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305th issue of Tax Connect

Tax Calendar

Due date Form/Return/Challan Reporting Period Description
7th July 2021 Form No. 27C Submission of declaration for no TCS u/s 206C(1A) obtained from manufacturer to the Commissioner/Chief Commissioner of Income Tax as the case may be.
7th July 2021 Form No. Challan Form ITNS 281 April 2021- June 2021 Quarterly payment of TDS for payments u/s 192, 194A, 194D, or 194H with the prior approval of the Joint Commissioner
7th July 2021  Challan Form ITNS 281 June 2021 Monthly payment of TDS on all types of payments (Except in the case where amounted is credited in the Month of March 31)
7th July 2021 Challan Form ITNS 281 June 2021 Monthly payment of TCS u/s 206C (other than government assessee)
7th July 2021  Form No.26QB Payment on transfer of certain immovable property other than agricultural land
10th July 2021 GSTR – 1 May 2018 Details of outward supplies of goods or services [Filing of Return to be regular For the Month of May 2018 onward

 

Income Tax

Circular

Circular No 12 of 2021 – States Extension Of Time Limits Of Certain Compliances To Provide Relief To Taxpayers In View Of The Severe Pandemic.

OUR COMMENTS: Central Board of Direct Taxes, provided relaxation in respect of the following compliances as under:

Related Topic:
15 Reasons Why We Should File an ITR

  1. Objections to Dispute Resolution Panel (DRP) and Assessing Officer under section 144C of the Act, for which the last date of filing under that Section is 18 June 2021 or thereafter, may be filed within the time provided in that Section or by 31st August 2021, whichever is later.
  2. The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21, as extended to 30th June 2021 vide Circular No.9 of 2021, may be furnished on or before 15 July 2021.
  3. The Certificate of Tax Deducted at Source to the employee by 15th June, as extended to 15th July, vide Circular No.9 of 2021, maybe furnished on or before 31st July 2021;
  4. The Statement of Income paid or credited by an investment fund required to be furnished on or before 15th June 2021, as extended to 30th June, maybe furnished on or before 15th July 2021.
  5. The Statement of Income paid or credited by an investment fund to its unit holder for the Previous Year 2020-21, required to be furnished on or before 30th June 2021, as extended to 15th July 2021 vide Circular No.9 of 2021, maybe furnished on or before 31st July 2021;
  6. The application under Section 10(23C), 12AB, 35(1)(ii)/(iia)/(iii) and 80G of the Act in Form No. 10A/ Form No.10AB, for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/ Research Associations etc. may be made on or before 31st August, 2021.
  7. The compliances to be made by the taxpayers such as investment, deposit, payment, acquisition, purchase, construction, or such other action, by whatever name called, for the purpose of claiming any exemption under the provisions contained in Section 54 to 54GB of the Act, may be completed on or before 30th September 2021.
  8. The Quarterly Statement furnished by an authorized dealer in respect of remittances made for the quarter ending on 30th June 2021, required to be furnished on or before 15th July 2021, maybe furnished on or before 31st July 2021;
  9. The Equalization Levy Statement in Form No. 1 for the Financial Year 2020-21, which is required to be filed on or before 30th June 2021, maybe furnished on or before 31st July 2021:
  10. The Annual Statement required to be furnished which is required to be filed on or before 29th June 2021, maybe furnished on or before 31st July 2021;
  11. Uploading of the declarations received from recipients which are required to be uploaded on or before 15th July 2021, maybe uploaded by 31st August 2021:
  12. Exercising of option under sub-section (1) of Section 245M of the Act in Form No. 34BB which is required to be exercised on or before 27th June 2021 may be exercised on or before 31st July 2021.

Related Topic:
Online filing of AEO T2 and AEO T3 applications: CBIC

[For further details please refer to the circular].

GST

 

Notification

Notification No. 28/2021-Central Tax  Dated: 30th June 2021- Applicability Of B2C Dynamic Qr Code Provisions Extended To 30.09.2021

OUR COMMENTS: CBIC vide notification no 28/2021 dated 30.06.2021 extended applicability of B2C dynamic QR code provisions to 30.09.2021 instead of from July 1, 2021.

[For further details please refer to the notification]

Circular

Circular No. 155/11/2021-Gst Dated The 17th June 2021- Gst Rate On Laterals/Parts Of Sprinklers Or Drip Irrigation System

OUR COMMENTS: Laterals/parts to be used solely or principally with sprinklers or drip irrigation systems, which are classifiable under heading 8424, would attract a GST of 12%, even if supplied separately. However, any part of general use, which gets classified in a heading other than 8424, in terms of Section Note and Chapter Notes to HSN, shall attract GST as applicable to the respective heading.

[For further details please refer to the circular]

Circular

Circular No. 154/10/2021-Gst Dated The 17th June 2021- Gst On Service Supplied By State Govt. To Their Undertakings Or PSUS By Way Of Guaranteeing Loans Taken By Them.

OUR COMMENTS: It has been clarified that guaranteeing of loans by Central or State Government for their undertaking or PSU is specifically exempt under said entry no. 34A of Notification no. 12/2017-Central Tax (Rate) dated 28.06.2017.

Related Topic:
307th Issue of Tax Connect

[For further details please refer to the circular]

Circular

Circular No. 153/09/2021-Dated 17th June 2021 – Gst On Milling Of Wheat Into Flour Or Paddy Into Rice For Distribution By State Governments Under PDS

OUR COMMENTS: Public Distribution specifically figures at entry 28 of the 11th Schedule to the constitution, which lists the activities that may be entrusted to a Panchayat under Article 243G of the Constitution. Hence, said entry No. 3A would apply to the composite supply of milling of wheat and fortification thereof by miller, or of paddy into rice, provided that value of goods supplied in such composite supply (goods used for fortification, packing material, etc) does not exceed 25% of the value of composite supply.

In case the supply of service by way of milling of wheat into flour or of paddy into rice is not eligible for exemption under Sl. No. 3 A of Notification no. 12/2017-Central Tax (Rate) dated 28.06.2017 for the reason that value of goods supply in such a composite supply exceeds 25%, then the applicable GST rate would be 5% if such composite supply is provided to a registered person, being a job work service (entry No. 26 of notification No. 11/2017- Central Tax (Rate) dated 28.06.2017).

[For further details please refer to the circular]

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305th issue of Tax Connect

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