HELPINGHANDS UPDATER
For the month of JULY, 2020
-------------------------------------------------------------------------------------------------------------------------
The government announced
some leeway for small and medium companies in the Goods and Services Tax (GST)
framework during the GST council meeting. The relief came in the form of
reduced penalties and interest for small and medium companies.
The government has announced relief by the way of waiver or reduced late fee
and interest for delayed filings and payment of taxes by the dealers who have a
turnover of less than Rs 5 crore. Tax experts say that many companies were
unable to comply with the regulations and slapping them with interest and
penalties was a double whammy for them.
The government also allowed tax credit on the corporate social responsibility, which many say would go a long way at a time when many companies are looking to spend more on Covid related relief work.
Compliance Requirement under Goods & Services Tax Act, (GST) 2017
GSTR
3B Due Dates for May 2020
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 |
|
Feb, 2020 |
20th March, 2020 |
4th April, 2020 |
5th April to 24th June, 2020 |
25th June, 2020 |
|
March, 2020 |
20th April, 2020 |
5th May, 2020 |
6th May to 24th June, 2020 |
25th June, 2020 |
|
April, 2020 |
20th May, 2020 |
4th June, 2020 |
5th June to 24th June, 2020 |
25th June, 2020 |
|
May, 2020 |
27th June, 2020 (extended date for filing) |
27th June, 2020 |
-- |
28th June, 2020 |
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 |
|
Feb, 2020 |
22nd March, 2020 |
30th June, 2020 |
1st July to 30th Sept., 2020 |
1st Oct., 2020 |
|
March, 2020 |
22nd April, 2020 |
3rd July, 2020 |
4th July to 30th Sept., 2020 |
1st Oct., 2020 |
|
April, 2020 |
22nd May, 2020 |
6th July, 2020 |
7th July to 30th Sept., 2020 |
1st Oct., 2020 |
|
May, 2020 |
12th July, 2020 (extended date for filing) |
12th Sept., 2020 |
13th Sept to 30th Sept., 2020 |
1st Oct., 2020 |
|
June, 2020 |
22nd July, 2020 |
23rd Sept., 2020 |
24th Sept to 30th Sept., 2020 |
1st Oct., 2020 |
|
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 |
|
Feb, 2020 |
24th March, 2020 |
30th June, 2020 |
1st July to 30th Sept., 2020 |
1st Oct., 2020 |
|
March, 2020 |
24th April, 2020 |
5th July, 2020 |
6th July to 30th Sept., 2020 |
1st Oct., 2020 |
|
April, 2020 |
24th May, 2020 |
9th July, 2020 |
10th July to 30th Sept., 2020 |
1st Oct., 2020 |
|
May, 2020 |
14th July, 2020 (extended date for filing) |
15th Sept., 2020 |
16th Sept to 30th Sept., 2020 |
1st Oct., 2020 |
|
June, 2020 |
24th July, 2020 |
25th Sept., 2020 |
26th Sept to 30th Sept., 2020 |
1st Oct., 2020 |
|
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.
Late Fee Relief to Normal Taxpayers filing Form GSTR-3B
i)
Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
|
Tax period |
Late fees waived if return filed on or before |
|
Feb, 2020 |
24th June, 2020 |
|
March, 2020 |
24th June,
2020 |
|
April, 2020 |
24th June,
2020 |
|
May, 2020 |
27th June, 2020 (extended date for filing) |
ii) Taxpayers having
aggregate turnover upto Rs. 5 crores in preceding FY
|
Tax period |
Late fees waived if return filed on or
before (For Group A States)* |
Late fees waived if return filed on or
before (For Group B States)* |
|
Feb, 2020 |
30th June, 2020 |
30th June, 2020 |
|
March, 2020 |
03rd July, 2020 |
05th July, 2020 |
|
April, 2020 |
06th July, 2020 |
09th July, 2020 |
|
May, 2020 |
12th Sept., 2020 |
15th Sept., 2020 |
|
June, 2020 |
23rd Sept., 2020 |
25th Sept., 2020 |
|
July, 2020 |
27th Sept., 2020 |
29th Sept., 2020 |
|
States |
Group A- 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 |
Group B- 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 |
Kindly
note:
Taxpayers
who are yet to file Form GSTR-3B for any month(s) from July, 2017 till Jan.,
2020, can now file Form GSTR-3B from 1st July, 2020 till 30th Sept., 2020,
without any late fee, for those months in which they did not have any tax
liability. However, for the months they had a tax liability, their late fee is
capped at Rs 500 per return.
