COMPLIANCE REQUIREMENTS FOR MARCH, 2020

About Article : This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.”

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

COMPLIANCE REQUIREMENT UNDER THE INCOME TAX ACT, 1961

Income Tax Act, 1961    02.03.2020Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of January, 2020  Tax deducted under section 194-IA
  Income Tax Act, 1961    02.03.2020​Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of January, 2020  Tax deducted under section 194-IB
Income Tax Act, 1961  02.03.2020​Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of January, 2020Tax deducted under section 194M
      Income Tax Act, 1961        07.03.2020Due date for deposit of tax deducted/collected for the month of February, 2020. (TDS & TCS)   However,all the 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  TDS & TCS
  Income Tax Act, 1961  15.03.2020Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of February, 2020 has been paid without the production of a challan  Form 24G
  Income Tax Act, 1961  15.03.2020Fourth instalment of advance tax for the assessment year 2020-21  Advance tax
    Income Tax Act, 1961    15.03.2020​Due date for payment of whole amount of advance tax in respect of assessment year 2020-21 for assessee covered under presumptive scheme of Section 44AD/ 44ADA  Advance tax under presumptive scheme of Section 44AD/ 44ADA
  Income Tax Act, 1961  17.03.2020Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of January, 2020  TDS Certificate u/s 194-IA
  Income Tax Act, 1961  17.03.2020Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of January, 2020  TDS Certificate u/s 194-IB
  Income Tax Act, 1961  17.03.2020Due date for issue of TDS Certificate for tax deducted under section 194M in the month of January, 2020  TDS Certificate u/s 194M
  Income Tax Act, 1961  30.03.2020​Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of February, 2020  challan-cum-statement _ Tax deducted under section 194-IA
  Income Tax Act, 1961  30.03.2020​Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of February, 2020  challan-cum-statement _ Tax deducted under section 194-IB
  Income Tax Act, 1961  30.03.2020​Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of February, 2020  challan-cum-statement _ Tax deducted under section 194M
      Income Tax Act, 1961      31.03.2020​Due date for linking of Aadhaar number ​Country-By-Country Report in Form No. 3CEAD for the previous year 2018-19 by a parent entity or the alternate reporting entity, resident in India, in respect of the international group of which it is a constituent of such group with PAN  Form No. 3CEAD
      Income Tax Act, 1961      31.03.2020​Country-By-Country Report in Form No. 3CEAD for a reporting accounting year (assuming reporting accounting year is April 1, 2018 to March 31, 2019) by a constituent entity, resident in India, in respect of the international group of which it is a constituent if the parent entity is not obliged to file report u/s 286(2) or the parent entity is resident of a country with which India does not have an agreement for exchange of the report etc.  

Important Updates :

  • Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Return of Income for A.Y 2016-17,2017-18, and 2018- 19 and Form No.9A and Form No. 10.-Reg. :
    • CBDT has decided that where the application for condonation of delay in filing Form 9A and Form 10 has been filed , and the Return of Income has been fi led on or before 31st March of the respective assessment years i.e. Assessment Years 20 16- 17, 20 17- 18 and 2018- 19, the Commissioners of Income-tax (Exemptions) arc authorized u/s 119(2)(b) of the Act, to admit such belated applications for condonation of delay in filing Return of Income and decide on merit.
    • Source : https://www.incometaxindia.gov.in/communications/circular/circular_no_6_2020.pdf

Important Notifications :

