Weekly Key Highlights from team CaCult

A. Important Updates from last week:

CBDT:

1. FVU related changes- E-filing News and Updates.
2. E-filing News and Updates- TDS FVU version 7.0.
3. New restrictions by UIDAI of a maximum of 5 OTP. Read More.

CBIC:

1. Cyber fraud complaints from Indian Exporters. Read More.
2. Notification No. 01/2021–Customs (N.T.). Read More.
3. Notification No. 1/2021 –Customs (ADD): Extend the levy of Anti-Dumping duty on Melamine originating in or exported from China PR, up to and inclusive of 28th Feb, 2021.
4. DGFT Notification No. 55/2015-2020. Read More.
5. Notification No. 74/2020- State Tax. Read More.
6. Invoice Furnishing Facility for Taxpayers under QRMP Scheme. Read More.
7. Notification No. 01/2021 – Central Tax. Read More.
8. Aadhaar Authentication / e-KYC for Existing Taxpayers on GST Portal.
9. CBIC introduces flagship Liberalised Authorised Economic Operator Package for MSMEs.

MCA:

1. Retention of records relating to Corporate Insolvency Resolution Process.
2. MCA invites comments from public on Pre-packaged Insolvency Resolution Process under Insolvency and Bankruptcy Code, 2016.
3. MCA NEWS & IMPORTANT UPDATES. Read More.

RBI:

1. Introduction of Legal Entity Identifier for Large Value Transactions. Read More.
2. Operationalization of Payments Infrastructure Development Fund (PIDF) Scheme.
3. Risk Based Internal Audit (RBIA) Framework – Strengthening Governance arrangements.
4. Resumption of Normal Liquidity Management Operations- RBI Press Release.

SEBI:

1. Refund of security deposit- SEBI Circular. Read More.
2. SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUNDS) (AMENDMENT) REGULATIONS, 2021.
3. SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) (AMENDMENT) REGULATIONS, 2021.
4. Monthly Reporting of Portfolio Managers- SEBI Circular. Read More.
5. Transfer of excess contribution made by Stock Exchanges from Core SGF of one Clearing Corporation to the Core SGF of another Clearing Corporation.
6. Amendment to Regulation 20(6) of SEBI (AIF) Regulations, 2012.

CA Fraternity:

1. Clarification on Statutory Auditor of a Company giving feedback to Credit Rating Agencies about Auditee Client. Read More.
2. Notification for Eligibility Test (ET) for Post Qualification Course on Information Systems Audit (ISA) on Saturday the 23rd January, 2021 from 11:00 AM to 01:30 PM. Read More.
3. Admit Cards for January 2021 Examinations. Read More.
4. ICAI EOI/Tenders- Pre bid meeting is on 12th January.
5. Notification for Online Assessment Test (AT) for Certificate Course on Forensic Accounting and Fraud Detection on Thursday the 28th January 2021.
6. ICAI Launched MSME Mentorship Programme & 100 Facilitation Centre for MSME/GST.
7. Result of the Online Examination of the Certificate Course on Ind AS held on 27th December 2020.
8. Discussion paper on Business Combinations under common control.
9. Request for Information Post-implementation Review: IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests in Other Entities.

Other:

1. Credit Rating – Applicable for Infrastructure Investments.
2. Notification w.r.t. Employees’ Provident Funds.
3. Deposits made under the Special Deposit Scheme for Non Government Provident Superannuation and Gratuity Funds.
4. India’s response to S 301 Report of U.S. on Equalisation Levy. Read More.
5. Advance Estimates of GDP of 2020-21 released by National Statistics Office.
6. Income Tax Department conducts searches in Kolkata.

B. Due Dates of forthcoming GST and Income tax Compliance

Goods and Services Tax

10th January, 2021: GSTR-7 and GSTR-8 for the month of December 2020.

11th January, 2021: GSTR-1 for the month of December 2020.

13th January, 2021:

1. GSTR-6 for the month of December 2020.
2. GSTR-1 for the quarter Oct-Dec, 2020. (T/O upto 1.5 Crores).

18th January, 2021: CMP-08 for the quarter Oct-Dec, 2020.

20th January, 2021:

1. GSTR-3B for the month of December 2020. (T/O above 5 Crores)
2. GSTR-5 for the month of December 2020.
3. GSTR-5A for the month of December 2020.

22th January, 2021:GSTR-3B for the month of December, 2020.(Annual Turnover upto Rs. 5 crores)
(Group A- Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep).

24th January, 2021: GSTR-3B for the month of December, 2020.(Annual Turnover upto Rs. 5 crores)
(Group B- Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi).

28th February, 2021: Due date of Filing of Annual Return (FORM GSTR-9/ GSTR-9C) for the F.Y. 2019-20

Income Tax

10th January, 2021:

• The due date for furnishing of Income Tax Returns for the (Non-Audit) taxpayers.
• Due date for payment of self-assessment tax for taxpayers whose self-assessment tax liability is up to Rs. 1 lakh

14 January 2021:

1. Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of November, 2020.
2. Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of November, 2020.
3. Due date for issue of TDS Certificate for tax deducted under section 194M in the month of November, 2020.

15th January, 2021:

1. The date for furnishing of various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction (Form 3CEB).
2. Quarterly statement of TCS for the quarter ending December 31, 2020.
3. Due date for furnishing of Form 15G/15H declarations received during the quarter ending December, 2020.

30th January, 2021: ​Quarterly TCS certificate in respect of quarter ending December 31, 2020

31st January, 2021:

1. The Date of passing of orders under Vivad se Vishwas Scheme, which are required to be passed by 30th January 2021.
2. Last date for making a declaration under Vivad se Vishwas Scheme.
3. ​​Quarterly statement of TDS for the quarter ending December 31, 2020.
4. ​Intimation under section 286(1) in Form No. 3CEAC, by a resident constituent entity of an international group whose parent is non-resident

15th February, 2021:

• The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited.
• The due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish report in respect of international/specified domestic transactions.
• Due date for payment of self-assessment tax for taxpayers whose self-assessment tax liability is up to Rs. 1 lakh

31st March, 2021: Date of passing order or issuance of notice by the authorities under the Direct Taxes and Benami Acts which are required to be passed/issued/made by 30th March, 2021.