Professional Updates

Due date for filing application in form 10A & 10AB extended CBDT vide Circular No. 16 /2021 dated 29th August 2021 extended due dates for electronic filing of various forms, due to the difficulties faced by taxpayers in filing of such forms on new income tax portal. Extended due dates are as follows:  Sr Form Extended due date 1 The application for registration or approval under Section 10(23C), 12A or 80G of the Act in Form No.10AB 31st March, 2022 2 The application for registration or intimation or approval under Section 10(23C), 12A, 35(1)(ii)/(iia)/(iii) or 80G of the Act in Form No. 10A 31st March, 2022 3 The Equalization Levy Statement in Form No.1 for the Financial Year 2020- 21 31st December, 2021 4 The Quarterly statement in Form No. 15CC to be furnished by authorized dealer in respect of remittances made for the

GST Amnesty Scheme extended up to 30th November 2021 The Central Board of Indirect Taxes and Customs (“CBIC”) vide Notification No. 33/2021-Central Taxes dated August 29, 2021 has further amended Notification No. 76/2018-Central Taxes dated December 31, 2018 so as to extend the benefit of Amnesty Scheme till November 30, 2021. Earlier vide notification number 19/2021 – Central Tax, dated the 1st June, 2021 this benefit was extended up to 31st August 2021. Vide  Notification No. 33/2021-Central Taxes dated August 29, 2021   In case of having tax liability: Registered persons who failed to furnish the return in FORM GSTR-3B for the months /quarter of July, 2017 to April, 2021, by the due date but furnish the said return between the period from June 01, 2021 to November 30, 2021 , the total amount of late fee in excess of five hundred rupees were waived. Now, vide this notification the last date has been extended to November 30, 2021. In case of having Nil liability :   Registered pers

Non-filers of 2 monthly GSTR3B returns to be barred from filing GSTR-1   Implementation of Rule-59(6) on GST Portal 1. Rule-59(6) of CGST Rules, 2017; inserted vide Notification No. 1/2021 dated 1st January 2021, this rule provides for restriction in filing of GSTR-1 in certain cases : a) GST registered person filing GSTR-1 on monthly basis shall not allowed to file GSTR-1 , if he has not filed the return in FORM GSTR-3B for preceding two months* ; *for preceding   one month  as substituted w.e.f. 01/01/2022 vide notification no Notification No. 35/2021 – Central Tax dated 24th September 2021  b)  GST registered person filing GSTR-1 on quarterly   basis shall  not allowed , shall not be allowed to file FORM GSTR-1 or IFF, if he has not furnished the return in FORM GSTR-3B for preceding tax period; 2. This Rule will be implemented on GST Portal from 1st September, 2021. On implementation of the said Rule, the system will check that whether before the filing of GSTR-1/IFF of a tax-p

Guidelines for Implementation of the circular on Opening of Current Accounts by Banks Please refer to circulars DOR.No.BP.BC/7/21.04.048/2020-21 dated August 6, 2020, DOR.No.BP.BC.27/21.04.048/2020-21 dated November 2, 2020 and DOR.No.BP.BC.30/21.04.048/2020-21 dated December 14, 2020 on Opening of Current Accounts by Banks - Need for Discipline. 2. The instructions were issued vide the above circulars in order to enforce credit discipline amongst the borrowers as well as to facilitate better monitoring by the lenders; and for this purpose, a graded approach had been prescribed on opening and operating of current accounts and CC/OD facilities. Banks were required to implement these instructions in a non-disruptive manner while keeping the bonafide business requirements of the borrowers in mind. 3. It is reiterated that: a) In case of borrowers who have not availed of CC/OD facility from any bank, there is no restriction on opening of current accounts by any bank if exposure of the ba