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Income Tax Compliance Calendar for the October 2020

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  

 

07.10.2020

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  

 

07.10.2020

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  

15.10.2020

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​*

 

31.10.2020
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

 

31.10.2020

 

  • Important updates:

  1. 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.

  1. 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

  1. 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.

  1. “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.
  2. 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.
  3. 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
  1. All Income Tax Return Preparation Software for AY 2020-21 are now available for e-Filing.
  2. 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.
  3. Form 35 is re-enabled to file appeal in accordance with the Faceless Appeal Scheme,’Save draft’ will be enabled shortly.

 

  • Important Notifications:

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  

LINK

 

2.

the Central Government hereby notifies the Infrastructure Debt Fund Notification No. 74/2020/F. No. 178/42/2017-ITA-1  

LINK

 

3.

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  

LINK

 

4.

Income-tax (21st Amendment) Rules, 2020 Notification No. 75/2020/F. No. 370142/8/2020-TPL  

LINK

 

 

5.

the Faceless Appeal Scheme, 2020 CG-DL-E-25092020-221959  

LINK

 

6.

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  

LINK

9. The Taxation and Other Laws (Relaxation and amendment of Certain Provisions) Act, 2020 CG-DL-E-30092020-222154 LINK

 

CS Lalit Rajputhttp://enlightengovernance.blogspot.com/
Company Secretary having 5 years of post-qualification experience in the Compliance Management Services industry by serving Corporates including Listed Companies, Corporate Secretarial Firms, and LLP.

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