Weekly Key Highlights from team CaCult

(January 2021- Week 4th)

A. Important Updates from last week:

CBIC:

1. Notification No. 2/2021 -Customs (ADD)- Seeks to further amend notification No. 3/2018-Customs (ADD) dated 23rd Jan, 2018 to amend the name of Producer.
2. Notification No. 3/2021 –Customs (ADD)- Seeks to further amend notification No. 27/2016-Customs (ADD) dated 23rd Jun, 2016 to amend the name of Producer and Exporter.

DGFT:

1. DGFT Notification No. 56/2015-20. Read More.

MCA:

1. Update on Scheme for condonation of delay. Read More.
2. New ‘Extend’ functionality shall be introduced as part of SPICe+. Read More.
3. Companies (Incorporation) Amendment Rules, 2021. Read More.
4. Relaxation of additional fee in filing all AOC-4 e-forms.
5. Insolvency and Bankruptcy Board of India organizes a Workshop on “Committee of Creditors: An Institution of Public Trust”.

RBI:

1. Prudential Guidelines on Capital Adequacy and Market Discipline – New Capital Adequacy Framework (NCAF) – Eligible Credit Rating Agencies – CRISIL Ratings Limited.
2. RBI releases framework for strengthening the grievance redress mechanism in banks.

SEBI:

1. Revision of Monthly Cumulative Report (MCR).

CA Fraternity:

1. Change of Examination Centre for January / February 2021 at Madhubani (Bihar) w.e.f. 27th January 2021 onwards. Read More.
2. 1st Online Batch of Certificate Course on Derivatives from 6th February 2021.
3. Standard on Assurance Engagements (SAE) 3410 – Assurance Engagements on Greenhouse Gas Statements.
4. ICAI has decided to launch a project – WE CARE.
5. Declaration of Results of Assessment for Certificate Course in CSR held on 10.01.2021–ANNOUNCEMENT.
6. Release of Educational Material on Ind AS 23, Borrowing Costs.
7. LIVE WEBCAST-01.02.2021 from 5:00 PM TO 7:00 PM – PRELIMINARY HIGHLIGHTS OF TAX PROPOSALS OF UNION BUDGET 2021-22.
8. ICAI becomes Affiliate Member of Pan African Federation of Accountants (PAFA).
9. Campus Placement Programme February-March, 2021.
10. Announcement of Online Examination of the ‘Certificate Course on Ind AS’ to be held on 7th February 2021.

Other:

1. Final stage of Union Budget 2021-22 commences with Halwa Ceremony Finance Minister launches “Union Budget Mobile App” to provide easy and quick access to Union Budget information to all stakeholders.
2. Madhya Pradesh gets additional Rs.660 crore for capital projects ; Additional amount has been given as incentive for completing three out of four citizen-centric reforms Projects of Rs.10,657 crore in 27 States have been approved so far under the “Scheme for financial assistance to States for capital projects”.
3. How to withdraw from Capital Gain Account?
4. Payroll Reporting in India – A Formal Employment Perspective.
5. All you need to know about SFT Compliance.
6. 13th Instalment of Rs.6,000 crore released to the States to meet the GST compensation shortfall. A total amount of Rs.78,000 crore released so far to all States and UTs with legislature. This is in addition to additional borrowing permission of Rs. 1,06,830 crore granted to the States.
7. PAN and GSTIN are mandatory for Udyam Registration.
8. Green tax to be imposed on older vehicles soon, to clean up the environment by phasing out unfit and polluting vehicles.
9. Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2021.
10. Guidelines on Standard Individual Immediate Annuity Product, “Saral Pension”- IRDAI Circular.

B. Due Dates of forthcoming GST and Income tax Compliance

Goods and Services Tax

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

Income Tax

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 for entities who are required to file CbCr on 31st March 2021, by a resident constituent entity of an international group whose parent is non-resident

15th February, 2021:

1. The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited.
2. 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.
3. Due date for payment of self-assessment tax for taxpayers whose self-assessment tax liability is up to Rs. 1 lakh
4. Due date if furnishing Form 3CEAA (Master File).

31st March, 2021: 

1. 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.
2. Due Dates of furnishing TDS return of Q1 and Q2 for the F.Y. 2020-21.

MCA

15th February, 2021: Due date of filing all AOC-4 e-forms