Weekly Key Highlights from team CaCult

Important Updates from last week:

Income Tax:

1. Measures taken by Government to reform Direct Tax regime.
2. Measures to promote growth, investment and create new employment opportunities through amendments in the Income Tax Act 1961.
3. Income tax Notification No. 74/2020 w.r.t. Infrastructure Debt Fund. For more info.: https://cacult.com/income-tax-notification-no-74-2020/.
4. Guidelines for compulsory selection of returns for Complete Scrutiny during the F.Y. 2020-21. For more info.: https://cacult.com/guidelines-for-compulsory-selection-of-returns-for-complete-scrutiny-during-the-f-y-2020-21/.

CBIC:

1. Participate in GST-n-You Creative Contest.
2. GST- Updates on e-invoicing.
3. Delinking of Credit Note/Debit Note from invoice, while reporting them in Form GSTR 1/GSTR 6 or filing Refund.
4. Using Matching Offline Tool to compare ITC auto drafted in Form GSTR-2B with Purchase Register.
5. Streamlining of Unit Quantity Codes (UQCs) in DGFT’s EDI system and Customs’ ICEGATE.
6. Insertion of policy condition in chapter 85 and 94 of ITC (HS), 2017, Schedule -I (Import Policy).
7. Amendment in Export Policy of Onions.
8. Amendment to Bill of Entry (Forms) Regulations, 1976- Effective from 21st September, 2020.
9. Implementation of the Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 with effect from 21st September 2020.

MCA:

1. Relaxation/concession provided to Companies/LLPs during Lockdown period to combat COVID-19. For more info.: https://cacult.com/relaxation-concession-provided-to-companies-llps-during-lockdown-period-to-combat-covid-19/.
2. Extension of period of the Company Law Committee.

SEBI:

1. Clarification pursuant to Circular dated September 11, 2020 – Regarding Asset Allocation of Multi Cap Schemes of Mutual Funds.
2. Collection and Reporting of Margins by Trading Member (TM) / Clearing Member (CM) in Cash Segment – Clarification.
3. Listing and trading of units of Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) on recognized stock exchanges in International Financial Services Centres (IFSC).
4. Circular on Mutual Funds.
5. SEBI to empanel Securities Market Trainers (SMARTs) for enhancing Investor Education activities.

RBI:

1. Automation of Income Recognition, Asset Classification and Provisioning processes in banks.
2. RBI releases Draft Rupee Interest Rate Derivatives (Reserve Bank) Directions, 2020 under Section 45 W of the RBI Act, 1934.
3. Exim Bank’s Government of India supported Line of Credit (LoC) of USD 215.68 million to the Government of the Republic of Malawi.

IBBI:

1. The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020.

CA Fraternity:

1. Draft of certain regulations further to amend the Chartered Accountants Regulations.
2. Reopening of empanelment of members to act as observers for November, 2020 examinations.

B. Due dates in the month of September:

Income Tax:
30 Sept. 2020: Due date of filing of ITR for AY 2019-20.

Goods & Service Tax:
20 Sept. 2020: 
Due date of GSTR-3B for the month of August 2020. (T/O more than 5 crores).
Due date of GSTR-5 and 5A for the month of August 2020.

30 Sept. 2020:
Due date of GSTR-9 and 9A for the F.Y. 2018-19.
Due date of GSTR-9C for the F.Y. 2018-19.

Note on GSTR 3B: 

1. Annual Turnover upto Rs. 5 crores in Previous FY:
   Due Date for May 2020 without late fees and interest is 12th September 2020.
   Due Date for June 2020 without late fees and interest is 23rd September 2020.
   Due Date for July 2020 without late fees and interest is 27th September 2020.
   (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).
2. Annual Turnover upto Rs. 5 crores in Previous FY:
   Due Date for May 2020 without late fees and interest is 15th September 2020.
   Due Date for June 2020 without late fees and interest is 25th September 2020.
   Due Date for July 2020 without late fees and interest is 29th September 2020.
   (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).

CA Fraternity:
30 Sept. 2020: Last Date for Submitting Comments on the exposure drafts of Forensic Accounting and Investigation Standards(FAIS):