GST Return Due Date for December 2020

 

GST Return Filing Due Dates for December 2020

The government announces GST return filing due dates from time to time in order to maintain taxation in line with respective clearance. Also, the main effort is to alert the taxpayers regarding the GST return filing due dates is to make them neglect any penalty or interest.

As GSTR 1 & GSTR 3B is to be filed every month, there is a greater need of getting latest updates/notification based on the GST due dates calendar for avoiding any interest and penalty. 

Form Name	Filling Period	Due Date
GSTR 07	November 20 (Monthly)	10th December 2020
GSTR 08	November 20 (Monthly)	10th December 2020
GSTR 01(T/O > 1.5 Cr)	November 20 (Monthly)	11th December 2020
GSTR 01(T/O < 1.5 Cr)	Octo to Dec. 20 (Quarterly)	13th January 2021
GSTR 06	November 20 (Monthly)	13th December 2020
GSTR 3B	November 20 (Monthly) T.O. > 5 Cr.	20th December 2020
GSTR 3B	November 20 (Monthly) Annual Turnover of upto Rs.5cr in Pr. FY (Group A: Chhattisgarh, Karnataka, Goa, Kerala, Tamil Nadu, Madhya Pradesh, Gujarat, Maharashtra, Telangana, Andaman and Nicobar Islands, Lakshadweep, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry)	22nd December 2020
GSTR 3B	November 20 ( Monthly) Annual Turnover of upto Rs. 5 Cr in Pr.FY (Group B: Himachal Pradesh, Manipur,  Haryana, Rajasthan, Uttar Pradesh, Punjab, Uttarakhand, Nagaland, Bihar, Sikkim, Arunachal Pradesh, Mizoram, Tripura, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Meghalaya, Assam,  Ladakh, Chandigarh, Delhi)	24th December 2020
GSTR CMP 08	Octo to Dec. 20 (Quarterly)	18th January 2021
GSTR 9, 9A & 9C (T.O > 2 Cr.)	FY 2018-19	31st December 2020

Remarks :

Extension of due dates for FORM GSTR-3B and GSTR 1 for the month of July 2019 to January 2020 till 24th March 2020 for registered persons having principal place of business in the Union territory of Ladakh.

 

TCS ON SALE OF GOODS U/s 206C(1H)

Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods being exported out of India or goods covered in sub-section (1) or sub-section (1F) or sub-section (1G) shall, at the time of receipt of such amount, collect from the buyer, a sum equal to 0.1 per cent of the sale consideration exceeding fifty lakh rupees as income-tax:

Provided that if the buyer has not provided the Permanent Account Number or the Aadhaar number to the seller, then the provisions of clause (ii) of sub-section (1) of section 206CC shall be read as if for the words "five per cent", the words "one per cent" had been substituted:

Provided further that the provisions of this sub-section shall not apply, if the buyer is liable to deduct tax at source under any other provision of this Act on the goods purchased by him from the seller and has deducted such amount.

Explanation.-For the purposes of this sub-section,-

(A) "buyer" means a person who purchases any goods, but does not include,—

(1) the Central Government, a State Government, an embassy, a High Commission, legation, commission, consulate and the trade representation of a foreign State; or

(2) a local authority as defined in the Explanation to clause (20) of section 10; or

(3) a person importing goods into India or any other person as the Central Government may, by notification in the Official Gazette, specify for this purpose, subject to such conditions as may be specified therein;

(B) "seller" means a person whose total sales, gross receipts or turnover from the business carried on by him exceed ten crore rupees during the financial year immediately preceding the financial year in which the sale of goods is carried out, not being a person as the Central Government may, by notification in the Official Gazette, specify for this purpose, subject to such conditions as may be specified therein.

