Check out all the important updates from last week

Check out all the important updates from last week
Weekly Key Highlights from team CaCult

(April 2021- Week 2nd)

A. Important Updates from last week:

Central Board of Direct Taxes (CBDT):

1. Changes in ITR utilities from AY 2021-22 and Other Updates.
2. Income-tax (9th Amendment) Rules, 2021, effective from 1st day of April, 2021.
3. CORRIGENDA THE FINANCE ACT, 2021
4. Assigning jurisdiction to CIT(A) over certain Direct tax Acts.
5. Re-registration by using modified form-10A.

Central Board of Indirect Taxes & Customs (CBIC):

1. New Central Excise levy namely “Agriculture Infrastructure and Development Cess” effective from mid-night of 1st – 2nd February 2021.
2. Anti-dumping duty on imports of Flexible slabstock polyol originating in or exported from Saudi Arabia and United Arab Emirates for a period of five years– Notification No. 20/2021 -Customs (ADD).
3. Customs (Verification of Identity and Compliance) Regulations, 2021.
4. Notification No. 26/2021 – Customs: Central Government amends few notifications of Customs.
5. NOTIFICATION No. 08/2021-Central Excise: Amendments in certain notification
6. Auto-population of e-invoice details into GSTR-1.
7. Webinars on New Functionalities related to Registration and Returns deployed on GST Portal.
8. Payment of Tax by Taxpayers under QRMP Scheme, for the month of March, 2021.

Directorate General of Foreign Trade (DGFT):

1. Public Notice No. 52/2015-20: Change of office address of Regional Authority, Ahmedabad.
2. Public Notice No. 53/2015-20: Late cut for MEIS applications for exports made in the Financial Year 2019-20.

Corporate Law:

1. Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021. An Ordinance further to amend the Insolvency and Bankruptcy Code, 2016.
2. Amendments carried out through the Insolvency and Bankruptcy Code (IBC) (Amendment) Ordinance, 2021.
3. Insolvency and Bankruptcy Board of India notifies the Insolvency and Bankruptcy Board of India (IBBI) (Pre-packaged Insolvency Resolution Process) Regulations, 2021.
4. Government specifies the minimum amount of default for the matters relating to the pre-packaged insolvency resolution process of corporate debtor.

Reserve Bank of India:

1. Master Circular – Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs).
2. Master Circular: Deendayal Antyodaya Yojana- National Urban Livelihoods Mission (DAY-NULM).
3. RBI specifies Category I Alternative Investment Funds (AIFs).
4. On Tap Targeted Long-Term Repo Operations – Extension of Deadline.
5. Asset Classification and Income Recognition following the expiry of Covid-19 regulatory package.
6. External Commercial Borrowings (ECB) Policy – Relaxation in the period of parking of unutilised ECB proceeds in term deposits.
7. Priority Sector Lending (PSL) – Lending by banks to NBFCs for On-Lending.
8. Priority Sector Lending (PSL) – Increase in limits for bank lending against Negotiable Warehouse Receipts (NWRs) / electronic Negotiable Warehouse Receipts (eNWRs).
9. Statement on Developmental and Regulatory Policies.
10. Reporting and Accounting of Central Government transactions of March 2021 – Change of date of closure.
11. Enhancement of limit of maximum balance per customer at end of the day from ₹1 lakh to ₹2 lakh – Payments Banks (PBs).
12. Scheme for Payment of Pension to Central Government Pensioners by Authorised Banks.

Securities and Exchange Board of India (SEBI):

1. Setting up of Limited Purpose Clearing Corporation (LPCC) by Asset Management Companies (AMCs) of Mutual Funds.
2. Regulatory reporting by AIFs.

