CBDT extends due dates for filing of Income Tax Returns

TheCBDT has further extended the due dates for filing of Income Tax Returns and various reports of Audit for Assessment Year 2021-22.  The details are as under

Sr. No.ParticularsOriginal Due dates1st Extension2nd Extended Due date
1Returns for Non – Audit cases31st July 202130th September 202131st December 2021
2Report of Audit30th September 202131st October 202115th January 2022
3Report under section 92E31st October 202130th November 202131st January 2022
4Returns for Assessee requiring Audit31st October 202130th November 202115th February 2022
5Returns for Assessee requiring TP report30th November 202131st December 202128th February 2022
6Belated / Revised Return of Income31st December 202131st January 202231st March 2022

1.Extended due dates shall not be applicable to Explanation 1 to Section 234A of the Act, in cases where the amount  of tax on the total income as reduced by the amount as specified in clauses (i) to (vi) of subsection (1) of that section exceeds rupees One lakh.

2.In case of an Individual resident in India, the tax paid by him under section 140A of the Act within the due date (without extension under Circular. No. 9/2021 dated 20.05.2021 and as above) provided in that Act, shall be deemed to be the advance tax.

GST Amnesty Scheme Extended 30th November 2021

GST Amnesty Scheme extended till 30.11.2021

NOTIFICATION
New Delhi, the 29th August, 2021
No. 34/2021— Central Tax

G.S.R. 600(E).—In partial modification of the notifications of the Government of India in the Ministry of Finance (Department of Revenue), No. 35/2020-Central Tax, dated the 3rd April, 2020, published in the Gazette of India, Extraordinary, Part B, Section 3, Sub-section (t), vide number G.S.R. 235(E), dated the 3rd April, 2020 and No. 14/2021-Central Tax, dated the 1st May, 2021, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 310(E), dated the 1st May, 2021, in exercise of the powers conferred by section 168A of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification refereed to as the said Act), read with section 20 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), and section 21 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017), the Government, on the recommendations of the Council, hereby notifies that where a registration has been cancelled under clause (6) or (c) of sub-section (2) of section 29 of the said Act and the time-limit for making an application of revocation of cancellation of registration under sub-section (1) of section 30 of the said Act falls during the period from the 1st day of March, 2020 to 31st day of August, 2021, the lime-limit for making such application shall be extended up to the 30th day of September, 2021.

Extension of closing date of late fee amnesty scheme and time limit for filing of application for revocation of cancellation of registration under GST Act

The Government, vide Notification No. 19/2021- Central Tax, dated 01.06.2021, had provided relief to the taxpayers by reducing / waiving late fee for non-furnishing FORM GSTR-3B for the tax periods from July, 2017 to April, 2021, if the returns for these tax periods are furnished between 01.06.2021 to 31.08.2021.  The last date to avail benefit of the late fee amnesty scheme, has now been extended from existing 31.08.2021 to 30.11.2021. [Refer Notification No. 33/2021- Central Tax, dated 29.08.2021].

Based on the multiple representations received, Government has also extended the timelines for filing of application for revocation of cancellation of registration to 30.09.2021, where the due date of filing of application for revocation of cancellation of registration falls between 01.03.2020 to 31.08.2021. The extension would be applicable only in those cases where registrations have been cancelled under clause (b) or clause (c) of sub-section (2) of section 29 of the CGST Act. [Refer Notification No. 34/2021- Central Tax, dated 29.08.2021].

The filing of FORM GSTR-3B and FORM GSTR-1IFF by companies using electronic verification code (EVC), instead of Digital Signature certificate (DSC) has already been enabled for the period from 27.04.2021 to 31.08.2021. This has been further extended to 31st October, 2021. [Refer Notification No. 32/2021- Central Tax, dated 29.08.2021].

The extension of the closing date of late fee amnesty scheme and extension of time limit for filing of application for revocation of cancellation of registration will benefit a large number of taxpayers, specially small taxpayers, who could not file their returns in time due to various reasons, mainly because of difficulties caused by COVID-19 pandemic, and whose registrations were cancelled due to the same. Taxpayers are requested to avail the benefit of these extensions at the earliest to avoid last minute rush.

If any further communication required or consultancy you may contact our Support Team on email – support@teamaikarguru.in / teamaikarguru@gmail.com . mobile number – 8446387343 / 7620696923

Press Release and Highlights of GST Council Meeting on 28 May 2021

  43rd Meeting of the GST Council

New Delhi, 28th May, 2021

PRESS RELEASE

(GST rates on Goods and Services)

The GST Council in its 43rd meeting held on 28th May, 2021 at New Delhi took the following decisions relating to changes in GST rates on supply of goods and services and changes related to GST law and procedure.

