Weekly Key Highlights from team CaCult

(February 2021- Week 2nd)

A. Important Updates from last week:

CBDT:

1. CBDT issues Notification No. 5/2021. Read More.

CBIC:

1. Need to file CA certificate with form GSTR-10. Read More.
2. Frequently asked questions on QRMP scheme. Read More.

DGFT:

1. DGFT Public Notice No. 38/2015-20. Read More.
2. DGFT Notification No. 57/2015-20. Read More.
3. DGFT Notification No. 58/2015-2020:Amendment of Importer-Exporter Code (IEC) related provisions under Chapter-1 and Chapter-2 of Foreign Trade Policy, 2015-2020.

MCA:

1. Various schemes launched by Government during the COVID-19 pandemic for companies.
2. Companies (Share Capital and Debentures) Amendment Rules, 2021. Read More.
3. The Producer Companies Rules, 2021. Read More.
4. Provisions of section 52 and 66 are effective from 11th Feb. 2021. Read More.

RBI:

1. Financial Literacy Week 2021 conducted by RBI.
2. RBI releases Annual Report of Ombudsman Schemes, 2019-20.
3. Investment in NBFCs from FATF non-compliant jurisdictions.

SEBI:

1. FAQs on SEBI (LODR) Regulations, 2015 as brought out by CL&CGC ICAI.

CA Fraternity:

1. Final Bank Branch Auditors’ Panel of Chartered Accountants/firms for the year 2020-21.
2. List of candidates Qualified in CA final held in May 2019 / Nov 2019 and found eligible for participating in Campus Placement Programme February-March, 2021.
3. Launch of “International Affairs Policy” and “International Curriculum”- Press Release.
4. Important dates to apply for Inspection/Verification of answer book.
5. ICAI celebrates 71st Annual Function- Press Release.
6. Towards Skill Development and Employability – ICAI ARF Launched Accounts Assistant Scheme.
7. Handbook on Role of Women Directors as brought out by CL&CGC and WMED ICAI.
8. ICAI issues Advisory for Members and Students. Read More.
9. Exposure Draft of Covid-19-Related Rent Concessions beyond 30 June 2021- Proposed amendment to IFRS 16.
10. ICAI elects New Torchbearers for the year 2021-22. The Council of the Institute of Chartered Accountants of India (ICAI) today elected its new President & Vice-President for the term 2021-2022.
11. Draft of Standard for Audit of smaller and less complex entities.

Union Budget 2021:

1. ITR of senior citizen- Then and Now. Read More.
2. Section 206AB and Section 206CCA are two Special provisions for non-filers of Income-tax return, introduced in Union Budget 2021. Read More.
3. Newly Inserted TDS Section 194Q under Income-tax, Act 1961: Deduction of tax at source on payment of a certain sum for purchase of goods. Read More.
4. Substitution of new section for section 44: Annual Return. Read More.
5. New Clause inserted to widen the Scope of Supply. Read More.
6. New provisions under section 16(3) of IGST Act, 2017. Read More.

Other:

1. MCA amended Companies Act 2013 to mitigate blow by COVID-19 pandemic.
2. CGST Officials arrest one after busting network of 46 fake firms involved in fake input tax credit of Rs 82.23 crore.
3. Draft Patents (Amendment) Rules, 2021- Notification.
4. General Insurance Amendment Scheme, 2021- Notification.
5. Issuance of digital insurance policies by insurance companies via Digilocker. Read More.
6. Enabling FPIs to subscribe to listed debt securities of REITs and InvITs.
7. Control and Regulation of e-Commerce Platform. Read More.
8. NBFCs as Financial Institutions under Section 2(1)(m) of the SARFAESI Act, 2002. Read More.

B. Due Dates of forthcoming GST and Income tax Compliance

Goods and Services Tax

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

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.