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Check out all the important updates from last week

CA Cult

Check out all the important updates from last week

Weekly Key Highlights from team CaCult

(April 2021- Week 1st)

Important Updates from last week:

Central Board of Direct Taxes (CBDT):

  1. Approval for notifying Commissioners of Income-tax (Appeals) to exercise jurisdiction over the cases under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
  2. Government extends the due date of income-tax compliance.
  3. Extension of Time for Intimation of Aadhaar and Certain Other Time Limits.
  4. Notifications to facilitate the conduct of Faceless Assessment.
  5. The Faceless Appeal (Amendment) Scheme 2021, shall come into force on the 1st day of April, 2021.
  6. New Timeline under the Taxation and Other Laws- Notification dated 31st March, 2021.
  7. New ITR Forms- Income-tax (7th Amendment) Rules, 2021, effective from the 1st day of April, 2021.
  8. Income-tax (eighth Amendment) Rules, 2021 w.r.t. Form 3CD.
  9. Central Board of Direct Taxes authorizes the Director of Income Tax (Centralized Processing Centre), Bengaluru and Commissioner of Income-Tax (Exemption), Bengaluru, for various purposes.
  10. Agreement for the avoidance of double taxation- Notification.

Central Board of Indirect Taxes & Customs (CBIC):

  1. Waive off the penalty u/s 125 vide Notification No. 06/2021–Central Tax dated 30th March 2021.
  2. HSN Code/ Service Accounting Code (SAC) mandatory on invoices as per revised requirement from 1st April 2021 for GST taxpayer with turnover of more than Rs 5 crore.
  3. Filing GSTR-1 (Q) for Jan-Mar 2021 under QRMP Scheme.
  4. Quarterly taxpayers are able to see the GSTR3B tile for Jan, Feb and Mar 21. They are requested to file GSTR3B for the quarter Jan-Mar, 21 using tile for Mar, 21. The tile for Jan and Feb is being removed.
  5. Common Customs Electronic Portal : Notification No. 33 /2021-Customs (N.T.).
  6. Bill of Entry (Electronic Integrated Declaration and Paperless Processing) Amendment Regulations, 2021: Notification No.34 /2021-Customs (N.T.).
  7. Bill of Entry (Forms) Amendment Regulations, 2021: Notification No. 35 /2021-Customs (N.T.).
  8. Notifying amendment for self approval under Section 149 of the Customs Act, 1962 : Notification No. 36 /2021-Customs (N.T.).
  9. Clarifications on the legislative changes in Section 46 of Customs Act, 1962– Circular No.08 /2021-Customs.
  10. Notification No. 20/2021 – Customs: Amend notification No. 69/2011-Customs dated 29.07.2011 to extend deeper tariff concessions to imports of specified goods from Japan under India-Japan CEPA (IJCEPA) with effect from 1st April, 2021.
  11. Amendment to Notification No.52/2003-Customs dated 31.03.2003 for extending exemption from IGST and compensation cess to EOUs on imports till 31.03.2022- Notification No. 19/2021-Customs.
  12. Customs Tariff (Determination of Origin of Goods under the Comprehensive Economic Cooperation and Partnership Agreement between the Republic of India and the Republic of Mauritius) Rules, 2021- Notification No. 38/2021-Customs (N.T.).
  13. Seeks to amend notification No. 52/2017-Customs, dated 30-06-2017 to make changes consequent to enactment of Finance Act, 2021– Notification No. 24/2021–Customs.
  14. Sea Cargo Manifest and Transhipment (Amendment) Regulations, 2021.

Directorate General of Foreign Trade (DGFT):

  1. Trade Notice No. 49/2020-21: Online Filing of requests for Closure of Advance Authorizations.
  2. Public Notice No. 46/2015-20: Implementation of the Track and Trace system for export of Pharmaceuticals and drug consignments along with maintaining the Parent-Child relationship in the levels of packaging and their movement in the supply chain – Extension of date of implementation regarding.
  3. Public Notice No. 47/2015-20: Procedure / modalities for import of 1.5 Lakh MT of Moong, 4 Lakh MT of Tur and 4 Lakh MT of Urad for the fiscal year 2021 – 2022.
  4. Extension of FTP 2015-20 upto 30th September 2021.
  5. Extension of Handbook of Procedures 2015-20 upto 30.09.2021.
  6. Public Notice No. 49/2015-20: No fees on application for updation of IEC between April-June of each year.
  7. Notification No. 61/2015-20: Amendment in Import Policy of Copper and Aluminium under Chapter – 74 and Chapter – 76 of ITC (HS), 2017, Schedule-I (Import Policy).
  8. Procedure for allocation of quota, for year 2021-2022, for import cacult31 March 20210 Procedure for allocation of quota, for year 2021-2022, for import Public Notice No. 50/2015-20: Procedure for allocation of quota, for year 2021-2022, for import of (i) Calcined Pet Coke (0.5 Million MT per annum) for Aluminum Industry and (ii) Raw Pet Coke (1.4 Million MT) for CPC manufacturing industry.
  9. Public Notice No. 51/2015-20: Amendment of Appendix 2B [List of Agencies Authorised to issue Certificate of Origin (Preferential)] of Foreign Trade Policy, 2015-2020.
  10. Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (IMCECPA) w.e.f. 01st April 2021- Trade Notice No. 01/2021-2022.

