This article contains various Compliance requirements for the Month of October 2020 under Income Tax 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.
Compliance requirement under the Income Tax Act, 1961
|Applicable Laws/Acts||Compliance Particulars||Due Dates|
|Income Tax Act, 1961||filing of ITR for Assessment year 2019-20||30.11.2020|
|Income Tax Act, 1961||Tax Audit Report or A/Y 2020-21||31.10.2020|
|Income Tax Act, 1961||date for furnishing the belated and revised return for Assessment Year 2019-20||30.11.2020|
Income Tax Act, 1961
|Due date for deposit of tax deducted/collected for the month of September, 2020. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan||
|Income Tax Act, 1961||Due date for deposit of TDS for the period July 2020 to September 2020 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H||
|Income Tax Act, 1961||Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of September, 2020 has been paid without the production of a challan||
|Income Tax Act, 1961||Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of August, 2020||15.10.2020|
|Income Tax Act, 1961||Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of August, 2020||15.10.2020|
|Income Tax Act, 1961||Due date for issue of TDS Certificate for tax deducted under Section 194M in the month of August, 2020||15.10.2020|
|Income Tax Act, 1961||Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending September, 2020||15.10.2020|
|Income Tax Act, 1961||Quarterly statement of TCS deposited for the quarter ending September 30, 2020||15.10.2020|
|Income Tax Act, 1961||Upload declarations received from recipients in Form No. 15G/15H during the quarter ending September, 2020||15.10.2020|
|Income Tax Act, 1961||Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of September, 2020||15.10.2020|
|Income Tax Act, 1961||Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of September, 2020||31.10.2020|
|Income Tax Act, 1961||Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB in the month of September, 2020||31.10.2020|
|Income Tax Act, 1961||Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194M in the month of September, 2020||31.10.2020|
|Income Tax Act, 1961||Quarterly TCS certificate (in respect of tax collected by any person) for the quarter ending September 30, 2020||31.10.2020|
|Income Tax Act, 1961||Intimation by a designated constituent entity, resident in India, of an international group in Form no. 3CEAB for the accounting year 2019-20.||31.10.2020|
|Income Tax Act, 1961||Quarterly statement of TDS deposited for the quarter ending September 30, 2020||31.10.2020|
|Income Tax Act, 1961||Due date for furnishing of Annual audited accounts for each approved programmes under section 35(2AA)||31.10.2020|
|Income Tax Act, 1961||Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending September 30, 2020*
|Income Tax Act, 1961||Copies of declaration received in Form No. 60 during April 1, 2020 to September 30, 2020 to the concerned Director/Joint Director||31.10.2020|
|Income Tax Act, 1961|| Audit report under section 44AB for the assessment year 2020-21 in the case of an assessee who is also required to submit a report pertaining to international or specified domestic transactions under section 92E||31.10.2020|
|Income Tax Act, 1961|| Report to be furnished in Form 3CEB in respect of international transaction and specified domestic transaction||31.10.2020|
|Income Tax Act, 1961||Due date for filing of audit report under section 44AB for the assessment year 2020-21 in the case of a corporate-assessee or non-corporate assessee
- 5% tax will be levied on foreign fund transfer
Any amount sent abroad to buy foreign tour packages, and every other foreign remittance made above ₹7 lakh, will attract a tax-collected-at source (TCS) beginning 1 October unless tax is already deducted at source (TDS) on that amount. While the tax on foreign tour packages will be 5% for any amount, for other foreign remittances the tax will kick in only for the amount spent above ₹7 lakh.
- 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
- Buying television sets can be expensive
Open cell panels will attract 5% import duty from 1 October, with the government saying that a duty exemption expiring at the end of this month will not be extended . As part of ‘Atmanirbhar Bharat’ the government is keen to expand domestic production capacity for open cell panels so that imports can be curbed. The one-year exemption given to the item expires today, 30 September.
- “Transparent Taxation–Honouring the Honest”- a platform to meet the requirements of the 21st century taxation system. The platform has major reforms like Faceless Assessment, Faceless Appeal and Taxpayers Charter.
- The Faceless Assessment Scheme, 2019 (earlier known as the E-assessment Scheme, 2019) was introduced in 2019 to impart efficiency, transparency and accountability to the assessment process by inter alia eliminating the interface between the Assessing Officer and the assessee and team-based assessment with dynamic jurisdiction. Similar Scheme will be introduced for disposal of appeals by the Commissioner (Appeals) in a faceless manner.
- Measures taken by Government to reform Direct Tax regime
In order to provide a non-intrusive and non-adversarial tax ecosystem, the Government has taken various measures to reform the Direct Tax regime:
- Rationalisation of tax rates,
- simplification of income tax return forms,
- faster processing of refunds,
- speedy resolution of grievances and
- Introduction of faceless processes to ease the compliance burden
- All Income Tax Return Preparation Software for AY 2020-21 are now available for e-Filing.
- Final Opportunity – One-time relaxation for Verification of Income-tax Returns by EVC/ITR-V for Assessment Years 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 which are pending due to non-verification. Please note that the verification must be completed by 30-SEP-2020.
- Form 35 is re-enabled to file appeal in accordance with the Faceless Appeal Scheme,’Save draft’ will be enabled shortly.
|Sl. No.||Particulars of the Notification(s)||File No. / Circular No.||Notification Link(s)|
|1.||The terms and conditions on which the approval of the Government of India has been accorded for setting up of an industrial park by M/s Softzone Tech Park Ltd||CG-DL-E-08092020-221603|
|the Central Government hereby notifies the Infrastructure Debt Fund||Notification No. 74/2020/F. No. 178/42/2017-ITA-1|
|the Central Government hereby notifies for the purposes of the said clause, ‘District Mineral Foundation Trust’ as specified in the schedule to this notification||Notification No. 73/2020/F. No. 300196/36/2017-ITA-I|
|Income-tax (21st Amendment) Rules, 2020||Notification No. 75/2020/F. No. 370142/8/2020-TPL|
|the Faceless Appeal Scheme, 2020||CG-DL-E-25092020-221959|
|Income-tax (21st Amendment) Rules, 2020||CG-DL-E-22092020-221872||LINK|
|7.||Amendments in the notification of the Government of India, Ministry of Finance, published in the Gazette of India, vide no. S.O. 2753 (E) dated the 22.10.2014||CG-DL-E-25092020-221964||LINK|
|8.||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|
|9.||The Taxation and Other Laws (Relaxation and amendment of Certain Provisions) Act, 2020||CG-DL-E-30092020-222154||LINK|