Weekly Key Highlights from team CaCult

A. Important Updates from last week:

CBDT:

1. Order Under Section 119 of Income Tax Act, 1961. Read More.
2. Corrigendum to order under section 119 of the Income-tax Act dated 11/01/2021. Read More.
3. Facility to file rectification for AY 2020-21.
4. Now you can file information on Tax Evasion.
5. CBDT launches e-portal for filing complaints regarding tax evasion/Benami Properties/Foreign Undisclosed Assets.
6. CBDT Notification w.r.t. Faceless Penalty Scheme, 2021. Read More.
7. The Faceless Penalty Scheme, 2021. Read More.
8. Circular No. 1/2021: ​Amount of remuneration prescribed under section 9A(3)(m) of the Income-tax Act, 1961.

CBIC:

1. Auto-population of e-invoice details into GSTR-1.
2. NOTIFICATION No. 02/2021 – Central Tax. Read More.

DGFT:

1. DGFT Trade Notice No. 37/2020-2021: Electronic Issuance of Preferential Certificate of Origin (CoO) for India’s Exports to UK under Generalized Scheme of Preferences (GSP).
2. DGFT Trade Notice No. 38/2020-21: Introduction of online e-PRC System for Application seeking Policy/Procedure relaxation in terms of Para 2.58 of FTP 2015-20.

MCA:

1. Clarification on spending of CSR funds. Read More.
2. Insolvency and Bankruptcy Board of India (Model Bye- Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2021.
3. CFSS-2020 Form shall be available for filing as e-Form.
4. Scheme for condonation of delay for companies restored during Dec 2020 u/s 252 of the CA 2013- MCA Circular No. 03/2021.

RBI:

1. RBI releases the Financial Stability Report, January 2021.

SEBI:

1. Revision in Daily Price Limits (DPL) for Commodity Futures Contracts. Read More.
2. Review of Volatility Scan Range (VSR) for Option contracts in Commodity Derivatives Segment. Read More.
3. SEBI (Investment Advisers) (Amendment) Regulations, 2021.
4. Notification repealing the Securities and Exchange Board of India (Central Database of Market Participants) Regulations, 2003.
5. Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 due to the CoVID -19 pandemic.
6. Norms for investment and disclosure by Mutual Funds in Exchange Traded Commodity Derivatives (“ETCDs”).

CA Fraternity:

1. Special campus placement drive for Co-operative Banks.
2. Handbook on Audit of CSR Activities- Announcement.
3. Change of Examination Centre for January / February 2021. Read More.
4. Registration open for Post Qualification Diploma in International Taxation-ONLINE MODE-Batch-3.
5. ICAI mulls to use AI to identify the Non-compliances in Financial Statements.

Other:

1. Exposure Draft of Insurance Regulatory and Development Authority of India (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) (First Amendment) Regulations, 2021.
2. Income Tax Dept. conducts searches in Assam & Hyderabad.
3. Parliamentary Consultative Committee meeting of Commerce and Industry on “New Foreign Trade Policy 2021-26” held.
4. APEDA organizes VBSM with FPOs of APDMP and Millet Exporters to promote Millet products.

B. Due Dates of forthcoming GST and Income tax Compliance

Goods and Services Tax

18th January, 2021: CMP-08 for the quarter Oct-Dec, 2020.

20th January, 2021:

1. GSTR-3B for the month of December 2020. (T/O above 5 Crores)
2. GSTR-5 for the month of December 2020.
3. GSTR-5A for the month of December 2020.

22th January, 2021: GSTR-3B for the month of December, 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 January, 2021: GSTR-3B for the month of December, 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).

28th February, 2021: Due date of Filing of Annual Return (FORM GSTR-9/ GSTR-9C) for the F.Y. 2019-20

Income Tax

30th January, 2021: ​Quarterly TCS certificate in respect of quarter ending December 31, 2020

31st January, 2021:

1. The Date of passing of orders under Vivad se Vishwas Scheme, which are required to be passed by 30th January 2021.
2. Last date for making a declaration under Vivad se Vishwas Scheme.
3. ​​Quarterly statement of TDS for the quarter ending December 31, 2020.
4. ​Intimation under section 286(1) in Form No. 3CEAC for entities who are required to file CbCr on 31st March 2021, by a resident constituent entity of an international group whose parent is non-resident
5. Due date if furnishing Form 3CEAA (Master File).

15th February, 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

31st March, 2021: Date of passing order or issuance of notice by the authorities under the Direct Taxes and Benami Acts which are required to be passed/issued/made by 30th March, 2021.