Income Tax compliance for October and November 2020.

Upcoming Income Tax Compliance for the month of October and November, 2020 are listed below. Please plan your work.

October, 2020

31st October 2020:

1. Due date of filing of Form 3CEAB and Form 3CEAC (For companies whose group financial year ends on 31st December 2019)
2. Report to be furnished in Form 3CEB in respect of international transaction and specified domestic transaction​.
3. Due date for filing of audit report under section 44AB for the assessment year 2020-21 in the case of a corporate-assessee or non-corporate assessee.

November, 2020

7 November 2020 –
Due date for deposit of Tax deducted/collected for the month of October, 2020.

30 November 2020 –

1. Annual return of income for the assessment year 2020-21 in the case of an assessee if he/it is required to submit a report under section 92E pertaining to international or specified domestic transaction(s).
2. Report in Form No. 3CEAA by a constituent entity of an international group for the accounting year 2019-20​.
3. Due date to exercise option of safe harbour rules for international transaction by furnishing Form 3CEFA​.
4. Due date to exercise option of safe harbour rules for specified domestic transaction by furnishing Form 3CEFB​.
5. Application in Form 9A for exercising the option available under Explanation to section 11(1) to apply income of previous year in the next year or in future (if the assessee is required to submit return of income on November 30, 2020)​.
6. Statement in Form no. 10 to be furnished to accumulate income for future application under section 10(21) or 11(1) (if the assessee is required to submit return of income on November 30, 2020)​.
7. Submit copy of audit of accounts to the Secretary, Department of Scientific and Industrial Research in case company is eligible for weighted deduction under section 35(2AB) [if company has any international/specified domestic transaction].
8. Statement by scientific research association, university, college or other association or Indian scientific research company as required by rules 5D, 5E and 5F (if due date of submission of return of income is November 30, 2020)​.
9. Due date for claiming foreign tax credit, upload statement of foreign income offered for tax for the previous year 2019-20 and of foreign tax deducted or paid on such income in Form no. 67. (if due date of submission of return of income is November 30, 2020).​
10. Due date for e-filing of report (in Form No. 3CEJ) by an eligible investment fund in respect of arm’s length price of the remuneration paid to the fund manager. (if the assessee is required to submit return of income on November 30, 2020).
11. Annual return of income for the assessment year 2020-21 for all assessee
    The due date for filing of return has been extended from July 31, 2020, October 31, 2020 to November 30, 2020 vide the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020.
12. Annual return of income for the assessment year 2019-20 for all assessee
    The due date for filing of return of income under section 139 for the assessment year 2019-20 has been extended to November 30, 2020 vide Order under section 119(2)(a), dated 30-09-2020.

Click here to read * The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020.