• Weekly Update:



    1. Income Tax:
    • Cost Inflation Index has been notified by CBDT for FY 2020-21 to be “301”.
    1. Goods and Services Tax:
    • Recommendations made by 40th GST Council Meeting:
    • Late Fee for non-filing of GSTR-3B for the tax period from July’17 to Jan’20 has been waived in case of NIL tax liability and reduced to Rs. 500 maximum per return if there is any liability.
    • No/reduced late fee facility can be availed for the period from July’20 to Sept’20.
    • Applicability of reduced rate of interest @ 9% is extended till 30.09.2020 for taxpayers having turnover upto Rs. 5 Crores and return is not filed till extended due date (30th June or 6th July 2020).
    • Due date of Filing GSTR-3B Return for the month of May, June and July 2020 has been extended till September, 2020.
    • GST Registration cancelled till 12.06.2020 can be restored by filing of revocation application upto 30.09.2020 (earlier it was 30.06.2020).

    Note- These recommendations shall be effective from the date of notification

    • Now NIL Form GSTR-3B can be filed through SMS as well as through online mode on GST Portal (For detailed instruction, refer FAQs released by Department).
    • E-way bills generated on or before 24.03.2020 and validity of which has been expired on or after 20.03.2020, in that case validity of e-way bill have been extended till 30.06.2020.
    1. Corporate & Allied Laws:
    • Amendment made in Insolveny and Bankruptcy code (IBC) - No application for initiation of corporate insolvency resolution process of a corporate debtor be filed for any default arising on or after 25.03.2020 for next 6 months.  


    1. Income Tax:
    • To compute Advance Tax for FY 2020-21, must check income tax rate to be applied to companies and if your company is deciding to take 22% tax rate, in that case some deductions u/s 35, 35AD, 32AC and additional depreciation u/s 32 etc. and unabsorbed depreciation and carry forward loss related to these provisions shall not allowed.
    • if your company is going with the above tax rate, MAT will not be applicable and in that case MAT Credit of earlier years will not be able to claimed.
    • To compute Advance Tax for FY 20-21, consider reduced MAT Rate of 15%.


    1. Goods & Services Tax:
    • If you have paid GST on advance received against future supply of services, show it in tax liability (advance received) box of GSTR-1 and when you raise final invoice in that case this should be adjusted with GST paid on advance and to be shown in B2B/B2C supplies as well as.


    1. Corporate & Allied Laws:
    • Internal Financial Control (IFC) Report is not required for One Person Company (OPC), Small Company and Private Company having turnover less than Rs. 50 Crores and borrowings less than Rs. 25 Crores at any point of time during the FY.



    1. Income Tax:


    • Note :- In case of no such SFT transaction, Tax Audit assessees are at a mandate to file “Preliminary SFT Reponse” at e-filing portal by said due date.
    • 15.06.2020 is the due date to pay Advance Tax (1st Installment) for FY 2020-21.
    • 30.06.2020 is the due date to file TDS/TCS Returns for Q4 (F.Y. 2019-20).
    • 30.06.2020 is the due date to file Belated ITR/ Revised ITR for FY 2018-19.
    • Note - ITR for FY 2017-18 cannot be filed now as the due date to file lapsed.


    1. Goods and Services Tax:
    • GSTR-3B Due Date:
    • 29.06.2020 for Feb and March and 30.06.2020 for April month for the taxpayers having turnover more than 1.5 crores and upto Rs. 5 Crores.
    • 30.06.2020/03.07.2020/06.07.2020 for Feb, March and April month for the taxpayers having turnover upto Rs. 1.5 crores.
    • 30.06.2020 is last date for the month of Feb, March and April 20 to file GSTR-1 for all taxpayers.


    1. Corporate & Allied Laws:
           30.06.2020 is the due date to file Form 61A (SFT Compliance) in case you have such Significant Financial Transactions such as issuance of               equity shares for more than INR 10 lakhs.
    • MCA has announced a “Moratorium Period” from 01.04.2020 to 30.09.2020 for filing of ROC Forms and no additional fees will be charged for such period due to late filing of any form due within this period.