Reetu | Apr 7, 2021 |
Corporate Compliance Calendar April 2021
ABOUT ARTICLE :
This article contains various Compliance requirements for the Month of April, 2021 under various Statutory 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.
1. Income Tax Act, 1961
2. Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars
3. Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications
4. Other Statutory Laws and Updates
5. SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015
6. SEBI Takeover Regulations 2011
7. SEBI (Prohibition of Insider Trading) Regulations, 2015
8. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
9. SEBI (Buyback of Securities) Regulations, 2018
10. SEBI (Depositories and Participants) Regulations 2018) and Circulars / Notifications
11. Stamp duty rates w.e.f. 1st July 2020 & AIF update
12. Companies Act, 2013 (MCA/ROC Compliance) and Notifications
13. Insolvency and Bankruptcy Board of India (IBBI) Updates
| S.No | Compliance Particulars | Due Dates |
| 1 | Due date for deposit of Tax deducted by an office of the government for the month of March, 2021. However, all sum deducted 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 | 07-04-2021 |
| 2 | Due date for deposit of Tax deducted by an office of the government for the month of March, 2021. However, all sum deducted 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 | 07-04-2021 |
| 3 | Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of February, 2021 | 14-04-2021 |
| 4 | Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of February, 2021 | 14-04-2021 |
| 5 | Due date for issue of TDS Certificate for tax deducted under Section 194M in the month of February, 2021 | 14-04-2021 |
| 6 | Quarterly statement in respect of foreign remittances (to be furnished by authorized dealers) in Form No. 15CC for quarter ending March, 2021 | 15-04-2021 |
| 7 | 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 March, 2021 | 30-04-2021 |
| 8 | 30 April 2021 -Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of March, 2021 has been paid without the production of a challan | 30-04-2021 |
| 9 | Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of March, 2021 | 30-04-2021 |
| 10 | Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB in the month of March, 2021 | 30-04-2021 |
| 11 | Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194M in the month of March, 2021 | 30-04-2021 |
| 12 | Due date for deposit of Tax deducted by an assessee other than an office of the Government for the month of March, 2021 | 30-04-2021 |
| 13 | Due date for e-filing of a declaration in Form No. 61 containing particulars of Form No. 60 received during the period October 1, 2020 to March 31, 2021 | 30-04-2021 |
| 14 | Due date for deposit of TDS for the period January 2021 to March 2021 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H | 30-04-2021 |
Notes:
1. The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 has extended due dates for compliance falling during the period from 20-03-2020 to 31-12-2020. Readers are requested to please check the relevant documents from below links:
| The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. | Click here |
| Notification No. 88/2020 [F. No. 370142/35/2020-TPL] / SO 3906(E) dated 29 October, 2020. | Click here |
1. TDS, TCS rates on interest, dividend, other non-salary payments effective April 1, 2021
In May 2020, the government reduced TDS and TCS rates for interest income, dividend income, rent payments and other non-salary payments by 25%. This was done to increase liquidity in the hands of individuals, especially those going through financial hardships caused by the coronavirus-induced lockdown. The reduction in TDS and TCS rates on non-salary payments came into effect on May 14, 2021, and will be applicable till March 31, 2021.
Thus, effective from April 1, 2021, the TDS and TCS rates on these non-salary payments will be back to their original (higher) levels.
2. Due date extension by CBDT beyond 31st March, 2021
3. ITR forms for FY 2020-21 notified by the govt
ITR-1 has to be filed by individuals whose total income does not exceed Rs 50 lakh in a financial year. The income sources for ITR 1 include income from salaries, one house property, other sources such as interest income etc. and agriculture income up to Rs 5,000.
The government has notified the income tax return filing forms for the financial year 2020-21 via a notification dated March 31, 2021. As per the notification, some of the new elements in the forms are: ITR-1 cannot be used by an individual for whom income tax is deferred on ESOPs; if the return is being filed in response to any tax notice then DIN has to be mentioned; the ITR forms also ask the filer to specify the tax regime – new or old- for which he/she has opted.
ITR-1 cannot be used by an individual who is either a director in a company or has invested in unlisted equity shares or in cases where TDS has been deducted under section 194N of the Income-tax Act, 1961. TDS under section 194N is deducted for cash withdrawal exceeding Rs 1 crore in a financial year from a bank account.
ITR-2 form has to be used by an individual having income/losses from capital gains, or having more than one house property. However, this form cannot be used by an individual who has income from profits and gains from business and profession. The ITR-2 also asks for the DIN number if the ITR-2 is filed in the response to any tax notice from the tax department.
