Weekly Key Highlights from team CaCult

A. Important Updates from last week:

Income Tax:

1. No requirement of scrip wise reporting for day trading and short-term sale or purchase of listed shares. For more info.: https://cacult.com/no-requirement-of-scrip-wise-reporting-for-day-trading-and-short-term-sale-or-purchase-of-listed-shares/.
2. Guidelines under section 194-O (4) and section 206C (1-I) of the Income Tax Act, 1961. For more info.: https://cacult.com/guidelines-under-section-194-o-4-and-section-206c-1-i-of-the-income-tax-act-1961/.
3. CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Yr 2019-20 from 30th September, 2020 to 30th November, 2020.
4. Extension of time limit for Compulsory Selection of returns for Complete Scrutiny during the Financial Year 2020-21 from 30th September 2020 to 31st October 2020. For more info.: https://cacult.com/extension-of-time-limit-for-compulsory-selection-of-returns-for-complete-scrutiny-during-the-financial-year-2020-21/.
5. The Income-tax (22nd Amendment) Rules, 2020. For more info.: https://cacult.com/the-income-tax-22nd-amendment-rules-2020/.

CBIC:

1. Date of implementation of Steel Import Monitoring System (SIMS) Registration for additional HS codes covered under SIMS Registration vide Notification No.33/2015-20.
2. Extension of validity of Pre-Shipment Inspection Agencies (PSIAs).
3. Due date for furnishing of FORM GSTR 9/9C for FY 2018-19 till 31th October, 2020.
4. GST- Notification No. 70/2020 – Central Tax w.r.t. E-invoice. For more info.: https://cacult.com/gst-notification-no-70-2020-central-tax-w-r-t-e-invoice/.
5. the Sea Cargo Manifest and Transhipment (Third Amendment) Regulations, 2020. For more info.: https://cacult.com/cbic-notification-no-94-2020-customs-n-t/.
6. Requirement of Dynamic QR code on B2C invoices deferred to 1st December, 2020.
7. Central Goods and Services Tax (Eleventh Amendment) Rules, 2020. For more info.: https://cacult.com/central-goods-and-services-tax-eleventh-amendment-rules-2020/.
8. GST- Notification No. 04 /2020 – Central Tax (Rate). For more info.: https://cacult.com/gst-notification-no-04-2020-central-tax-rate/.
9. Amending Circular 38/2016-Customs on Guidelines for Provisional Assessment under Section 18 of the Customs Act 1962- reg.
10. Implementation of the Sea Cargo Manifest and Transhipment Regulations.
11. Extending scheme of Duty Drawback on supply of steel by steel manufacturers through their Service Centers/ Distributors/ Dealers/ Stock yards.
12. E-invoicing – Relaxation and latest changes. For more info.: https://cacult.com/e-invoicing-relaxation-and-latest-changes/.
13. GST- Notification No. 73/2020-Central Tax. For more info.: https://cacult.com/gst-notification-no-73-2020-central-tax/.

MCA:

1. Extension of Companies Fresh Start Scheme, 2020 till 31st December, 2020.
2. Extension of LLP Settlement Scheme, 2020 till 31st December, 2020.
3. Extension of time– scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013.
4. Extension of time upto 31st December, 2020– Clarification on passing of ordinary and special resolutions by companies under the Companies Act, 2013 read with rules made thereunder on account of Covid-19.
5. THE COMPANIES (AMENDMENT) ACT, 2020. For more info.: https://cacult.com/the-companies-amendment-act-2020/.

SEBI:

1. Operating Guidelines for Investment Advisers in International Financial Services Centre (IFSC) – Amendments.
2. Recovery of assets of defaulter member and recovery of funds from debit balance clients of defaulter member for meeting the obligations of clients / Stock Exchange / Clearing Corporation.
3. Amendments to guidelines for preferential issue and institutional placement of units by a listed InvIT.
4. Amendments to guidelines for preferential issue and institutional placement of units by a listed REIT.
5. Relaxation with respect to Validity of SEBI Observations and Revision in issue size.

RBI:

1. MSF relaxation for a further period of six months, i.e., up to March 31, 2021.
2. Extension of Interim Relaxation in WMA limits and OD regulations.

CA Fraternity:

1. Extension for completion of Orientation /IT Training Course by the Intermediate students, through the foundation route, to on or before 31st December, 2020 instead of on or before 31st October, 2020 and then be allowed to sit for their Final examination to be held in November, 2022.
2. ICAI Important Announcement for November 2020 Examination- For Bihar Students.
3. Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS)-Adv. Information Technology Test – Computer Based Mode on 22nd October, 2020.
4. Extension of due dates for various Schemes, Registration as Independent Director, DIR-3 KYC, holding EGM, till 31st December, 2020 by the Government of India.
5. Extension in the Last Date for Payment of Membership /COP Fee.

Other:

1. The Farmers Produce Trade and Commerce (Promotion and Facilitation) Act, 2020.
2. THE FARMERS (EMPOWERMENT AND PROTECTION) AGREEMENT ON PRICE ASSURANCE AND FARM SERVICES ACT, 2020.

B. Due dates in the month of October:

Income Tax: 

7th October 2020:

1. ​​Due date for deposit of tax deducted/collected for the month of September, 2020.
2. ​Due date for deposit of TDS for the period July 2020 to September 2020 when Assessing Officer has permitted quarterly deposit of TDS under section 192, 194A, 194D or 194H.

31st October 2020:

1. Audit report under section 44AB for the assessment year 2020-21 in the case of an assessee who is also required to submit a report pertaining to international or specified domestic transactions under section 92E.
2. Report to be furnished in Form 3CEB in respect of international transaction and specified domestic transaction​.
3. Due date for filing of audit report under section 44AB for the assessment year 2020-21 in the case of a corporate-assessee or non-corporate assessee.

Goods & Service Tax: 

10th October 2020:

1. GSTR-7 for the month of September 2020.
2. GSTR-8 for the month of September 2020.

11th October 2020: GSTR-1 for the month of September 2020. 
12th October 2020: GSTR-2B for the month of September 2020. 
13th October 2020: GSTR-6 for the month of September 2020. 
18th October 2020: CMP-08 for the period July-September 2020. 

20th October 2020:

1. GSTR-3B for the month of September 2020. (T/O above 5 Crores)
2. GSTR-5 for the month of September 2020.
3. GSTR-5A for the month of September 2020.

22nd October 2020: GSTR-3B for the month of September 2020. (T/O upto 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 October 2020: GSTR-3B for the month of September 2020. (T/O upto 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 October 2020: ITC-04 for the period July-September 2020. 

31st October 2020:

1. GSTR-1 for the period July-September 2020.
2. GSTR-4 for the Financial Year 2019-20.
3. GSTR-9 for the Financial Year 2018-19.
4. GSTR-9C for the Financial Year 2018-19.