DIRECT TAXES RECENT UPDATES
- Extending time for payment under VSV (Vivad Se Vishwas Scheme) to 30.06.2021 including timelines for assessment (Notification No. 39/2021 & 38/2021)
- Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income and Dividend Income (Notification No. 1 & 2 of 2021-DGIT )
- CBDT notifies new Provisions of DTAA between India & Iran
Income Tax Compliance calendar – May 2021
| Due Date | Particulars |
| 7th May 2021 | Due date for deposit of Tax deducted/collected for the month of April, 2021. 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 |
| 15th May 2021 | · Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of March, 2021
· Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of March, 2021 · Due date for issue of TDS Certificate for tax deducted under Section 194M in the month of March, 2021 · Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of April, 2021 has been paid without the production of a Challan · Quarterly statement of TCS deposited for the quarter ending March 31, 2021 · Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes have been modified after registering in the system for the month of April, 2021 |
| 30th May 2021 | · Submission of a statement (in Form No. 49C) by non-resident having a liaison office in India for the financial year 2020-21
· Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of April, 2021 · Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194M in the month of April, 2021 · Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB in the month of April, 2021 · Issue of TCS certificates for the 4th Quarter of the Financial Year 2020-21 · Return of tax deduction from contributions paid by the trustees of an approved superannuation fund · Application for allotment of PAN in case of a non-individual resident person, which enters into a financial transaction of Rs. 2,50,000 or more during FY 2020-21 and hasn’t been allotted any PAN · Application for allotment of PAN in case of the person being managing director, director, partner, trustee, author, founder, Karta, chief executive officer, principal officer or office bearer of the person referred to in Rule 114(3)(v) or any person competent to act on behalf of the person referred to in Rule 114(3)(v) and who hasn’t allotted any PAN |
INDIRECT TAXES UPDATES
GST Compliance Calendar – Returns to be filed in May 2021
| GST Return Form Name | Filing Period | Due Dates in May 2021 |
| GSTR-1 (Outward return) | Monthly (April 2021) | 11th May 2021 |
| GSTR 3B (Tax summary return) | April ‘2021 | · 20th May 2021 (In case Aggregate turnover more than or equal to Rs 5 crore in the previous year)
· 22nd/24th May 2021 (in case Aggregate turnover less than or equal to Rs 5 crore in the previous financial year. |
| GSTR 5A (online information & data access) | April ‘2021 | 20th May 2021 |
| GSTR 05 (by non-taxable resident persons ) | April’2021 | 20thMay021 |
| GSTR 06 (ISD) | April’2021 | 13th May 2021 |
| GSTR 07 (TDS) | April’2021 | 10th May 2021 |
| GSTR 08 (TCS) | April 2021 | 10th May 2021 |
Dynamic QR Code for B2C supplies – Penalty for non-compliance waived till 30 June 2021: Waiver of penalty for non-compliance of the Dynamic QR Code provisions has been extended for the period from 1 December 2020 till 30 June 2021, subject to the condition that the person liable to implement such code complies from 1 July 2021. It may be noted that an earlier penalty was waived for such non-compliance for the period from 1 December 2020 to 31 March 2021, subject to the condition that the said person complies from 1 April 2021.
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Published on: May 7, 2021