Weekly Key Highlights from CaCult (March 2021- Week 3rd)

Weekly Key Highlights from CaCult (March 2021- Week 3rd)

A. Important Updates from last week:

Central Board of Direct Taxes (CBDT):

1. CBDT Notification under section 120 of the Income-tax Act.
2. Income-tax (5th Amendment) Rules, 2021; Come into force with effect from the 1st day of April, 2021.
3. CBDT issues clarification on continuation of concessional rate of tax on interest income of FPIs. It has been clarified that the concessional rate of 5% will continue to be applicable on certain interest income of FPIs.
4. An updated version of form 64D is now available for filing.

Central Board of Indirect Taxes & Customs (CBIC):

1. Clarification on certain refund-related issues- Circular No. 147/03//2021-GST.
2. IFSC of 8 bank are changed due to merger- GST Updates.
3. Show Cause Notice (SCN) dated 19.03.2019 issued by DRI against Sh. Anil Aggarwal and 11 others – Directions to keep SCN pending- Instruction No.04/2021-Customs.

Directorate General of Foreign Trade (DGFT):

1. Public Notice 41/2015-2020: Amendment in Appendix 2E (List of agencies to issue Certificate of Origin-Non Preferential) regarding change in Indian Chemical Council branch address for Certificate of Origin.
2. Public Notice No. 42/2015-2020: Enlistment under Appendix 2E- Agency Authorized to issue Certificate of Origin (Non-Preferential).
3. Public Notice No. 43/2015-2020: Amendment in Public Notice 25 Dated 13.10.202017*.
4. Public Notice No. 44/2015-20: Implementation of MoU between India and Mozambique for import of pigeon peas from Mozambique.
5. The last date for import of 1.5 Lakh MT of Urad, is extended.
6. Annual quota for the fiscal year 2021–22- Notification.

Corporate Law:

1. Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2021.
2. Reporting of the status of ongoing corporate insolvency resolution processes (CIRPs) through Form CIRP 7.
3. Release of publication “Handbook on Ethics for Insolvency Professionals: Ethical and Regulatory Framework”.
4. Amendment to Schedule V of the Companies Act., 2013- Notification.
5. Commencement Notification Dated 18th March 2021.
6. Central Scrutiny Centre (CSC) for carrying out scrutiny of Straight Through Processes (STP) e-forms filed by the companies under the Act.

Reserve Bank of India (RBI):

1. Extension of Cheque Truncation System (CTS) across all bank branches in the country.
2. Reporting and Accounting of Central Government transactions of March 2021.
3. RBI notifies Qualified Financial Contract- Notification.
4. RBI announces the rate of interest on Government of India Floating Rate Bond, 2033.

Securities and Exchange Board of India (SEBI):

1. Streamlining the process of IPOs with UPI in ASBA and redressal of investor grievances.
2. SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI) (PORTFOLIO MANAGERS) (AMENDMENT) REGULATIONS, 2021.

Institute of Chartered Accountants of India (CA Fraternity):

1. CA/CS/ICWA qualification equivalent to PG Degree for appearing in UGC-Net.
2. Live Coaching Classes Batch-2 commencing from 28th October, 2020 for students of Final and 1st February & 8th February 2021 respectively for Students of Foundation & Intermediate course appearing in May/June 2021 Examination.
3. ANNOUNCEMENT FOR MEMBERS TO EMPANELMENT AS RESOURCE PERSONS FOR CONDUCTING INVESTOR AWARENESS PROGRAMMES (2021-22).
4. ICAI wrote Letter to Editor: The Times of India, Ahmedabad dated March 10, 2021, on misuse of CA logo.
5. Filing online Examination form for May 2021 is mandatory for all Students.
6. Mock Test Papers for May 2021 CA Examination- Announcement.
7. Expression of Interest (EOI) in Projects of the Internal Audit Standards Board, ICAI.
8. Certificate Course on ANTI MONEY LAUNDERING LAWS (ANTI- MONEY LAUNDERING SPECIALIST) at Hyderabad, organized by Committee on Economic, Commercial Laws & Economic Advisory in May 2021.
9. ICAI Leads in Sustainability Reporting Benchmarking – Releases Sustainability Reporting Maturity Model (SRMM) Version 1.0.
10. The results of the Chartered Accountants (CA) Final Examination(Old course & New Course) and Foundation Examination held in January 2021 are likely to be declared on Sunday, the 21st March 2021(evening)/Monday the 22nd March 2021.
11. Technical Guide on Audit of Internal Financial Controls in Case of Public Sector Banks.

Other:

1. New scheme announced for tourist vehicle operators.
2. Contributions of Employee and Employer- Press Release.
3. Tax relief for industries affected by Coronavirus.
4. CSR expenditure by all companies in Aspirational Districts from 2017-20.
5. Plan of action by the Government to stabilise GDP- Press Release.
6. IFSC Authority takes decisions on various regulations, and fee structures.
7. Changes in Post Matric Scholarship Scheme for SC Students.
8. Exports from the Manufacturing Sector.

B. Important Due Dates.

Goods and Services Tax

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

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