7. The Finance Act, 2021
The Finance Bill, 2021 has received the assent of the President, Shri Ram Nath Kovind, on 28th March, 2021. The Finance Act, 2021 (No. 13 of 2021) contains 172 Sections impacting more than 20 Acts. This Act shall enforce various provisions with effect from 01-02-2021 (i.e., taxation of ULIPs, discontinuation of settlement commission, etc.), some provision shall come into force from 01-04-2021 (i.e., new income escaping assessment procedure, Section 194P, etc.)
| Sl. | Particulars of the Notification(s) | File No. / Circular No. | Link(s) |
| 1 | Amendments in Direct Tax Vivad se Vishwas Act | [Notification No. 09/2021/ F.No. IT (A)/01/2020-TPL | LINK |
| 2 | Amendments in the Jurisdiction Order No.3/2020 dated 22.12.2020 | F. No. Pro CCIT(IT)/ Delhi/Juris/ Eq. Levy /2020-21/ 1414 | LINK |
| 3 | CBDT issues notification for extension of due date till 31st March, 2021 for filing DTVSV Forms under DTVSV Act, 2020 | DTVSV Forms | LINK |
| 4 | FAQs on Video Conferencing and Seek Adjournment, | FAQs | LINK |
| 5 | Partial modification of the notification – “f the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020” | Notification No. 10/ 2021/F. No. 370142/ 35/2020-TPL | LINK |
| 6 | M/s Bennett University, Greater Noida, Uttar Pradesh under the category of ‘University, College or other institution’ for Scientific Research and Research | Notification No. 12 /2021/ F.No. 203/ 13/2019/ITA-II | LINK |
| 7 | The Income-tax (2 nd Amendment) Rules, 2021 | Notification No. 13/2021/ F. No. 142/15/2015-TPL | LINK |
| 8 | Amendment in the notification no. 70 / 2014 dated the 13th November, 2014. | Notification No. 14 /2021./F. No. 187/7/ 2021 (ITA-I) | LINK |
| 9 | The Income-tax (3rd Amendment) Rules, 2021. | Notification No. 15/ 2021/ F. No. 370142/ 04/2019-TPL | LINK |
| 10 | The Income-tax (4th Amendment) Rules, 2021 | Notification No. 16/ 2021] [F.No. 370142/ 03/2021-TPL | LINK |
| 11 | Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020 – reg. | Circular No. 04/ 2021 | LINK |
| 12 | Order u/s 119 of the Income-tax Act, 1961 | Circular No. 05/ 2021 | LINK |
| 13 | The Income-tax (6 th Amendment) Rules, 2021 | Notification No. 19/2021 | LINK |
| 14 | The Income-tax (5th Amendment) Rules, 2021. | Notification No. 18/2021 | LINK |
| 15 | Notification No. 17/ 2021 F. No. 279/Misc./66/2014-SO(ITJ)(Pt.)] / SO 1225(E) | Notification No. 17/2021 | LINK |
| 16 | Notification in partial modification of the notification of the Government of India in the Ministry of Finance, (Department of Revenue) No.93/2020 dated the 31st December, 2020 | Notification No. 20/ 2021/F. No. 370142/35/2020-TPL | LINK |
| 17 | The Income-tax (7th Amendment) Rules, 2021 | Notification No. 21/ 2021 | LINK |
| 18 | Facilitation of the conduct of Faceless Assessment proceedings under section 144B of the said Act, | Notification No. 22/2021/F. No. 187/3/2020-ITA-I | LINK |
| 19 | To facilitate the conduct of Faceless Assessment proceedings under section 144B of the said Act | Notification No. 23/2021/F. No. 187/3/2020-ITA-I | LINK |
| 20 | Central Board of Direct Taxes | Notification No. 24/2021/F. No. 187/3/2020-ITA-I | LINK |
| 21 | The Central Board of Direct Taxes hereby authorises the Assistant Commissioner of Income-tax/Deputy Commissioner of Income-tax (NaFAC) | Notification No. 25/2021/F. No. 187/3/2020-ITA-I | LINK |
| 22 | The Faceless Appeal (Amendment) Scheme, 2021. | Notification No. 26/2021/F. No. 370142/33/2020-TPL | LINK |
A. Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
| Tax period | Due Date | No interest payable till | Interest payable @ 9% from & till | Interest payable @ 18% from |
| March, 2021 | 20th April, 2021 | – | – | – |
B. Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
| Tax period | Due Date | No interest payable till | Interest payable @ 9% from & till | Interest payable @ 18% from |
| March, 2021 | 22nd April, 2021 | |||
| Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep | ||||
C. Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
| Tax period | Due Date | No interest payable till | Interest payable @ 9% from & till | Interest payable @ 18% from |
| March, 2021 | 24th April, 2021 | |||
| Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi | ||||
D. Filing Form GSTR-1:
| Tax period | Due Date | Remarks |
| Monthly return (March, 2021) | 11.04.2021 | Taxpayers having an aggregate turnover of More than Rs. 1.50 Crores (> Rs 1.50 Cr) or opted to file Monthly Return |
| GSTR-1 (Jan-Mar, 2021) | 13.04.2021 | GSTR-1 for Jan – Mar 2021 under QRMP Scheme. |
E. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
| Form No. | Compliance Particulars | Timeline | Due Date |
| GSTR-5 & 5A | Non-resident ODIAR services provider file Monthly GST Return | 20th of succeeding month | 20.04.2021 |
| GSTR -6 | Every Input Service Distributor (ISD) | 13th of succeeding month | 13.04.2021 |
| GSTR -7 | Return for Tax Deducted at source to be filed by Tax Deductor | 10th of succeeding month | 10.04.2021 |
| GSTR -8 | E-Commerce operator registered under GST liable to TCS | 10th of succeeding month | 10.04.2021 |
F. GST Refund:
| Form No. | Compliance Particulars | Due Date |
| RFD -10 | Refund of Tax to Certain Persons | 18 Months after the end of quarter for which refund is to be claimed |
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