Covid relief items

1. As a COVID-19 relief measure, a number of specified COVID-19 related goods such as medical oxygen, oxygen concentrators and other oxygen storage and transportation equipment, certain diagnostic markers test kits and COVID-19 vaccines, etc., have been recommended for full exemption from IGST, even if imported on payment basis, for donating to the government or on recommendation of state authority to any relief agency. This exemption shall be valid upto 31.08.2021. Hitherto, IGST exemption was applicable only when these goods were imported “free of cost” for free distribution. The same will also be extended till 31.8.20201. It may be mentioned that these goods are already exempted from Basic Customs duty. Further in view of rising Black Fungus cases, the above exemption from IGST has been extended to Amphotericin B.

 2. As regards individual items, it was decided to constitute a Group of Ministers (GoM) to go into the need for further relief to COVID-19 related individual items immediately. The GOM shall give its report by 08.06.2021.

Other goods

3. To support the Lympahtic Filarisis (an endemic) elimination programme being conducted in collaboration with WHO, the GST rate on Diethylcarbamazine (DEC) tablets has been recommended for reduction to 5% (from 12%).

4. Certain clarifications/clarificatory amendments have been recommended in relation to GST rates. Major ones are, –

  1. Leviability of IGST on repair value of goods re-imported after repairs
  2. GST rate of 12% to apply on parts of sprinklers/ drip irrigation systems falling under tariff heading 8424 (nozzle/laterals) to apply even if these goods are sold separately.

5. Services

 i.  To clarify those services supplied to an educational institution including anganwadi (which provide pre-school education also), by way of serving of food including mid- day meals under any midday meals scheme, sponsored by Government is exempt from levy of GST irrespective of funding of such supplies from government grants or corporate donations.

ii. To clarify these services provided by way of examination including entrance examination, where fee is charged for such examinations, by National Board of Examination (NBE), or similar Central or State Educational Boards, and input services relating thereto are exempt from GST.

iii. To make appropriate changes in the relevant notification for an explicit provision to make it clear that land owner promoters could utilize credit of GST charged to them by developer promoters in respect of such apartments that are subsequently sold by the land promotor and on which GST is paid. The developer promotor shall be allowed to pay GST relating to such apartments any time before or at the time of issuance of completion certificate.

iv. To extend the same dispensation as provided to MRO units of aviation sector to MRO units of ships/vessels so as to provide level playing field to domestic shipping MROs vis a vis foreign MROs and accordingly, –

(a) GST on MRO services in respect of ships/vessels shall be reduced to 5% (from 18%).

(b) PoS of B2B supply of MRO Services in respect of ships/ vessels would be location of recipient of service

 v.    To clarify that supply of service by way of milling of wheat/paddy  into flour (fortified with minerals etc. by millers or otherwise )/rice to Government/ local authority etc. for distribution of such flour or rice under PDS is exempt from GST if the value of goods in such composite supply does not exceed 25%. Otherwise, such services would attract GST at the rate of 5% if supplied to any person registered in GST, including a person registered for payment of TDS.

 vi.  To clarify that GST is payable on annuity payments received as deferred payment for construction of road. Benefit of the exemption is for such annuities which are paid for the service by way of access to a road or a bridge.

vii   To clarify those services supplied to a Government Entity by way of construction of a   rope-way attract GST at the rate of 18%.

 viii To clarify that services supplied by Govt. to its undertaking/PSU by way of guaranteeing loans taken by such entity from banks and financial institutions is exempt from GST.

6. Measures for Trade facilitation:

  1. Amnesty Scheme to provide relief to taxpayers regarding late fee for pending returns:

To provide relief to the taxpayers, late fee for non-furnishing FORM GSTR-3B for the tax periods from July, 2017 to April, 2021 has been reduced / waived as under: –

  1. late fee capped to a maximum of Rs 500/- (Rs. 250/- each for CGST & SGST) per return for taxpayers, who did not have any tax liability for the said tax periods;
  2. late fee capped to a maximum of Rs 1000/- (Rs. 500/- each for CGST & SGST) per return for other taxpayers;

The reduced rate of late fee would apply if GSTR-3B returns for these tax periods are furnished between 01.06.2021 to 31.08.2021.

2. Rationalization of late fee imposed under section 47 of the CGST Act:

To reduce burden of late fee on smaller taxpayers, the upper cap of late fee is being rationalized to align late fee with tax liability/ turnover of the taxpayers, as follows:

A. The late fee for delay in furnishing of FORM GSTR-3B and FORM GSTR-1 to be capped, per return, as below:

(i)  For taxpayers having nil tax liability in GSTR-3B or nil outward supplies in GSTR-1, the late fee to be capped at Rs 500 (Rs 250 CGST + Rs 250 SGST)

(ii) For other taxpayers:

  1. For taxpayers having Annual Aggregate Turnover (AATO) in preceding year upto Rs 1.5 crore, late fee to be capped to a maximum of Rs 2000 (1000 CGST+1000 SGST);
  2. For taxpayers having AATO in preceding year between Rs 1.5 crore to Rs 5 crore, late fee to be capped to a maximum of Rs 5000 (2500 CGST+2500 SGST);
  3. For taxpayers having AATO in preceding year above Rs 5 crores, late fee to be capped to a maximum of Rs 10000 (5000 CGST+5000 SGST).