  Sl. No.  Particulars of the Notification(s)Notification Link(s)
 1.In exercise of the powers conferred by sub section 1 of section 280A of the Income tax Act         http://egazette.nic.in/WriteReadData/2020/216442.pdf
 2.Notification No. 11/2020 : ​Procedure of PAN allotment through Common Application Form (CAF) along with registration of Foreign Portfolio Investors (FPIs) with SEBI under Department of Economic Affairs and KYC for opening Bank and Demat Account  https://www.incometaxindia.gov.in/communications/notification/notification_11_2020.pdf
3. Notification No. 09/2020 [F. No. 285/41/2019-IT (Inv.V) CBDT] / SO 664(E) : Notification No. 09/2020 [F. No. 285/41/2019-IT (Inv.V) CBDT] / SO 664(E)  https://www.incometaxindia.gov.in/communications/notification/notification_09_2020.pdf
 4.Notification No. 10/2020 [F. No. 370142/34/2019-TPL] / GSR 110(E) : Notification No. 10/2020 [F. No. 370142/34/2019-TPL] / GSR 110(E)  https://www.incometaxindia.gov.in/communications/notification/notification_10_2020.pdf
 5.Notification No. 11/2020 [F.No. 370149/166/2019-TPL] / GSR 112(E) : Notification No. 11/2020 [F.No. 370149/166/2019-TPL] / GSR 112(E)  https://www.incometaxindia.gov.in/communications/notification/notification_11_2020_new.pdf
 6.Notification No. 12/2020 [ F.No.370142/29/2019-TPL] / GSR 124(E) : Income-tax (6th Amendment) Rules, 2020  https://www.incometaxindia.gov.in/communications/notification/notification_12_2020.pdf
 7.Notification No. 13/2020 [ F.No.285/33/2019-IT (Inv. V) CBDT] / SO 862(E) : Notification No. 13/2020 [ F.No.285/33/2019-IT (Inv. V) CBDT] / SO 862(E) !New  https://www.incometaxindia.gov.in/communications/notification/notification_13_2020.pdf

COMPLIANCE REQUIREMENTS UNDER GOODS AND SERVICES TAX ACT, 1961

  Applicable Laws/Acts    Due DatesCompliance Particulars  Forms/ (Filing mode)
GST, Act, 2017  10.03.2020Form GSTR-7 (TDS Deductor)  GSTR-7
GST, Act, 2017   
10.03.2020
Form GSTR-8 (for the month of February 2020) -TCS Collector (Summary of Tax Collected at Source (TCS) and deposited by E-commerce operators under GST laws)  GSTR – 8  
GST, Act, 201711.03.2020Return of outward supplies of taxable goods and/or services for the Month of February 2020 (for Assesses having turnover exceeding 1.5 Cr.) Monthly Return.  GSTR – 1
GST, Act, 2017  13.02.2020Due date for Furnishing return of February 2020 by Input Service Distributors (ISD)  GSTR – 6
GST, Act, 2017  20th of the succeedingPayment of self-assessed tax (Payment of tax shall be made by 20th of the month succeeding the month to which the liability pertains.)      PMT-08
GST, Act, 2017  18 months after end of the quarter for which refund is to be claimedApplication for RefundRFD-10
GST, Act, 2017  20.03.2020Summary of outward taxable supplies and tax payable by Non-Resident taxable person & OIDAR respectively. (for the month of January 2020)  GSTR-5 & GSTR – 5A
GST, Act, 201720.03.2020* 22.03.2020* 24.03.2020*  Simple GSTR return for the month of February, 2020  GSTR – 3B
GST, Act, 201718.04.2020Return filed by composition dealer statement-cum-challan to declare the details or summary of his/her self-assessed tax payable for a given quarter. (January 2020 to March 2020)        CMP – 08
GST, Act, 201731.03.2020Annual Returns for FY 2018-19    GSTR-9, GSTR – 9A & GSTR-9C
GST, Act, 20173 months of the registration cancellation date or order cancellation date, whichever comes late  A taxable person who opts for cancellation of GST registration has to file a final return under GST law in form GSTR-10 within three months.    GSTR – 10
GST, Act, 201728thof the month following the month in which an inward supply is received by the UIN holdersStatement of inward supplies by persons having Unique Identification Number (UIN)    GSTR – 11

Note :

*The govt has eased filing of GST returns for taxpayers by allowing them to file in a staggered manner and has provided three dates for different categories of taxpayers.