iii) Late Fee Relief to Normal Taxpayers filing Form GSTR-1:
|
Tax period |
Due Date |
Waiver of late fee if return filed on or before |
|
March 2020 |
11.04.2020 |
10.07.2020 |
|
April 2020 |
11.05.2020 |
24.07.2020 |
|
May 2020 |
11.06.2020 |
28.07.2020 |
|
June, 2020 |
11.07.2020 |
05.08.2020 |
|
Quarterly taxpayers Jan to March 2020 |
30.04.2020 |
17.07.2020 |
|
Quarterly taxpayers April to June 2020 |
31.07.2020 |
03.08.2020 |
Kindly
note:
If the Form GSTR-3B and Form GSTR-1 for the period mentioned in Tables above is not filed by the notified dates, late fee will become payable from the due dates for these returns.
E.
Compliances for Composition taxpayers
|
Form
No. |
Compliance
Particulars |
Due
Date (New)
|
|
GST
CMP-08 |
Registered
person availing the benefit provided under Notification 2/2019 – Central Tax
(Rate) shall be required to furnish details of self-assessed tax in Form GST
CMP-08 for quarter ending March 2020
|
07.07.2020 |
|
GSTR-4
|
The
yearly return for 2019-20 shall be required to be filed in Form GSTR 4 by the
above persons
|
15.07.2020 |
F. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
- (for the month of March, April, May, June & July 2020)
|
Form
No. |
Compliance
Particulars |
Due
Date |
Due
Date (New)
|
|
GSTR
-5 |
Non-Resident
Taxpayers |
20th
of succeeding month |
31.08.2020 |
|
GSTR
-6 |
Input
Service Distributors |
13th of succeeding month |
31.08.2020 |
|
GSTR
-7 |
Tax
Deductors at Source
(TDS
deductors) |
10th
of succeeding month |
31.08.2020 |
|
GSTR
-8 |
Tax
Collectors at Source (TCS collectors) |
10th
of succeeding month |
31.08.2020 |
Key UPDATE(s):
1. Filing NIL Form GSTR-3B through SMS on GST Portal
A
taxpayer may now file NIL Form GSTR-3B, through an SMS, apart from filing it
through online mode, on GST Portal. Taxpayer can file NIL Form GSTR-3B, through
SMS for all GSTINs, for whom they are an Authorized Signatory, using same
mobile number.
Link:
Click
Here
2. Relief in opting for Composition by Taxpayers, filing other
Returns & EWB.
Due to COVID-19 pandemic and challenges faced by taxpayers,
Government has extended dates for GST filings. These are notified in Central
Tax Notifications 30, 34 & 35/2020 dated 03.04.2020 & 47/2020 dated
09.06.2020 & 55/2020 dated 27.06.2020.
Link: Click
here
GST UPDATES AS ON 30.06.2020:
|
Sl. No.
|
Notification(s) |
Notification No. |
Link(s) |
|
1.
