Weekly Key Highlights from team CaCult

(February 2021- Week 1st)

A. Important Updates from last week:

CBDT:

1. Further Extension under Direct Tax Vivad se Vishwas- Notification dated 31st January, 2021.

CBIC:

1. Taxpayers are advised not to wait for the complete auto-population– Auto-population of e-invoice details into GSTR-1.
2. Payment of Tax by Fixed Sum Method under QRMP Scheme. Read More.
3. CBIC issues 14 Custom (Tariff) Notifications. Read More.
4. CBIC issues 4 Custom (Non-Tariff) Notifications. Read More.
5. CBIC issues 3 Custom (Anti Dumping Duty) Notifications. Read More.
6. NOTIFICATION No. 01/2021-CUSTOMS (CVD): Seeks to rescind notification No. 02/2020 – Customs (CVD) dated 9th October 2020.
7. NOTIFICATION No. 02/2021-CUSTOMS (CVD): Seeks to amend notification No. 01/2017 – Customs (CVD) dated 7th September 2017 so as to temporarily revoke the operation of the said notification for the period from 2nd February, 2021 to 30th September, 2021.
8. Systemic improvements regarding modification in the Bond (B-17) Execution process: Circular No. 03/2021-Customs.
9. Notification No. 16/2021-Customs: Seeks to amend notification Nos. 96/2008-Customs, 57/2009-Customs, 101/2007-Customs and 50/2018-Customs consequential to imposition of Agriculture Infrastructure and Development Cess (AIDC).

DGFT:

1. Trade Notice No. 40/2020-21: Introduction of online e-Tariff Rate Quota System for Imports.

MCA:

1. Revised paid-up capital and turnover limit of the small company. Read More.
2. Merger or Amalgamation of 2 or more start-up companies- MCA Notification.
3. The Companies (Incorporation) Second Amendment Rules, 2021, shall come into force on the 1st day of April, 2021. Read More.
4. MCA amends One Person Companies (OPCs) rules. Fast track mergers extended to Starts ups and other small companies. Read More.

IBBI:

1. Providing copy of application to the Board, as mandated under Rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019.

RBI:

1. FAQs on Compliance functions in banks and Role of Chief Compliance Officer (CCO).
2. Risk-Based Internal Audit (RBIA)- Notification.
3. Risk Based Internal Audit (RBIA) in NBFCs/UCBs.
4. SLR holdings in HTM category- RBI Notification.
5. Credit to MSME Entrepreneurs. Read More.
6. Loans and advances to directors, their relatives, and firms / concerns in which they are interested- RBI Notification.
7. RBI Notify the Maintenance of Cash Reserve Ratio (CRR). Read More.
8. Section 24 of the Banking Regulation Act, 1949 – Maintenance of Statutory Liquidity Ratio (SLR) –Marginal Standing Facility (MSF) – Extension of Relaxation.
9. Basel III Capital Regulations- Review of transitional arrangements. Read More.
10. Basel III Framework on Liquidity Standards – Net Stable Funding Ratio (NSFR). Read More.

SEBI:

1. Setting up of Limited Purpose Clearing Corporation (LPCC) by Asset Management Companies (AMCs) of Mutual Funds.
2. SECURITIES AND EXCHANGE BOARD OF INDIA (MUTUAL FUNDS) (AMENDMENT) REGULATIONS, 2021.
3. Master Circular for Depositories issued by SEBI.

CA Fraternity:

1. Extension of Condonation Scheme to regularize UDINs.
2. ICAI invites suggestions on tax proposals of Budget 2021.
3. ICAI President’s Message – February 2021.
4. Important dates to apply for Inspection of answer books.
5. Announcement for Campus Placement Programme for Newly Qualified Chartered Accountants February-March, 2021. Read More.
6. Brochure of Campus Placement Programme Feb-March, 2021. Read More.
7. ANNOUNCEMENT FOR ICAI-CAMPUS (FEBRUARY-MARCH, 2021) ASPIRANTS. Read More.
8. Campus Placement Programme February- March, 2021, Frequently asked Queries (FAQs) for the participating candidates. Read More.
9. ICAI Press Release- Income Tax Appellate Tribunal (ITAT ) holds its first bench at Jammu ICAI Premises.

Union Budget 2021:

1. Proposed Changes under Income tax – Union Budget 2021. Read More.
2. A glimpse of Union Budget 2021. Read More.
3. Summary of the Budget 2021-22. Read More.
4. Tax (Direct Tax and Indirect Tax) Proposal under Union Budget 2021. Read More.
5. Tax proposals (International Taxation) under Union Budget 2021-22. Read More.
6. Proposal to reduce the time limit under Income Tax, by FM Nirmala Sitharaman in Union Budget 2021. Read More.
7. Proposed Amendment for better understanding of the provision. Read More.
8. Exemption for LTC Cash Scheme Proposed in Union Budget 2021. Read More.

Other:

1. One District One Product Scheme (ODOP). Read More.

B. Due Dates of forthcoming GST and Income tax Compliance

Goods and Services Tax

10th February, 2021: GSTR-7 and GSTR-8 for the month of January 2021.

11th February, 2021: GSTR-1 for the month of January 2021.

13th February, 2021: GSTR-6 for the month of January 2021.

20th February, 2021:

1. GSTR-3B for the month of January 2021. (T/O above 5 Crores)
2. GSTR-5 for the month of January 2021.
3. GSTR-5A for the month of January 2021.

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

25th February 2021: GST PMT-06 for the month of January 2021. Monthly payment of GST, who opted for QRMP Scheme.

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

13th April, 2021: GSTR-1 for the quarter Jan-March, 2021. (T/O upto 1.5 Crores).

18th April, 2021: CMP-08 for the quarter Jan-March, 2021.

22nd April, 2021: GSTR-3B for the quarter Jan-March, 2021. (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 April, 2021: GSTR-3B for the quarter Jan-March, 2021. (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).

Income Tax

07th February 2021: ​Due date for deposit of Tax deducted/collected for the month of January, 2021.

14th February 2021:

1. Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of December, 2020.
2. Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of December, 2020.
3. Due date for issue of TDS Certificate for tax deducted under section 194M in the month of December, 2020.

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
4. Due date if furnishing Form 3CEAA (Master File).

28th February, 2021: Due date for filing DTVSV Forms under DTVSV Act 2020.

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.

MCA

15th February, 2021: Due date of filing all AOC-4 e-forms