Master Update

Master Update

Master Update

⇒*The due date of TDS/TCS Return for Q4 (19-20) is 31.07.2020* and for *Q1 (2020-21) is 31.03.2021.*
 *15.08.2020* is the *due date for following compliances*:
*a. Issue of Form 16* (Salary) for FY 19-20.
*b. Issue of Form 16A* (Other than Salary) for Q4 (2019-20).
*c. Issue of TCS Certificate* for Q4 of FY 19-20.
*A. MASTER UPDATES OF THE WEEK:*
Income Tax:*
 *CBDT has notified* the amendment in *Rule 31AA in order* to expand the *reporting in TCS Return* in respect of *new TCS provisions* (Tour Operator, LRS and Sale of Goods).
Goods and Services Tax:*
 *Govt. is planning* to Scrap New GST *Return System which* was to be brought in from *01.10.2020 and continue* with existing *Return System* (GSTR-1, 3B and 2A) with more *robust matching criteria.*
Corporate & Allied Laws:*
*MCA has made certain* amendments in *Indian Accounting Standard (Ind AS)* 1, 8, 10, 34, 37, 103, 107, 109 and 116.
*B. KEY PRACTICAL TAKE-AWAYS:*
Income Tax:*
 *Losses under* the head *Capital Gains can be set-off* from Capital Gains *head only* in the manner below:
*a. Short-term Capital losses* (even Section 111A) can be *set off against Short-term as well as Long-term Capital Gains* (even Section 112A).
*b. Long-term Capital losses* (any) can *only be* set off against *Long-term Capital Gains.*
 Goods & Services Tax:*
 *Filing of Annual Return* (GSTR-9) is mandatory only for *taxpayers with aggregate* turnover *more than INR 2 crores.*
 *Filing of audited Reconciliation* Statement (GSTR-9C) is *mandatory only for taxpayers* with aggregate *turnover more than INR 5 crores.*
*_Note – This means:_*
_*a. Below INR 2 crores – No 9/9C*_
_*b. Between INR 2 – 5 crores – Only 9*_
_*c. More than INR 5 crores – Both 9/9C*_
 Corporate & Allied Laws:*
 *Auditors’ Report* on *Internal Financial Control* over Financial Reporting (ICFR) is required *only if the turnover* of the Company is *more than INR 50 crores* OR *borrowings of the Company* are more than *INR 25 crores*.
*C. UPCOMING DUE DATES:*
*Income Tax:*
*Belated/Revised* Income tax return for *FY 2018-19* can be filed *till 31.07.2020*.
 *Payment* for *deduction* u/c *Chapter -VIA* u/s 80C, 80D, 80G and etc. can be made for *FY 19-20 till 31.07.2020*.
*The due date for SFT* (Significant Financial Transactions) response (Form 61A/ Preliminary) *for FY 2019-20 is 31.07.2020.*
 Goods and Services Tax:*
## *GSTR-3B Due Dates:*
❇️ *12.09.2020/23.09.2020* for *May and June* month for the taxpayers having *turnover upto Rs. 5 Crores* and the *principal place* of business situated in *West and South india*.
15.09.2020/25.09.2020* for *May and June* month for the *taxpayers having turnover upto Rs. 5 Crores* and the *principal place* of business situated in *East and North india*.
## *GSTR-1 Due Dates:*
❇️ *28.07.2020/05.08.2020* is last date for the month of *May and June* month to file GSTR-1 for taxpayers is having *turnover exceeding Rs. 1.5 Crores*.
 ❇️ *03.08.2020* is last date for the Quarter of *June 20* to file GSTR-1 for taxpayers is having turnover *upto Rs. 1.5 Crores*.
*Note- Interest @ 9% shall be applied after passing above-mentioned due date till 30.09.2020*.
Corporate & Allied Laws:*
 MCA has announced a *“Moratorium Period” from 01.04.2020 to 30.09.2020* for filing of *ROC Forms and no additional fees* will be *charged for such period* due to late filing of any form due within this period.
WordPress Image Lightbox