|
Seeks to bring into force Sections 118, 125, 129 & 130 of Finance
Act, 2020 in order to bring amendment to Sections 2, 109, 168 & 172 of
CGST Act w.e.f. 30.06.2020. |
49/2020- Central Tax ,dt. 24-06-2020 |
|
|
2. |
Seeks to make seventh amendment (2020) to CGST Rules. |
50/2020- Central Tax ,dt. 24-06-2020 |
|
|
3. |
Seeks to provide relief by lowering of interest rate for a prescribed
time for tax periods from February, 2020 to July, 2020. |
51/2020- Central Tax ,dt. 24-06-2020 |
|
|
4. |
Seeks to provide onetime amnesty by lowering/waiving of late fees for
non furnishing of FORM GSTR-3B from July, 2017 to January, 2020 and also
seeks to provide relief by conditional waiver of late fee for delay in
furnishing returns in FORM GSTR-3B for tax periods of February, 2020 to July,
2020. |
52/2020- Central Tax ,dt. 24-06-2020 |
|
|
5. |
Seeks to provide relief by waiver of late fee for delay in furnishing
outward statement in FORM GSTR-1 for tax periods for months from March, 2020
to June, 2020 for monthly filers and for quarters from January, 2020 to June,
2020 for quarterly filers
|
53/2020- Central Tax ,dt. 24-06-2020 |
|
|
6 |
Seeks to extend due date for
furnishing FORM GSTR-3B for supply made in the month of August, 2020 for
taxpayers with annual turnover up to Rs. 5 crore. |
54/2020- Central Tax ,dt. 24-06-2020 |
|
|
7 |
Seeks to amend notification no. 35/2020-Central Tax in order to extend
due date of compliance which falls during the period from "20.03.2020 to
30.08.2020" till 31.08.2020. |
55/2020-Central Tax dated 27.06.2020 |
|
|
8 |
Seeks to amend notification no. 46/2020-Central Tax in order to
further extend period to pass order under Section 54(7) of CGST Act till
31.08.2020 or in some cases upto fifteen days thereafter. |
56/2020-Central Tax dated 27.06.2020 |
2. Compliance
requirement under Income Tax act, 1961
|
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) |
|
31-07-2020 |
|
Income Tax Act, 1961 |
Filing of belated return for the Assessment Year 2019-20 u/s 139 (4) |
30-06-2020 |
31-07-2020 |
|
Income Tax Act, 1961
|
Filing of revised return for the Assessment Year 2019-20 u/s 139 (5) |
30-06-2020 |
31-07-2020 |
|
Income Tax Act, 1961 |
TDS/ TCS Return for quarter ending 31.03.2020 (Q4 of F.Y. 2019-20) for
Government Offices |
30-06-2020 |
15-07-2020 |
|
Income Tax Act, 1961 |
TDS/ TCS Return for
31.03.2020 (Q4 of F.Y. 2019-20) quarter |
30-06-2020 |
31-07-2020 |
|
Income Tax Act, 1961 |
Date of issuance of TDS
certificate to employees in form
16A and other in form 16 |
15-07-2020 |
15-08-2020 |
|
Income Tax Act, 1961 |
Investments for claiming deduction under Chapter-VIA-B
of the IT Act which includes section 80C, 80D, 80G etc. for the A.Y. 20-21
i.e. F.Y. 19-20 |
30-06-2020 |
31-07-2020 |
|
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: ·
February
2020 ·
March
2020 ·
April
to November 2020 |
15-03-2020 30-04-2020 Within 15 days from the end of the month |
15-07-2020 15-07-2020 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 |
Form 24QB, 24QC and 24QD of February
and March 2020 (Section 200 read with Rule 31A or Section
206C read with Rule 31AA) |
30-03-2020
30-04-2020 |
30-06-2020 |
|
Income Tax Act, 1961 |
Date of filing of declaration and payment of
tax under VI VAD SE VISH WAS |
30-06-2020 |
31-12-2020 |
|
Income Tax Act, 1961 |
Due date for any of the following actions,
except mentioned above, under the the Wealth-Tax Act, 1957, Income-tax Act,
1961, Prohibition of Benami Property Transactions Act, 1988, Chapter VII of
Finance (No. 2) Act, 2004 (dealing with Securities Transaction Tax), Chapter
VII of Finance Act, 2013 (dealing with Commodities Transaction Tax), Black
Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act,
2015, Chapter VIII of Finance Act, 2016 (dealing with Equalisation Levy) and
Direct Tax Vivad se Vishwas Act, 2020 by any Authority, Commission or
Tribunal: • passing
order • issuance of notice, intimation, notification, sanction
or approval • completion
of proceedings • any
other action • filing
of appeal, reply, application • furnishing
of reports, document, return, statement or any such record |
20-03-2020 to 31-12-2020 |
31-03-2021 |
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.
