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299th Issue of Tax Connect

 

Tax Calendar

Due date Form/Return/Challan Reporting Period Description
24th May 2021 GSTR-3B Jan-March 2021 Due Date for furnishing Summary of Outward & Inward Supplies for taxpayers whose aggregate turnover is up to Rs. 5 Crores (Quarterly)
25th May 2021 GSTR-3B April 2021 Due Date for Monthly Tax Payment (QRMP Scheme) (Monthly)
26th May 2021 GSTR-1 April 2021 Due Date for furnishing details of outward supplies for all monthly Taxpayers
28th May 2021 GSTR-1/IFF April 2021 Due Date for furnishing details of outward supplies for the taxpayers who are registered under QRMP Scheme

 

Income Tax

Notification/Circular

CBDT Notifies Pension Fund Namely The Indo-Infra Inc

OUR COMMENTS: The Ministry of Finance, Government of India, Central Board of Direct Taxes vide Notification No. 67/2021 dated 17.05.2021 notified that the Central Government hereby specifies the pension fund, namely, the Indo-Infra Inc. as the specified person for the purposes of the said clause in respect of the eligible investment made by it in India on or before the 31st day of March 2024 subject to the fulfillment of the certain conditions.

[For further details please refer to the notification]

CBDT Has Extended The Due Date Of Various Compliances

OUR COMMENTS: The Ministry of Finance, Government of India, Central Board of Direct Taxes vide Circular No.
09/2021 dated 20.05.2021 has circulated in which due date for certain compliances to provide relief to taxpayers in view of the severe pandemic:

a. The Statement of Financial Transactions for FY 2020-2021 is required to be furnished till 30.06.2021.

b. The Statement of Reportable Account for Jan 2020 to Dec 2020 is required to be furnished till 30.06.2021.

c. TDS Return for Q4 (Jan – March 2021) has also been extended till 30.06.2021.

d. Form 16 Certificate under TDS for Q4 is required to be furnished to the employee by 15th June 2021.

e. Form 24G TDS/TCS Book Adjustment Statement for May 2021 is required to be furnished till 30.06.2021.f. 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 30.06.2021.

g. Statement of Income paid or credited by an investment fund to its unit holder in Form No 64D/64C for the Previous Year 2020-21 is required to be furnished on or before 30.06.2021/15.07.2021 respectively.

h. ITR filing for any assessee whose accounts are NOT required to be Audited i.e, Individual, Firms, AOP, BOI for FY 2020-2021 is required to be filed till 30.09.2021.

i. Furnishing Tax Audit Report for FY 2020-21 has been extended from 30.09.2021 to 31.10.2021.

j. Furnishing Transfer Pricing Report for FY 2020-21 has been extended from 31.10.2021 to 30.11.2021.

k. ITR filing for any assessee who is required to get its account Audited under IT Act or any other law and an assessee who is a partner in a firm whose accounts are required to be audited for FY 2020-21 shall file their return till 30.11.2021.

l. ITR filing if assessee who is required to furnish a report of transfer pricing referred to in Section 92E for FY 2020-21 shall file their return till 31.12.2021.

m. Furnishing of Belated/Revised Return for FY 2020-21 is extended till 31.01.2022.

[For further details please refer to the circular]

GST

Notification

Summary of CGST (Fourth Amendment) Rules, 2021

OUR COMMENTS: The Ministry of Finance, Government of India, Central Board of Direct Taxes vide Notification No. 15/2021-CGST dated 18.05.2021 has amended certain provisions who brief summary is mentioned as under:

1. Rule 23(1) is amended to allow the filing of an application for revocation of cancellation of registration within a period of 30 days from date of service of the order of cancellation or within such time period as extended by the Additional Commissioner or the Joint Commissioner or the Commissioner, as the case may be. Such amendment is done to bring the rules in line with the amendment made in Section 30 of the CGST Act which allows the time period for filing revocation application to be extended.

2. Proviso has been added to Rule 90(3) to exclude the time period from the date of filing of the refund claim in FORM GST RFD-01 till the date of communication of the deficiencies in FORM GST RFD-03 by the proper officer, from the period of two years as specified under sub-section (1) of Section 54, in respect of any such fresh refund claim filed by the applicant after rectification of the deficiencies. This is a welcome relief as it was observed in many cases that the deficiency memos were being issued very late at the time of expiry of the statutory time period of 2 years.

3. Sub-rule (5) has been inserted to Rule 90 which provides that an applicant may at any time before issuance of a provisional refund or final refund or payment order or refund withhold order or notice withdraw the refund application filed by him by filing a new FORM RFD-01W.

4. Sub-rule (6) has been inserted to Rule 90 providing that on submission of FORM RFD-01W, any amount debited by the applicant from electronic credit ledger or electronic cash ledger, as the case may be, while filing an application for refund in FORM GST RFD-01, shall be credited back to the ledger from which such debit was made.

5. Sub-rule (1) in Rule 92 relating to PART A of FORM RFD-07 has been omitted.

6. Erstwhile PART B of FORM RFD-07 has been renamed as PART-A.

7. Proviso has been inserted to Rule 92(2) to allow the proper officer or the Commissioner to pass on order for the release of withheld refund in PART B of FORM RFD-07 where a refund is no longer liable to be withheld.

8. Changes made in instructions to FORM REG-21 in line with the changes made in Rule 23 supra.

9. FORM RFD-07 has been substituted to incorporate the above-mentioned changes.

[For further details please refer to the notification]

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299th Issue of Tax Connect

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