Also read : FAQ on TCS on sale of Goods u/s 206C(1H) 

Guidelines under section 206C(1H) of the Income-tax Act, 1961

Finance Act, 2020 inserted sub-section (1H) in section 206C of the Act which mandates that with effect from 1st day of October, 2020 a seller receiving an amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year to collect tax from the buyer a sum equal to 0.1 per cent (subject to the provisions of proposed sub-section (10A) of the section 206C of the Act) of the sale consideration exceeding fifty lakh rupees as income-tax. The collection is required to be made at the time of receipt of amount of sales consideration.

It was requested to clarify how the various thresholds specified under these sections shall be computed and whether the tax is required to be deducted/collected in respect of amounts received before 1st October, 2020.

sub-section (1H) of section 206C of the Act applies on receipt of sale consideration, the provision of this sub-section shall not apply on any sale consideration received before 1st October 2020. Consequently it would apply on all sale consideration (including advance received for sale) received on or after 1st October 2020 even if the sale was carried out before 1st October 2020.

Since the threshold of fifty lakh rupees is with respect to the previous year, calculation of receipt of sale consideration for triggering TCS under sub-section (1H) of section 206C shall be computed from 1st April, 2020. Hence, if a person being seller has already received fifty lakh rupees or more up to 30th September 2020 from a buyer, the TCS under sub-section (1H) of section 206C shall apply on all receipt of sale consideration during the previous year, on or after 1st October 2020, from such buyer.

Selecting Your Income Tax Return form for AY 2020-21 / FY 2019-20

CBDT has issued Income Tax Return filing Form-Sahaj (ITR-1), Form ITR-2, Form ITR-3, Form Sugam (ITR-4), Form ITR-5, Form ITR-6, Form ITR-7 and Form ITR-V for A.Y.2020-21 i.e. F.Y. 2019-20.

Sahaj (ITR-1)

Individuals person being a resident having total income upto Rs.50 lacs, having Income under the head of one house property, other sources (Interest etc.), Salaries, and agricultural income upto Rs. 5 thousand.

[Not for an individual person who is either Director in a company or has invested in unlisted equity shares of the comapnies]

Form ITR-2

Individuals person and HUFs not having income under head of profits and gains of business or profession.

Form ITR-3

Individuals Person and HUFs having income under head of profits and gains of business or profession.

Form Sugam (ITR-4)

For Individuals person, HUFs and Partnership Firms (other than Limited liabilities Person - LLP) being a resident person having total income upto Rs.50 lacs and having income under head of business and profession which is computed U/s 44AD, 44ADA or 44AE of the Income Tax Act .

[Not for an individual person who is either Director in a company or has invested in unlisted equity shares]

Form ITR-5

For persons other than- (i) Individuals, (ii) HUF, (iii) companies and (iv) person filing income tax Form ITR-7.

Form ITR-6

For Companies other than companies whose claiming exemption U/s 11.

Form ITR-7

For persons including companies mandatory to furnish income tax return u/s 139(4A) or 139(4B) or 139(4C) or 139(4D) only.

Form ITR-V

INDIAN INCOME TAX RETURN FROM FOR VERIFICATION

Where the Return of Income data in Form ITR form -1 (SAHAJ), ITR form-2, ITR form 3, ITR form-4(SUGAM), ITR form-5, ITR form-7 filed but NOT verified electronically.

Government has decided, "The due date for FY 2019-20 of the income tax return filing will be extended from 31st July 2020 & 31st October 2020 to 30th November 2020 and Tax audit report from 30th September 2020 to 31st October 2020". 

Download Notification for Income Tax Form

INCOME TAX RATE A.Y. 2021-22

INCOME TAX SLAB 

Male Resident / Female Resident/ HUF
Sr. No.	Net Income Range	Income-tax Rate*
		AY 2021-22	AY 2020-21
1	Up to Rs. 2,50,000	Nil	Nil
2	Rs. 2,50,001 to Rs. 5,00,000	5%	5%
3	Rs. 5,00,001 to Rs. 10,00,000	20%	20%
4	Above Rs. 10,00,000	30%	30%

A resident individual, whose taxable income does not exceed Rs. 5,00,000, can claim a tax rebate under section 87A. The amount of rebate shall be lower of 100% of income-tax or Rs. 12,500.

