माह दिसम्बर2020 की निर्धारित अंतिम तिथि

Reminder

1-TDS/TCS Liability Deposit for Nov 2020 is due on 2020-12-07

2-(i) GSTR-7(Monthly) for Nov 2020 is due on 2020-12-10

   (ii) GSTR-8(Monthly) for Nov 2020 is due on 2020-12-10

3- GSTR-1(Monthly) for Nov 2020 is due on 2020-12-11

4- GSTR-6(Monthly) for Nov 2020 is due on 2020-12-13

5- (i) PF/ESI Deposit for Nov 2020 is due on 2020-12-15

(ii) Advance Tax Payment for Oct to Dec’20 is due on 2020-12-15

6 (i) GSTR-5(Monthly) for Nov 2020 is due on 2020-12-20

(ii) GSTR-5A(Monthly) for Nov 2020 is due on 2020-12-20

7- GSTR-3B for Nov 2020 is due on 2020-12-22

7- GSTR-3B for Nov 2020 is due on 2020-12-24

8-(i) Form MSME(outstanding payments to MSMEs) for Oct’19-Mar’20 is due on 2020-12-31

(ii) Form 11(LLP Annual returns) for FY 2019-20 is due on 2020-12-31

(iii) DIR-3 KYC for FY 2019-20 is due on 2020-12-31

(iv) Form DPT-3 for FY 2019-20 is due on 2020-12-31

(v) Eligible pending filings for LLP and Company is due on 2020-12-31

(vi) GSTR-9(Yearly) for FY 2018-19 is due on 2020-12-31

(vii) GSTR-9C(Yearly) for FY 2018-19 is due on 2020-12-31

(viii) Tax audit report for FY 2019-20(AY 2020-21) is due on 2020-12-31

(ix) Income Tax Return for FY 2019-20(AY 2020-21) is due on 2020-12-31

*Deferment of provisions for new registration procedure of Charitable Trusts and Institutions u/s 12AB/10(23C)/80G:*

*Deferment of provisions for new registration procedure of Charitable Trusts and Institutions u/s 12AB/10(23C)/80G:*

~The Finance Act, 2020 prescribed a new electronic registration procedure for Charitable Trusts and Institutions under section 12AA/ 12AB / 10(23C)/ 80G.

~Originally was made applicable from 1st June 2020 : Subsequently extended to 1st October 2020 :Finally withdrawn from Finance Act, 2020 and made applicable from 1st April 2021. 

~ So, New Scheme of electronic Registration deferred and made applicable w.e.f. 1st April 2021. Old Scheme would continue uptill 31st March 2021.

*Amendments applicable from A.Y. 2020-21:*

~Audit Report in Form No. 10BB shall be uploaded one month prior to the due

date of submission of return of income. For A.Y. 2020-21 – uptill 31-12-2020.

~Income by way of Corpus Donation: By insertion of an Explanation, it has been clarified that w.e.f. A.Y. 2020-21, income of an entity covered by section 10(23C)(iv)/(v)/(vi)/(via) shall not include income in the form of voluntary contributions which are received with a specific direction that they shall form part of the corpus of the recipient.

~Corpus Donation given to other entities: Shall not be taken as application of income of the entity giving donation from the A.Y. 2020-21, if the following conditions are satisfied-

a) is given by an entity covered by section 10(23C)(iv)/(v)/(vi)/(via);

b) is given voluntarily with a specific direction that it shall form part of the

corpus of recipient; and

c) is given to an entity covered by section 10(23C)(iv)/(v)/(vi)/(via) or to a trust registered u/s. 12AA.

CA Amresh Vashisht

CBDT to validate Unique Document Identification Number (UDIN) generated from ICAI portal at the time of upload of Tax Audit Reports

The Institute of Chartered Accountants of India, in its gazette notification dated 2^nd August, 2019, had made generation of UDIN from ICAI website www.icai.org mandatory for every kind of certificate/tax audit report and other attests made by their members as required by various regulators. This was introduced to curb fake certifications by non-CAs misrepresenting themselves as Chartered Accountants.

In line with the ongoing initiatives of the Income Tax Department for integrating with other Government agencies and bodies, Income-tax e-filing portal has completed its integration with the Institute of Chartered Accountants of India (ICAI) portal for validation of Unique Document Identification Number (UDIN) generated from ICAI portal by the Chartered Accountants for documents certified/attested by them.

It may be noted that, in consonance with the above requirement, Income-tax e-filing portal had already factored mandatory quoting of UDIN with effect from 27^th April, 2020 for documents certified/attested in compliance with the Income-tax Act,1961 by a Chartered Accountant. With this system level integration, UDIN provided for the audit reports/certificates submitted by the Chartered Accountants in the e-filing portal shall be validated online with the ICAI.  This will help in weeding out fake or incorrect Tax Audit Reports not duly authenticated with the ICAI.

