Weekly Key Highlights from team CaCult
A. Important Updates from last week:
CBDT: Mandatory validation of UDIN in all Income Tax Forms. Read More.
- Ignore prompt on liability for inward supplies attracting reverse charge in Table-3.1 (d). Read More.
- GST Notification No. 92/2020-Central Tax. Read More.
- GST Notification No. 93/2020-Central Tax. Read More.
- GST Notification No. 94/2020-Central Tax. Read More.
- Communication between Recipient and Supplier Taxpayers on GST Portal. Read More.
- 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).
- DGFT Notification 47/2015-20: Amendment in Export Policy of Medical Goggles and Nitrile/NBR Gloves.
- DGFT Notification No. 48/2015-20: Syncing of HS codes in ITC (HS) 2017- Schedule-1 (Import Policy) with the Finance Act, 2020.
- 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).
- Amendment in Para 2.14 (Modification of IEC) of Chapter-2. Read More.
- Companies (Auditor’s Report) Second Amendment Order, 2020. Read More.
- Commencement notification dated 21.12.2020. Read More.
- Section 10A: Suspension of initiation of corporate insolvency resolution process. Read More.
- eForm SH-7 is likely to be revised on MCA21 Company Forms Download page w.e.f. 25th December, 2020.
- Companies (Incorporation) Third Amendment Rules, 2020. Read More.
- Companies (Share Capital and Debentures) 2nd Amendment Rules, 2020. Read More.
RBI: RBI Cautions against unauthorised Digital Lending Platforms/Mobile Apps. Read More.
- Core Settlement Guarantee Fund, Default Waterfall and Stress Test for Limited Purpose Clearing Corporation (LPCC).
- 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. Atul Kumar Gupta, President, ICAI elected as IFAC Board Member.
- Advisory to follow the ICAI Valuation Standards 2018 while conducting any type of Valuation Engagement to ensure uniformity and transparency.
- Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) – Adv. Information Technology Test – Computer Based Mode (CBT). Read More.
- ICAI IMPORTANT ANNOUNCEMENT for January 2021 Examination and Exam City Change Application. Read More.
- Result of the online Examination of the Certificate Course on Forex and Treasury Management held on 7th & 8th November, 2020. Read More.
- Digi-Locker for ICAI Members and Students: ICAI Press Release. Read More.
- Online English Business Language in collaboration with British Council from 9th/10th January, 2021.
- Exposure Draft of Amendments to Ind AS 117, Insurance Contracts, for comments.
- 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.
- 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.
- Important Dates related to Opt-Out. Read More.
- Prevention of Money-laundering Act: Notification dated 22nd December, 2020.
- 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.
- 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.
- Banking Regulation (Amendment) Act, 2020:Notification. Read More.
B. Upcoming Due Dates:
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:
- The due date for furnishing of Income Tax Returns for the (Non-Audit) taxpayers.
- 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.
- 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:
- The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited.
- 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.
- 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).
- The due date for furnishing of TDS Return for FY 2020-21 (Quarter-3).
- Due date of furnishing of Form 3CEAA.
Goods & Services Tax:
31st December, 2020:
- GSTR-9/9A for the Financial Year 2018-19.
- 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.