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BSMART is an organization of 100+ professionals which include diversely-experienced Chartered Accountants, Company Secretaries, Lawyers, MBAs and a dedicated support staff with state-of-the-art infrastructure. Our services span a diverse range starting from domestic & foreign funding in the form of equity, debt & strategic investment, financial structuring , mergers & acquisitions, legal consultancy, registrations under various Acts, licensing, secretarial compliance , IPO guidance , liaisoning , project management consultancy, auditing services – internal, statutory, GST, tax audits, etc., accounting services, FEMA compliance, setting up of entities in India, Income Tax and GST consultancy and compliance, SOP implementation, succession planning and so on. Headquartered in Pune, BSMART has offices in Mumbai and London. BSMART CA Firm in Pune

Updates

EXTENSION OF TIME LIMITS FOR EASE OF TAX COMPLIANCE

Compliances related to uploading of declaration/exercising of option/ other compliances

Section of Income-tax Act, 1961/Rule or Form of Income-tax Rules, 1962

Existing Due Date

Extended due date

Uploading of the declarations received from recipients during the quarter ending 30th June, 2021

Form No. 15G/SH

15 July, 2021

31 August, 2021

Exercising of option to withdraw pending application (filed before the erstwhile Income Tax Settlement Commission)

Sub-section (1) of Section 245M of the Act in Form No. 3488

27 June, 2021

31 July, 2021

Linkage of Aadhaar with PAN

Section 139AA

30 June, 2021

30 Sept. 2021

 

Compliances related to filing of Application/Investment, deposit etc.

Section of Income-tax Act, 1961/Rule or Form of Income-tax Rules, 1962

Existing Due Date

Extended due date

The application for registration/ provisional registration/ intimation/ approval/ provisional approval of Trusts/ Institutions/Research Associations etc.

Section 10(23C), 12AB, 35(1/a)/) and 80C/ Form No. 10A/ Form No.10AR.

30 June, 2021

31 Aug. 2021

The compliances to be made by the taxpayers such as investment, deposit, payment, acquisition, purchase. construction or such other action, by whatever name called, for the purpose of claiming any exemption

Section 54 to 54CB

The last date of such compliance falls between 1st April 2021 to 29th September 2021 (both days inclusive)

May be completed on or before 30th September, 2021

 

Compliances related to filing of Statements

Section of Income-tax Act, 1961/Rule or Form of Income-tax Rules, 1962

Existing Due Date

Extended due date

The Quarterly Statement to be furnished by authorized dealer in respect of remittances made for the quarter ending on 30th June, 2021

Form No. 15CC/ Rule 37 BB

15 July, 2021

31 July, 2021

The Equalization Levy Statement for the Financial Year 2020-21

Form No. 1

30 June, 2021

31 July, 2021

The Annual Statement required to be furnished by the eligible investment fund for the Financial Year 2020-21

sub-section (5) of section 9A/Form No. 3CEK

29 June, 2021

31 July, 2021

 

Compliances related to passing of order/processing of returns

Existing Due Date

Extended due date

Time Limit for passing assessment order

30 June, 2021

30 Sept, 2021

Time Limit for passing penalty order

30 June, 2021

30 Sept, 2021

Time Limit for processing Equalisation Levy returns

30 June, 2021

30 Sept, 2021

 

Compliances related to filing of Objections to DRP and Assessing Officer

Section of Income-tax Act, 1961/Rule or Form of Income-tax Rules, 1962

Existing Due Date

Extended due date

The last date to file the objections to Dispute Resolution Panel (DRP) and Assessing Officer (AO)

Section 144C

1 June 2021 or thereafter

Within the time provided in Section 1440 of by 31 August 2021, whichever is later

 

Compliances related to filing of Statements/Certificate

Section of Income-tax Act, 1961/Rule or Form of Income-tax Rules, 1962

Existing Due Date

Extended due date

The Statement of Deduction of Tax for the last quarter of the Financial Year 2020-21

Rule 31A

30 June, 2021

15 July, 2021

The Certificate of Tax Deducted at Source required to be furnished to the employee

Form No. 16/Rule 31

15 July, 2021

31 July, 2021

The Statement of Income paid or credited by an investment fund to its unit holder for the Previous Year 2020-21

Form No 64D/Rule 12CB

30 June, 2021

15 July, 2021

The Statement of Income paid or credited by an investment fund to its unit holder for the Previous Year 2020-21

Form No. 64C/Rule 12CB

15 July, 2021

31 July, 2021

 

Compliances related to Vivad Se Vishwas Act, 2020

Act

Existing Due Date

Extended due date

Last date of payment of Amount under Vivad se Vishwas without additional amount)

Vivad se Vishwas Act, 2020

30 June, 2021

31 August, 2021

Last date of payment of Amount under Vivad se Vishwas with additional amount)

Vivad se Vishwas Act, 2020

-

Notified as 31 October, 2021

 

 

CBDT HAS ISSUED CIRCULAR REGARDING USE OF FUNCTIONALITY UNDER SECTION 206AB AND 206CCA OF THE INCOME-TAX ACT, 1961.

With respect to Applicability of new TDS and TCS Provisions, i.e.

 

  • Special provision for deduction of Tax at Source (TDS) for non-filers of Income Tax Return - Section 206AB - Applicable w.e.f. 1st July 202.

