306th Issue of Tax Connect
|Due date||Form/Return/Challan||Reporting Period||Description|
|11th July 2021||GSTR-1||June 2021||For the month of June 2021 ( For other than taxpayers under the QRMP scheme)|
|13th July 2021||GSTR-1||June 2021||For April to June 2021 (who opted QRMP)|
|13th July 2021||GSTR-6||June 2021||Filing of return by Input Service Distributors for the Month June 2021|
|15th July 2021||27EQ||June 2021||Quarterly Statement of TCS for the quarter ending June 2021|
|15th July 2021||24Q, 26Q, and 27Q||June 2021||Quarterly Statement of TDS for the quarter ended on March 2021|
|15th July 2021||Form 64C||June 2021||Statement to be furnished by Alternative Investment Fund (AIF) to units holders in respect of income distributed during the previous year 2020-21|
Our Comments: Director General of Income-tax (Systems), New Delhi shall be the specified income-tax authority for furnishing information to the “Tax Deductor/Tax Collector”, having registered in the reporting portal of the Project Insight through valid TAN, to identify the ‘Specified Persons’ for the purposes of section 206AB and 206CCA of the Act through the functionality “Compliance Check for Section 206AB & 206CCA”. Income Tax Department has released a new functionality “Compliance Check for Section 206AB & 206CCA” to facilitate tax deductors/collectors to verify if a person is a “Specified Person” as per section 206AB & 206 CCA. This functionality is made available through (report.insight.gov.in) of the Income-tax Department. Kindly refer to CBDT Circular No. 11 of 2021 dated 21.06.2021 regarding the use of functionality under section 206AB and 206CCA of the Income-tax Act, 1961. For any further assistance, Tax Deductors & Collectors can refer to Quick Reference Guide on Compliance Check for Section 206AB & 206CCA and Frequently Asked Questions (FAQ) available under the “Resources” section of Reporting Portal. They can also navigate to the “Help” section of Reporting Portal for submitting queries or to get a call back from the Customer Care Team of the Income-tax Department. Customer Care Team of Income-tax Department can also be reached by calling on its Toll-Free number 1800 103 4215 for any assistance.
[For further details please refer to the Notification].
Our Comments: Sub-rule (5) to Rule 8AA of the Income-tax Rules, 1962 has been inserted.
308th Issue of Tax Connect
Rule 8AA(5): In case of the amount which is chargeable to income-tax as income of specified entity under section 45 (4) under the head “Capital gains”,-
(i) the amount or a part of it shall be deemed to be from the transfer of short term capital asset if itis attributed to,-
(a) the capital asset which is short term capital asset at the time of taxation of amount under section 45(4); or;
(b) capital asset forming part of a block of asset; or
(c) capital asset being a self-generated asset and self-generated goodwill as defined in clause (ii) of Explanation 1 to section 45(4). ; and
307th Issue of Tax Connect
(ii) the amount or a part of it shall be deemed to be from the transfer of long term capital asset or assets if it is attributed to the capital asset which is not covered by clause (i) and is a long term capital asset at the time of taxation of amount under section 45(4).
Further, Rule 8AB has been newly inserted into Income-tax Rules, 1962 regarding Attribution of income taxable under sub-section (4) of section 45 to the capital assets remaining with the specified entity, under section 48. Furthermore, Form No. 5C in terms of Rule 8AB has been inserted for Details of the amount attributed to capital asset remaining with the specified entity.
Tax Connect: 310th Issue
[For further details please refer to the circular]