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Weekly Key Highlights from team CaCult

CA Cult

A. Important Updates from last week:

Income Tax:

  1. Income Tax Department conducts searches in Bihar & UP. For more info.: Click Here
  2. E-filing News & Updates- Save draft option is now available in Form 35 in accordance with FACELESS SCHEME.

CBIC:

  1. Recommendations of the 42nd GST Council Meeting. For more info.: Click Here
  2. GST- Participate in GST-n-You Creative Contest.
  3. Annual Return (GSTR-9) & Reco. St. (GSTR 9C) for FY 2018-19. For more info.: Click Here
  4. Blocking of E-Way Bill (EWB) generation facility. For more info.: Click Here
  5. Custom- Procedure for inspection of ICDs/CFSs/AFSs. For more info.: Click Here.
  6. Customs (CVD) Notification- Flat Products of Stainless Steel.
  7. Amendment in Export Policy of Personal Protection Equipments/Masks.
  8. DGFT- Public Notice 24/2015-20 dated 07th October, 2020.

MCA:

  1. The Ministry of Corporate Affairs has integrated with Profession Tax[PT] – Karnataka.

SEBI:

  1. Standardization of timeline for listing of securities issued on a private placement basis.
  2. Circular on Review of Dividend option(s) / Plan(s) in case of Mutual Fund Schemes.
  3. Circular on Product Labeling in Mutual Fund schemes – Risk-o-meter.
  4. Issuance, listing and trading of Perpetual Non-Cumulative Preference Shares (PNCPS) and Innovative Perpetual Debt Instruments (IPDIs)/ Perpetual Debt Instruments (PDIs) (commonly referred to as Additional Tier 1 (AT 1) instruments).
  5. Circular on Guidelines on Inter Scheme Transfers of Securities.
  6. Revised FAQs on SEBI (Prohibition of Insider Trading) Regulations, 2015.
  7. SEBI (LODR) (3rd Amendment) Regulations, 2020.

RBI:

  1. Interest Subvention Scheme for MSMEs – Co-operative banks.

CA Fraternity:

  1. NICASA of NIRC of ICAI AGM and Elections on 27th October, 2020.
  2. OPENING OF ON-LINE FACILITY (CORRECTION WINDOW) FOR SEEKING CHANGE OF EXAMINATION CITY FOR APPEARING IN NOVEMBER 2020 CA EXAMINATIONS.
  3. Release of Indian Accounting Standards: An Overview (Revised 2020).
  4. ICAI Notification for Online Assessment Test (AT). For more info.: Click Here.
  5. ICAI 71st Annual Report.
  6. Announcement for Extn. of Last Date of MEF 2020-21.
  7. Important Announcement November 2020 Examinations.
  8. Guidelines for Examination Centres, Examination functionaries and Candidates for November 2020 CA Examinations in wake of ongoing pandemic Novel Corona Virus (Covid-19).
  9. Invitation of Comments on Exposure Drafts of Forensic Accounting and Investigation Standards(FAIS) – 210, 240, 310, 320, 330, 340 and 350.

B. Due dates in the month of October:

Income Tax: 
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.
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