  • If turnover in preceding F.Y. equals to or exceeds Rs. 5 Crore :
    • Due date for GSTR-3B : 20th of next month.
  • If turnover in preceding F.Y. is less than Rs. 5 Crore :
    • Due date for GSTR-3B is 22nd of next month for these states : Chhattisgarh, MP, Gujarat, Daman and Diu, Dadra and Nagar Haveli, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, TN, Puducherry, Andaman and Nicobar Islands, Telangana and Andhra Pradesh.
    • Due date for GSTR-3B is 24th of next month for these states : J&K, Laddakh, Himachal Pradesh, Punjab, Chandigarh, Uttarakhand, Haryana, Delhi, Rajasthan, UP, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand and Odisha.

Key Updates :

  • GST Helpdesk has become multi-lingual, supporting 12 languages at Toll Free number – 1800 103 4786 (from 9AM to 9PM, 7 days a week). Existing contact number will no longer be available to connect with GST Helpdesk.
  • Accounting and Billing Software Providers can enrol with GSTN to receive regular updates on e-invoice :
    • Being key players in Indian business eco-system, the role and support of Accounting and Billing Software Providers is crucial for successful implementation of GST e-invoice System.
    • Read more at : https://www.gst.gov.in/newsandupdates/read/354
  • Advisory on Opting-in Composition Scheme for 2020-21 by filing FORM GST CMP-02 :
    • How to opt-in Composition Scheme
    • Return /Payment
    • Who are eligible taxpayers for opting-in for Composition Scheme
    • Taxpayers, who are not eligible for opting in composition scheme
    • Read more at : https://www.gst.gov.in/newsandupdates/read/356
  • A webinar has been scheduled on 28th February 2020 at 2.30pm IST on the topic GST New Returns: Concept and Live Demonstration in Marathi :
  • The due date to submit TRAN-01 for carrying forward the transitional credit is extended to 31st March 2020 for those taxpayers who could not file earlier due to technical glitches.

GST Updates as on 29.02.2020 :

Sl. No.  Notification(s)Notification No.Link(s)
        1.    Seeks to extend the last date for furnishing of annual return/reconciliation statement in FORM GSTR-9/FORM GSTR-9C for the period from 01.07.2017 to 31.03.2018.06/2020-Central Tax ,dt. 03-02-2020                    http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-06-central-tax-english-2020.pdf   http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-05-central-tax-english-2020-corrigendum.pdf;jsessionid=F9B712C17BB80CFCFE5E280591FABA4F
2.Notification issued to prescribe due dates for filing of return in FORM GSTR-3B in a staggered manner.07/2020-Central Tax ,dt. 03-02-2020      http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-07-central-tax-english-2020.pdf  
3.Seeks to amend notification No. 1/2017- Central Tax (Rate) dated 28.06.2017 so as to notify rate of GST on supply of lottery.  01/2020-Central Tax (Rate) , dt. 21-02-2020http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-01-2020-cgst-rate-english.pdf
4.Seeks to amend notification No. 1/2017- Integrated Tax (Rate) dated 28.06.2017 so as to notify rate of GST on supply of lottery.  01/2020-Integrated Tax (Rate) , dt. 21-02-2020http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-01-2020-igst-rate-english.pdf
      5.Seeks to amend notification No. 1/2017- Union Territory Tax (Rate) dated 28.06.2017 so as to notify rate of GST on supply of lottery.  01/2020-Union Territory tax(rate), dt. 21-02-2020      http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-01-2020-utgst-rate-english.pdf

Important Circulars :

Sl. No.Circular (s)File No.Link(s)
  1.amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.1/2017-Central Tax (Rate), dated the 28th  June, 2017,  G.S.R. 134(E)   Gazette ID: CG-DL-E-24022020-216342 http://egazette.nic.in/WriteReadData/2020/216342.pdf

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AUTHOR : CS LALIT RAJPUT (CLICK HERE TO VIEW PROFILE)