Weekly Key Highlights from team CaCult

(March 2021- Week 1st)

A. Important Updates from last week:

CBDT:

1. CBDT extends Due Dates under the Taxation and Other Laws- NOTIFICATION.
2. E-filing Due Dates for UDIN, DTVSV and Aadhaar Linking.
3. Residential status of certain individuals under Income-tax Act, 1961- Circular
4. Circular under section 10 of the Direct Tax Vivad se Vishwas Act, 2020.
5. Income-tax (1st Amendment) Rules, 2021- CBDT Notification.

CBIC:

1. Extension of due date for furnishing of GSTR-9 and GSTR-9C.
2. Notification No. 11/2021 -Customs (ADD): Seeks to further amend notification No. 6/2016-Customs (ADD) dated 8th March, 2016 to extend the levy of Anti-Dumping duty on Phenol originating in or exported from European Union and Singapore, up to and inclusive of 7th June, 2021.
3. Notification No. 12/2021 -Customs (ADD): Seeks to impose anti-dumping duty on imports of ‘Black Toner in powder form’ originating in or exported from China PR, Malaysia, and Chinese Teipei for a period of 5 years from the date of imposition of provisional ADD, i.e. from 10th August 2020.

DGFT:

1. DGFT Trade Notice 44/2015-2020: Online Module for Adjudication, Appeal, Review proceedings under Foreign Trade (Development & Regulation) Act, 1992, (‘the Act’) as amended and Foreign Trade (Regulation) Rules, 1993, (‘the Rules’) as amended.
2. DGFT Trade Notice No. 45/2020-21: Procedure and Criteria for submission and approval of applications for export of Diagnostic Kits and their components/laboratory reagents.

Corporate Law:

1. Planning of extension of few of the provisions of the Companies Act, 2013 to the LLP Act, 2008.
2. Insolvency and Bankruptcy Board of India (IBBI) (Liquidation Process) (Amendment) Regulations, 2021.
3. Circular on Filing of list of stakeholders under clause (d) of sub-regulation (5) of regulation 31 of the IBBI (Liquidation Process) Regulations, 2016.
4. Companies (Management and Administration) Amendment Rules, 2021.
5. Companies (Incorporation) Third Amendment Rules, 2021.
6. Commencement notification dated 05 March 2021.

SEBI:

1. Master Circular on Surveillance of Securities Market.
2. Code of Conduct & Institutional mechanism for prevention of Fraud or Market Abuse.
3. Circular on Mutual Funds Dated 4th March 2021.
4. Guidelines for votes cast by Mutual Funds- Circular.

CA Fraternity:

1. Further extension of the last date for Waiving-off Condonation Fees due to late filing of various application Forms related to Students, Articled Assistants, amidst COVID-19 Pandemic.
2. EMPANELMENT OF MEMBERS TO ACT AS OBSERVERS AT THE EXAMINATION CENTRES FOR THE CHARTERED ACCOUNTANTS EXAMINATIONS MAY 2021- ANNOUNCEMENT.
3. Venue for Orientation Programme Campus Feb-Mar, 2021.
4. Important Announcement – Foundation Exam, June 2021.
5. Special Examination for Members of Foreign Accounting Bodies with whom the ICAI had entered into Mutual Recognition Agreement (MRA) / Memorandum of Understanding (MoU).
6. Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) -Adv. Information Technology Test on 27th March 2021- IMPORTANT ANNOUNCEMENT.
7. Relaxation in the requirement to undergo 8 months Study Period to appear in November, 2021 Intermediate Examination in respect of students who had opted-out from November 2020 Examinations and opted for January 2021 examination after passing January, 2021 Foundation Examinations.

Other:

1. Code on Wages (Central Advisory Board) Rules, 2021- Draft.
2. Insurance Ombudsman (Amendment) Rules, 2021.
3. Enabling Dealings by IFSC – Banking Units in Bullion Unallocated Accounts.

B. Important Due Dates.

Goods and Services Tax

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

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

13th March, 2021:

1. GSTR-6 for the month of February 2021.
2. B2B Outward supplies for the month of February 2021 (under the QRMP scheme).

20th March, 2021:

1. GSTR-3B for the month of February 2021.
2. GSTR-5 for the month of February 2021.
3. GSTR-5A for the month of February 2021.

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

31st March, 2021:

1. Due date of Filing of Annual Return (FORM GSTR-9/ GSTR-9C) for the F.Y. 2019-20.
2. Due date to opt for Composition scheme for the F.Y. 2021-22.

13th April, 2021: GSTR-1 for the quarter Jan-March, 2021.

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 March 2021: ​Due date for deposit of Tax deducted/collected for the month of February 2021.

15th March 2021: Due Date of Advance Tax payment for the quarter of January to March 2021.

31st March, 2021: 

1. Due Dates of furnishing TDS/TCS return of Q1 and Q2 for the F.Y. 2020-21.
2. Date for filing of declarations under the Vivad Se Vishwas Act, 2020.
3. Due date of filing Belated ITR for the A.Y. 2020-2021.
4. Last date for linking PAN with Aadhaar.

30th April, 2021:

1. Date for payment without additional amount under Vivad Se Vishwas.
2. UDIN for Audit Forms / Audit certificates can be updated till 30th April, 2021.

CA Fraternity: Applications for admission to Intermediate (IPC), Intermediate & Final Examinations; Candidates are required to apply on-line at https://icaiexam.icai.org from 31st March, 2021 to 13th April, 2021.