Statuary compliance for the month of June 2018

Due Dates		Description	Who needs to do the compliance
07-06-2018	INCOME-TAX	Due date for deposit of Tax deducted/collected for the month of May, 2018.	All persons responsible for deducting TDS.
10-06-2018	GST	Monthly Return (GSTR-1) for the month of May’18.	Taxpayers having turnover of more than 1.5 crs.
14-06-2018	INCOME-TAX	Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of May, 2018.	Every person responsible for deduction of tax under section 194-IA shall furnish the certificate of deduction of tax at source in Form No. 16 B to the payee and
	INCOME-TAX	Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of May, 2018.	Every person responsible for deduction of tax under section 194-IB shall furnish the certificate of deduction of tax at source in Form No. 16 C to the payee.
15-06-2018	INCOME-TAX	Due date for furnishing of Form 24G by an office of the Government where TDS for the month of April, 2018 has been paid without the production of a challan.	Government Office.
	INCOME-TAX	Quarterly TDS certificates (in respect of tax deducted for payments other than salary) for the quarter ending March 31, 2018.	Every person responsible for deduction of TDS.
	INCOME-TAX	First instalment of advance tax for the assessment year 2019-20.	Every person responsible for payment of advance tax
	INCOME-TAX	Certificate of tax deducted at source to employees in respect of salary paid and tax deducted during 2017-18.	Every person responsible for deduction of TDS`.
	INCOME-TAX	PF Monthly PF payment for May 2018.	Employer responsible for deducting Provident Fund.
	INCOME-TAX	ESIC payment for the month of May 2018.	Employer responsible for payment of ESIC.
20-06-2018	GST	Due date of GSTR-5 for the month of May 2018.	Non-resident Taxable person.
	GST	Due date of GSTR-5A for the month of May 2018.	Non-resident Taxable person to supplying online information and database access or retrieval services from a place outside India to a non-taxable online recipient.
	GST	Due date of GSTR-3B for the month of May 2018.	All registered Tax Payers.
	INCOME-TAX	Due date for e-filing of a statement (in Form No. 3CEK) in respect of its activities in financial year 2018-19 under Section 194-IB in the month of May, 2018.	Eligible investment fund
30-06-2018	INCOME-TAX	Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of May, 2018	Every person responsible for deduction of tax under section 194-IA shall furnish to the Director General of Income-tax (System) or the person authorised by him a challan-cum-statement in Form No. 26QB.
	INCOME-TAX	Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB in the month of May, 2018	Every person responsible for deduction of tax under section 194-IB shall furnish to the Director General of Income-tax (System) or the person authorised by him a challan-cum-statement in Form No. 26QC
		Return in respect of securities transaction tax for the financial year 2017-18.	Recognised stock exchange Mutual Fund Prescribed persons as per rule 5 of the Securities Transaction Tax Rules, 2004.
	INCOME-TAX	Quarterly return of non-deduction of tax at source by a banking company from interest on time deposit in respect of the quarter ending March 31, 2018.	Banking company
	INCOME-TAX	Statement to be furnished (in Form No. 64C).	Alternative Investment Fund (AIF)
	INCOME-TAX	Report by an approved [Form No. 58D] institution/public sector company to National Committee for the year ending March 31, 2018.
	INCOME-TAX	Due date for furnishing of statement of income distributed by business trust to its unit holders during the financial year 2017-18.	This statement is required to be furnished to the unit holders in form No. 64B
	GST	GST Tran-2	Form to be filed by a registered person who was not registered under the old indirect tax law for taking ITC credit.

