Weekly Key Highlights from team CaCult

A. Important Updates from last week:

CBDT:

1. FAQs on quoting of UDIN: E-filing. Read More.
2. Note on how to use Java based software utility available for download, where taxpayer does not have MS Excel versions 2010 or later. Read More.

CBIC:

1. Levy of ADD on imports of “Float Glass”.
2. Third Party Invoicing in case of Preferential Certificates of Origin issued in terms of DFTP for “wholly obtained goods”- Custom Circular No. 53/2020.
3. Notification No. 78/2020 – State Tax. Read More.
4. Online filing of application by Taxpayers for unblocking E-Way Bill generation facility. Read More.
5. GSTR-9 of FY 2019-20 is available now. Read More.

RBI:

1. RBI announces date for launching of RTGS 24×7. Read More.
2. Draft Circular on Declaration of Dividend by NBFCs. Read More.
3. FAQs on Resolution Framework for Covid-19 related stress (Revised on December 12, 2020). Read More.

SEBI:

1. Additional Payment Mechanism (i.e. ASBA, etc.) for Payment of Balance Money in Calls for partly paid specified securities issued by the listed entity.
2. E-Voting Facility Provided by Listed Entities. Read More.

CA Fraternity:

1. CA Exam to be held on 8th Dec 2020, stands rescheduled.
2. Handbook on Social Activities by CAs amid COVID-19. Read More.
3. Notification for the revised dates of Mock Test. Read More.
4. ICAI Announcement for MCS Course and Advanced IT Course. Read More.
5. Extension for completion of Orientation Course/IT Training. Read More.
6. Schedule of CA Examinations- January/February 2021. Read More.
7. ICAI Operationalised New Overseas Office in Singapore to boost collaboration & bilateral relationship.
8. Refresher Course on “Securities & Share Market Regulatory, Monitoring, Complaints handling & Economic Aspects”. Read More.
9. Chartered Accountants (Amendment) Regulations, 2020. Read More.

Other:

1. Income Tax Department conducts searches in Assam.
2. The Government, in its role as an enabler, has introduced several benefits to encourage & boost startups.
3. Cabinet approves Atmanirbhar Bharat Rojgar Yojana (ABRY).

B. Upcoming Due dates:

Income Tax:
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: 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 & Services Tax:
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).