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Taxation Compliance Calendar for the m/o May, 2020
About Article:
This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.”
If you think compliance is expensive, try non? compliance”
Taxation Compliance Requirement Under
1. Income Tax Act, 1961
2. Goods & Services Tax Act, 2017 (GST)
- Compliance requirement under Income Tax act, 1961
|
Applicable Laws/Acts
|
Compliance Particulars |
Due Dates |
Revised Due Dates |
|---|---|---|---|
|
Income Tax Act, 1961 |
Filing of belated return for theAssessment Year 2019-20 |
31.03.2020 |
30.06.2020 |
|
Income Tax Act, 1961 |
Filing of revised return for the Assessment Year 2019-20 |
31.03.2020 |
30.06.2020 |
|
Income Tax Act, 1961
|
Sending an intimation after processing of return ofincome (ITR), if the return is filed: a) During Financial Year 2018-19 under section139; b) During Financial Year 2018-19 in response to anotice issued under section 142(1)
|
31.03.2020 |
30.06.2020 |
|
Income Tax Act, 1961 |
Furnishing of TDS Statement for the fourth quarter (Jan – March, 2020) ofthe Financial Year2019-20
|
31.05.2020 |
30.06.2020 |
|
Income Tax Act, 1961 |
Furnishing of TDS Statement in form 26QB/26QC/26QD for the month of a) February, 2020 b) March, 2020 c) April, 2020 |
30.03.2020
30.04.2020
30.05.2020
|
30.06.2020 |
|
Income Tax Act, 1961 |
Furnishing of TCS Statement for fourth quarter ofthe Financial Year 2019-20
|
15.05.2020 |
30.06.2020 |
|
Income Tax Act, 1961 |
Issue of TCS certificate for the fourth quarter of theFinancial Year 2019-20
|
30.05.2020 |
30.06.2020 |
|
Income Tax Act, 1961 |
Furnishing of Form 24G by an office of the Government for the month of a) March, 2020 b) April, 2020 c) May, 2020 |
30.04.2020
15.05.2020
15.06.2020 |
30.06.2020 |
|
Income Tax Act, 1961 |
Due date to send the intimation for processing of statement of TDS/TCS filed during the Financial Year 2018-19 |
31.03.2020 |
30.06.2020 |
- Importatnt updates:
- The CBDT vide the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 ?dated 31-03-2020 has extended all respective due dates, falling during the period from 20-03-2020 to 29-06-2020, till June 30, 2020.
- The benefit of extended due date shall not be available in respect of payment of tax. However, any delay in payment of tax which is due for payment from 20-03-2020 to 29-06-2020 shall attract interest at the lower rate of 0.75% for every month or part thereof if same is paid after the due date but on or before 30-06-2020. ??
- Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 is available at: https://www.incometaxindia.gov.in/documents/THE-TAXATION-AND-OTHER-LAWS-RELAXATION-OFCERTAIN-PROVISIONS-ORDINANCE-2020.pdf
- Filing of tax return (where no tax audit is required)
The due date for filing the personal tax return remains unchanged at 31 July 2020.
- Important Notifications:
|
Sl. No.
|
Particulars of the Notification(s) |
Notification Link(s) |
|
|
F. No. 370142/13/2020-TPL & Circular No. C1 of 2020 Clarification in respect of option under section 115BAC of the Income-tax Act, 1961
|
https://www.incometaxindia.gov.in/communications/circular/circular_c1_2020.pdf |
|
|
F. No. 370133/S/2020-TPL & Circular No. 8 / 2020 Clarification regarding short deduction ofTDS / TCS due to increase in rates of surcharge by Finance (No.2) Act, 20l9-reg. |
https://www.incometaxindia.gov.in/communications/circular/circular_8_2020.pdf |
|
|
F. No. JT(A)/1/2020-TPL & Circular No. 9 / 2020 Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020 – reg
|
https://www.incometaxindia.gov.in/communications/circular/circular_no_9_2020.pdf |
|
|
F. No. 37014219/20 18-TPL & Circular No. 10 / 2020 Order under section 119 of the Income-tax Act, 1961
|
https://www.incometaxindia.gov.in/communications/circular/circular_no_10_2020.pdf |
|
|
IT(A)/1/2020-TPL Dated 27.04.2020 CORRIGENDA TO CIRCULAR NO.9 OF 2020 DATED 22.04.2020
|
https://www.incometaxindia.gov.in/communications/circular/corrigendum_circular_9_2020.pdf |
- Compliance Requirementunder Goods & Services Tax Act, (GST) 2017
Keeping in view the preventive measures taken to contain the spread of Novel Coronavirus (COVID-19) and the difficulties being faced by the GST taxpayer, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes & Customs, has extended the due date for Filing GST Returns.
