TAX COMPLIANCE CALENDAR _ MAY 2020

Income Tax and GST Compliance Norms for the month of May 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”

  1. Income Tax Act, 1961

  2. Goods & Services Tax Act, 2017 (GST)

 

  1. Compliance requirement under Income Tax act, 1961

 

Applicable Laws/Acts

 Complian

Taxation Compliance Requirement Under

ce Particulars

 

Due Dates

Revised Due Dates

 

Income Tax Act, 1961

Filing of belated return for the Assessment Year 2019-20

31.03.2020

30.06.2020

 

Income Tax Act, 1961

Filing of revised return for the

Assessment Year 2019-20

31.03.2020

30.06.2020

Income Tax Act, 1961

Sending an intimation after processing of return of income (ITR), if the return is filed:

a) During Financial Year 2018-19 under section 139;

b) During Financial Year 2018-19 in response to a notice issued under section 142(1)

 

 

 

31.03.2020

 

 

 

30.06.2020

Income Tax Act, 1961

Furnishing of TDS Statement for the fourth quarter (Jan – March, 2020) of the Financial Year 2019-20

 

31.05.2020

30.06.2020

 

Income Tax Act, 1961

Furnishing of TDS Statement in form 26QB/26QC/26QD for the month of

a) February, 2020

b) March, 2020

c) April, 2020

 

30.03.2020

30.04.2020

30.05.2020

 

30.06.2020

Income Tax Act, 1961

Furnishing of TCS Statement for fourth quarter of the Financial Year 2019-20

 

15.05.2020

30.06.2020

 

Income Tax Act, 1961

Issue of TCS certificate for the fourth quarter of the Financial Year 2019-20

 

 

30.05.2020

 

30.06.2020

 

Income Tax Act, 1961

Furnishing of Form 24G by an office of the Government for the month of

a) March, 2020

b) April, 2020

c) May, 2020                                 

 

 

 

30.04.2020

 

15.05.2020

 

15.06.2020

 

 

 

30.06.2020

 

Income Tax Act, 1961

Due date to send the intimation for processing of statement of TDS/TCS filed during the Financial Year 2018-19

 

31.03.2020

 

30.06.2020

 

  • Importatnt updates:
  1. The CBDT vide the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 ​dated 31-03-2020 has extended all respective due dates, falling during the period from 20-03-2020 to 29-06-2020, till June 30, 2020.
  1. The benefit of extended due date shall not be available in respect of payment of tax. However, any delay in payment of tax which is due for payment from 20-03-2020 to 29-06-2020 shall attract interest at the lower rate of 0.75% for every month or part thereof if same is paid after the due date but on or before 30-06-2020. ​​
  1. Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 is available at: https://www.incometaxindia.gov.in/documents/THE-TAXATION-AND-OTHER-LAWS-RELAXATION-OFCERTAIN-PROVISIONS-ORDINANCE-2020.pdf
  1. Filing of tax return (where no tax audit is required)

The due date for filing the personal tax return remains unchanged at 31 July 2020.

 

  • Important Notifications:

 

 

Sl. No.

 

 

Particulars of the Notification(s)

 

Notification Link(s)

1.       

F. No. 370142/13/2020-TPL

& Circular No. C1 of  2020

Clarification in respect of option under section 115BAC of the Income-tax Act, 1961

 

https://www.incometaxindia.gov.in/communications/circular/circular_c1_2020.pdf

2.       

F. No. 370133/S/2020-TPL

& Circular No. 8 / 2020

Clarification regarding short deduction of TDS / TCS due to increase in rates of surcharge

by Finance (No.2) Act, 20l9-reg.

https://www.incometaxindia.gov.in/communications/circular/circular_8_2020.pdf

3.       

F. No. JT(A)/1/2020-TPL

& Circular No. 9 / 2020

Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020 – reg

 

https://www.incometaxindia.gov.in/communications/circular/circular_no_9_2020.pdf

4.       

F. No. 37014219/20 18-TPL

& Circular No. 10 / 2020

Order under section 119 of the Income-tax Act, 1961

 

https://www.incometaxindia.gov.in/communications/circular/circular_no_10_2020.pdf

5.       

IT(A)/1/2020-TPL  Dated 27.04.2020

CORRIGENDA TO CIRCULAR NO.9 OF 2020 DATED 22.04.2020

 

https://www.incometaxindia.gov.in/communications/circular/corrigendum_circular_9_2020.pdf

 

  1. Compliance Requirement under Goods & Services Tax Act,  (GST) 2017

Keeping in view the preventive measures taken to contain the spread of Novel Coronavirus (COVID-19) and the difficulties being faced by the GST taxpayer, Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes & Customs, has extended the due date for Filing GST Returns.

