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Weekly Key Highlights from team CaCult

CA Cult

A. Important Updates from last week:

CBDT:

  1. CBDT Notification No. 90/2020. Click Here.
  2. Checklist to Avoid Mistakes in Filing ITR 7. Click Here.

CBIC:

  1. Notification No. 91/2020 – Central Tax. Click Here.
  2. Auto population of details in Form GSTR-3B from Form GSTR 1 & GSTR 2B. Click Here.
  3. Amendment in Para 2.60 of Handbook of Procedure, 2015-2020. DGFT Public Notice: 32/2015-20.
  4. Allocation of preferential export of sugar to USA- DGFT. Click Here.

MCA:

  1. Companies (Compromises, Arrangements and Amalgamations) Second Amendment Rules, 2020. Click Here.
  2. Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020.. Click Here.

RBI:

  1. Opening of Current Accounts by Banks – Need for Discipline.
  2. Amendment to Master Direction (MD) on KYC – Centralized KYC Registry – Roll out of Legal Entity Template & other changes. Click Here.

SEBI:

  1. Framework for issue of Depository Receipts-Clarifications. Click Here.

CA Fraternity:

  1. Exposure Draft of IFRS Standard issued by the IASB for comments.
  2. Registrations open for 2nd batch of Five-Day Online Executive Development Program on Business Responsibility and Sustainability Reporting (BRSR) from December 26, 2020 – SRSB, ICAI.
  3. Last date extended till 31st December, 2020 to apply for 14th ICAI Awards being organised by Committee for Members in Industry & Business (CMI&B).
  4. Registration for Online Home-Based Practical Training Assessment– Announcement. Click Here.
  5. Important Announcement regarding the Last Date of Payment of Membership/ COP Fees. Click Here.
  6. Indian Institute of Insolvency Professionals (IIIPI) invites applications for the post of Chief Operating Officer. Click Here.
  7. Inauguration of ICAI Representative Office in Srinagar.
  8. Reopening of empanelment of members to act as observers for November 2020 cycle-II (JANUARY/FEBRURAY, 2021) examinations. Click Here.
  9. Empanelment of Chartered Accountant firms/LLPs with the O/o C&AG of India for the year 2021-2022. Click Here.
  10. Registration to 3rd batch of Certificate Course on CSR.

Other:

  1. IFSCA notifies International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020.
  2. India Post Payments Bank launches its digital payments’ services ‘DakPay’, aims to Transform Banking Experience at the last mile.

B. Upcoming Due Dates:

Income Tax:
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:
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.

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