Important Notifications:
|
Sl.
No.
|
Particulars of the Notification(s) |
File
No. / Circular No. |
Notification Link(s) |
|
1. |
The principal notification was published in the Gazette of India,
Extraordinary, Part II, Section 3, Sub-section (ii), vide number S.O. 1790 |
Notification No. 32/2020/ F.No. 370142/17/2020-TPL |
|
|
2. |
Central Government hereby notifies for the purposes of the said
clause, ‘Greater Noida Industrial Development Authority’ (PAN AAALG0129L) - reg. |
Notification No. 33/2020 F.No.300196/39/2018-ITA-I |
|
|
3. |
the Central Government hereby notifies for the purposes of the said clause,
‘Maharashtra Electricity Regulatory Commission’, Mumbai (PAN AAAGM0004R), a
commission established by the State Government of Maharashtra |
[Notification. No. 34/2020/F.No.300196/53/2019-ITA-I |
|
|
4. |
Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance,
2020 (2 of 2020) |
[Notification No.35 /2020/ F. No. 370142/23/2020-TPL |
|
|
5. |
the Central Government hereby notifies for the purposes of the said
clause, ‘Real Estate Regulatory Authority’ as specified in the schedule to this notification |
Notification No. 36/2020, F. No. 300196/38/2017-ITA-I |
Compliance Requirement UNDER Companies Act, 2013 and Rules made thereunder;
|
Applicable
Laws/Acts
|
Due
Dates |
Compliance
Particulars |
Forms
/ Filing mode |
|
Companies Act, 2013
|
Within
180 Days From The Date Of Incorporation Of The Company + An additional time
of 6 more months shall be allowed by MCA (6+6
months) |
As per Section 10 A
(Commencement of Business) of the Companies Act, 2013, inserted vide the
Companies (Amendment) Ordinance, 2018 w.e.f. 2nd November, 2018, a Company
Incorporated after the ordinance and having share capital shall not commence
its business or exercise any borrowing powers unless a declaration is filed
by the Director within 180 days from the date of Incorporation of the Company
with the ROC. |
MCA E- Form INC 20A |
|
Companies Act, 2013
|
First declaration within 90 days from the date of notification
Dt. 08.02.2019
|
A person having
Significant beneficial owner shall file a declaration to the reporting
company http://www.mca.gov.in/Ministry/pdf/CompaniesOwnersAmendmentRules_08020219.pdf i.e. within 90 days of the
commencement of the Companies (Significant Beneficial Owners) Amendment
Rules, 2019 i.e. 08.02.2019
In case Subsequent Acquisition of the title
of Significant Beneficial Owner / Any Change therein a declaration in Form
No. BEN-1 required to be filed to the reporting company, within 30 days of
acquiring such significant beneficial ownership or any change therein.
