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Weekly Key Highlights from team CaCult

CA Cult

A. Important Updates from last week:

Income Tax:

  1. Income tax Notification w.r.t. Section 92C. For more info.: Click Here.
  2. Income Tax Department carries out searches in Bihar.
  3. Instructions to the Income-tax Return Forms (ITR 1 to ITR 7) for A.Y. 2020-21.
  4. Income-tax (23rd Amendment) Rules, 2020. For more info.: Click Here.
  5. Extension of due date of furnishing of ITR and Audit Reports. For more info.: Click Here.

CBIC:

  1. Custom – Sunset Review investigation concerning anti-dumping duty on imports of ‘Fluoroelstomer’(FKM).
  2. Levy of ADD on All Fully Drawn or Fully Oriented Yarn.
  3. Contactless delivery of international courier consignments.
  4. Amendment in Export Policy of Nitrile/NBR Gloves.
  5. NOTIFICATION No. 38/2020 – CUSTOMS. For more info.: Click Here.
  6. NOTIFICATION No. 07/2020 – Central Excise. For more info.: Click Here.
  7. GST Notification No. 29/2020– STATE TAX. For more info.: Click Here.
  8. GST Notification No. 08/2020–STATE TAX. For more info.: Click Here.
  9. Withdrawal of EVC facility extended to companies for filing GSTR1 and GSTR3B. For more info.: Click Here.
  10. Extension of due dates for GSTR-9/9A and GSTR-9C for 2018-19. For more info.: Click Here.
  11. Delhi Goods and Services Tax (Third Amendment) Rules, 2020. For more info.: Click Here.

SEBI:

  1. SEBI (Alternative Investment Funds)(Amendment) Regulations, 2020.
  2. Utilization of Funds created out of the Regulatory Fee Forgone by SEBI: Additional Guidelines.
  3. SEBI steps up efforts for “Data Culture” through “Data Democratization” in the Indian security market; constitutes “Market Data Advisory Committee”.
  4. Contribution by Issuers of listed debt securities.
  5. Clarification on SEBI Circular SEBI/HO/OIAE/IGRD/CIR/P/2020/152 dated 13 August, 2020 on Investor grievances redressal mechanism –Handling of SCORES complaints by stock exchanges and Standard Operating Procedure for non-redressal of grievances by listed companies.
  6. Processing of applications for registrations of AIFs and launch of schemes.

RBI:

  1. Inclusion in/exclusion from the Second Schedule to the Reserve Bank of India Act, 1934 – Regional Rural Banks (RRBs).
  2. Survey of Foreign Liabilities and Assets of M.F. Companies.
  3. Review of regulatory framework for Housing Finance Companies (HFCs).
  4. Digital Payment Transactions – Streamlining QR Code infrastructure.
  5. Framework for Recognition of a Self-Regulatory Organisation for Payment System Operators.
  6. 585th Meeting of Central Board of the Reserve Bank of India.

CA Fraternity:

  1. ICAI Allows Provisional Registration in CA Foundation Course after passing Class X Examination. For more info.: Click Here.
  2. Chartered Accountants (Amendment) Regulations, 2020. For more info.: Click Here.
  3. Programmes by IIM Ahmedabad Under MoU with ICAI.
  4. Reopening of empanelment of members to act as observers for November, 2020 examinations.
  5. MoU between ICAI, India and CPA, Papua New Guinea.
  6. Cabinet approves Mutual Recognition Agreement between ICAI, India and MICPA, Malaysia.
  7. Notification for Eligibility Test (ET) for Post Qualification Course on Information Systems Audit (ISA) on Saturday the 28th November, 2020.
  8. Adv. Information Technology Test – Computer Based Mode. For more info.: Click Here.
  9. Exclusive Blended Online Weekend Batch of Spanish Language.
  10. Multipurpose Empanelment Form for the year 2020-21 extended till 6th Nov., 2020.
  11. ICAI Important Announcement for November 2020 Examinations. For more info.: Click Here.
  12. FinBiz2030 Webinar on 10th November at 3:00 – 5:00 PM (IST), ‘Better Leadership, a Better Future’, to be hosted by Ikatan Akuntan Indonesia (IAI).

Others:

  1. MSME Ministry widens request to India Inc. for making payments.
  2. Finance Minister Smt. Nirmala Sitharaman holds 4th review meeting on CAPEX of CPSEs.
  3. Life Insurance Corporation of India (Staff) Amendment Rules, 2020.
  4. Press Release- Foreign Direct Investment Inflow.
  5. THE PATENTS (AMENDMENT) RULES, 2020. For more info.: Click Here.
  6. IFSCA prescribes regulatory framework for REITs and InvITs.
  7. Central Government borrows and transfers Rs.6,000 crore as first tranche to 16 States on account of GST compensation under Special Borrowing Window.
  8. Exposure Draft on Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) Regulations, 2020.

B. Upcoming Due dates:

Income Tax:
30th November, 2020: Due Date for Filing of ITR for the Assessment Year 2019-20.

31st December, 2020:

  1. The due date for furnishing of Income Tax Returns for the (Non-Audit) taxpayers.
  2. The date for furnishing of various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction (Form 3CEB) has also been extended to 31st December, 2020.
  3. Due date for payment of self-assessment tax for taxpayers whose self-assessment tax liability is up to Rs. 1 lakh (Those are required to file ITR by 31st December, 2020).

31st January, 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 (Those are required to file ITR by 31st January, 2021).
  4. The due date for furnishing of TDS Return for FY 2020-21 (Quarter-3).

Goods & Service Tax:
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.

31st December, 2020:

  1. GSTR-9/9A for the Financial Year 2018-19.
  2. GSTR-9C for the Financial Year 2018-19.
    Note: Filing of Annual Return (FORM GSTR-9/ GSTR-9A) for 2018-19 is optional for taxpayers who had aggregate turnover below Rs. 2 crore. The filing of reconciliation Statement in FORM 9C for 2018-19 is also optional for the taxpayers having aggregate turnover upto Rs. 5 crore. 

CA Fraternity:
27th October, 2020: NICASA of NIRC of ICAI AGM and Elections.

01st November, 2020: Admit Card for Chartered Accountant November 2020 Examinations will be uploaded.

02nd November, 2020: Last Date for Online Form Submission till 5:30 PM for Eligibility Test (ET) for Post Qualification Course on Information Systems Audit (ISA) on Saturday the 28th November, 2020.

07th November, 2020: Options to opt out from November 2020 attempt for all. Opt out window will open.

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