Institute of Chartered Accountants of India (CA Fraternity):

1. Registration for Online Home-Based Practical Training Assessment.
2. Online Certificate Course on Forex and Treasury Management.
3. Exposure Draft of COVID-19 Related Rent Concessions beyond June 30, 2021 (Amendments to Ind AS 116).
4. ANNOUNCEMENT FOR ICAI-CAMPUS (April-May, 2021) ASPIRANTS.
5. Frequently asked Queries (FAQs) for the participating candidates: Campus Placement Programme April-May, 2021.
6. Announcement of Campus Placement Programme for Newly Qualified Chartered Accountants (CA) April-May, 2021.
7. Notification for Online Assessment Test (AT) for Certificate Course on Derivatives in year 2021.
8. Notification for Online Assessment Test (AT) for Certificate Course on Forex and Treasury Management (FXTM) in year 2021.

Other:

1. E-Committee Supreme Court of India calls for comments suggestions and inputs on the draft vision document for its 3rd phase of eCourts project.
2. Gold Monetization Scheme (GMS), 2015- Notification.
3. THE TRIBUNALS REFORMS (RATIONALISATION AND CONDITIONS OF SERVICE) ORDINANCE, 2021. An Ordinance further to amend the Cinematograph Act, 1952, the Customs Act, 1962, the Airports Authority of India Act, 1994, the Trade Marks Act, 1999 and the Protection of Plant Varieties and Farmers’ Rights Act, 2001 and certain other Acts.
4. Notification further to extend relaxation in eligibility conditions in the Atal Beemit Vyakti Kalyan Yojana for period 01.01.2021 to 30.06.2021.
5. Status of Production-Linked Incentive Schemes.
6. Advance Tax collections for F.Y. 2020-21 shows a growth.

B. Important Due Dates:

Goods and Services Tax

10th April, 2021: GSTR-7 and GSTR-8 for the month of March 2021.

11th April, 2021: GSTR-1 for the month of March 2021.

13th April, 2021:

1. GSTR-6 for the month of March 2021.
2. GSTR-1 for the Quarter January-March 2021.

18th April, 2021: CMP-08 for the quarter Jan-March, 2021.

20th April, 2021:

1. GSTR-3B for the month of March 2021.
2. GSTR-5 for the month of March 2021.
3. GSTR-5A for the month of March 2021.

22nd April, 2021: GSTR-3B for the quarter Jan-March, 2021. (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 April, 2021: GSTR-3B for the quarter Jan-March, 2021. (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).

Income Tax

14th April 2021:

• Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of February, 2021.
• Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of February, 2021.
• Due date for issue of TDS Certificate for tax deducted under Section 194M in the month of February, 2021.

30th April 2021:

• Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of March, 2021.
• Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194-IB in the month of March, 2021.
• Due date for furnishing of challan-cum-statement in respect of tax deducted under Section 194M in the month of March, 2021.
• Due date for deposit of Tax deducted by an assessee other than an office of the Government for the month of March, 2021.
• Due date for e-filing of a declaration in Form No. 61 containing particulars of Form No. 60 received during the period October 1, 2020 to March 31, 2021.
• Due date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 2021.
• Date for payment without additional amount under Vivad Se Vishwas.
• UDIN for Audit Forms / Audit certificates can be updated till 30th April, 2021.
• Due date of passing of draft assessment order for AY 2017-18 in cases where the reference was made to the Transfer Pricing Officer.
• Date for issue of notice under section 148 of Income-tax Act,1961.*
• Passing of consequential order for direction issued by the Dispute Resolution Panel (DRP).*
• Processing of equalisation levy statements.*
  *Go To Notification

30th June, 2021: The last date for linking of Aadhaar number with PAN.

CA Fraternity: 

31st March, 2021 to 13th April, 2021: Applications for admission to Intermediate (IPC), Intermediate & Final Examinations; Candidates are required to apply on-line at https://icaiexam.icai.org.

14th April, 2021: Advanced ICITSS – Adv. IT Test – in Computer Based Mode.

19th April 2021: Last Date to apply for Inspection or Certified copies of answer books- CA Final and Foundation.

20th April 2021: Last Date to apply for Verification of answer books- CA Final and Foundation.

24th April 2021: Last Date to apply for Verification of answer books- CA Intermediate.

25th April 2021: Last Date to apply for Inspection or Certified copies of answer books- CA Intermediate.