B. The late fee for delay in furnishing of FORM GSTR-4 by composition taxpayers to be capped to Rs 500 (Rs 250 CGST + Rs 250 SGST) per return, if tax liability is nil in the return, and Rs 2000 (Rs 1000 CGST + Rs 1000 SGST) per return for others.

C. Late fee payable for delayed furnishing of FORM GSTR-7 to be reduced to Rs.50/- per day (Rs. 25 CGST + Rs 25 SGST) and to be capped to a maximum of Rs 2000/- (Rs. 1,000 CGST + Rs 1,000 SGST) per return.

All the above proposals to be made applicable for prospective tax periods.

3. COVID-19 related relief measures for taxpayers:

In addition to the relief measures already provided to the taxpayers vide the notifications issued on 01.05.2021, the following further relaxations are being provided to the taxpayers:

A. For small taxpayers (aggregate turnover upto Rs. 5 crore)

March & April 2021 tax periods:

  1. PMT-06 Challan, reduced rate of 9% thereafter for further 45 days and 30 days for March,2021 and April, 2021 respectively.
  2. Waiver of late fee for delay in furnishing return in FORM GSTR-3B for the tax periods March / QE March, 2021 and April 2021 for 60 days and 45 days respectively, from the due date of furnishing FORM GSTR-3B.
  3. NIL rate of interest for first 15 days from the due date of furnishing the statement in CMP-08 by composition dealers for QE March 2021, and reduced rate of 9% thereafter for further 45 days.

For May 2021 tax period:

  • NIL rate of interest for first 15 days from the due date of furnishing the return in FORM GSTR-3B or filing of PMT-06 Challan, and reduced rate of 9% thereafter for further 15 days.
  • Waiver of late fee for delay in furnishing returns in FORM GSTR-3B for taxpayers filing monthly returns for 30 days from the due date of furnishing FORM GSTR-3B.

B. For large taxpayers (aggregate turnover more than Rs. 5 crore)

  • A lower rate of interest @ 9% for first 15 days after the due date of filing return in FORM GSTR-3B for the tax period May, 2021.
  • Waiver of late fee for delay in furnishing returns in FORM GSTR-3B for the tax period May, 2021 for 15 days from the due date of furnishing FORM GSTR-3B.

C.  Certain other COVID-19 related relaxations to be provided, such as

  1. Extension of due date of filing GSTR-1/ IFF for the month of May 2021 by 15 days.
  2. Extension of due date of filing GSTR-4 for FY 2020-21 to 31.07.2021.
  3. Extension of due date of filing ITC-04 for QE March 2021 to 30.06.2021.
  4. Cumulative application of rule 36(4) for availing ITC for tax periods April, May and June, 2021 in the return for the period June, 2021.
  5. Allowing filing of returns by companies using Electronic Verification Code (EVC), instead of Digital Signature Certificate (DSC) till 31.08.2021.

D.  Relaxations under section 168A of the CGST Act: Time limit for completion of various actions, by any authority or by any person, under the GST Act, which falls during the period from 15th April, 2021 to 29th June, 2021, to be extended upto 30th June, 2021, subject to some exceptions.

[Wherever the timelines for actions have been extended by the Hon’ble Supreme Court, the same would apply]

4. Simplification of Annual Return for Financial Year 2020-21:

  • Amendments in section 35 and 44 of CGST Act made through Finance Act, 2021 to be notified. This would ease the compliance requirement in furnishing reconciliation statement in FORM GSTR-9C, as taxpayers would be able to self-certify the reconciliation statement, instead of getting it certified by chartered accountants. This change will apply for Annual Return for FY 2020-21.
  • The filing of annual return in FORM GSTR-9 / 9A for FY 2020-21 to be optional for taxpayers having aggregate annual turnover upto Rs 2 Crore;
  • The reconciliation statement in FORM GSTR-9C for the FY 2020-21 will be required to be filed by taxpayers with annual aggregate turnover above Rs 5 Crore.

5. Retrospective amendment in section 50 of the CGST Act with effect from 01.07.2017, providing for payment of interest on net cash basis, to be notified at the earliest.

7.  Other Measures

GST Council recommended amendments in certain provisions of the Act so as to make the present system of GSTR-1/3B return filing as the default return filing system in GST.