If for any reason, a Chartered Accountant was not able to generate UDIN before submission of audit report/certificate, the Income-tax e-filing portal permits such submission, subject to the Chartered Accountant updating the UDIN generated for the form within 15 calendar days from the date of form submission in the Income- tax e-filing portal. If the UDIN for the audit report/certificate is not updated within the 15 days provided for the same, such audit report/certificate uploaded shall be treated as invalid submission.

The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1676103

*Fifteen (15) Important Points about Quarterly Return and Monthly Payment (‘QRMP’) Scheme*

1. QRMP Scheme will be effective from *January 01, 2021* and the GSTN system would itself compute the aggregate annual turnover of the taxpayer.

2. The registered person whose aggregate turnover in the preceding financial year is *up to Rs 5 crore* & who is required to furnish Form GSTR-3B is eligible;

3. The option to avail the QRMP Scheme *GSTIN wise is available*, i.e., some GSTINs for a PAN can opt for the QRMP Scheme and remaining GSTINs may not opt for the Scheme but once it is exercised it would be valid for future tax periods.

4. The registered persons opting for the Scheme would be required to furnish the details of outward supply in Form *GSTR-1 on quarterly basis*;

5. *Invoice furnishing facility* (‘IFF’) has been introduced in respect of reporting the invoice for details of supply made to registered persons for the first two months of the quarter.

6. The supplier can upload these invoices *on monthly basis*. The taxpayer can upload maximum of Rs 50 Lakhs worth invoices in each of the two months of quarter. 

7. The IFF facility is *optional*. 

8. The registered persons, whose aggregate turnover for the FY 2019-20 is up to Rs 5 crore and who have furnished the return in Form GSTR-3B for the month of October, 2020 by 30th November, 2020, shall be *automatically migrated* on the common portal.

9. The registered taxpayer having turnover less than Rs 1.5 crores and filing monthly GSTR 1 *would not be automatically migrated* to QRMP scheme.

10. The registered person under the QRMP Scheme would be required to *pay the tax due on monthly basis*  in each of the first two months of the quarter by depositing the due amount in *Form GST PMT-06*. 

11. The amount of tax shall be deposited by the *25th day of next month*.

12. Two types of Payment schemes are made available for first two months of the Quarter – *Fixed Sum Method and Self-Assessment Method*.

13. The registered persons opting for the QRPM Scheme would be required to *furnish Form GSTR-3B, for each quarter*, on or before 22nd or 24th day of the month succeeding such quarter for Class A States and Class B States respectively.

14. The facility for opting out of the Scheme for a quarter will be available from *first day of second month of preceding quarter to the last day of the first month of the quarter*.

15. Registered person, whose aggregate turnover *crosses 5 crore rupees* during a quarter in current financial year, *shall opt for furnishing of return on a monthly basis from the succeeding quarter*.

Income Tax Department conducts searches in Kerala

The Income Tax Department has carried out search and seizure operations on 05.11.2020 in the case of a well-known self-styled evangelist of Thiruvalla in Kerala and his group of various trusts that enjoy exemption under the Income-tax Act, 1961 as charitable/religious trusts. The group operates places of worship, a number of schools and colleges across the country, a medical college and a hospital in Kerala. The action covered 66 premises located in Kerala, Tamilnadu, West Bengal, Karnataka, Chandigarh, Punjab and Telengana. The searches were carried out as credible information was received that the group has received donations from foreign countries ostensibly for helping the poor and the destitute and for evangelical purposes, but was actually siphoning out such tax-exempted funds in cash to engage in unaccounted cash transactions for personal and other illegal expenses in real estate transactions. The group operates about 30 trusts, registered across the country, and most of them exist only on paper and have been found to be used for routing the unaccounted funds and for accommodation transactions. It has been found that the modus operandi of the group is to systematically inflate expenses with the help of other parties, who would return the inflated amount in cash through domestic hawala channels to the functionaries of the group. Some of these other parties were also covered in the search action. During the search action, evidences have been found of systematic inflation of expenses in purchase of consumables, construction expenses, real estate development expenses, payment of salary, etc. The search has led to unearthing of a number of real estate transactions involving unaccounted cash payments. Related documents such as sale agreements, etc have been seized. The group has also inflated the price in real estate transactions to show as if the money received in donations is being spent on the activities of the trusts. The evidence found so far indicate that the siphoning of funds in cash may be running into hundreds of crores of rupees. Unexplained cash of approximately Rs. 6 crore has also been found during the search, including Rs 3.85 crore in a place of worship in Delhi. Substantial electronic computing and data storage has been found, which is being examined. Further investigations are going on. The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1670628