Statuary compliance for the month of May 2018

Due Dates		Description
07-05-2018	INCOME-TAX	Due date for deposit of Tax deducted/collected for the month of April, 2018. 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.
10-05-2018	GST	Monthly Return (GSTR-1) for the month of March’18.
15-05-2018	INCOME-TAX	1.      Due date for issue of TDS Certificate for tax deducted under Section 194-IA in the month of March, 2018. 2.      Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of March, 2018. 3.      Due date for furnishing of Form 24G by an office of the Government where TDS for the month of April, 2018 has been paid without the production of a challan. 4.      Quarterly statement of TCS deposited for the quarter ending March 31, 2018.
20-05-2018	GST	GSTR 3B for the month of April’18.
30-05-2018	INCOME-TAX	1.      Submission of a statement (in Form No. 49C) by non-resident having a liaison office in India for the financial year 2017-18. 2.      Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IA in the month of April, 2018. 3.      Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB in the month of April, 2018.
31-05-2018	INCOME-TAX	1.      Quarterly statement of TDS deposited for the quarter ending March 31, 2018. 2.      Return of tax deduction from contributions paid by the trustees of an approved superannuation fund. 3.      Due date for furnishing of statement of financial transaction (in Form No. 61A) as required to be furnished under sub-section (1) of section 285BA of the Act respect of a financial year 2017-18. 4.      Due date for e-filing of annual statement of reportable accounts as required to be furnished under section 285BA(1)(k) (in Form No. 61B) for calendar year 2017 by reporting financial institutions.
	GST	GSTR 6 for the months from July 2017 to April 2018.

Corporate Assesses - Now PAN Card in the form of laminated card not required.

Now there is a no requirement of PAN in the form of a laminated card in case of corporate assesses.

It is clarified that PAN and TAN mentioned in the COI issued by MCA shall also be treated as sufficient proof of PAN and TAN for the said company assessees.

(Press release, Dated 14-04-2018)

In case of a company, an application for incorporation, allotment of Permanent Account Number (PAN) and allotment of Tax Deduction and Collection Account Number (TAN) may be made through a Common Application Form submitted to the Ministry of Corporate Affairs (MCA). In these cases, the Certificate of Incorporation (COI) issued by MCA contains a mention of both PAN and TAN.

Finance Act, 2018 amended section 139A of the Income-tax Act, 1961 removed the requirement of issuing PAN in the form of a laminated card. Hence, it is clarified that PAN and TAN mentioned in the COI issued by MCA shall also be treated as sufficient proof of PAN and TAN for the said company assessees.

Tax Payers Advised To Confirm Identities Of Income Tax Search Authorities

The Income Tax Department in the Delhi region regularly conducts search/survey/verification exercises in case of suspected tax evaders to uncover concealment of undisclosed income/assets as per the law.

However, instances have been brought to the notice of department wherein, certain unscrupulous elements have conducted unauthorized / illegal searches through forged identity cards claiming to be from Income Tax Department, Delhi.

It is reiterated that the tax payers is well within his rights to seek & inspect the warrant of authorisation, confirm the identities of authorized Income Tax Authorities mentioned on the warrant. The assessee can seek the telephone numbers of immediate supervisory officers of the search/survey party for the purpose of verification of genuineness.

In case, any doubts still persists then the Income Tax Department can be contacted on the following number 9013850099 for the specified purpose of confirmation of identities of officers/officials working in the Delhi region.

(Press release, Dated : 22 September 2017)

(Source : pib.nic.in)

Disallowance for non-deduction of tax from payment to resident in respect of Income from Other sources

Budget 2017, insert a new section 58(1A)(ia), it provides that the provision of section 40(a)(ia) will apply in computing income chargeable under the head “ income from other sources” as they apply in computing income chargeable under the head of “ profit and gains of business & profession”.

Under the current provision of section 58 disallowance incudes disallowances such as disallowance of cash expenditure, disallowance for non-deduction of tax from payment to non-resident, etc, now it applies to resident also in section 58.

The amendment is applicable from the Previous year 2017-18 and will accordingly apply in relation to assessment year 2018-19 and subsequent years.

