Tax Due Date- May 2019

Sr No	Due Date	Related to	Compliance to be made
1	11.05.2019	GST	Filing of GSTR 1 for the month of April, 2019
2	20.05.2019	GST	Payment of GST for the month of April, 2019 Filing of GSTR 3B for the month of April, 2019
3	07.05.2019	TDS/TCS (Income Tax)	Deposit TDS for payments of Salary, Interest, Commission or Brokerage, Rent, Professional fee, payment to Contractors, etc. during the month of April 2019. Deposit TDS from Salaries deducted during the month of April 2019 Deposit TCS for collections made under section 206C including sale of scrap during the month of April 2019, if any
4	31.05.2019	TDS/TCS (Income Tax)	Furnish quarterly statement of tax deducted at source (TDS) and tax collected at source (TCS) for the quarter ended Jan-March 2019 in Form 24Q / 26Q / 27Q / 27EQ.
5	31.05.2019	Income Tax	Filing of Annual Information Return u/s 285BA

Benefits To SEZ Entities Under The Income Tax Law

Basic Understanding:

The government has notified various specified areas as Special Economic Zones (“SEZ”) or Free Trade  SEZones under the provisions of Section 3 and Section 4 of the Special Economic Zone Act, 2005 (“SEZ Act”). Section 27 of the SEZ Act provides that “the provisions of the Income-tax Act, 1961 (“the Act”), as in force for the time being, shall apply to, or in relation to, the Developer or entrepreneur for carrying on the authorized operations in a Special Economic Zone or Unit subject to the modifications specified in the Second Schedule (2^nd Schedule)”. 2^nd Schedule to SEZ Act provides the modifications made under the Income tax Act, 1961 for the purpose of giving some relaxations to the SEZ Unit. The same, inter-alia, includes the introduction of Section 10AA of the Income tax Act, 1961 w.e.f. financial year 2005-06. We will understand the provisions of Section 10AA of the Income tax Act, 1961 in this article and also the relaxations and exemptions given to SEZ under Income tax laws.  

Rule 12 of the Income Tax Rules, 1962

The Central Board of Direct Taxes, vide notification no. 32/2019 dated 1st April 2019, introduced the Income Tax (Second Amendment) Rules, 2019 which are made effective from 1st April 2019. Vide the said Income Tax (Second Amendment) Rules, 2019, rule 12 of the Income Tax Rules, 1962 has been amended and format of Form ITR-1 (SAHAJ), Form ITR-2, Form ITR-3, Form ITR-4 (SUGAM), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V has been updated. In this article, we look at the various changed introduced by the new Rule 12 of the Income Tax Rules, 1962.

Form ITR-1 (Sahaj)

With effect from 1st April 2019, additionally, the following categories of person will not able to a file income tax return in Form ITR-1:

• Individuals claiming deduction under section 57 (other than deduction claimed under section 57 (iia);
• Individuals being the director in any company;
• Individual holding unlisted equity shares at any time during the previous year;
• Individual who is assessable for the whole or part of the income on which TDS has been deducted in the hands of a person other than the assessee.

Form ITR-4 (Sugam)

With effect from 1st April 2019, additionally, the following categories of person will not able to file a return in Form ITR-4 i.e. SUGAM

• The person who has assets located outside India (assets includes financial interest in any entity);
• The person having signing authority in any account being located outside India;
• The person having income from any of the source outside India;
• The person having the income to be apportioned as per provisions of section 5A;
• Person being director in any company;
• The person holding any unlisted equity shares at any time during the previous year;
• The person having total income more than INR 50 Lakhs;
• The person who is the owner of more than one house property and the income of such house property is chargeable under the head ‘Income from House Property’;
• The person who is assessable for the whole or part of the income on which TDS has been deducted in the hands of a person other than the assessee.

Amendment in Mandatory Electronic Filing of Income Tax Return

As all are aware, electronic filing of income tax return is mandatory, however, the following categories of persons are exempted from the same –

• An individual having an age of 80 or more at any time during the previous year; and
• An individual who is furnishing a return of income in Form ITR-1 (SAHAJ) or Form ITR-4 (SUGAM).

The above categories of person can file their return of income in any of the following manner –

• Electronically under digital signature;
• Filing the return electronically under EVC (electronic verification code);
• Filing the return electronically and submitting the verification of return in Form ITR-V; or
• Filing the return in paper form.

I-T dept revises format of TDS certificate issued by employer

The Income Tax department has revised Form 16 by adding various details, including income from house property and remuneration received from other employers, thereby making it more comprehensive to help check tax avoidance. It will also include segregated information regarding deductions under various tax saving schemes, investments in tax savings instruments, different allowances received by the employee as well as income from other sources.

Everything about Registration of NBFC in India

NBFC stands for Non-Banking Financial Company and is registered under the Companies Act, 2013 and managed by RBI with activities very similar to the bank except for some major differences. NBFC is known to provide financial support and services to businesses and individuals. One of the principal objectives of a Non-Banking Financial Company is to provide loans, personal loans, working capital loans, shared investments, other stocks and debenture issued by the Government or the other local authorities, leasing, insurance business as well as offers Market Place Lending Platform (P2P) for businesses.

New ITR Forms For Assessment Year 2019-2020

Vide notification dated 1^st April, 2019, the CBDT has introduced Income Tax (Second Amendment) Rules, 2019. Vide the said notification the CBDT has notified Income Tax Return (ITR) Forms for the Assessment Year 2019-2020 (Financial year 2018-2019). In total 7 types of Income Tax Return Norms are being notified which are being listed herein below –