Extension of Important Income tax due dates.

 

Given below the summary of the extension provided by CBDT.

SN	Compliance	Actual due date	Extended due date.
			Circular No. 9  dated May 20, 2021.	Press Release dated June 25, 2021
1	Statement of Financial Transactions	May 31, 2021	June 30, 2021	July 31, 2021
2	E TDS return	May 31, 2021	June 30, 2021	July 15, 2021
3	Issuance for Form 16	June 15, 2021	July 15, 2021.	July 31, 2021
4	Income tax return – non audit case	July 31, 2021	Sep 30, 2021
5	Submission of tax audit report	Sep 30, 2021	Oct 31, 2021
6	Furnishing of TP report -  Form 3CEB	Oct 31, 2021	Nov 30,2021
7	Income tax return – audit case non TP	Oct 31, 2021	Nov 30,2021
8	Income tax return – audit case with TP	Nov 30,2021	Dec 31, 2021
9	Belated/ Revised return	Dec 31, 2021	Jan 31, 2022
10	Objection to DRP u/s 144C	June 01, 2021	NA	Aug 31, 2021
11	Filing of Form 10A by Charitable Trust	June 30, 2021	NA	Aug 31, 2021
12	Linking of Aadhar with PAN	June 30, 2021	NA	Sep 30, 2021
13	Assessment & Penalty order	June 30, 2021	NA	Sep 30, 2021

Tax treatment of TDS claim written off.

 

Nowadays neither CPC, Bangalore neither AO is allowing TDS credit unless and until the TDS amount is not reflected in FORM 26AS. Where Assessee after due efforts is not getting the total credit of the TDS amount equals to the TDS amount reflected in ' TDS RECEIVABLE A/C', and AO or CPC are allowing SHORT TDS credit, because of that ' TDS RECEIVABLE A/C ' showing Debit Balance.

GST Council decides to reduce tax rates on items related to Covid relief

 

This Tax Alert summarizes a recent press release¹ issued by the Ministry of Finance. The 44^th meeting of Goods and Services Tax (GST) Council was held on 12 June 2021. 

The Mockery of ease of doing business

 

The Chief policymakers of the country are making a sound that they implementing policies to do ease of doing business in the country but we find every time the bureaucrats who draft these policies are actually making a mockery of the term ease of doing business.  This statement becomes more true when we can see the hardship to the business by the following change in TDS rules from July 2021.

The Mockery of ease of doing business

 

The Chief policymakers of the country are making a sound that they implementing policies to do ease of doing business in the country but we find every time the bureaucrats who draft these policies are actually making a mockery of the term ease of doing business.  This statement becomes more true when we can see the hardship to the business by the following change in TDS rules from July 2021.

Guidelines and FAQs About E-Filing applications before a Bench of Income Tax Appellate Tribunal

1.    E-Filing is the process of electronic online filing of appeals and applications before a Bench of Income Tax Appellate Tribunal.  An Assessee or Assessing Officer or any other person, who is entitled to file an appeal, cross objection or application before the Tribunal u/s. 253 of Income Tax Act, 1961, can file the same through e-Filing Portal.  This provision will apply to appeals under other enactments mutatis mutandis.

GST RELATED STATUTORY COMPLIANCE DUE DATES - JUNE-2021

 

Due Date	Statutory Compliance	Description
4	GST GSTR-3B	GSTR-3B April-2021 - Extended Due date for Taxpayers having Turnover more than ₹ 5.0 crores in the previous FY (With reduced rate of Interest @ 9% p.a.on the Tax Payable and without late filing fees).

The flaws of faceless appeal scheme

 

The flaws of faceless appeal scheme.

FAS has been introduced in September 2020, by the government to  eliminate the  face to face contact between the taxpayer and tax department and to run government administration with the help of technology. The new FAS is a digital communication process between NFAC, RFAC & AU.   The relevant provisions dealing with the appeal process are contained in S-249 and S-250 read with  Rules 45, 46 and 46A. Within the framework of these Sections, the FAS seeks to introduce digital authorities to coordinate and deal with the appeal process viz. NFAC, RFAC and the AU. The sum and substance of the FAS is the prescription and description of the communication process between these various digital authorities (including the National e-assessment Centre and the Assessing Officer under the Faceless Assessment Scheme) and the assessee and referring the draft appeal orders - mandatory in case the sum involved exceeds a threshold -initially to a second appeal unit for review and to a third appeal unit in case any variations proposed by the second appeal unit are to be confirmed and thereafter to the assessee, for comments.