Corporate Law:

  1. CSR-1 for Registration of Entities for undertaking CSR activities shall be available for filing as eForm w.e.f 1st April 2021.
  2. Eform INC-6 revised as per Companies (Incorporation) Second Amendment Rules, 2021 is now available for filing.
  3. Companies (Audit and Auditors) Second Amendment Rules, 2021.
  4. Company (Accounts) Second amendment Rules, 2021.

Reserve Bank of India:

  1. Bilateral Netting of Qualified Financial Contracts- Amendments to Prudential Guidelines.
  2. Applicable Average Base Rate to be charged by NBFC-MFIs for the Quarter Beginning April 1, 2021- RBI Press Release.
  3. Central Government notifies the inflation target for the period beginning from the first day of April, 2021 and ending on the March 31, 2026.
  4. Framework for processing of e-mandates for recurring online transactions.
  5. Guidelines on Regulation of Payment Aggregators and Payment Gateways- Notification dated March 31, 2021.
  6. Extended timeline for processing of recurring online transactions.
  7. Master Circular – Disbursement of Government Pension by Agency Banks.
  8. Master Circular on Conduct of Government Business by Agency Banks – Payment of Agency Commission.

Securities and Exchange Board of India (SEBI):

  1. Guidelines pertaining to Surrender of FPI Registration- Circular.
  2. Reduction in unblocking/refund of application money.

Institute of Chartered Accountants of India (CA Fraternity):

  1. ICAI Doctoral Scholarship Scheme 2021 – An Initiative by the Research Committee (Last Date: June 15, 2021).
  2. ICAI Research Project Scheme 2021 – An Initiative by the Research Committee.
  3. Important Dates for CA Examination May 2021.
  4. ICAI Awards for Excellence in Financial Reporting 2020-21.
  5. Consent for enrolment for Exclusive Blended Online Weekend Batch of Spanish language (level A1.1) for ICAI Members and Students (60 hours), Last Date: 5th April 2021.
  6. AUDITING AND ASSURANCE STANDARDS BOARD CONSTITUTES ONLINE PANEL OF EXPERTS FOR ADDRESSING BANK BRANCH AUDIT RELATED QUERIES FOR THE FINANCIAL YEAR 2020-21.
  7. Criteria for classification of Non-company entities for applicability of Accounting Standards (AS)- Announcement.
  8. Announcement providing Temporary Exceptions to Hedge Accounting prescribed under Guidance Note on Accounting for Derivative Contracts due to Interest Rate Benchmark Reform.
  9. Advanced ICITSS – Adv. IT Test – in Computer Based Mode (CBT) on Wednesday, the 14th April, 2021 from 10.30 AM to 12.30 PM (IST).
  10. Extension for completion of Orientation Course/IT Training by the eligible Intermediate students on or before 31st May, 2021.
  11. Organizing ICITSS & AICITSS Classes in virtual/physical mode at the Branch Level/Regional Level for all eligible students.

Other:

  1. The Finance Act, 2021 received the assent of the President.
  2. Sale of Electoral Bonds 2018 at Authorised Branches of State Bank of India (SBI).
  3. The Copyright (Amendment) Rules, 2021. Read More.
  4. Coupon Re-Set of Postal Life Insurance Government of India (GOI) Special Floating Rate Security, 2022.
  5. Emergency Credit Line Guarantee Scheme (ECLGS) 1.0 & 2.0 extended upto 30.6.2021.
  6. DoPPW issues notification for Central Government (CG) employees covered under the NPS.
  7. Commencement Notification Dated 31st March 2021. (Finance Act, 2021)- Read More.
  8. Insurance (Amendment) Act 2021 effective from 1st April 2021.
  9. India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) will enter into force on 1st April 2021.
  10. Issue of 6.25 % Postal Life Insurance Government of India (GOI) Special Security, 2031.
  11. Ministry of Labour & Employment set up Expert Committees for suggesting standards under the OSH&WC Code, 2020.
  12. Credit Guarantee Scheme for Subordinate Debt (CGSSD) extended upto 30.09.2021.
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