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Weekly Key Highlights from team CaCult

CA Cult

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A. Important Updates from last week:

Income Tax:

  1. Income Tax Notification w.r.t. Section 10(23FE). Read More.
  2. Circular No. 19/2020 regarding Filing of Form 10BB: Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10BB for Assessment Year 2016-17 and subsequent years. Read More.

CBIC:

  1. GST Notification No. 68/2020- State Tax regarding GSTR-10. Read More.
  2. GST NOTIFICATION No. 14/2020-STATE TAX. Read More.
  3. Exchange Rate Notification No. 104/2020 – Customs (N.T.). Read More.
  4. Policy and Guidelines for setting up of Inland Container Depots (ICDs), Container Freight Stations (CFSs) and Air Freight Stations (AFSs). Read More.

SEBI:

  1. SEBI Public Notice: Extension of the Settlement Scheme 2020.
  2. Schemes of Arrangement by Listed Entities and (ii) Relaxation under Sub-rule (7) of Rule 19 of the Securities Contracts (Regulation) Rules, 1957.
  3. Creation of Security in issuance of listed debt securities and ‘due diligence’ by debenture trustee(s).
  4. Guidelines for rights issue of units by an unlisted Infrastructure Investment Trust (InvIT).
  5. Enhancement of Overseas Investment limits for Mutual Funds. Read More.
  6. Schemes of Arrangement by Listed Entities and (ii) Relaxation under Sub-rule (7) of Rule 19 of the Securities Contracts (Regulation) Rules, 1957.
  7. Investor Grievance Redressal Mechanism- SEBI.
  8. Outsourcing of activities, Business Continuity Plan (BCP) and Disaster Recovery (DR) and Cyber Security and Cyber Resilience framework – Limited Purpose Clearing Corporation (LPCC).
  9. Flexi Cap Fund a new category under Equity Schemes.
  10. Norms regarding holding of liquid assets in open ended debt schemes & stress testing of open ended debt schemes.

RBI:

  1. RBI INCREASES MARKET TRADING HOURS. Read More.
  2. Opening of Current Accounts by Banks – Need for Discipline. Read More.
  3. Co-Lending by Banks and NBFCs to Priority Sector.
  4. RBI announces rate of interest on Government of India Floating Rate Bonds, 2024.

CA Fraternity:

  1. CA EXAMINATIONS NOVEMBER 2020 PRESS RELEASE Regarding Writ Petition filed before Supreme Court. Read More.
  2. ICAI Important Announcement: For November 2020 Examinations. Read More.
  3. ICAI Announcement: Admit Card for November, 2020, hosted.
  4. ICAI Important Announcement for Nov, 2020. Read More.
  5. Exposure Draft of Revised Ind AS 21, The Effects of Changes in Foreign Exchange Rates.
  6. ICAI Board of Studies Announcement: Live Webinar Series-3.
  7. Guidance Note on Accounting for Share-based Payments.
  8. Guidance Note on Applicability of AS 25 and Measurement of Income Tax Expense for Interim Financial Reporting (Revised 2020) formulated by Research Committee.
  9. DIGITAL ACCOUNTING & ASSURANCE BOARD of ICAI 6 days Executive Development Program on Advanced Excel & Data Dashboard on 05-10 November from 5-8 PM through Digital Learning Hub of ICAI Fees: Rs. 3000/- (+18% GST) per participant.
  10. Live Webcast on “World of opportunities for CAs in Sustainability”.
  11. ICAI ANNOUNCEMENT: Multipurpose Empanelment Form (MEF) – 2020-21 extended till 10th November 2020.
  12. Notice Inviting Sealed Quotes for Development & Implementation of Document Management Application for ICAI.
  13. ICAI: FAQs for Provisional Admission to Foundation Course. Read More.
  14. ICAI Announcement Opt-Out Scheme for November 2020, Examinations. Read More.

Others:

  1. Rs 1,05,155 crore of gross GST revenue collected in the month of October 2020.
  2. e-Invoice – A path breaking initiative completes one month on 31st October.
  3. Government extends Emergency Credit Line Guarantee Scheme by one month Loans of more than Rs. 2 lakh crore sanctioned under ECLGS.
  4. Central Government releases Rs 6,000 crore as second tranche to 16 states and 3 Union Territories on account of GST compensation under Special Borrowing Window.
  5. IBBI Communication To IPs on invitation of EOI.
  6. IBBI- Extension of last date of applications for CGM/GM.
  7. The Arbitration and Conciliation (Amendment) Ordinance, 2020. Read More.
  8. Rajasthan decides to go for Option-1 to meet the GST implementation shortfall.
  9. Income Tax Department conducts searches in Kerala.
  10. Income Tax Department conducts searches in West Bengal.
  11. Ministry of MSME, Government of India warns unscrupulous elements against cheating people in the name of Prime Minister’s Employment Generation Programme (PMEGP) Scheme.
  12. New online system of MSME/ Udyam Registration. Read More.

B. Upcoming Due dates:

Income Tax:
30th November, 2020: Due Date for Filing of ITR for the Assessment Year 2019-20.
07th December, 2020: Due date for deposit of Tax deducted/collected for the month of November, 2020.
15th December, 2020: Third instalment of ADVANCE TAX for the assessment year 2021-22.
30th December, 2020: Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of November, 2020.

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.
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