Corporate Compliance Calendar April 2021

Team Studycafe | Apr 7, 2021 | Views 117971

Corporate Compliance Calendar April 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.

 If you think compliance is expensive, try non‐ compliance”

Compliance Requirement Under

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

1. COMPLIANCE REQUIREMENT UNDER INCOME TAX ACT, 1961

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

IMPORTANT UPDATES:

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

  • Date for issue of notice under section 148 of Income-tax Act,1961, passing of consequential order for direction issued by the Dispute Resolution Panel (DRP) & processing of equalization levy statements also extended to 30th April, 2021.
  • Central Government extends the last date for linking of Aadhaar number with PAN from 31st March, 2021 to 30th June, 2021, in view of the difficulties arising out of the COVID-19 pandemic.
  • Govt. introduces Emergency Credit Line Guarantee Scheme (ECLGS) 3.0 for enterprises in Hospitality, Travel & Tourism, Leisure & Sporting sectors. Also extends ECLGS 1.0 & 2.0 up to 30.6.2021.

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.)

IMPORTANT NOTIFICATIONS – For the month of March – 2021:

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

2. COMPLIANCE REQUIREMENT UNDER GST, 2017

Filing of GSTR –3B

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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