Download the Press Release

Income Tax Exemptions

Sec 10DescriptionApplicabilityAmountRemarks
1Agricultural IncomeIndividualAny sum 
2Income received by individual as a member of HUFIndividualAny sum 
2AIncome of a partner of a firmIndividualShare in profits as per Partnership deed 
4Interest income on securities, Bonds, etc received by NRI NRIAny sum subject to conditions in act 
5Leave Travel allowanceIndividualExpenditure actually incurred or allowance whichever is lower 
6Income of a individual, not a citizen of IndiaIndividualRemuneration received 
7Allowances or perquisites paid outside India by the Govt for rendering services outside IndiaIndividualAny allowances or perquisites 
8Income of an individual who is assigned duties in india by foreign govt.IndividualAs per the agreement between Indian Govt. and Foreign Govt. 
9Income of any family member of an individual referred in clause (8) which accrues or arises outside india.IndividualAny sum 
10GratuityIndividualLower of Gratuity actually received, Rs. 20 Lakhs, Gratuity actually received 
10APensionIndividualTo the extent it does not exceed a) In case employees receives any gratuity commuted value of 1/3rd of pension b) In any other case commuted value of one half of such pension 
10AALeave salary received at the time of retirementIndividualLeast of the following: a) 3,00,000 b) Actual Leave encashment amount c) Average salary of last 10 months d) Salary per day * unutilised leave (Max. 30 days leave per year) for every year of completed service 
10BCompensation received under Industrial Disputes ActIndividualAny compensation 
10BBPayment under Bhopal Gas leak disasterAssesseeTo the extent such assessee has been allowed deuction under this Act 
10BCCompensation from Govt on account of any disasterIndividualAny amount 
10CPayment under voluntary retirement schemeIndividualIn case of public sector company Max exemption is 5 Lakhs 
10CCPerquisites from employer on which tax is paid by employerIndividualAmount of perquisite 
10DSum received under life insurance policyIndividualAny sum received including sum allocated by way of Bonus 
11Payment from Provident fundIndividualAny payment 
11APayment from Sukanya samriddhi accountAssesseeAny payment 
12Accumulated balance due from recognized provident fundIndividualAccumulated Bal subject to Rule 8 of Part A of Fourth Schedule 
12APayment from national pension scheme – Opting Out of pension schemeIndividualTo the extent of 60% of total amount payable 
12BPayment from national pension scheme- Partial withdrawalIndividualTo the extent of 25% of amount of contributions made by him 
13Payment from superannuation fundIndividualAny payment 
13AHRAIndividualLower of HRA Received, Actual rent paid minus 10% of salary, & 40 % of salary 
14Transport / Conveyance allowanceIndividual19,200 p.a 
14 (i) Rule 2BBChildren education allowanceIndividualRs. 100 per month per child upto Max. 2 Children 
15Income by way of ineterst on securitiesIndividualTotal income subject to such conditions and limits specified in notification 
15APayment made by indian company engaged in business of operation of aircraftCompanyAny payment 
16Scholarship granted to meet cost of educationIndividualTotal amount of scholarship 
17Allowances received by reason of his memebership of parliamentIndividualAny payment 
17AAward by the central/State govt in cash or kindAssesseeAny payment 
18Pension received by person who is awarded with gallantry awardsIndividualAny payment 
19Family pesion received by widow or childrenIndividualAmount received. 
19AAnnual value of any one palace in the occupation of rulerAssesseeAnnual value of every such palace is exempt 
20Income of a local authority chargeable under head “Income from House Property”, “Capital Gain”, “Income from other sources”AuthorityTotal Income 
21Income of a research associationAssociationAny Income Subject to conditions in act 
22BIncome of news agencyAgencyAny Income Subject to conditions in act 
23AIncome of an association having its object the control, supervision, regulation of profession of law, medicine, etcAssociationAny Income Subject to conditions in act 
23AAIncome received on behalf of any regimental fund.IndividualAny Sum 
23AAAIncome received on behalf of a fund established for welfare of employeesIndividualAny Income Subject to conditions in act 
23AABIncome of a fund set up by Life insurance corporation of indiaFundAny Sum 
23BIncome of a public charitable trustTrustAny Income Subject to conditions in act 
23BBIncome of an authority established for development of khadiAuthorityAny Sum 
23BBAIncome of an authority established for administration public charitable trustAuthorityAny Sum 
23BBBIncome of european economic communityAssociationAny Sum 
23BBCIncome of SAARC fundFundAny Sum 
23BBDIncome of secratariat of asian organisationSecratariatAny Sum 
23BBEIncome of IRDAAuthorityAny Sum 
23BBFIncome of north eastern development finance coporationCompanyAny Sum 
23BBGIncome of central electricity regulatory commissionAuthorityAny Sum 
23BBHIncome of prasar bharatiAuthorityAny Sum 
23CIncome received by any person on behalf of PM’s fundsAssesseeAny Income Subject to conditions in act 
23DIncome of Mutual fundMutual FundAny Sum 
23DAIncome of securatisation trustTrustAny Sum 
