Weekly Key Highlights from CaCult (March 2021- Week 2nd)

Weekly Key Highlights from CaCult (March 2021- Week 2nd)

A. Important Updates from last week:

Central Board of Direct Taxes (CBDT):

1. CBDT Notification regarding section 35 of the Income-tax Act.
2. Income-tax (2nd Amendment) Rules, 2021- Notification dated 9th March 2021.
3. CBDT Notification with respect to section- 120.
4. Income-tax (3rd Amendment) Rules, 2021, come into force on the 1st day of April, 2021.
5. Income-tax (4th Amendment) Rules, 2021- Notification.

Central Board of Indirect Taxes & Customs (CBIC):

1. Notification No. 05/2021– Central Tax: Seeks to implement e-invoicing for the taxpayers having aggregate turnover exceeding Rs. 50 Cr from 01st April 2021.
2. Module wise new functionalities deployed on the GST Portal for taxpayers.
3. Notification No. 3/2021- Customs (CVD): Seeks to impose definitive Countervailing/anti-subsidy duty on imports of “Textured Tempered Glass” originating in or exported from Malaysia.
4. Testing of imported food products at FSSAI notified laboratories- CUSTOMS.
5. Notification No. 13/2021-Customs(ADD), dt. 11.03.2021: Seeks to impose definitive anti-dumping duty on imports of Ciprofloxacin Hydrochloride originating in or exported from China PR for a period of five years from the date of levy of provisional anti-dumping duty, i.e. 2nd September, 2020.

Directorate General of Foreign Trade (DGFT):

1. Notification No. 59/2015-20: Export of Red Sanders Wood by Govt. of Andhra Pradesh – Extension of Time.

Corporate Law:

1. IBBI organises Seminar on the occasion of International Women’s Day.
2. AMENDMENT TO THE IBBI (INSOLVENCY AND BANKRUPTCY BOARD OF INDIA) (ONLINE DELIVERY OF EDUCATIONAL COURSE AND CONTINUING PROFESSIONAL EDUCATION BY INSOLVENCY PROFESSIONAL AGENCIES AND REGISTERED VALUERS ORGANISATIONS) GUIDELINES, 2020.

Reserve Bank of India:

1. Data Format for Furnishing of Credit Information to Credit Information Companies and other Regulatory Measures

Securities and Exchange Board of India (SEBI):

1. Amendments to provisions in SEBI Circular dated September 16, 2016 on Unique Client Code (UCC) and mandatory requirement of Permanent Account Number (PAN).
2. The Rollout of Legal Entity Template- Circular.
3. Review of norms regarding investment in debt instruments with special features, and the valuation of perpetual bonds.
4. Securities and Exchange Board of India (Annual Report) Rules, 2021.

Institute of Chartered Accountants of India (CA Fraternity):

1. Result of the Online Examination of the Certificate Course on Ind AS held on 7th February 2021.
2. Campus Updates- Virtual Interview with ICICI Bank.
3. Seeking Preliminary Expression of Interest for Audit Tool.
4. Preliminary Expression of Interest for Digital Library.
5. Preliminary Expression of Interest (EoI) for Practice Management Software.
6. Cut-off date for conversion from Earlier Scheme to Revised Scheme to appear in May/June 2021 Examinations at all levels – 5th April, 2021.
7. The list of candidates found eligible for appearing in Campus Placement Programme February-March, 2021 who have qualified CA final examination held in November 2019 / May 2019.
8. List of Participating organizations for Campus Placement Programme February-March, 2021.
9. Extension of Condonation Scheme to regularize UDINs.

Other:

1. Provisions to be effective from 1st April 2021. Read More.
2. Udyam registration (MSME) further simplified. Read More.
3. MCA strikes off 10,113 companies between April 2020 and February 2021.
4. More than 81% account holders are Women under Stand Up India Scheme.
5. Disputes amounting to Rs. 98,328 crore are resolved under Vivad se Vishwas Scheme (VSVS) till 1st March 2021.
6. IBBI gives approval to 317 companies’ resolution plans; 1,126 companies to be liquidated.
7. Action initiated to control fraudulent companies.
8. Implementation of ‘Stand Up India’ Scheme.
9. Impact of Slowdown in Economy on Employment.
10. THE ARBITRATION AND CONCILIATION (AMENDMENT) ACT, 2021.
11. Benefits to a Co-operative society u/s 115BAD of the Income-tax Act, 1961.

B. Important Due Dates.

Goods and Services Tax

13th March, 2021:

1. GSTR-6 for the month of February 2021.
2. B2B Outward supplies for the month of February 2021 (under the QRMP scheme).

20th March, 2021:

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

25th March, 2021: GST PMT-06 for the month of February 2021. Monthly payment of GST, who opted for QRMP Scheme.

31st March, 2021:

1. Due date of Filing of Annual Return (FORM GSTR-9/ GSTR-9C) for the F.Y. 2019-20.
2. Due date to opt for Composition scheme for the F.Y. 2021-22.

13th April, 2021: GSTR-1 for the quarter Jan-March, 2021.

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

15th March 2021: Due Date of Advance Tax payment for the quarter of January to March 2021.

31st March, 2021: 

1. Due Dates of furnishing TDS/TCS return of Q1 and Q2 for the F.Y. 2020-21.
2. Date for filing of declarations under the Vivad Se Vishwas Act, 2020.
3. Due date of filing Belated ITR for the A.Y. 2020-2021.
4. Last date for linking PAN with Aadhaar.

30th April, 2021:

1. Date for payment without additional amount under Vivad Se Vishwas.
2. UDIN for Audit Forms / Audit certificates can be updated till 30th April, 2021.

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