|
Form BEN-1 Draft Format available at |
|
Companies Act, 2013
|
30.09.2020
(Due Date Extended as
covered under CFSS 2020 Scheme |
Filing of form BEN-2
under the Companies (Significant Beneficial Owners) Rules, 2018. (Within 30 days from
deployment of the E –form (earlier the date of receipt of declaration in
BEN-1 ) BEN -2 due date extended
till 31.03.2020 Circulars Link: |
Form BEN – 2 (e-form deployed by Ministry (ROC)) on
01.07.2019 |
|
Companies Act, 2013
|
File between 1st April, 2020 to 30th September, 2020 without
any Additional filing fee (Rs. 10,000/-) |
Filing of the
particulars of the Company & its registered office. (by every company
incorporated on or before the 31.12.2017.) Due date extended-
Link : |
Active Form INC -22A |
|
Companies Act, 2013
|
File
between 1st April, 2020 to 30th September, 2020 without any Additional filing
fee (Rs. 5,000/-) |
*DIN KYC through DIR 3 KYC Form is an Annual Exercise. Last date for filing
DIR-3 KYC for Financial year 2018-19 has been extended till 14th November
2019 Annual
Exercise: Penalty after due date is Rs. 5000/-(one time) |
E-Form DIR – 3 KYC (Web Based and E-form)
|
|
Companies Act, 2013
|
within 60 days from the
date of deployment of this form on the website of the Ministry. |
Reconciliation of
Share Capital Audit Report (Half-yearly) Pursuant to sub-rule Rule 9A (8) of Companies (Prospectus and
Allotment of Securities) Rules, 2014 To be filed all unlisted companies, deemed public companies Till further clarification to be filled in GNL-2
|
E-Form PAS – 6 (E-Form, Not yet deployed) |
|
Companies Act, 2013 |
Within 210 days from the
date of deployment of this Form |
Annual Return To Be
Filed By Auditor With The National Financial Reporting Authority
Note on NFRA -2 Click Here |
NFRA-2 (NFRA-2 e-Form live since 9th December 2019.) |
LLP Law Updates:
v Due dates of LLP Return Filing:
LLP Form 11 (Filing of Annual Return) : within 60 days of closer
of financial year (For F.Y. 2018-19 due date is 30-05-2019 and can be filed
upto 30.09.2020 without any additional fees.
The charge details i.e. creation, modification or satisfaction
of charge, can be filed through Appendix to e-Form 8 (Interim)
MCA Monthly
UPdate Calendar: June 2020
|
Sl.
No.
|
Particulars of the Circulars |
Link |
|
1 |
Companies (Share Capital and
Debentures) Amendment Rules, 2020
dated 05th June 2020, F. No. 01/04
l2Ol3-CL-v- Part-IV |
|
|
2 |
Extension of Time for EGMs
General Circular No. 22/2020 dated 15.06.2020 |
|
|
3 |
Scheme for relaxation of time for filing forms
related to creation or modification of charges under the Companies Act, 2013
for all Companies Registered with ROC
General Circular no. 23/ 2020 dated 17th June,
2020 |
|
|
4 |
Clarification with regard to
creation of deposit repayment reserve of 20%
under section 73 (2) (C ) of the companies Act 2013 and to invest or
deposit 15% of amount of debentures under Rule 18 of Companies (Share capital
and Debentures) Rules 2014 - COVID-19 -Extension of time-regarding'. General Circular no. 24/ 2020, File
No. 02 /O8 I 2O2O-CL-V dated 19th June, 2020 |
|
|
5. |
MCA FURTHER REVISED FAQ’S
ON NAME RESERVATION AND RESUBMISSION FORMS (Third time) BEYOND 30.06.2020 |
|
|
6 |
Independent Directors Registration
due date extended notification dated 23rd June, 2020 |
|
|
7 |
Companies (Meetings of Board and its
Powers) Second Amendment Rules, 2020 |
Source: https://www.incometaxindia.gov.in ; https://www.gst.gov.in ; www.mca.gov.in
DISCLAIMER: THE ARTICLE IS BASED ON THE RELEVANT
PROVISIONS AND AS PER THE INFORMATION EXISTING AT THE TIME OF THE PREPARATION.
IN NO EVENT I SHALL BE LIABLE FOR ANY DIRECT AND INDIRECT RESULT FROM THIS
ARTICLE. THIS IS ONLY A KNOWLEDGE SHARING INITIATIVE.
THE
AUTHOR – CS
DEEPAK SETH (ASSOCIATE PARTNER HELPINGHANDS PROFESSIONALS LLP) AND
CAN BE REACHED AT CONTACTHHPRO@GMAIL.COM OR 9910248911.
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