Weekly Key Highlights from team CaCult

A. Important Updates from last week:

CBDT:

1. Instruction sheets for filling of ITR-2,3,5,6 & 7 revised.
2. CBDT to validate UDIN generated from ICAI portal. Click Here.

CBIC:

1. Levy of ADD on imports of “Fully Drawn or Fully Oriented Yarn/Spin Drawn Yarn/Flat Yarn of Polyester ” originating in or exported from China PR & Thailand , for a further period upto and inclusive of 31st December, 2020.
2. BCD rate of 27.5% on Crude Palm Oil. Click Here.
3. Clarification on Exports of Gems and Jewellery through Courier mode. Click Here.

SEBI:

1. Introduction of Unified Payments Interface (UPI) mechanism and Application through Online interface and Streamlining the process of Public issues of securities.
2. Testing of software used in or related to Trading.

CA Fraternity:

1. Applications for the post of Joint Secretary- Examination.
2. CA Examinations, November 2020 – Nivar Cyclone. Click Here.
3. Nivar Cyclone- Another Important Announcement by ICAI. Click Here.
4. Cabinet approves the MoU between ICAI and VRC. Click Here.
5. Important Announcement – Nivar Cyclone. Click Here.
6. Important Announcement: Opt Out Due to COVID 19. Click Here.
7. ICAI Virtual International Conference 17-19 December, 2020.

Other:

1. Insurance Regulatory and Development Authority of India (Minimum Information Required for Investigation and Inspection) Regulations, 2020. Click Here.
2. Invitation of Public comments: Discussion Paper – Voluntary Liquidation Nov 2020.
3. Two more States – Kerala and West Bengal choose Option-1 to meet the GST implementation shortfall.
4. Finance Minister holds 5th review meeting on CAPEX of CPSEs.
5. Auction for Sale (Re-issue) of Government Securities (GS).

B. Upcoming Due dates:

Income Tax:
30th November, 2020: Due Date for Filing of ITR for the Assessment Year 2019-20.
07th December, 2020: Due date for deposit of Tax deducted/collected for the month of November, 2020.
15th December, 2020: Third instalment of ADVANCE TAX for the assessment year 2021-22.
30th December, 2020: Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of November, 2020.

31st December, 2020:

1. The due date for furnishing of Income Tax Returns for the (Non-Audit) taxpayers.
2. The date for furnishing of various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction (Form 3CEB) has also been extended to 31st December, 2020.
3. Due date for payment of self-assessment tax for taxpayers whose self-assessment tax liability is up to Rs. 1 lakh (Those are required to file ITR by 31st December, 2020).

1st January 2021:

1. Due Date of Furnishing of Form 3CEAB.

31st January, 2021:

1. The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited.
2. The due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish report in respect of international/specified domestic transactions.
3. Due date for payment of self-assessment tax for taxpayers whose self-assessment tax liability is up to Rs. 1 lakh (Those are required to file ITR by 31st January, 2021).
4. The due date for furnishing of TDS Return for FY 2020-21 (Quarter-3).
5. Due date of furnishing of Form 3CEAA.

Goods & Service Tax:
10th December, 2020: GSTR-7 and GSTR-8 for the month of November 2020.

11th December, 2020: GSTR-1 for the month of November 2020.

13th December, 2020: GSTR-6 for the month of November 2020.

20th December, 2020:

1. GSTR-3B for the month of November 2020. (T/O above 5 Crores)
2. GSTR-5 for the month of November 2020.
3. GSTR-5A for the month of November 2020.

22th December, 2020:GSTR-3B for the month of November, 2020.(Annual Turnover upto Rs. 5 crores)
(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 December, 2020: GSTR-3B for the month of November, 2020.(Annual Turnover upto Rs. 5 crores)
(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).

31st December, 2020:

1. GSTR-9/9A for the Financial Year 2018-19.
2. GSTR-9C for the Financial Year 2018-19.
   Note: Filing of Annual Return (FORM GSTR-9/ GSTR-9A) for 2018-19 is optional for taxpayers who had aggregate turnover below Rs. 2 crore. The filing of reconciliation Statement in FORM 9C for 2018-19 is also optional for the taxpayers having aggregate turnover upto Rs. 5 crore.

13th January, 2021: GSTR-1 for the quarter Oct-Dec, 2020. (T/O upto 1.5 Crores).

18th January, 2021: CMP-08 for the quarter Oct-Dec, 2020.