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Weekly Key Highlights from team CaCult

CA Cult

A. Important Updates from last week:

CBIC:

  1. Update on Blocking of E-Way Bill (EWB) generation facility. Click Here.
  2. Delhi Goods and Services Tax Notification No. 67/2020- State Tax. Click Here.
  3. Salient features of Quarterly Return filing & Monthly Payment of Taxes (QRMP) Scheme. Click Here.

SEBI:

  1. Amendments to guidelines for preferential issue and institutional placement of units by a listed InvIT.

RBI:

  1. Compounding of Contraventions under FEMA, 1999.
  2. Maintenance of Escrow A/c with a Scheduled Commercial Bank.
  3. Net Owned Fund for Housing Finance Institution.
  4. RBI releases the Report of the Internal Working Group to Review Extant Ownership Guidelines and Corporate Structure for Indian Private Sector Banks.

CA Fraternity:

  1. ICAI President’s Message for Professional Colleagues.
  2. ICAI Change of certain Examination Centre for Nov, 2020 Exams. Click Here.
  3. Pre-Budget Memoranda-2021 Direct Tax and International Tax. Click Here.
  4. Postponement of the Mock Test & ISA Eligibility Test Scheduled to be held on 20th Nov. & 28th Nov. 2020 respectively. Click Here.
  5. Opening of ICAI Representative office in Leh.
  6. Committee for Members in Practice arranged Discounted Health Care Services provided by Medanta for the Members of ICAI & their dependents.
  7. Committee for Members in Practice arranged Discounted Diagnostic and Related Healthcare Tests for the Members of ICAI & their dependents.
  8. Centre for Audit Quality of ICAI Launch of 1st Batch of the Virtual Executive Master Program – New Age Auditors.
  9. ICAI invites applications for various posts.
  10. January/February 2021 ICAI Examination will commence from 21st January, 2021.
  11. Change of certain Examination Centre / minor correction in the address for November 2020.
  12. NOTICE TO CANDIDATES APPEARING FOR THE ICAI EXAMINATIONS- NOVEMBER, 2020.
  13. IMPORTANT ANNOUNCEMENT FOR NOVEMBER 2020 EXAMINATIONS. Click Here.
  14. Observations of the candidates on the question papers of CA examinations- November 2020. Click Here.
  15. Advisory to students against writing threatening mails to Centres. Click Here.
  16. Change of certain Examination Centre / minor correction in the address for November 2020. Click Here.
  17. Curfew in the city of Ahmedabad- ICAI Announcement. Click Here.

IBBI:

  1. Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2016.
  2. Mistakes committed by insolvency professionals in conduct of corporate insolvency resolution process.
  3. Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2020.
  4. Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2020.
  5. Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2020.
  6. Insolvency and Bankruptcy Board of India (Liquidation Process) (Fourth Amendment) Regulations, 2020.

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: 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:

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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