Weekly Key Highlights from team CaCult

A. Important Updates from last week:

Income Tax:

1. Analysis on guidelines for compulsory selection of returns for Complete Scrutiny during FY 2020-21. For more info.:https://cacult.com/analysis-on-guidelines-for-compulsory-selection-of-returns-for-complete-scrutiny-during-fy-2020-21/.
2. Analysis of section 194-O of the Income Tax Act, 1961. For more info.:https://cacult.com/analysis-of-section-194-o-of-the-income-tax-act-1961/.
3. E-Filing: ITR-6 is now available.
4. TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) BILL, 2020. For more info.: https://cacult.com/taxation-and-other-laws-relaxation-and-amendment-of-certain-provisions-bill-2020/.
5. E-filing: Final Opportunity for E-verification of ITR.
6. Income-tax (21st Amendment) Rules, 2020. For more info.: https://cacult.com/cbdt-notification/.
7. Analysis of TCS Provisions Applicable with effect from 1st October, 2020. For more info.:https://cacult.com/analysis-of-tcs-provisions-applicable-with-effect-from-1st-october-2020/.
8. Faceless Appeal Scheme, 2020. For more info.: https://cacult.com/income-tax-faceless-appeal-scheme-2020/
9. Income Tax- Notification w.r.t. Faceless Appeal. For more info.: https://cacult.com/income-tax-notification-w-r-t-faceless-appeal/.
10. E-filing News w.r.t. Faceless Appeal.

CBIC:

1. GST- Notification No. 66/2020- Central Tax. For more info.: https://cacult.com/notification-no-66-2020-central-tax/
2. GST- Notification No. 67/2020- Central Tax. For more info.: https://cacult.com/notification-no-67-central-tax/
3. GST- Notification No. 68/2020- Central Tax. For more info.: https://cacult.com/notification-no-68-2020-central-tax/.
4. Relief in late fees to Taxpayers filing Form GSTR-4 or 10 and change in navigation of Comparison of liability declared and ITC claimed report.
5. Implementation of the Track and Trace system for export of Pharmaceuticals and drug consignments alongwith maintaining the Parent-Child relationship in the levels of packaging and their movement in supply chain – Extension of date of implementation regarding.
6. DGFT- Harmonization of Table 2 of Appendix 3B for exports made with effect from 01.01.2020.
7. DGFT- Publication of Revised ANF-7A -regd.

MCA:

1. SPICe+ Portal deployed by MCA.
2. Protection against unfair contracts.
3. National Company Law Appellate Tribunal (Recruitment, Salary and other Terms and Conditions of Service of Staff Car Drivers) Rules, 2020.

SEBI:

1. Regulatory measures to continue.
2. Alternate Risk Management Framework Applicable in case of Near Zero and Negative Prices.
3. Write-off of shares held by FPIs.
4. System-Driven Disclosures (SDD) under SEBI (SAST) Regulations, 2011.
5. Circular on Resources for Trustees of Mutual Funds.
6. SEBI- Guidelines for Investment Advisers.

RBI:

1. RBI announces rate of interest on Government of India Floating Rate Bonds, 2033.
2. Foreign Contribution (Regulation) Amendment Act, 2020. For more info.: https://cacult.com/foreign-contribution-regulation-amendment-act-2020/.
3. Notification- Banking Regulation Act, 1949. For more info.: https://cacult.com/notification-banking-regulation-act-1949/
4. Positive Pay System for Cheque Truncation System

IBBI:

1. Insolvency and Bankruptcy Code (Second Amendment)Act, 2020. For more info.: https://cacult.com/insolvency-and-bankruptcy-code-second-amendmentact-2020/.
2. Extension of Suspension of initiation of corporate insolvency resolution process.
3. Insolvency and Bankruptcy (Application to Adjudicating Authority) (Amendment) Rules, 2020.

CA Fraternity:

1. Extension of validity of Registration Period on account of cancellation and merging of May 2020 examination with November, 2020 examination due to outbreak of COVID-19.
2. ICAI invites applications for the post of Master Trainer and Social Media Expert for its Centre of Excellence – Hyderabad.
3. ICAI- Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS)-Adv. Information Technology Test – Home Based Mode between 16th to 18th October, 2020.
4. Reckoning the date of revocation of the lockdown to be 30th September 2020 w.r.t extensions granted regarding the validity of Peer Review Certificate in the wake of COVID -19 spurt across the country.
5. Draft of Chartered Accountants (Amendment) Regulations, 2020.
6. Exposure Draft of SAE 3410 – Assurance Engagements on Greenhouse Gas Statements by SRSB, ICAI- Last date for comments : November 6, 2020.

Other:

1. The Salary, Allowances and Pension of Members of Parliament (Amendment) Act, 2020. For more info.:https://cacult.com/the-salary-allowances-and-pension-of-members-of-parliament-amendment-act-2020/.
2. Salaries and Allowances of Ministers (Amendment) Act, 2020.

B. Due dates in the month of September:

Income Tax:
30 Sept. 2020: Due date of filing of ITR for AY 2019-20.

Goods & Service Tax:
30 Sept. 2020:
Due date of GSTR-9 and 9A for the F.Y. 2018-19.
Due date of GSTR-9C for the F.Y. 2018-19.

Note on GSTR 3B: 

1. Annual Turnover upto Rs. 5 crores in Previous FY:
   Due Date for July 2020 without late fees and interest is 27th September 2020.
   (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).
2. Annual Turnover upto Rs. 5 crores in Previous FY:
   Due Date for July 2020 without late fees and interest is 29th September 2020.
   (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).

CA Fraternity:
30 Sept. 2020: Last Date for Submitting Comments on the exposure drafts of Forensic Accounting and Investigation Standards(FAIS):