Senior Citizen
(Resident Individual who is aged 60 years or more but less than 80 years at any time during the previous year)
Sr. No.	Net Income Range	Income-tax Rate*
		AY 2021-22	AY 2020-21
1	Up to Rs. 3,00,000	Nil	Nil
2	Rs. 3,00,001 to Rs. 5,00,000	5%	5%
3	Rs. 5,00,001 to Rs. 10,00,000	20%	20%
4	Above Rs. 10,00,000	30%	30%

A resident individual, whose taxable income does not exceed Rs. 5,00,000, can claim a tax rebate under section 87A. The amount of rebate shall be lower of 100% of income-tax or Rs. 12,500.

Super Senior Citizen
(who is 80 years or more at any time during the previous year)
Sr. No.	Net Income Range	Income-tax Rate*
		AY 2021-22	AY 2020-21
1	Up to Rs. 5,00,000	Nil	Nil
2	Rs. 5,00,001 to Rs. 10,00,000	20%	20%
3	Above Rs. 10,00,000	30%	30%

* The above rates are exclusive of Surcharge and Cess.

Surcharge Applicable to Individual/HUF:

Net Income Range	Surcharge AY 21-22	Surcharge AY 20-21
Exceeding 50 lac but up to Rs. 1 Crore	10%	10%
Exceeding Rs. 1 Crore but up to Rs. 2 Crores	15%	15%
Exceeding Rs. 2 Crores but up to Rs. 5 Crores*	25%	25%
Exceeding Rs. 5 Crores*	37%	37%
Effective tax rate (above Rs. 5 crore)	42.744%	42.744%

* The surcharge on the income chargeable under section 111A and 112A would be restricted to 15%. The health and education cess at the rate of 4% shall be computed on the aggregate of Income Tax and Surcharge.

  

  Also Read : TDS & TCS Rate Chart F.Y. 2020-21 & Return Due Date

Optional Tax Regime for Individual/HUF- Section 115BAC (Applicable from A.Y. 2021-22)

Union Budget 2020 has introduced a new scheme for Individuals/HUF’s with lower rates subject to foregoing of certain exemptions/deductions.

Net Income Range	Tax Rate* (under the new regime)	Tax Rate* (under the old regime)
Up to Rs. 2,50,000	Nil	Nil
Rs. 2,50,001 to Rs. 5,00,000	5%	5%
Rs. 5,00,001 to Rs. 7,50,000	10%	20%
Rs. 7,50,001 to Rs. 10,00,000	15%	20%
Rs. 10,00,001 to Rs. 12,50,000	20%	30%
Rs. 12,50,001 to Rs. 15,00,000	25%	30%
Above Rs.15,00,000	30%	30%

*The above rates are exclusive of surcharge and cess.

The conditions under which an individual/HUF can opt for this scheme are as follows:

1.      The new scheme is optional and the assessee will have to opt for being covered by the new scheme in the prescribed manner:

a)      Where such individual or HUF does not have business income, the option is to be exercised for every year along with the filing of the return of income under section 139(1) for the year.

b)      Where such individual or HUF has business income, the option is to be exercised on or before the due date of filing the return of income and such option once exercised shall apply for that previous year and to all subsequent years.

2.      If the assessee having business income has opted to be governed by the new scheme, then, subsequently, he can opt out only once and thereafter, he will never be eligible to opt for the new scheme again except when he ceases to have any business income.