GST Compliance Relaxations:
A. GSTR 3B Due Dates for May 2020
|
a. If Turnover > 5Crore: |
b. If Turnover < 5Crore> |
|
|
Due date of GSTR 3B –
|
15 States/UT’s: (month succeeding such month)
|
22 States/UT’s: (month succeeding such month) |
|
(States:- Chhattisgarh, MP, Gujarat, Daman and Diu, Dadra and Nagar Haveli, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, TN, Puducherry, Andaman and Nicobar Islands, Telangana and Andhra Pradesh) |
(states:- J&K, Laddakh, Himachal Pradesh, Punjab, Chandigarh, Uttarakhand, Haryana, Delhi, Rajasthan, UP, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand and Odisha) |
|
|
Due Date 27.06.2020 |
Due Date 12.07.2020 |
Due Date 14.07.2020 |
B. Taxpayers wanting to opt for Composition in FY 2020-21
|
Form No. |
Compliance Particulars |
Period |
Extended Due Date |
|
GST CMP-02 |
Intimation in respect of opting to pay tax under composition scheme for the FY 2020-21 |
2020-20 |
30.06.2020 |
|
GST ITC-03 |
filed by a taxpayer who is liable to pay an amount that is equal to the input tax credit through cash ledger or electronic credit.(in relation to above intimation) |
2019-20 (As on 31-3-2020) |
31.07.2020 |
C. GSTR 3B Due Dates for tax periods of February, 2020 to April, 2020.
|
S. No. (1) |
Class of registered persons (2) |
Rate of interest
(3) |
Tax period
(4) |
Condition
(5) |
|
1. |
Taxpayershavinganaggregate turnover of more than rupees 5 crores in the preceding financial year |
Zero interest for 15 days + interest rate @9% p.a |
February, 2020, March 2020, April, 2020 |
If return in FORM GSTR-3Bis furnishedon or before the 24th day of June, 2020
|
|
2 |
Taxpayers having an aggregate turnover of more than rupees 1.5 crores and up to rupees five crores in the preceding financial year |
Nil |
February, 2020, March,2020 |
If return in FORM GSTR-3B is furnished on or before the 29th day of June, 2020 |
|
April, 2020 |
If return in FORM GSTR-3B is furnished on or before the 30th day of June, 2020
|
|||
|
3. |
Taxpayers having an aggregate turnover of up to rupees 1.5 crores in the preceding financial year |
Nil |
February, 2020 |
If return in FORM GSTR-3B is furnished on or before the 30th day of June, 2020 |
|
March, 2020 |
If return in FORM GSTR-3B is furnished on or before the 3rd day of July, 2020 |
|||
|
April, 2020 |
If return in FORM GSTR-3B is furnished on or before the 6th day of July, 2020.”. |
Note: In case the return for the said months are not furnished on or before the date mentioned in the notification then interest @ 18% per annum shall be charged from the due date of return, till the date on which the return is filed. In addition, regular late fee shall also be leviable for such delay along with liability for penalty.
D. Taxpayers filing Form GSTR-1 either Monthly or Quarterly
|
Form No. |
Compliance Particulars |
Due Date (New)
|
|
GSTR-1 March – 2020 April – 2020 May - 2020
|
Monthly return that should be filed by every registered dealer. It contains details of all outward supplies i.e sales. |
On or Before 30.06.2020 |
|
GSTR-1 (Quarterly)
Jan – March 2020 |
Quarterly return that should be filed by every registered dealer. It contains details of all outward supplies i.e sales. |
E. Conditional waiver of late fee for delay in furnishing returns in FORM GSTR-3B for tax periods of February, 2020 to April, 2020.
