Commissioner or the Director General of Income Tax in granting chance of hearing to assessee. In the matter Delhi HC has issued notice to the Income-Tax department and reply has been sought in four weeks. Matter to be heard on 15th December, 2020.
- Various Due date Extended
In view of constraints being faced by taxpayers due to COVID-19,CBDT further extends due dates for various compliances for FY 2019-20:
- The due dt of furnishing Income Tax Returns (ITRs) for taxpayers whose accounts require to be audited has been extended to 31st, January,2021.
- The due date for furnishing of ITRs for the taxpayers who are required to furnish report in respect of international/specified domestic transactions has been extended to 31st January, 2021.
- The due date for furnishing of ITRs for the other taxpayers has been extended to 31st December, 2020
- The date for furnishing of various audit reports under the Act, including tax audit report and report in respect of international/specified domestic transaction, has been extended to 31st December, 2020
- Providing further relief to small & middle-class taxpayers in the matter of payment of self-assessment tax, the due dates for payment of self-assessment tax have again been extended. Details in Press Release above.
Source: Click here
- Income Tax Department issues guidelines for filing income tax returns
The Income Tax Department has issued a detailed step by step reckoner for filing tax returns to be submitted under different heads. These instructions are guidelines to help the taxpayers for filling the particulars in Income-tax Return Form-1 for the Assessment Year 2020-21 relating to the Financial Year 2019-2020.
Important Notifications
| Sl. No. | Particulars of the Notification(s) | File No. / Circular No. | Notification Link(s) |
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1. |
CBDT issues Notification on Extension of time limit for filing of AY 2019-20 under the Income Tax Act, 1961. | F. No. 225/150/2020 – ITA-II | |
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2. |
CBDT Notifies Faceless Appeal Scheme | CG-DL-E-25092020-221959 | |
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3. |
Order of the CBDT regarding uploading Information relating to GST return in Form 26AS as per Rule 114-I | F. No.225/15512020/ ITA.II | LINK |
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4. |
the Income-tax (22nd Amendment) Rules, 2020 | Notification No. 82/2020/F. No. 370142/30/2020-TPL | LINK |
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5. |
Income Tax Department conducts search in Ahmedabad | Release ID: 1663253 | |
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6. |
the Central Government hereby notifies that where the variation between the arm‟s length price determined under section 92C | Notification No. 83/2020/F. No. 500/1/2014-APA-II | |
| 7. | CBDT issues Press Release for extension of due dates for filing Income-tax Returns and Tax Audit Reports under the Income-tax Act, | Press Release | |
| 8. | the Income-tax (23rd Amendment) Rules, 2020. | Notification No. 84/2020/F. No. 370149/76/2019-TPL] | LINK |
| 9. | Extension Notification w.r.t. Direct Tax Vivad se Vishwas Act, 2020 | Notification No. 85/2020, F. No. IT(A)/1/2020-TPL | LINK |
| 10. | the Central Government, in consultation with the Chief Justice of the Gauhati High Court, hereby designates the Court of Munsiff No. 3-cum-Judicial Magistrate, 1st Class, Kamrup (M), Guwahati as the Special Court for the States of Assam, Nagaland, Mizoram and Arunachal Pradesh. | Notification No. 86/2020 dated 28-10-2020/F. No. 285/09/2018-IT(Inv.V) CBDT | LINK |
| 11. | the Equalisation levy (Amendment) Rules,2020 | Notification No. 87/2020 / F. No. 370142/21/2020-TPL | LINK |
| 12. | the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 ( | Notification No. 88/2020/ F. No. 370142/35/2020-TPL | LINK |
| 13 | Clarifications in respect of the Direct Tax Vivad se Vishwas Act, 2020 – reg. | F. No. IT(A)/ 1I2020- TPL | LINK |