 

  • Special provision for collection of Tax at Source (TCS) for non-filers of Income Tax Return -Section 206CCA - Applicable w.e.f. 1st Jul 2021

 

CBDT has issued Circular regarding use of functionality under Section 206AB and 206CCA of the Income-tax Act, 1961.

To ease compliance burden the Central Board of Direct Taxes is issuing a new functionality "Compliance Check for Sections 206AB & 206CCA". This functionality is made available through reporting portal of the Income-tax Department. The tax deductor or the collector can feed the single PAN (PAN search) or multiple PANs (bulk search) of the deductee or collectee and can get a response from the functionality if such deductee or collectee is a specified person.

For PAN Search, response will be visible on the screen which can be downloaded in the PDF format. For Bulk Search, response would be in the form of downloadable file which can be kept for record.

 

The logic of the functionality is as under: 

  • List contains name of taxpayers who did not file return of income for both AY 2019-20 & 2020-21 and have aggregate of TDS and TCS of fifty thousand rupees or more in each of these two previous years.

 

  • During the financial year 2021-22, no new names are added in the list of specified persons. This is a taxpayer friendly measure to reduce the burden on tax deductor a collector of checking PANs of non-specified person more than once during the financial year.

 

  • If any specified person files a valid return of income (filed & verified) for AY 2019-20 or 2020-21 during the financial year 2021-22, his name would be removed from the list of specified persons. This would be done on the date of filing of the valid return of income during the financial year 2021-22.

 

  • If any specified person files a valid return of income (filed & verified) for assessment year 2021-22, his name would be removed from the list of specified persons. This will

 

 

 

be done on the due date of filing of return of income for AY 2021-22 or the date of actual filing of valid return (filed & verified) whichever is later.

 

  • If the aggregate of TDS and TCS, in the case of a specified person, in the previous year 2020-21, is less than fifty thousand rupees, his name would be removed from the list of specified persons. This would be done on the first due date under sub-section (I) of section 139 of the Act falling in the financial year 2021-22.
  • Belated and revised TCS & TDS returns of the relevant financial years filed during the financial year 2021-22 would also be considered for removing persons from the list of specified persons on a regular basis

CBDT has notified the Cost Inflation Index (CII) for AY 2022-2023 as "317" via notification dated 15th June'2021. For AY 2021-2022 it was notified as 301.

At the time of filing of Income Tax Returns for AY 2022-2023, this CII will be helpful to ascertain long-term capital gains.

Area of our services

At BSMART we assist our clients in the availment of funding in the form of debt and / or equity. Basis our ties with fund houses / banks in and outside India, BSMART caters to specific needs of its clients.
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BSMART provides end to end services related to Secretarial Compliances and Registrations. The brief list is as follows – Company Registrations, LLP Registrations, Annual Filing and regulatory compliance …
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In the dynamic world of a business, BSMART plays a key managerial role by taking care of the financial health of an organization. At BSMART, we have developed a unique product – FHC (Financial Health Check)…
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BSMART provides consultancy services to our clients by formulating effective strategies for optimizing taxes, implementing innovative tax planning & effectively maintaining compliance in tax regime..
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BSMART provides tailor made SOP formation and implementation focusing on client needs. We help simplify the working of critical and routine business processes to achieve desired quality and consistency….
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BSMART assists clients with audit functions providing comprehensive year-round audit procedure, which goes well beyond the routine transactions. We help our clients with Statutory Audit, Tax Audit, GST Audit…
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BSMART provides advisory services on financial arrangement to various business houses. Some of the provided services are preparation of project report and liaison with Term Lending Institutions/Financial..
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BSMART assists its clients in restructuring their Business to ensure that they fetch optimum valuations. BSMART also helps in providing end to end services pertaining to Mergers & Acquisitions: Advisory& Assistance
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BSMART’s FAM department provides tailor made solutions for its clients and different options to choose from. The clients may either prepare accounts and get it reviewed from our experts……
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BSMART provides services right from setting up of the entity in India to commencement of operations and beyond. These include advisory on type of entity to be set up, modes of setting up, assistance in availment of registrations…
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BSMART has an in-house team of advocates and we are also associated with some of the top legal firms in India. We also assist in Drafting of Various Agreements such as Partnership Deed, HUF Deeds, Trust Deeds….
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IPO or Initial Public Offer gives investors the prospect to acquire an edge early in companies and gain higher investment returns during a shorter time span. We keep track of companies entering the capital markets…..
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Why Us?

Building a good client experience does not happen by accident. At BSMART, for more than two decades now we have been bringing smiles to the faces of all our stakeholders. Through our integrated service lines, we help our clients to capitalize on new opportunities, assess and improve existing practices to deliver growth. Our high-performing teams of professionals help them in fulfilling statutory and regulatory requirements, optimize performance and ultimately meet stakeholder needs. We strongly believe in sustainable growth and in order to offer services of the highest quality to our clients, we make sure to indulge in continuous improvement of our performance, investing in our people and foster innovation.

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Address -

Head Office:
Parmar Trade Centre, 3rd Floor, 12 Connaught Road, Sadhu Vaswani Chowk, Pune – 411 001.
Tel: 020-48648899 / 48638899

Mumbai Branch:
Office #405, Trade World ‘B’ Wing, Kamala Mills Compound,
Lower Parel (West), Mumbai – 400 013. Tel:+91 22 22017031/32

London Office:
BSMART London LTD.
71-75, Shelton Street, London, Greater London,
WC2H 9JQ, UNITED KINGDOM.

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