23EAIncome by way of contribution received from recognized stock exchangeFundAny Sum 
23EBIncome of credit guaratee fund trust for small industriesTrustAny Income of Five AY Beginning on 1-4-2002 to 31-3-2007 
23ECIncome by way of contribution received from commodity exchangeFundAny Sum 
23EDIncome by way of contribution received from depository of such investor protection fundFundAny Income Subject to conditions in act 
23EEAny specified income of core settlement guarantee fundFundAny Income Subject to conditions in act 
23FIncome of venture capital fundFundAny Income Subject to conditions in act 
23FAIncome of venture capital fundFundAny Income Subject to conditions in act 
23FBIncome of venture capital fundFundAny Income Subject to conditions in act 
23FBAIncome of an investment fundFundAny Income other than income chargeable under the head PGBP 
23FBBIncome of an Unit holder of an investment fundFundAny Sum 
23FBCIncome of an Unit holder of specified fundFundAny Sum 
23FCIncome of a business trustTrustAny Sum 
23FCAIncome of a business trust, being a real estate investment trustTrustAny Sum 
23FDDustributed income received by unit holder from business trustTrustAny Sum 
23FEIncome of a specified person in nature of dvidend, etcFundAny Income Subject to conditions in act 
24Income chargeable under the head “income from house property” and “income from other sources” of a registered unionAssociationAny Sum 
25Interest on securities held by provident fundFundAny Sum 
25AIncome of Employee state insurance FundFundAny Income 
26Income of a member of scheduled tribeIndividualAny Income 
26AIncome of any person form any source in district of ladakhIndividualAny Income Subject to conditions in act 
26AAAIncome In case of any individual sikkimeseIndividualAny Income Subject to conditions in act 
26AABIncome of agriculture produce market committeeAssociationAny Income 
26BIncome of a corporation established by central, state act financed by govtAssociationAny Income 
26BBIncome of a corporation established by central, state govt for promoting interest of member of minority communityAssociationAny Income 
26BBBIncome of a corporation established by central, state act for welfare and upliftment of ex-servicemenAssociationAny Income 
27Income of cooperative societySocietyAny Income 
29AIncome accruing to coffee board, rubber board , etcAssociationAny Income 
30person carrying on business of growing and manufacturing teaAssesseeSubsidy received from or through Tea Board 
31person carrying on business of growing and manufacturing rubber, coffeeAssesseeSubsidy received from or through concerned Board 
32income of a minor child not exceeding 1500 per child p.aIndividual1500 per child p.a 
33income from transfer of capital assetTrustAny Income Subject to conditions in act 
34income by way of dividendsAssesseeAny sumAfter 1-4-20 this clause will not apply to any dividend other than dividend on which tax under sec 115-O and 115BBDA has been paid
34Aincome by way of buyback of sharesAssesseeAny Income 
35income by way of units of mutual fundAssesseeAny Income Subject to conditions in act 
35AIncome received form securitisation trust by any personTrustAny Income Subject to conditions in act 
36Income arising from long term capital asset being an eligible equity share in companyAssesseeAny Income Subject to conditions in act 
37Income chargeable under the head Capital gains arising from transfer of agricultural landAssesseeAny Income under the head “Chargeable Income” 
37AIncome form capital gains on transfer of specified capital assetIndividual / HUFAny Income Subject to conditions in act 
38Income form transfer of long term capital asset being an equity share in a company AssesseeAny Income Subject to conditions in act 
39Income from international sporting eventAssesseeAny specified income as notified by the central Govt 
40Income of a subsidiary by way of grant received form holding Co. whose holding company carries the business of power generationCompanyAny Income 
41Income on transfer of capital asset of an undertaking engaged in business of powerCompanyAny Income 
42Income arising to body or authorityAuthorityAny Income Subject to conditions in act 
43amount received by individual as a loan in transaction of reverse mortgageIndividualAny amount 
44income received by person on behalf of new pension system trustAssesseeAny Income 
45Allowance or perquisite paid to chairman of union public service commissionIndividualAny Income 
46Income of body or authority established by govtAuthorityAny specified income as notified by the central Govt 
47Income of infrastructure debt fundFundAny Income 
48Income received in india by foreign company on account of sale of crude oil or any other goods or servicesCompanyAny Income Subject to conditions in act 
48AIncome received in india by foreign company on account storage of crude oilCompanyAny Income Subject to conditions in act 
48BIncome received in india by foreign company on account of sale of leftover stock of crude oilCompanyAny Income Subject to conditions in act 
48CIncome accruing to indian strategic petroleum reserve ltdCompanyAny Income Subject to conditions in act 
49Income of national financial holdings ltd.CompanyAny Income 
50Income arising from any specified service as per Clause (i) of Sec 64 of Chapter VIII of Finance Act, 2016AssesseeAny Income 

