Recent Income Tax circulars/ notifications/ rules/ clarifications
Income Tax Compliance calendar For the month of September 2019
|Date||Things to remember|
|7th September||Due date for deposit of Tax deducted/collected for the month of August, 2019. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan|
|14th September||Due date for issue of TDS Certificate for tax deducted under section 194-IA (Payment on transfer of certain immovable property other than agricultural land) and section 194-IB (Payment of rent by certain individuals or Hindu undivided family) in the month of July, 2019|
|15th September||-Second instalment of advance tax for the assessment year 2020-21
-Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of August, 2019
|30th September||-Audit report under section 44AB for the assessment year 2019-20 in the case of a corporate-assessee or non-corporate assessee (who is required to submit his/its return of income on September 30, 2019).
-Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA & 194-IB in the month of August, 2019
– Statement by scientific research association, university, college or other association or Indian scientific research company as required by rules 5D, 5E and 5F (if due date of submission of return of income is September 30, 2019)
– Annual return of income for the assessment year 2019-20 if the assessee (not having any international or specified domestic transaction) is (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited).
– Application in Form 9A for exercising the option available under Explanation to section 11(1) (exemption of income from property held for charitable or religious purposes) (if the assessee is required to submit return of income on September 30, 2019).
– Statement in Form no. 10 to be furnished to accumulate income for future application under section 10(21) (exemption of any income of a research association) or 11(1) (exemption of income from property held for charitable or religious purposes) (if the assessee is required to submit return of income on September 30, 2019)
-Submit copy of audit of accounts to the Secretary, Department of Scientific and Industrial Research in case company is eligible for weighted deduction under section 35(2AB) (Where a company engaged in the business of bio-technology or in any business of manufacture or production of any article or thing, not being an article or thing specified in the list of the Eleventh Schedule incurs any expenditure on scientific research (not being expenditure in the nature of cost of any land or building) on in-house research and development facility as approved by the prescribed authority) [if company does not have any international/specified domestic transaction]
-Due date for claiming foreign tax credit, upload statement of foreign income offered for tax for the previous year 2018-19 and of foreign tax deducted or paid on such income in Form no. 67. (if due date of submission of return of income is September 30, 2019).
All about the new Direct Tax Law to replace the Income Act 1961- Key Expectations
The task force, under the Convenorship of senior IRS officer Mr. Akhilesh Ranjan and comprising of members representing different stakeholders, has submitted its report to the Finance Minister Ms. Nirmala Sitharam a short while ago, though the same is pending to be made available on public domain. Below are the Key expectations-
Important cases decided
(Author CMA Rakesh Bhalla is Past chairman NIRC of ICAI (CMA), Ex-Member of ZAC & RAC – Central Excise, Service Tax & Customs Govt. of India, Chandigarh (now GST), Member of Indirect Tax committee SIAM, Member-ASSOCHAM National Indirect Taxes Committee & Special Task Force on GST, Chief General Manager Finance- SML Isuzu Ltd., Member-Chandigarh Branch of Indian Institute of Material Management, Winner Achiever Award 2015 by ICAI (CMA) In addition to above, also a member of 9 council committees of CMA institute. He can be reached at [email protected])
Also, check income tax slab for ay 2020.
Information Source- M/s Lks, Various internet websites including Income tax website, dailyhunt,Hindustan times related links and various notifications, circulars, orders, press releases etc.