Weekly Key Highlights from team CaCult

A. Important Updates from last week:

Income Tax:

1. Statement on misinterpretation of LTC stimulus and its benefits. For more info.: Click here.

CBIC:

1. Custom- Faceless Assessment – Measures for timely assessment of Bills of Entry and clarification on defacement of physical documents. For more info.: Click Here.
2. CBIC- Notification No. 30 /2020 -Customs (ADD).
3. Trade Notice No. 29/2020-21: Procedure and Criteria for submission and approval of applications for export of Diagnostic Kits.
4. Public Notice No. 25/ 2015-2020: Procedure for application and issuance of Scrips under Scheme for Rebate of State Levies (RoSL).
5. Trade Notice No. 30/2020-2021: Electronic filing and Issuance of Preferential certificate of Origin (CoO) for India’s Export under GSP, GSTP, India-Malaysia CECA, India-Singapore CECA w.e.f. 15th October 2020.
6. Amendment in Export Policy of Alcohol based Hand Sanitizers.
7. CBIC- Notification No. 98/2020- Customs (N.T.).
8. CBIC- Notification No. 31/2020 -Customs (ADD).
9. DGFT Notification- Amendment in import policy.
10. DGFT– Amendments in Para 4.44 – Monitoring of Export Obligation – of the Handbook of Procedures 2015-20.
11. Custom- Testing of outside samples by Revenue Laboratories.
12. Custom Notification No. 101/2020- Customs (N.T.).
13. GST Notification No. 74/2020 – Central Tax. For more info.: Click here.
14. GST Notification No. 75/2020 – Central Tax. For more info.: Click here.
15. GST Notification No. 76/2020 – Central Tax. For more info.: Click here.
16. GST Notification No. 77/2020 – Central Tax. For more info.: Click here.
17. GST Notification No. 78/2020 – Central Tax. For more info.: Click here.
18. GST Notification No. 79/2020 – Central Tax. For more info.: Click here.
19. GST Notification No. 06/2020–Integrated Tax. For more info.: Click here.
20. GST Notifications (Rate) dated 16th October, 2020. For more info.:  Click here.
21. GST News- Due dates for filing of Form GSTR-3B. For more info.: Click here.

MCA:

1. Walk-in Interview for various posts in Indian Corporate Law. For more info.: Click here.
2. The Companies (Prospectus and Allotment of Securities) Amendment Rules, 2020. For more info.: Click here.

SEBI:

1. Standardisation of procedure to be followed by Debenture Trustee(s) in case of ‘Default’ by Issuers of listed debt securities.
2. Caution to Investors against unsolicited investment tips.

RBI:

1. Regulatory Retail Portfolio – Revised Limit for Risk Weight.
2. RBI- SLR holdings in HTM category.
3. Submission of returns under Section 31 (read with section 56) of the Banking Regulation Act, 1949 – Extension of time.
4. FAQs on Resolution Framework for Covid-19 related stress.
5. RBI- Individual Housing Loans – Rationalisation of Risk Weights.

CA Fraternity:

1. Provisional Registration in Foundation Course of the Institute of Chartered Accountants of India (ICAI) after passing Class X Examination.
2. List of Valid Nominations for NICASA AGM 2020.
3. Revised schedule of CA Examinations, November 2020. For more Info.: Click here.
4. E-book on Quick Insight on Professional Opportunities abroad for Indian Chartered Accountants.
5. Advisory with regard to compliance with the Website Guidelines of the Institute. For more info.: Click here.
6. Report on ICAI Global Week on “Promoting Accounting and Finance Services Globally” held from 27th September, 2020 to 1st October, 2020 by Committee for development of International Trade, Services & WTO.
7. Further extensions regarding the validity of Peer Review Certificate in the wake of COVID -19 spurt across the country (16-10-2020)- Modifications in Part C of the Announcement hosted on 29.5.2020.
8. Relocation / Shifting of Disciplinary Directorate from ICAI Bhawan ITO, New Delhi to ICAI Bhawan Vishwas Nagar, New Delhi.

Others:

1. Notifications- Government Securities Act, 2006. For more info.: Click here.
2. MSME Ministry introduces Artificial Intelligence (AI) and Machine Learning (ML) strengthening its Single Window System Portal ‘Champions’ to assist MSMEs of the country.
3. Market Access through Authorised Persons. For more info.: Click here.
4. Clarification on Vodafone arbitration appeal.
5. Special Window to States for meeting the GST Compensation Cess shortfall.
6. I.T. Department carries out searches in Delhi, NCR and Haryana.
7. Ministry of Shipping- 40% discount on Cargo movement.
8. Department of Economic Affairs- IFSC Notifications.
9. Sale of Electoral Bonds at State Bank of India (SBI).

B. Due dates in the month of October:

Income Tax:

31st October 2020:

1. Audit report under section 44AB for the assessment year 2020-21 in the case of an assessee who is also required to submit a report pertaining to international or specified domestic transactions under section 92E.
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.

Goods & Services Tax:
18th October 2020: CMP-08 for the period July-September 2020.

20th October 2020:

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

22nd October 2020: GSTR-3B for the month of September 2020. (T/O upto 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 October 2020: GSTR-3B for the month of September 2020. (T/O upto 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).

25th October 2020: ITC-04 for the period July-September 2020.

31st October 2020:

1. GSTR-1 for the period July-September 2020.
2. GSTR-4 for the Financial Year 2019-20.
3. GSTR-9 for the Financial Year 2018-19.
4. GSTR-9C for the Financial Year 2018-19.

CA Fraternity:
27th October, 2020: NICASA of NIRC of ICAI AGM and Elections.