Above are the Income Tax Exemptions

By Team Aikar Guru India Private Limited

Missed Filing ITR for FY 2019-20 AY 2020-21? Now you can file Original and Revise Return by 31st May 2021

Govt extends timelines of certain compliances, to mitigate the difficulties faced by taxpayers due to the ongoing COVID-19 pandemic. CBDT issues Circular No. 08/2021 dated 30.04.2021 u/s 119 of the IT Act

In view of severe pandemic, the Central Board of Direct Taxes, in exercise of its powers under Section 119 of the Income-tax Act, 1961, provides following relaxation in respect of Income-tax compliances by the taxpayers:

The income tax return (ITR) filing deadline for FY 2019-20 AY 2020-21 has been further extended to 31 May, 2021, for most individual taxpayers, from the earlier deadline

If the due date for filing the original return of income is missed, on can file a return later after the due date called a belated return for the FY 2019-20 on or before 31 March 2021. The time allowed to file is now extended to 31 May 2021

Press Release by Income Tax Department on 01 May 2021

Subject: Extension of time lines related to certain compliances by the Taxpayers under the Income-tax Act 1961

1 In view of severe pandemic, the Central Board of Direct Taxes, in exercise of its powers under Section 119 of the Income-tax Act, 1961, provides following relaxation in respect of Income-tax compliances by the taxpayers: a) Appeal to Commissioner (Appeals) under Chapter XX of the Income-tax Act,1961 for which the last date of filing under that Section is 1″ April 2.021 or thereafter may be filed within the time provided under that Section or by 31′ May 2021, whichever is later;

b) Objections to Dispute Resolution Panel (DRP) under Section 144C of the Income-tax Act,1961, for which the last date of filing under that Section is 1′ April 2021 or thereafter, may be filed within the time provided under that Section or by 31′ May 2021, whichever is later;


c) Income-tax return in response to notice under Section 148 of the Income-tax Act,1961, for which the last date of filing of return of income under the said notice is 1′ April 2021 or thereafter, may be filed within the time allowed under that notice or by 31″ May 2021, whichever is later;

d) Filing of belated return under sub-section (4) and revised return under sub-section (5) of Section 139 of the Income-tax Act.1961 for Assessment Year 2020-21, which was required to be filed on or before 31m March 2021, may be filed on or before 31′ May 2021;


e) Payment of tax deducted under Section 194-IA, Section 194-IB and Section 194M of the Income-tax Act,1961 and filing of challan-cum-statement for such tax deducted which are required to be paid and furnished by 30″1 April 2021 under Rule 30 of the Income-tax Rules, 1962, may be paid and furnished on or before 31″ May 2021;

Statement in Form No. 61, containing particulars of declarations received in Form No.60. which is due to be furnished on or before 30′ April 2021. may be furnished on or before 31′ May 2021.

For further Filing Income Tax Return Contact us on + 91 744 744 4134 / 762 069 6923 or mail on support@teamaikarguru.in or info@teamaikarguru.in.

Below is the Notification Please Refer.

महाराष्ट्र दिनाच्या हार्दिक शुभेच्छा

महाराष्ट्राची यशो गाथा, महाराष्ट्राची शौर्य कथा, पवित्र माती लावू कपाळी, धरती मातेच्या चरणी माथा….,

अभिमान आहे मराठी असल्याचा, गर्व आहे महाराष्ट्रीय असल्याचा…. महाराष्ट्र दिनाच्या हार्दिक शुभेच्छा.

Observed as Maharashtra Day, May 1 is celebrated to commemorate the formation of the state after getting divided from the then Bombay province in the year 1960. The day is commonly marked with parades, political speeches and ceremonies. On this occasion, send messages, quotes and wishes to your family and friends to wish them Maharashtra Day.

  • Justice brotherhood and love, Is the song in our heart. Let’s join hands on Maharashtra Day. This land is our inseparable part!
  • Today is the day of pride for Maharashtrian as this day reminds us of our resplendent history and culture. Wishing everyone a cheerful Maharashtra Day.
  • Maharashtra has been the land of Maratha warriors who have fought their enemies with courage. Let us always follow their footsteps. Happy Maharashtra Day to all.
  • Maharashtra has been a prosperous and inspiring state which has many successful stories to tell to the world. Warm greetings on Maharashtra Day to all.
  • On the occasion of Maharashtra Day, let us join hands to make these celebrations memorable. Warm greetings on the occasion of Maharashtra Day to everyone.
  • May the light that we celebrate show us the way and lead us on the path of peace and social harmony. Happy Maharashtra Day.
  • Constitution Gave us Faith, freedom, Peace and Pride. So Let’s Value the Day it was created And Wish Happy Maharashtra day with a smile.
  • Dreams in your eyes Pride in the heart. Today is a day, to make a different start. Remember the history Keep faith & stay, Here’s wishing you all Happy Maharashtra Day.
  • If it becomes a stone, it will become “Sahyadri”! If it becomes soil, it will become “Maharashtra”! If it becomes a sword, it will not be “Bhavani Mata’s”! Happy Maharashtra Day! Jai Maharashtra!
  • Maharashtra is a tune. It must be sung together. Long Live Maharashtra!
  • Freedom in mind, Strength in words. The pureness in our blood, Pride in our souls, Zeal in Our hearts. Let us salute the spirit of Maharashtra. Happy Maharashtra Day.