 

GST Compliance Relaxations:

A. GSTR 3B Due Dates for May 2020

a. If Turnover > 5Crore:

                      b. If Turnover < 5Crore (in two parts)

 

 

Due date of GSTR 3B –

 

 

15 States/UT’s:

(month succeeding such month)

 

22 States/UT’s: 

(month succeeding such month)

(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)

(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)

Due Date

27.06.2020

Due Date

12.07.2020

Due Date

14.07.2020

B. Taxpayers wanting to opt for Composition in FY 2020-21


 

Form No.

Compliance Particulars

Period

Extended Due Date

GST CMP-02

Intimation in respect of opting to pay tax under composition scheme for the FY 2020-21

2020-20

30.06.2020

GST ITC-03

filed by a taxpayer who is liable to pay an amount that is equal to the input tax credit through cash ledger or electronic credit. (in relation to above intimation)

 

2019-20

(As on 31-3-2020)

31.07.2020

 

C. GSTR 3B Due Dates for tax periods of February, 2020 to April, 2020.

S.

No. (1)

Class of registered persons

(2)

Rate of interest

 

 

(3)

Tax period

 

 

(4)

Condition

 

 

(5)

1.

Taxpayers having an aggregate turnover of  more than rupees 5 crores in  the preceding financial year

 

Zero interest for 15 days + interest rate @9% p.a

February, 2020,

March 2020,

April, 2020

If return in FORM GSTR-3B is furnished on or before the 24th day of June, 2020

 

 

 

 

 

2

 

 

Taxpayers having an aggregate turnover of more than rupees 1.5 crores and up to rupees five crores in the preceding financial year

 

 

 

 

 

Nil

February, 2020, March, 2020

If return in FORM GSTR-3B is furnished on or before the 29th day of June, 2020

April, 2020

If return in FORM GSTR-3B is furnished on or before the 30th day of June, 2020

 

3.

Taxpayers having an aggregate turnover of up to rupees 1.5 crores in the preceding financial year

 

 

 

 

 

Nil

February, 2020

If return in FORM GSTR-3B is furnished on or before the 30th day of June, 2020

March, 2020

If return in FORM GSTR-3B is furnished on or before the 3rd day of July, 2020

April, 2020

If return in FORM GSTR-3B is furnished on or before the 6th day of July, 2020.”.

 

Note: In case the return for the said months are not furnished on or before the date mentioned in the notification then interest @ 18% per annum shall be charged from the due date of return, till the date on which the return is filed. In addition, regular late fee shall also be leviable for such delay along with liability for penalty.

 

D. Taxpayers filing Form GSTR-1 either Monthly or Quarterly

Form No.

Compliance Particulars

Due Date (New)

 

GSTR-1

March – 2020

April – 2020

May - 2020

 

Monthly return that should be filed by every registered dealer. It contains details of all outward supplies i.e sales.

 

 

On or Before 30.06.2020

GSTR-1 (Quarterly)

 

Jan – March 2020

Quarterly return that should be filed by every registered dealer. It contains details of all outward supplies i.e sales.

 

E. Conditional waiver of late fee for delay in furnishing returns in FORM GSTR-3B for tax periods of February, 2020 to April, 2020.

 

S. No.

 

 

Class of registered persons

 

 

Tax period

 

 

Condition

 

 

1.

Taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year

February,    2020,

March,  2020

and April, 2020

 

If return is furnished on or before the 24.06.2020

 

 

 

2.

 

Taxpayers having an aggregate turnover of more than rupees 1.5 crores and up to rupees five crores   in the preceding financial year

 

February,    2020

and March, 2020

If return is furnished on or before the 29.06.2020

 

April, 2020

If return is furnished on or before the 30.06.2020

 

 

 

2.

Taxpayers having an aggregate turnover of more than rupees 1.5 crores and up to rupees five crores   in the preceding financial year

February,    2020

 

If return is furnished on or before the 30.06.2020

March, 2020

If return is furnished on or before the 03.07.2020

April, 2020

If return is furnished on or before the 03.07.2020

 

F. Compliance Related to E-way bills:

  • Validity of E-way Bill
  • Where e-way bill expires between 20.03.2020 and 15.04.2020, validity deemed to have been extended till 30.04.2020
  • Extension of time limit till 30th June
  • For completion or compliance of any action due date of which falls between 20th March, 2020 to 29th June, 2020

 

  • Activities of taxable person to which extension applies

Filing of appeal, reply, application, furnishing of any report, document return, statement, records

 

  • Non applicability of extension Related to E-way bills
  1. Chapter IV;
  2. sub-section (3) of section 10, sections 25, 27, 31, 37, 47, 50, 69, 90, 122, 129;
  3. section 39, except sub-section (3), (4) and (5);
  4. section 68, in so far as e-way bill is concerned; and
  5. rules made under the provisions specified at clause (a) to (d) above;
  6. Taxpayers who are required to deduct tax at source, ISD, non-resident taxable person and the person required to collect tax at source have been allowed to furnish return/statement for March 2020 to May 2020 on or before 30.06.2020

 

G. 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

 

H. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers

- (for the month of March, April & May, 2020)

Form No.

