Income Tax

Income Tax Compliance Calendar for September 2020

Dear Reader!

This article contains various Compliance requirements 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.

Applicable Laws/Acts

Compliance Particulars

Due Dates

Revised Due Dates

Income Tax Act, 1961 Filing of original return for the Assessment Year 2019-20 u/s 139 (1) 30-07-2020 30-09-2020
Income Tax Act, 1961 Filing of belated return for the Assessment Year 2019-20 u/s 139 (4) 30-06-2020 30-09-2020
Income Tax Act, 1961 Filing of revised return for the Assessment Year 2019-20 u/s 139 (5) 30-06-2020 30-09-2020
Income Tax Act, 1961 Investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB 30-06-2020 30-09-2020
 Income Tax Act, 1961 Furnishing of Form 24G by an office of the Government for the month of:

· April to November 2020

Within 15 days from

the end of the month

31-03-2020
Income Tax Act, 1961 New procedure for registration, approval or notification entities under u/s 10(23C), 12AA, 35 and 80G  

01.06.2020

 

01.10.2020

Income Tax Act, 1961 Tax audit report 31.10.2020
Income Tax Act, 1961 The date for commencement of operation for the SEZ units for claiming tax holiday 30.09.2020
Income Tax Act, 1961 Instalments of Advance Tax for the Assessment year 2021-22 15.09.2020 15.09.2020
  • Importatnt updates:

  1. PAN-Aadhaar linking deadline FURTHER extended to beyond JUNE, 2020

The due date for linking of PAN with Aadhaar as specified under sub-section 2 of Section 139AA of the Income-tax Act,1961 has been extended from 31st December, 2019 to 31st March, 2020 and further extended to 31st March, 2021 due to COVID – 19 outbreak.

  1. In line with the circular number 13/2020, e-Verification of Return data of AY 2015-16, 2016-17, 2017-18,2018-19 and 2019-20 has been re-enabled upto 30-September-2020 for taxpayers who could not verify the Return data within the stipulated timelines. Process to e-Verify –> Post Login –> My Account–> e-Verify Return Data of Previous Years –> Click ‘e-Verify’ –> Select the verification option and verify the Return Data. To view Circular 13/2020, Click here
  2. ITR 1, 2, 3, 4 & 5 for AY 2020-21 is available for e-Filing.
  3. This year ITR-1 form has introduced schedule DI to provide details of the tax-saving investments made in the extended period till July 31, 2020. To avoid payment of excessive tax, it is advisable that you should fill the information in the required columns.
  4. For NRI investors, 20% plus surcharge and cess is withheld. However, tax will be assessed on the basis of documents submitted to avail tax treaty benefit under DTAA.
  1. Income tax return filing deadline for FY 2019-20 extended to Nov 30, 2020

As per the government announcement via a press conference, “Due date for all income-tax return for FY 2019-20 will be extended from July 31, 2020, and October 31, 2020, to November 30, 2020, and tax audit from September 30, 2020 to 31st October 2020.”

  • The government has also reduced the TDS rates applicable for non-salaried payments.
  • To provide more funds to taxpayers, TDS for non-salaried specified payments made to residents and rates of TCS for specified receipts shall be reduced by 25%.
  1. TAX REFORMS ANNOUNCED BY HON’BLE PM ON 13.08.2020

The ‘Transparent Taxation – Honoring The Honest’ platform will initiate major tax reforms aimed at bringing transparency in income tax systems and empowering taxpayers. It has also been focussing on simplification of direct tax laws and increasing transparency in communication. A major step in this regard was the introduction of Document Identification Number (DIN) wherein every communication of the department would carry a computer generated unique document identification number.

Key Announcements in the PM Speech

  • Taxpayers’ Charter
  • Faceless Assessments to be made effective from 13.08.2020
  • Faceless Appeals to be made effective from 25.09.2020
  • Extending Scope of SFT (notification to be issued)

Statutory Orders to give effect of PM announcements

  • Order u/s 119 dt 13.08.2020 Power of survey u/s 133 A
  • Order u/s 119 dt 13.08.2020 Faceless Assessment
  • Transfer order dt 13.08.2020 wherein number of field officers transferred under NeAC
  • Key highlights of Faceless assessments / faceless appeals
    • Faceless assessment will be effective from 13 August 2020.
    • Faceless income tax appeal will be effective from 25 September 2020.
  • Important Notifications:

Sl. No. Particulars of the Notification(s) File No. / Circular No. Notification Link(s)
1. the Income-tax (19th Amendment) Rules, 2020 G.S.R. 499(E)

Notification no. 58/2020

LINK
 

2.

the Central Government, in consultation with the Chief Justice of the High Court of Bombay, hereby designates the following courts of Magistrates of First Class S.O. 2682(E)

Notification no. 59/2020

 

LINK

 

3.

the Central Government has made the major amendments in the E-assessment Scheme, 2019 S.O. 2745 (E).

Notification no. 60/2020

 

LINK

 

 

 

 

4.

the Central Government has made amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, published in the Gazette of India, Extraordinary, vide number S.O 3265 (E) dated the 12th September, 2019 S.O. 2746(E)

Notification no. 61/2020

 

 

LINK

 

 

5.

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 22nd October, 2014 S.O. 2754(E).

Notification no. 62/2020

 

LINK

 

6.

amendments in the notification of the Government of India, vide S.O. 2752(E) dated the 22nd October, 2014 S.O. 2755(E)

Notification no. 63/2020

 

LINK

7. the Income-tax Authorities of the National e-Assessment Centre S.O. 2756(E)

Notification no. 64/2020

LINK
8. the Income-tax Authorities of Regional e-Assessment Centres S.O. 2757(E)

Notification no. 65/2020

LINK
9. Various amendments by Central Board of Direct Taxes S.O. 2758(E)

Notification no. 66/2020

LINK
10. the Income-tax (20th Amendment) Rules, 2020. Notification No. 67/2020

F. No. 370142/ 28/2020-TPL

 

LINK

11. CORRIGENDUM date 27th August, 2020 Notification No. 68/2020/F. No. 187/3/2020 (ITA.-I) LINK
12. Imposition of charge on the prescribed electronic modes under section 269SU of the Income-tax Act, 1961 – reg. Circular no. 16,

F .No .370142/35 /2019-TPL-Pt

LINK

TaxClue Team

Taxclue is an online news portal for reporting all news, articles, judgments, Circulars, orders, and notifications relating to various corporate and tax laws in India. We use the tagline ‘Simplifying Laws’. Our mission is to Simplify the Laws and make people aware of their rights and duties in relation to tax matters in order to equip them to participate in nation-building. TaxClue is a team of young professionals. We started in December 2016 with the mission of knowledge sharing. TaxClue would like to hear your valuable suggestion. Please write to our editorial team at [email protected]

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