GST: ITC can’t be availed on distribution of promotional product done for marketing and brand promotion, rules AAAR

The Karnataka Appellate Authority of Advance Ruling (AAAR) ruled that the Input Tax Credit (ITC) can not be availed on the distribution of promotional products done for marketing and brand promotion.

The applicant, Page Industries Ltd. was engaged in the manufacture, distribution, and marketing of Knitted and Woven Garments under the brand name of “Jockey”, swimwear and swimming equipment under the brand name “SPEEDO”.

The applicant sought advance ruling on the classification of goods and services as whether in the facts and circumstances of the case, the promotional products/materials and Marketing Items used by the applicant in promoting their brand and marketing their products can be considered as “inputs” as defined under Section 2(59) of the CGST Act, 2017 and GST paid on the same can be availed as input tax credit in terms of Section 16 of the CGST Act, 2017.

The Applicant submitted that as per Section 16 of the CGST Act, every registered person subject to terms and conditions specified in Section 49 of CGST Act is entitled to avail the same as “Input Tax Credit” the GST paid by him on the supply of goods or service to him, which are used or intended to be used in the cause or in furtherance of his business and same will be transferred to his electronic credit ledger.

The applicant stated that promotional/marketing items using by them at point of purchase i.e. showrooms or to their distributor/dealer’s showrooms is to promote their brands and made known the range of products manufactured by them.

The promotional/marketing items are distributed for free by the applicant to promote their brand, hence the same cannot be construed as “gift” and made applicable Section 17(5)(h) of CGST Act.

The Applicant add that in respect of the promotional/marketing items to their own showrooms there was neither “supply” nor there was “gift” and hence applying the provisions of Section 17(5)(h) of CGST Act, 2017 and apportioning the input tax credit should not arise.

The AAR noted that promotional or marketing items sent to showrooms and to distributor/dealer’s showrooms to use in promoting their brands and market their products will amount to use of said goods in business or furtherance of the applicant’s business. Therefore, the same would qualify as “input” in terms of Section 2(59) of CGST Act, 2017 and GST paid on the same is entitled to avail as “input tax credit” in terms of Section 16 of CGST Act, 2017.

However, the AAAR consisting of D.P.Nagendra Kumar and M.S.Srikar, while setting aside the AAR’s ruling held that the Promotional Products/Materials & Marketing items used by the Appellant in promoting their brand & marketing their products can be considered as “inputs” as defined in Section 2(59) of the CGST Act, 2017. However, the GST paid on the same cannot be availed as an input tax credit in view of the provisions of Section 17(2) and Section 17(5)(h) of the CGST Act, 2017.

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FASTAG Information with E-Way Bill

Note below updates regarding FASTag information. All below analytics are being shared to inspectors automatically from the toll systems :-

Vehicle without eway bill

Vehicle with expired eway bill

Vehicle in wrong direction

Vehicle dimensions not matching with eway bill load capacity

Vehicle with multiple eway bills at a time

Be careful going ahead. Do let us know for any GST assistance. Happy to help you.

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CA Associations of Surat – Timely release of Utilities and Stopping of Panic Messaging

Below is the Copy of the representation from Chartered Accountants Association, Surat (CAAS) 

Ref: CAAS/Representations/2021-22/01 Date: 01/04/2021


To,
The Chairman,
Central Board of Direct Taxes,
Ministry of Finance,
Government of India,
New Delhi


Sub: Timely release of Utilities and Stopping of Panic Messaging.

Respected Sir,
Your goodself may be already aware of Chartered Accountants Association, Surat (CAAS), which
works for ensuring best practices in tax compliances vis-à-vis providing a better working
condition for our members, Chartered Accountants, their staff members and the industry (“the
Stakeholders”).
As a part of our endeavor to provide better working condition for the Stakeholders, we hereby
represent the following:

  1. Timely release of Utilities:
    It is known fact that the stakeholders intending to file Income Tax Return on
    punctual basis are prevented from discharging their onerous duty due to
    delayed availability of the Utility Software provided by Income Tax Department
    either in the form of Excel, Java or Web based facilities. Empirical data shows
    that the Utility Softwares are released much late after keeping the stakeholders
    on a wait. Even after releasing it late these Utility Softwares are modified
    multiple times rendering the work done by the stakeholders useless.

As can be seen from the above infographic, very less time is made available to
the stakeholders to comply. Even within the limited time, the schema of the
utility softwares are modified multiple times.