Compliance Particulars

Due Date

Due Date (New)

 

 

GSTR -5

Non-Resident Taxpayers         

20th of succeeding month               

30.06.2020

 

GSTR -6

Input Service Distributors      

 

13th of succeeding month

30.06.2020

 

GSTR -7

Tax Deductors at Source

 

(TDS deductors)             

10th of succeeding month

30.06.2020

 

GSTR -8

Tax Collectors at Source (TCS collectors)             

10th of succeeding month

30.06.2020

 

  • GST UPDATES AS ON 30.04.2020:

Sl. No.

 

Notification(s)

Notification No.

Link(s)

 

 

 

 

1.

 

Clarification in respect of various measures announced by the Government for providing relief to the taxpayers in view of spread of Novel Corona Virus (COVID-19) – Reg

 

Circular No. 136/06/2020  

F. No. CBEC-20/06/04-2020-GST dt. 03.04.2020

https://www.cbic.gov.in/resources//htdocs-cbec/gst/Circular_Refund_136_6_2020.pdf;jsessionid=BA1D77CAC74D87D11D4321B2D3BC7D89

2.

Circular clarifying issues in respect of challenges faced by registered persons in implementation of provisions of GST issued – Reg

 

Circular No. 137/07/2020  

F. No. CBEC-20/06/04-2020 -GST dt. 13.04.2020        

https://www.cbic.gov.in/resources//htdocs-cbec/gst/Circular_Refund_137_7_2020.pdf;jsessionid=13214F58C80A5ED4D6FA0624F44B3F01

3.

Seeks to amend CGST Rules (Fourth Amendment) in order to allow opting Composition Scheme for FY 2020-21 till 30.06.2020 and to allow cumulative application of condition in rule 36(4).

30/2020-Central Tax ,dt. 03-04-2020      

https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-30-central-tax-english-2020.pdf;jsessionid=A1746741BDA486B5197BA40DEF1F5DB4

4.

Seeks to provide relief by conditional lowering of interest rate for tax periods of February, 2020 to April, 2020.

31/2020-Central Tax ,dt. 03-04-2020      

https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-31-central-tax-english-2020.pdf;jsessionid=767F6DEB3893B815124EA70FCA2B07B9

 

 

 

5.

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 April, 2020.

32/2020-Central Tax ,dt. 03-04-2020      

https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-32-central-tax-english-2020.pdf;jsessionid=7B63E0E4D185906CB41F465424B05C46

6

Seeks to provide relief by conditional waiver of late fee for delay in furnishing outward statement in FORM GSTR-1 for tax periods of February, 2020 to April, 2020.

33/2020-Central Tax ,dt. 03-04-2020      

https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-33-central-tax-english-2020.pdf;jsessionid=9E20D2AE956EF114487CBCD79A940035

7

Seeks to extend due date of furnishing FORM GST CMP-08 for the quarter ending March, 2020 till 07.07.2020 and filing FORM GSTR-4 for FY 2020-21 till 15.07.2020.

34/2020-Central Tax ,dt. 03-04-2020      

https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-34-central-tax-english-2020.pdf;jsessionid=7CE8688B8FE1818FEA9FE97450A74B42

8

Seeks to extend due date of compliance which falls during the period from "20.03.2020 to 29.06.2020" till 30.06.2020 and to extend validity of e-way bills.

35/2020-Central Tax ,dt. 03-04-2020      

https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-35-central-tax-english-2020.pdf;jsessionid=B257CACD209A8BE2B6776EDAA64022AD

9

Seeks to extend due date for furnishing FORM GSTR-3B for supply made in the month of May, 2020.

36/2020-Central Tax ,dt. 03-04-2020      

https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-36-central-tax-english-2020.pdf;jsessionid=60E31BA551BCB1DB2631E545199D423F

10

Seeks to give effect to the provisions of rule 87 (13) and FORM GST PMT-09 of the CGST Rules, 2017.

37/2020-Central Tax ,dt. 28-04-2020      

https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-37-central-tax-english-2020.pdf;jsessionid=7B1D38309F0DEB68DD0A08CFD6084D21

 

About Author:

 CS Lalit Rajput 

Partner, Xcede Consultech LLP

E-mail : lalitrajput537@gmail.com !! +91 8802581290

 

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This article is updated till 30th April, 2020 with all Laws / Regulations and their respective amendments.                                 

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