Regarding Statutory Obligations for the Month of September

Sep, 09 2020
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This is to remind that the following statutory obligations have to be complied by our group companies/ individuals to the extent as applicable:

INCOME TAX

1.      The Second Installment of ADVANCE INCOME TAX @45% of total estimated Income Tax (Less tax deposited in earlier installments / TDS deducted) for the Financial Year 2020-21 is to be deposited on or before 15th September,2020, if the estimated tax liability is Rs. 10,000/- or more.

2.      Extended last date to file Belated Income Tax Return for assesse who has not filled their return or audit for FY 2018-19 is 30.09.2020.

3.      Extended date for making investment/ construction/ purchase for claiming roll over benefit / deduction in respect of capital gains under section 54 to 54GB is 30.09.2020 for Financial Year 2019-2020.

 TDS

4.      TDS for the Month of August-2020 to be deposited on or before
07-09-2020.

GST

5.      Due date for filing Monthly GSTR-1 for the month of August, 2020 is 11.09.2020.

6.      Due date for filing GSTR-3B for taxpayers having an aggregate turnover upto Rs 5 Cr in preceding Financial Year for the month of May, 2020 is 12.09.2020.

7.      Due date for filing GSTR-3B for taxpayers having an aggregate turnover upto Rs 5 Cr in preceding Financial Year for the month of June, 2020 is 23.09.2020.

8.      Due date for filing GSTR-3B for taxpayers having an aggregate turnover upto Rs 5 Cr in preceding Financial Year for the month of July, 2020 is 27.09.2020.

9.      Due date for filing GSTR-3B for taxpayers having an aggregate turnover upto Rs 5 Cr in preceding Financial Year for the month of August, 2020 is 01.10.2020.

10.  Due date for filing GSTR-3B for taxpayers having an aggregate turnover of more than Rs 5 Cr in preceding Financial Year for the month of August, 2020 is 20.09.2020.

11.  It is suggested that start reconciling the Consolidated ITC for the months of Feb 20 to Sep 20 with the GSTR 2A numbers since aggregate consideration for GSTR 2A + 10% will expire post Sep 20 month’s return and you may get a mismatch notices.

12.  The annual return of GST for the period 01.04.2018 to 31.03.2019 is required to be filed along with statutory GST audit report, if Turnover for the period 01.04.2018 to 31.03.2019 is Rs. 5 Crore or more, till 30.09.2020.

13.  The annual return of GST for the period 01.04.2018 to 31.03.2019 is required to be filed if Turnover for the period 01.04.2018 to 31.03.2019 is Rs. 2 Crore or more, till 30.09.2020.

 ESI / PF

14.  15.09.2020 is due date for payment of Provident Fund Contribution for the month of August 2020. (Deductions will revert to old rates i.e. 12% EPF for each employer and employee.

15.  15.09.2020 is due date for payment of ESI Contribution for the month of August 2020.

AUDIT

UDIN: - As per new guidelines issued by ICAI effective from
01.07.2019 every statutory auditor shall upload particulars of audit
report on UDIN portal of ICAI. It cannot be generated after 15 days of
the date of balance sheet. The Balance Sheet date cannot go beyond
05.09.2020.

So it is advisable to update your books of accounts for the Financial
Year 2019-20 and get them audited as early as possible for timely
Compliances and to avoid last minute rush.

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