Month% returns filed using Utility provided by DepartmentMonth% returns filed using Utility provided Department
Apr-1944.12Apr-2058.60
May-1947.44May-2049.41
Jun-1944.78Jun-2059.25
Jul-1945.85Jul-2051.91
Aug-1950.11Aug-2055.76
Sep-1948.87Sep-2053.78
Oct-1946.02Oct-2045.61
Nov-1945.92Nov-2044.43
Dec-1945.73Dec-2041.11
Jan-2045.78Jan-2137.89
Feb-2045.69Feb-2136.90
Mar-2045.63Average47.42

As per above data on an average 47.42% returns are filed using Utility Software
provided by the department, which implies that 52.58% returns are filed using
third party softwares, based on schemas released by the department. Both, set
of return filing highly rely on the timely release of schemas.
However, it is pertinent to note that Schema is a mere skeleton of the database
storing the IT Return’s data. Providing of Schema does not liberate the

Government of its onerous duty to provide humanly fillable forms (either
Physical or digitally).
The above data should also be an eye-opener, indicating whether the
Government is focusing more on Schema, instead of user friendly Utility
Softwares. Is it for the appeasement of the Software Companies.?
Demand:
It is not that the stakeholders are lethargic or rushing for last minute filing. It is
not a fad amongst the stakeholders to ask for extension of due dates every time,
but it is due to the shorter compliance period available to their hands. Thus, a
planned release of utility softwares is imperative for timely compliance of tax
laws. The Statutory Forms should be notified in the previous year itself, which
would enable releasing the Utility Softwares on or before 1st day or at the most
1
st week of the Assessment Year.

  1. Stopping of Panic Messaging:
    Vide our letter dt.26/01/2021, we had demanded to Stop Bombarding of
    unidentifiable emails & SMS after office hours. Similar requests were also made
    by 270 Trade, Industries and Professional Associations in their agitation
    dt.29/01/2021. However, still numerous unidentifiable emails and SMS with
    masked PAN are bombarded by the department by the CPC in the evening after
    office hours, at night, midnight, in the early morning and even on public
    holidays, on the registered email and phone numbers. This time pertaining to
    Sensitive / High Value Transaction. We would like to draw the attention of the
    Ministry with regards to the E-mail /messages received from the income tax
    department with regards to information titled as “High Value Transaction”
    reflected in compliance portal with a decisive remark that the assesse have

Some High Value transactions which does not appear to be in line with the
income tax Return filed for FY 2019-20. Please revise ITR/Submit online
response on compliance portal.
Such decisive remarks are creating panic amongst taxpayers and most of tax
professionals are getting endless enquires from assessees on vacation days like
Sunday and Holi festivals which is observed all over India. We, appreciate the
efforts of the department to bring revolutionary technological advancement and
use of artificial intelligence in the processing of the information but bombarding
of such types of email and SMS are creating havoc amongst the assessees
especially at the fag end of the year. Such notices continue to be delivered even
after the end of the assessment year, when it is not even possible to revise the
return and regularize the inconsistency, if any.
It is also observed that most of such notices are either related to sale of
properties or interest income. There may be hundreds of reasons for variation in
the returned income and information in both the income heads but language of
the notice is suggesting that something grave mistake or serious lapses has
been found by the department and spoiling the cordial relationship of tax
professionals and assessee. Irony of the matter is further aggravated by the fact
that compliance portal is not working on the very first working day after two
days holiday. Issuance and timing of such notices itself is a matter of great
discussion in light of the fact that department have powers to issue notices u/s
143(1) and 139(9).
Demand
Emails requiring the assessee to take any action or responding on to the portal
should be made only during working hours and at no other time. It is also a

matter requiring a viability/success study that how such mega e-campaigns can
become successful compared to the loss of man hours and agony of assesse and
tax professionals.

  1. Time Compensation:
    It was observed that during the last days at the end of the financial year, the
    Income Tax Portal, uptime whereof is the responsibility of the Government, was
    infact down. Various ready to upload income tax returns and forms having
    deadlines falling on or before 31st March 2021 could not be uploaded due to the
    stakeholder’s inability to upload on a down server. These situations are always
    beyond the control of the stakeholders.
    Demand:
    A suitable and adequate time compensation be provided for the amount of
    stakeholder’s time lost due to infrastructure failure, so that the ready to upload
    returns could be filed.
    We hope the above recommendation, suggestion and criticism would be helpful to your good
    self. Do take positive actions on our demand.

Thanks & Regards,
For Chartered Accountants Association, Surat.
President | Secretary


Copy to: –
(1) Finance Minister,
134, North Block, New Delhi – 110011

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ITR 1 and ITR4S Forms available for Filing Income Tax Returns now for FY 2020-21

The Income Tax Department has released copy of all Income Tax Returns forms for AY 2021-22 FY 2020-21 on 1 April 2021

On 2nd April 2021, Income Tax Department has released utilities for ITR1 and ITR4S. Taxpayers who wish to file returns can file now for Financial Year 2020-21. For last FY 2019-20 there was option to file with Download either excel or Java or JSON utility. Now its only available in JSON utility

ITR 1:For individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income up to Rs.5 thousand (Not for an individual who is either Director in a company or has invested in unlisted equity shares or in cases where TDS has been deducted u/s 194N or if income-tax is deferred on ESOP

ITR 4: For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE
(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares or if income-tax is deferred on ESOP))