Weekly Key Highlights from team CaCult

^{(January 2021- Week 3rd)}

A. Important Updates from last week:

CBIC:

1. Custom Circular No. 02/2021: Posting of staff at Customs areas and collection of Cost Recovery Charges.
2. Module wise new functionalities deployed on the GST Portal during October-December, 2020 for taxpayers.

DGFT:

1. DGFT Trade Notice No. 39/2020-21: Procedure and Criteria for submission and approval of applications for export of Diagnostic Kits and their components/laboratory reagents.

MCA:

1. Scheme for condonation of delay for companies restored on the Register of Companies between 01 December, 2020 and 31 December 2020, under section 252 of the Companies Act, 2013.
2. Availability of Companies Fresh Start Scheme-2020 Form as e-form w.e.f. 16th January, 2021.
3. Clarification on holding of AGM through VC (Video Conferencing) or OAVM (Other Audio Visual Means).
4. Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021. Read More.
5. Provisions of Companies (Amendment) Act, 2020 shall come into force w.e.f. 22nd January, 2021. Read More.

RBI:

1. Withdrawal of circulars – on Recovery of excess pension made to pensioners.
2. Reserve Bank of India imposes monetary penalty on Standard Chartered Bank – India.
3. Launching of 28th Round of Quarterly Services and Infrastructure Outlook Survey (SIOS)–Q4:2020-21.
4. Launching of Quarterly Industrial Outlook Survey (IOS): January-March 2021 (Round 93).
5. RBI releases Discussion Paper on Revised Regulatory Framework for NBFCs- A Scale-Based Approach.

SEBI:

1. Amendment in provision of SEBI (ICDR) Regulations, 2018 relating to cases where minimum promoter’s contribution is not required.
2. Relaxation by SEBI for non-submission of hard copy of Annual Report to Shareholders and dispension from sending proxy forms in case meeting is held electronically by Listed Entities till 31.12.2021 due to the COVID-19 pandemic.
3. Relaxations relating to procedural matters –Issues and Listing: SEBI Circular No. SEBI/HO/CFD/DIL1/CIR/P/2021/13.
4. SECURITIES AND EXCHANGE BOARD OF INDIA (INTERMEDIARIES) (AMENDMENT) REGULATIONS, 2021.

CA Fraternity:

1. List of Awardees for ‘ICAI International Research Awards 2020′ and List of Awardees for ‘ICAI Awards for Excellence in Financial Reporting 2019-20.
2. Change of Examination Centre for January / February 2021.
3. ICAI Recognises best presented Accounts and Research to support ESG.
4. All New ICAI EOI/Tenders.
5. Office hours arising out of Security Arrangements for Republic Day – 2021. Read More.
6. List of participating organization in Special campus placement drive for Co-operative Banks.
7. Observations of the candidates on the question papers of CA examinations- January 2021.
8. ICAI honours CAs at 14th Annual Awards Ceremony.
9. Register for 3rd online weekend Exclusive Batch for ICAI Members and Students of the French Language Course of 120 hours of A1 Level (includes A1.1 and A1.2) is starting from 20th February, 2021.

Other:

1. Finance Minister Smt. Nirmala Sitharaman holds Pre-Budget consultation with Finance Ministers of States/ Union Territories (with Legislature) for Budget 2021-22.
2. Information required for new Udyam Registration (MSME).
3. Surcharge: Shifting burden from Poor to Rich. Read More.
4. Union Budget 2021 expectations: The Institute of Chartered Accountants of India (ICAI) has recommended the government to increase the Public Provident Fund (PPF) contribution limit to Rs 3 lakh. (Source: Financial Express).
5. Launch of Regulatory Compliance Portal to minimize Regulatory Compliance Burden for Businesses and Citizens.
6. Filling up of Executive Director, Chief General Manager, General Manager, Dy. General Manager, Assistant General Manager, Manager & Assistant Manager level posts in NFRA at New Delhi on Deputation/Short term Contract basis.

B. Due Dates of forthcoming GST and Income tax Compliance

Goods and Services Tax

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: 

1. 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.
2. Due Dates of furnishing TDS return of Q1 and Q2 for the F.Y. 2020-21.