3.      The above concessional tax rates can be opted after foregoing certain exemptions / deductions such as:

a)      Leave Travel Concession – section 10(5)

b)      House Rent Allowance – section 10(13A)

      c)       Specified allowances exempt under section 10(14) (allowances granted to employees other than transport allowance, conveyance allowance, per-diems and travel and transfer allowance as mentioned in the Explanatory Memorandum)

d)      Allowances to MPs / MLAs – section 10(17)

e)      Clubbed income of minor up to Rs. 1,500 – section 10(32)

f)        Exemption for unit in SEZ – section 10AA

g)      Standard and other deductions (including profession tax) from salary – section 16

h)      Interest in respect of Self Occupied Property – section 24(b)

i)        Set off of loss under the head income from house property against other heads – section 71

j)         Additional depreciation – section 32(1)(iia)

k)       Deduction under sections 32AD, 33AB and 33ABA

      l)        Specified deduction for donations or for expenditure on scientific research – section 35(1)(ii)/(iia)/(iii) or section 35(2AA)

     m)     Weighted deduction for expenditure on specified business /agricultural extension project – sections 35AD and 35CCC

n)      Standard deduction for family pension – section 57(iia)

    o)      Deductions under Chapter VI-A (such as section 80C, 80D, 80 TTA, 80TTB, 80G etc.) other than the following: -

·         80CCD (2) – employer’s contribution in notified pension scheme

·         80JJAA – employment of new employees

·         80LA – IFSC centre

    p)      Exemption in respect of voucher granted for free food and Beverages to employees, as mentioned in Explanatory Memorandum

q)      Any exemption or deduction for allowances or perquisites provided under any other law

4.      There is no separate higher threshold for senior and very senior citizens in the optional scheme.

5.      Surcharge and Cess remain unchanged.

6.      Once this option is exercised, provisions relating to Alternate Minimum Tax and Credit relating to the same will not be applicable. For this, amendments have been made in sections 115JC / 115JD.

If an assessee does not opt for the new scheme, he will continue to be governed by the existing regime. The slabs, tax rates and surcharge as applicable to individuals and HUFs have remained unchanged.

a)     Tax Rates for AOP/BOI

Sr. No.	Net Income Range	Income Tax Rate*
		AY 21-22	AY 20-21
1.	Up to Rs.2,50,000	Nil	Nil
2.	Rs. 2,50,001 to Rs. 5,00,000	5%	5%
3.	Rs. 5,00,001 to Rs. 10,00,000	20%	20%
4.	Above Rs.10,00,000	30%	30%

*The above rates are exclusive of surcharge and cess.

The rates of surcharge and cess shall be the same as applicable to Individuals/HUFs.

b)    Tax Rates for Firm/LLP

The tax rate for firm/LLP shall be the rate of 30%. (exclusive of surcharge and cess).

Surcharge:

Net Income Range	Surcharge AY 21-22	Surcharge AY 20-21
Income up to Rs. 1 crore	Nil	Nil
Income exceeding Rs. 1 crore	12%	12%

The health and education cess at the rate of 4% shall be computed on the aggregate of Income Tax and Surcharge.

c)     Tax Rates for Co-Operative Societies:

Sr. No.	Net Income Range	Income Tax Rate*
		AY 21-22	AY 20-21
1.	Up to Rs.10,000	10%	10%
2.	Rs.10,001 to Rs. 20,000	20%	20%
3.	Above Rs.20,000	30%	30%

*The above rates are exclusive of surcharge and cess.

Surcharge:

Net Income Range	Surcharge AY 21-22	Surcharge AY 20-21
Income up to Rs. 1 crore	Nil	Nil
Income exceeding Rs. 1 crore	12%	12%

The health and education cess at the rate of 4% shall be computed on the aggregate of Income Tax and Surcharge.

Option of concessional tax scheme to resident co-operative societies – Section 115BAD

A new Section 115BAD is inserted for resident co-operative societies who have the option to pay tax at the rate of 22% (plus surcharge @ 10%) instead of 30%.