|
S. No.
|
Class of registered persons
|
Tax period
|
Condition
|
|
1. |
Taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year |
February, 2020, March, 2020 and April, 2020
|
If return is furnished on or before the 24.06.2020 |
|
2. |
Taxpayers having an aggregate turnover of more than rupees 1.5 crores and up to rupees five crores in the preceding financial year
|
February, 2020 and March, 2020 |
If return is furnished on or before the 29.06.2020 |
|
April, 2020 |
If return is furnished on or before the 30.06.2020 |
||
|
2. |
Taxpayers having an aggregate turnover of more than rupees 1.5 crores and up to rupees five crores in the preceding financial year |
February, 2020
|
If return is furnished on or before the 30.06.2020 |
|
March, 2020 |
If return is furnished on or before the 03.07.2020 |
||
|
April, 2020 |
If return is furnished on or before the 03.07.2020 |
F. Compliance Related to E-way bills:
- Validity of E-way Bill
- Where e-way bill expires between 20.03.2020 and 15.04.2020, validity deemed to have been extended till 30.04.2020
- Extension of time limit till 30th June
- For completion or compliance of any action due date of which falls between 20th March, 2020 to 29th June, 2020
- Activities of taxable person to which extension applies
Filing of appeal, reply, application, furnishing of any report, document return, statement, records
- Non applicability of extension Related to E-way bills
- Chapter IV;
- sub-section (3) of section 10, sections 25, 27, 31, 37, 47, 50, 69, 90, 122, 129;
- section 39, except sub-section (3), (4) and (5);
- section 68, in so far as e-way bill is concerned; and
- rules made under the provisions specified at clause (a) to (d) above;
- Taxpayers who are required to deduct tax at source, ISD, non-resident taxable person and the person required to collect tax at source have been allowed to furnish return/statement for March 2020 to May 2020 on or before 30.06.2020
G. Compliances for Composition taxpayers
|
Form No. |
Compliance Particulars |
Due Date (New)
|
|
GST CMP-08 |
Registered person availing the benefit provided under Notification 2/2019 –Central Tax (Rate) shall be required to furnish details of self-assessed tax in Form GST CMP-08 for quarter ending March 2020
|
07.07.2020 |
|
GSTR-4 |
The yearly return for 2019-20 shall be required to be filed in Form GSTR 4 by theabove persons
|
15.07.2020 |
H. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
- (for the month of March, April & May, 2020)
|
Form No. |
Compliance Particulars |
Due Date |
Due Date (New)
|
|
GSTR -5 |
Non-Resident Taxpayers |
20th of succeeding month |
30.06.2020 |
|
GSTR -6 |
Input Service Distributors |
13th of succeeding month |
30.06.2020 |
|
GSTR -7 |
Tax Deductors at Source
(TDS deductors) |
10th of succeeding month |
30.06.2020 |
|
GSTR -8 |
Tax Collectors at Source (TCS collectors) |
10th of succeeding month |
30.06.2020 |
- GST UPDATES AS ON 30.04.2020:
|
Sl. No.
|
Notification(s) |
Notification No. |
Link(s) |
|
1.
|
Clarification in respect of various measures announced by the Government for providing relief to the taxpayers in view of spread of Novel Corona Virus (COVID-19) – Reg
|
Circular No. 136/06/2020 F. No. CBEC-20/06/04-2020-GSTdt. 03.04.2020 |
|
|
2. |
Circular clarifying issues in respect of challenges faced by registered persons in implementation of provisions of GST issued – Reg
|
Circular No. 137/07/2020 F. No. CBEC-20/06/04-2020 -GSTdt. 13.04.2020 |
|
|
3. |
Seeks to amend CGST Rules (Fourth Amendment) in order to allow opting Composition Scheme for FY 2020-21 till 30.06.2020 and to allow cumulative application of condition in rule 36(4). |
30/2020-Central Tax ,dt. 03-04-2020 |
|
|
4. |
Seeks to provide relief by conditional lowering of interest rate for tax periods of February, 2020 to April, 2020. |
31/2020-Central Tax ,dt. 03-04-2020 |
|
|
5. |
Seeks to provide relief by conditional waiver of late fee for delay in furnishing returns in FORM GSTR-3B for tax periods of February, 2020 to April, 2020. |
32/2020-Central Tax ,dt. 03-04-2020 |
|
|
6 |
Seeks to provide relief by conditional waiver of late fee for delay in furnishing outward statement in FORM GSTR-1 for tax periods of February, 2020 to April, 2020. |
33/2020-Central Tax ,dt. 03-04-2020 |
|
|
7 |
Seeks to extend due date of furnishing FORM GST CMP-08 for the quarter ending March, 2020 till 07.07.2020 and filing FORM GSTR-4 for FY 2020-21 till 15.07.2020. |
34/2020-Central Tax ,dt. 03-04-2020 |
|
|
8 |
Seeks to extend due date of compliance which falls during the period from "20.03.2020 to 29.06.2020" till 30.06.2020 and to extend validity of e-way bills. |
35/2020-Central Tax ,dt. 03-04-2020 |
|
|
9 |
Seeks to extend due date for furnishing FORM GSTR-3B for supply made in the month of May, 2020. |
36/2020-Central Tax ,dt. 03-04-2020 |
|
|
10 |
Seeks to give effect to the provisions of rule 87 (13) and FORM GST PMT-09 of the CGST Rules, 2017. |
37/2020-Central Tax ,dt. 28-04-2020 |
About Author:
CS Lalit Rajput
Partner, Xcede Consultech LLP
E-mail : lalitrajput537@gmail.com !! +91 8802581290
Disclaimer:
IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION.
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This article is updated till 30thApril, 2020 with all Laws / Regulations and their respective amendments.
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