Weekly Key Highlights from team CaCult

A. Important Updates from last week:

CBDT: Mandatory validation of UDIN in all Income Tax Forms. Read More.

CBIC:

1. Ignore prompt on liability for inward supplies attracting reverse charge in Table-3.1 (d). Read More.
2. GST Notification No. 92/2020-Central Tax. Read More.
3. GST Notification No. 93/2020-Central Tax. Read More.
4. GST Notification No. 94/2020-Central Tax. Read More.
5. Communication between Recipient and Supplier Taxpayers on GST Portal. Read More.
6. DGFT Notification No. 46/2015-20 Amendment in Import Policy Condition for de – notifying STC as an STE for import of Copra and Coconut Oil under Chapter 12 and 15 of ITC (HS), 2017, Schedule – I (Import Policy).
7. DGFT Notification 47/2015-20: Amendment in Export Policy of Medical Goggles and Nitrile/NBR Gloves.
8. DGFT Notification No. 48/2015-20: Syncing of HS codes in ITC (HS) 2017- Schedule-1 (Import Policy) with the Finance Act, 2020.
9. DGFT Notification No. 49/2015-20 dated 22nd December, 2020: Amendment in import policy of Coal and incorporation of Policy Condition No. 7 in Chapter 27 of ITC (HS), 2017, Schedule – I (Import Policy).
10. Amendment in Para 2.14 (Modification of IEC) of Chapter-2. Read More.

MCA:

1. Companies (Auditor’s Report) Second Amendment Order, 2020. Read More.
2. Commencement notification dated 21.12.2020. Read More.
3. Section 10A: Suspension of initiation of corporate insolvency resolution process. Read More.
4. eForm SH-7 is likely to be revised on MCA21 Company Forms Download page w.e.f. 25th December, 2020.
5. Companies (Incorporation) Third Amendment Rules, 2020. Read More.
6. Companies (Share Capital and Debentures) 2nd Amendment Rules, 2020. Read More.

RBI: RBI Cautions against unauthorised Digital Lending Platforms/Mobile Apps. Read More.

SEBI:

1. Core Settlement Guarantee Fund, Default Waterfall and Stress Test for Limited Purpose Clearing Corporation (LPCC).
2. Master Circular on (i) Scheme of Arrangement by Listed Entities and (ii) Relaxation under Sub-rule (7) of rule 19 of the Securities Contracts (Regulation) Rules, 1957.

CA Fraternity:

1. CA. Atul Kumar Gupta, President, ICAI elected as IFAC Board Member.
2. Advisory to follow the ICAI Valuation Standards 2018 while conducting any type of Valuation Engagement to ensure uniformity and transparency.
3. Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) – Adv. Information Technology Test – Computer Based Mode (CBT). Read More.
4. ICAI IMPORTANT ANNOUNCEMENT for January 2021 Examination and Exam City Change Application. Read More.
5. Result of the online Examination of the Certificate Course on Forex and Treasury Management held on 7th & 8th November, 2020. Read More.
6. Digi-Locker for ICAI Members and Students: ICAI Press Release. Read More.
7. Online English Business Language in collaboration with British Council from 9th/10th January, 2021.
8. Exposure Draft of Amendments to Ind AS 117, Insurance Contracts, for comments.
9. CMP, ICAI is organising 30 CPE hours 5th Batch of Virtual Certificate Course on “Preparation of Appeals, Drafting of Deed & Documents and Representation before Appellate Authorities and Statutory Bodies” on 3rd to 13th January 2021. Read More.
10. Committee for Members in Practice (CMP), ICAI is organising 30 CPE hours 3rd Batch of Virtual Certificate Course on “Wealth Management & Financial Planning” on 2nd, 3rd, 4th, 5th, 6th, 7th, 8th, 9th, 10th & 11th January 2021. Read More.
11. Important Dates related to Opt-Out. Read More.

Other:

1. Prevention of Money-laundering Act: Notification dated 22nd December, 2020.
2. Andhra Pradesh and Madhya Pradesh take the lead in undertaking Urban Local Bodies reforms Permitted to mobilise additional financial resources of Rs.4,898 crore through open market borrowings.
3. Finance Minister Smt. Nirmala Sitharaman concludes pre-Budget meetings for forthcoming Union Budget 2021-22 More than 170 invitees representing 9 stakeholder groups participated in 15 virtual meetings. Read More.
4. Banking Regulation (Amendment) Act, 2020:Notification. Read More.

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:
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.