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 3rd)

A. Important Updates from last week:

Central Board of Direct Taxes (CBDT):

1. Income-tax (10th Amendment) Rules, 2021.

Central Board of Indirect Taxes & Customs (CBIC):

1. Clarification on reporting 4-digit/6-digit HSNs.
2. New features of Form GSTR-2B & GSTR-3B made available to taxpayers under QRMP Scheme.
3. Updates in Forms GSTR-1, GSTR-3B and Matching Offline Tool for taxpayers in QRMP Scheme.

Directorate General of Foreign Trade (DGFT):

1. Notification No. 01/2015-20: Amendment in Export Policy of Injection Remdesivir and Remdesivir API.
2. Shri Piyush Goyal launches “DGFT Trade Facilitation App” for Providing instant access to Exporters/Importers any-time any-where.
3. Public Notice No. 01/2015-2020: Allocation of additional quantity of 3675.13 MT (raw/refined) Sugar to UK under TRQ scheme for the year 2020-21.

Corporate Law:

1. Insolvency and Bankruptcy Board of India (IBBI) (Information Utilities) (Amendment) Regulations, 2021.
2. Information Brochure: Insolvency Professional – A Key To Resolution.
3. Clarification with regard to applicability of the provisions of Section 139 of the Companies Act 2013 read with Rule 5 and 6 of the Companies (Audit and Auditors) Rules, 2014.
4. Clarification on Consideration of matters / issues by the committee of creditors (CoC) on request by members of the committee.

Reserve Bank of India:

1. RTGS System Upgrade – Non-Availability of Service – 00.00 Hrs to 14.00 Hrs. on Sunday, April 18, 2021.
2. Constitution of the Regulations Review Authority 2.0

Securities and Exchange Board of India (SEBI):

1. Circular on Reporting Formats for Mutual Funds.
2. Circular on Commodity Derivatives Contract
3. Circular on Guidelines for warehousing norms for agricultural/agri-processed goods and non-agricultural goods (only base/industrial metals) underlying a commodity derivatives contract having the feature of physical delivery.

Institute of Chartered Accountants of India (CA Fraternity):

1. Extension of Cut-off date for conversion from Earlier Scheme to Revised Scheme to appear in May/June 2021 Examinations at all levels – 12th April, 2021.
2. Notification for Online Assessment Test (AT) for Certificate Course on Forensic Accounting and Fraud Detection (FAFD) on Saturday the 08th May 2021 Organised by Digital Accounting & Assurance Board of ICAI.
3. Notification for Eligibility Test (ET) for Post Qualification Course (PQC) on Information Systems Audit (ISA) on Saturday the 22nd May, 2021 from 10:00 AM to 12:30 PM.
4. ICAI International Research Awards 2021 organised by Research Committee (Last Date for Nomination: May 31, 2021).
5. Mock Test Papers Series – II for May 2021 CA Examination.

Other:

1. E-THE FINANCE ACT, 2021– CORRIGENDUM. Read More.
2. Insurance (Appeal to Securities Appellate Tribunal) Amendment Rules 2021.
3. Life Insurance Corporation of India Class I Officers (Special Allowance for Passing Examinations of Insurance Institute of India) Rules, 2021.
4. Commencement Notification Dated 16th April 2021- National Bank for Financing Infrastructure and Development Act, 2021.
5. PRODUCTION LINKED INCENTIVE (PLI) SCHEME FOR WHITE GOODS (AIR CONDITIONERS AND LED LIGHTS) MANUFACTURERS IN INDIA.

Articles and Blogs:

1. General Deductions under Profit and Gain from Business or Profession (PGBP): Section- 37.
2. What are Cash Credit and Unexplained money under income tax?

B. Important Due Dates:

Goods and Services Tax

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

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: 

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.

30th April 2021: Last Date for Online Form Submission for Eligibility Test (ET) for Post Qualification Course (PQC) on Information Systems Audit (ISA) 30th April, 2021 till 5:30 PM.

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