The conditions under section 115BAD (2) mention that the total income of a co-operative housing society shall be computed:

1.              Without deduction under provisions of section 10AA, section 32(1)(iia), section 32AD, section 33AB, section 33ABA, section 35(1)(ii), section 35(1)(iia), section 35(1)(iii), section 35(2AA), section 35AD, section 35CCC or any provisions of Chapter VI-A (including section 80P) other than section 80JJAA;

2.              Without set off of any carried forward losses or depreciation from earlier assessment year in case such a loss or depreciation is attributable to deductions referred in paragraph 1 above; and

3.              By claiming depreciation if any under section 32 except section 32(1)(iia) determined in the manner prescribed.

In case the co-operative society fails to satisfy the conditions mentioned under sub-section (2) of section 115BAD then the concessional rate of tax shall become invalid for that and subsequent assessment years as if the option to pay tax at concessional rate had never been exercised and other provisions of the Act shall apply.

Section 115BAD(3) provides that the loss or depreciation referred in section 115BAD(2)(ii) shall be deemed to have been given full effect to and no further deduction for such loss or depreciation shall be allowed for any subsequent year.

Where depreciation allowance in respect of block of asset was not given full effect prior to the assessment years beginning on 1st April, 2021, corresponding adjustment shall be made to the written down value of such block of assets as on 1st April, 2020 in the prescribed manner, if the option to pay at concessional rate of tax is exercised for a previous year beginning 1st April, 2020.

Section 115BAD (4) provides that in case a person has a unit in International Financial Services Centre (IFSC), a deduction under section 80LA shall be available to such a unit subject to conditions mentioned under that section.

Section 115BAD (5) provides that the co-operative societies must opt for concessional rate of tax on or before the due date mentioned under section 139(1) for furnishing the return of income for any previous year relevant to Assessment Year 2021-22 or any subsequent assessment year. Such option, once exercised, shall continue to apply for all subsequent assessment years and cannot be subsequently withdrawn for the same or any subsequent year.

Once this option is exercised, provisions relating to Alternate Minimum Tax and Credit relating to the same will not be applicable.

d)    Local Authority:

The tax rate for local authorities shall be the rate of 30%. (exclusive of surcharge and cess). Surcharge:

Net Income Range	Surcharge AY 21-22	Surcharge AY 20-21
Income up to Rs. 1 crore	Nil	Nil
Income exceeding Rs. 1 crore	12%	12%

The health and education cess at the rate of 4% shall be computed on the aggregate of Income Tax and Surcharge.

e)     Tax Rates for Companies:

Types of Companies	Income not exceeding Rs. 1 crore		Income exceeding Rs. 1 crore and up to Rs. 10 crores		Income above Rs. 10 crores
	Effective tax rate (normal)	Effective tax rate (MAT)	Effective tax rate (normal)	Effective tax rate (MAT)	Effective tax rate (normal)	Effective tax rate (MAT)
Existing company opted for Sec 115BA	26%	15.60%	27.82%*	16.69%*	29.12%*	17.47%*
Domestic Company with turnover up to Rs. 400 crores in FY 2018-19 and avails any tax incentives or exemptions or tax holiday	26%	15.60%	27.82%*	16.69%*	29.12%*	17.47%*
Other domestic company	31.20%	15.60%	33.384%*	16.69%*	34.944%*	17.47%*
Domestic          Company exercising option to pay tax as per section 115BAA	25.168%**	Nil	25.168%**	Nil	25.168%**	Nil
New                 domestic manufacturing companies exercising option to pay tax as per section 115BAB (including company engaged in generation of electricity)	17.16% **	Nil	17.16%**	Nil	17.16%**	Nil
Foreign Company	41.60%^	15.60%^#	42.43%^	15.912%^#	43.68%^	16.38%^#

* Includes surcharge at the rate of 7% in case of income from Rs.  1 crore up to Rs. 10 crore and 12% in case of income above Rs. 10 crores.

** Includes surcharge at the rate of 10%. It is assumed that other provisions of Chapter XII are not attracted in these cases.

^    Includes surcharge  at the rate of 2% in case of income from      Rs. 1 crore up to Rs. 10 crore and 5% in case of income above Rs.10 crores.

#    If MAT is applicable to the foreign company.