Weekly Key Highlights from team CaCult

A. Important Updates from last week:

CBDT:

1. Circular No. 20/2020 : Income-tax Deduction from Salaries During the Financial Year 2020-21 under section 192 of the Income-tax Act, 1961. Click Here.
2. CBDT Circular No. 21/2020 : Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020. Click Here.

CBIC:

1. Update on auto-population of e-invoice details into GSTR-1.
2. CBIC Notification No. 90/2020–Central Tax. Click Here.
3. Notification No. 44/2020- Custom (ADD).
4. ADD on imports of “Nylon Tyre Cord Fabric ” originating in or exported from China PR.
5. Due dates for filing of Form GSTR-3B for the Tax Periods from October, 2020 till March, 2021. Click Here.

RBI:

1. 24×7 Availability of Real Time Gross Settlement (RTGS) System. Click Here.
2. Processing of e-mandates for recurring transactions– RBI Notification.
3. Introduction of Cooling Period– Authorisation of entities for operating a Payment System under the Payment and Settlement Systems Act, 2007 (PSS Act). Click Here.
4. Card transactions in Contactless mode – Relaxation in requirement of Additional Factor of Authentication. Click Here.
5. Foreign Exchange Management (Export and Import of Currency) (Second Amendment) Regulations, 2020. Click Here.

SEBI:

1. Relaxation in timelines for compliance with regulatory requirements.
2. Operational guidelines for Transfer and Dematerialization of re-lodged physical shares.

MCA:

1. Relaxation of additional fees and extension of last date of filing of CRA-4 (form for filing of cost audit report) for FY 2019-20 under the Companies Act, 2013.

CA Fraternity:

1. IMPORTANT ANNOUNCEMENT – Last Date for Payment of Membership/COP Fee is further Extended to 15th December 2020.
2. Last date extended till 15th December,2020 to apply for 14th ICAI Awards being organised by Committee for Members in Industry & Business (CMI&B).
3. JOIN US AND POST YOUR QUERIES FOR ICAI STARTUP MANTHAN 2.0 WEEK FROM 8TH TO 12TH DECEMBER, 2020.
4. Observance of Code of Conduct by CA Students- Important Announcement.
5. ICAI in News- Mumbai Mirror: ‘ICAI taking best possible steps for the safety of students’.

Other:

1. All States except Jharkhand choose Option-1 to meet the GST implementation shortfall.
2. IBBI Clarification on Computation of fee payable for delay in filings under regulation 40B of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Click Here.

B. Upcoming Due dates:

Income Tax:
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.

CA Fraternity:
15th December, 2020:

1. Last Date for Payment of Membership/COP Fee.
2. Apply for 14th ICAI Awards being organised by Committee for Members in Industry & Business (CMI&B).