Concessional Tax rate under section 194 LD –Extension of eligible period thereof (Budget 2017)

Budget 2017, amend the provision of section 194LD to provides that

lower TDS at the Rate of five percent will now be available

on interest payable before 1^st July 2020 to FII and QFIs on their investments in Government securities and rupee denomination corporate bonds

provided that the rate of interest does not exceed the rate notified by the Central Government in this behalf.

Existing provision of section 194LD provides lower TDS at the rate of five percent on interest payable at any time on or after 1st June, 2013 but before the 1st July, 2017.

The amendment will be applicable from the previous year 2017-2018.

Concessional rate of tax on interest in case of overseas borrowings –extension period thereof.

Budget 2017, amend the section 194LC to provide that the

concessional rate of five per cent. TDS on interest

payable to a non-resident

by a specified company on borrowings made by it in foreign currency

from sources outside India under a loan agreement or by way of issue of any long-term bond including long-term infrastructure bond

will now be available in respect of borrowings made before the 1st July, 2020.

This amendment will be applicable from the previous year 2017-18 and will accordingly apply in relation to assessment year 2018-19 and subsequent years.


Budget 2017 also proposed to extend the benefit of section 194LC to rupee denominated bonds issued outside India before the 1st july 2020.

This amendment will take retrospectively from 1st April 2016.

Existing provision of section 194LC provides that the concessional rate of tax available on borrowing made under loan agreement at any time on or after the 1st July, 2012, but before the 1st July, 2017; or by way of any long-term bond including long-term infrastructure bond on or after the 1st October, 2014 but before the 1st July, 2017, respectively.

Budget 2017 extends the concessional rate of TDS to boost the economy by way of introduction of foreign capital.

Secondary Adjustment in Certain cases (New Section 92CE inserted) -International taxation -Budget 2017

In order to align India’s transfer pricing provisions with the OECD Transfer Pricing Guidelines and international best practices, Budget 2017 proposes to insert a new section 92CE in the IT Act to provide that a taxpayer would be required to carry out a secondary adjustment where a primary adjustment to transfer price has been made in certain stipulated circumstances.

Secondary adjustment can be made only when,

Ø The amount of primary adjustment made in any previous year exceed one crore rupees, and

Ø The primary adjustment is made in respect of an assessment year commencing after 1^st day of April 2016.

Conditions under which secondary adjustment can make:

Where a primary adjustment to transfer price,—

Ø has been made suo motu by the assessee in his return of income;

Ø made by the Assessing Officer has been accepted by the assessee;

Ø is determined by an advance pricing agreement entered into by the assessee under section 92CC;

Ø is made as per the safe harbour rules framed under section 92CB; or

Ø is arising as a result of resolution of an assessment by way of the mutual agreement

procedure under an agreement entered into under section 90 or section 90A for avoidance of double taxation,

Where, as a result of primary adjustment to the transfer price, there is an increase in the total income or reduction in the loss, as the case may be, of the assessee, the excess money which is available with its associated enterprise, if not repatriated to India within the time as may be prescribed, shall be deemed to be an advance made by the assessee to such associated enterprise and the interest on such advance, shall be computed in such manner as may be prescribed.

For the purposes of this section,—

(i) “associated enterprise” shall have the meaning assigned to it in sub-section (1) and sub-section (2) of section 92A;

(ii) “arm’s length price” shall have the meaning assigned to it in clause (ii) of section 92F;

(iii) “excess money” means the difference between the arm’s length price determined in primary adjustment and the price at which the international transaction has actually been undertaken;

(iv) “primary adjustment” to a transfer price means the determination of transfer price in accordance with the arm’s length principle resulting in an increase in the total income or reduction in the loss, as the case may be, of the assessee;

(v) “secondary adjustment” means an adjustment in the books of account of the assessee and its associated enterprise to reflect that the actual allocation of profits between the assessee and its associated enterprise are consistent with the transfer price determined as a result of primary adjustment, thereby removing the imbalance between cash account and actual profit of the assessee.’.