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Weekly Key Highlights from team CaCult

CA Cult

A. Important Updates from last week:

Income Tax:

  1. Notification- Direct Tax Vivad se Vishwas Act, 2020. Read More.
  2. Special Deposit Scheme for Non-Government Provident. Read More.
  3. Payment Date Extended for Vivad se Vishwas Scheme Finance Secretary urges I-T Department to Reach Out to the Taxpayers.
  4. CBDT Clarifications on the Direct Tax Vivad se Vishwas Act, 2020. Read More.
  5. Equalisation levy (Amendment) Rules, 2020. Read More.
  6. Income-tax Exemption for payment of deemed LTC fare for non-Central Government employees.
  7. TAXATION AND OTHER LAWS: CBDT NOTIFICATION. Read More.

CBIC:

  1. Filing NIL Form CMP-08 statement through SMS on GST Portal. Read More.
  2. GST Notification No. 80 /2020 – Central Tax. Read More.
  3. DGFT: Public Notice No. 27/(2015–2020) w.r.t Extension of time period for import of tur during the fiscal year 2020-21.
  4. DGFT: Trade Notice No. 31/2020-21 w.r.t. Nitrile/NBR Gloves.
  5. CBIC Notification No. 33/2020 -Customs (ADD): Seeks to further amend notification No. 6/2019-Customs (ADD) dated 28th January, 2019 to extend the levy of Anti-Dumping duty on Fluoroelastomers (FKM) originating in or exported from China PR up to and inclusive of 27th November, 2020.
  6. Special Economic Zones (Amendment) Rules, 2020. Read More.
  7. Bonded Warehouses under Section 65 of the Customs Act, 1962.
  8. Submission of data to RoDTEP Committee: DGFT Trade Notice.
  9. Seeks to further amend notification No. 50/2017-Customs dated 30.06.2017 so as to extend the concessional Basic Customs Duty on Lentils (Mosur) till 31st December 2020.
  10. Seeks to prescribe concessional Basic customs duty rate on potato imports with the prescribed quota (TRQ) till the 31st January, 2021.
  11. Amendment in Export Policy of Onions Seeds.
  12. DGFT Public Notice No. 28/2015-20: Deletion of Standard Input-Output Norms (SION) No. A-468 of Chemical & Allied Product Group.
  13. CBIC has released a guidebook for Faceless Assessment to assist the concerned stakeholders in the successful implementation of Faceless Assessment across the country.
  14. DGFT Public Notice No. 29/ (2015 – 2020): Procedure for import of Potatoes, till 31.01.2021, under TRQ Scheme.

SEBI:

  1. SEBI Chairman interacts with investors and other stakeholders from USA; Participants emphasize need for early finalization of direct listing scheme, development of Corporate Bond market and further reforms in IPO regulations.
  2. SECURITIES AND EXCHANGE BOARD OF INDIA (PROHIBITION OF INSIDER TRADING) (SECOND AMENDMENT) REGULATIONS, 2020
  3. SECURITIES AND EXCHANGE BOARD OF INDIA (MUTUAL FUNDS) (SECOND AMENDMENT) REGULATIONS, 2020. Read More.

RBI:

  1. Foreign Exchange Management (Margin for Derivative Contracts) Regulations, 2020. Read More.
  2. FAQs: Targeted Long Term Repo Operations (TLTROs).
  3. Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020).
  4. RBI releases “State Finances: A Study of Budgets of 2020-21”.
  5. Option of repaying the funds availed under Targeted Long-Term Repo Operations (TLTRO and TLTRO 2.0) before maturity.

CA Fraternity:

  1. “WE CARE”- An Initiative of ICAI for Senior Chartered Accountants. Click Here.
  2. Hosting of the details of allotment of assignment as observers for November, 2020 Examination.
  3. A fake announcement of 27.10.2020 is doing rounds on social media, making false assertion of the postponement of the ICAI Examination schedule. Read More.
  4. ICAI Invites Suggestions for Pre-Budget Memorandum-2021.
  5. Exposure Draft of Interest Rate Benchmark Reform – Phase 2 (Amendments to Ind AS 109, Ind AS 107 and Ind AS 116).
  6. ICAI issue advisory regarding November 2020 Examinations. Read More.
  7. Chartered Accountant Firms for the audit of Financial Documents.

Others:

  1. Income Tax Department conducts searches in Delhi- NCR, Haryana, Punjab, Uttarakhand and Goa.
  2. IFSCA Authority Board approves two Regulations.
  3. Employees’ State Insurance (Central) Amendment rules, 2020. Read More.
  4. Patents (Amendment) Rules, 2020- streamlining of the requirements related to filing of Form 27 and submission of verified English translation of priority documents.
  5. GIFT IFSC prescribes framework for listing of Depository Receipts in GIFT IFSC.
  6. Income Tax Department conducts searches in Tamil Nadu.
  7. Shipping Ministry issues draft “Coastal Shipping Bill, 2020” for public consultation.
  8. CGST officials bust racket for generating fraudulent input tax credit through fake billing of around Rs 1,278 crore.
  9. DGGI Gurugram arrests man for forging input tax credit of around Rs 392 crore.

B. Upcoming Due dates:

Income Tax:
07th November, 2020: Due date for deposit of Tax deducted/collected for the month of October, 2020.

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).

1st January 2021:

  1. Due Date of Furnishing of Form 3CEAB.

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).
  5. Due date of furnishing of Form 3CEAA.

Goods & Service Tax:

10th November, 2020: GSTR-7 and GSTR-8 for the month of October, 2020.
11th November, 2020: GSTR-1 (T.O. more than 1.5 Crore)  for the month of October, 2020.
13th November, 2020: GSTR-6 for the month of October, 2020.

20th November, 2020:

  1. GSTR-5 for the month of October, 2020.
  2. GSTR-5A for the month of October, 2020.
  3. GSTR 3B (Annual Turnover more than Rs. 5 crores) for the month of October, 2020.

22th November, 2020: GSTR-3B for the month of October, 2020.(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 November, 2020: GSTR-3B for the month of October, 2020.(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).

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:
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: 

  1. Options to opt out from November 2020 attempt for all. Opt out window will open.
  2. ICAI Invites Suggestions for Pre-Budget Memorandum-2021
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