Weekly Key Highlights from team Cacult (March 2021- Week 4th)

Weekly Key Highlights from CaCult (March 2021- Week 4th)

A. Important Updates from last week:

Central Board of Direct Taxes (CBDT):

1. Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020- Circular No. 4/2021.
2. Clause 30C and 44 of Tax audit report shall be kept in abeyance- Circular No. 5/2021.
3. Income-tax (6th Amendment) Rules, 2021, come into force on the 1st day of April, 2021

Central Board of Indirect Taxes & Customs (CBIC):

1. CBIC issues Press Release regarding payment of GST dues.
2. Opting-in for Composition Scheme for Financial year 2021-22- GST News and Updates.
3. Urgent measures to sensitise trade in light of proposed changes to Section 46 of the Customs Act, 1962.
4. Notification No. 15/2021-Customs (ADD)– Seeks to amend notification no 11/2016-Customs (ADD) dated 29.03.2016 so as to extend the said notification up to 30.09.2021.
5. Notification No. 16/2021-Customs (ADD)- Seeks to rescind notification No. 10/2016-Customs (ADD) dated 29.03.2016.
6. Notification No. 17/2021-Customs (ADD): Seeks to impose anti-dumping duty on imports of 2-Ethyl hexanol originating in or exported from European Union, Indonesia, Korea RP, Malaysia, Taiwan and United States of America for a period of 5 years.

Directorate General of Foreign Trade (DGFT):

1. Trade Notice No. 47/2020-21: Issuance of Import Authorization for ‘Restricted’ items from DGFT HQs w.e.f. 22.03.2021.
2. Trade Notice No. 48/2020-21: Electronic filing (E-filing) of Non-Preferential Certificate of Origin (CoO) through the Common Digital Platform for India’s Exports w.e.f. 15th April 2021.
3. Public Notice No. 45/2015-20: Amendment of Para 2.54 of Handbook of Procedures, 2015-2020.

Corporate Law:

1. Guidelines for Appointment of IPs as Administrators under the SEBI (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018.
2. New Clauses under Companies (Auditor’s Report) Order (CARO) 2020.
3. Extending deadline of Companies Fresh Start Scheme (CFSS) and LLP Settlement Scheme- Press Release.
4. MCA portal will not be available between 8:00AM to 6:00PM on 27th March’21 due to planned quarterly maintenance activity.
5. The Companies (Audit and Auditors) Amendment Rules, 2021.
6. Commencement Notification Dated 24th March 2021.
7. Finance Minister (FM) Smt. Nirmala Sitharaman launches Central Scrutiny Centre and IEPFA’s Mobile App to leverage digital solutions to achieve Prime Minister’s vision of ‘Digitally empowered India’.
8. Amendments in Schedule III effect from 1st day of April 2021.

Reserve Bank of India:

1. RBI announces Standing External Advisory Committee for evaluating Applications for Universal Banks and Small Finance Banks- Press Release: 2020-2021/1282.
2. Clarification on the valuation of bonds issued under Basel III framework.
3. Amendment to Master Direction (MD) on KYC – Procedure for Implementation of Section 51A of the Unlawful Activities (Prevention) Act, 1967.
4. Master Direction – Amalgamation of Urban Cooperative Banks, Directions, 2020.
5. RBI issues notification on FETERS – Cards: Monthly Reporting- Notification RBI/2020-21/113.
6. Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2020-21)
7. Special Clearing operations on March 31, 2021- Notification

Securities and Exchange Board of India (SEBI):

1. Guidelines for Business Continuity Plan (BCP) and Disaster Recovery (DR) of Market Infrastructure Institutions (MIIs).
2. Review of delivery default norms- SEBI Circular.
3. SECURITIES CONTRACTS (REGULATION) (STOCK EXCHANGES AND CLEARING CORPORATIONS) (AMENDMENT) REGULATIONS, 2021.
4. Circular on Combating Financing of Terrorism (CFT) under Unlawful Activities (Prevention) Act, 1967 – Directions to Stock Exchanges, Depositories and all registered intermediaries.
5. Prior Approval for Change in control: Transfer of shareholdings among immediate relatives and transmission of shareholdings and their effect on change in control.
6. Transfer of business by SEBI registered intermediaries to other legal entity.

Institute of Chartered Accountants of India (CA Fraternity):

1. Launch of ‘Certificate Course on Ind AS’ (Online Batch)– Announcement.
2. Guidance Note on Audit of Banks 2021 edition- ICAI Announcement.
3. Result Analysis of CA Examination held in January, 2021- ICAI Press Release.
4. Technical Guide on Revised Formats of Long Form Audit Report issued by the Auditing and Assurance Standards Board.
5. Survey for seeking preference for learning foreign language through virtual mode from ICAI Members and Students.
6. Important Dates to apply for Certified Copies.
7. Rescheduling of Mock Test Paper Series I for May 2021 CA Examination- ANNOUNCEMENT.
8. Result of online Examination for Certificate Course on BRSR held on March 20, 2021.
9. Results Date of CA Intermediate Examination announced.
10. CSR Committee of ICAI proudly announces 4th batch of Certificate Course on CSR through online mode across India for members of ICAI.
11. Brochure of Campus Placement Programme April-May, 2021.
12. Results of Intermediate Examination held in Jan. 2021 declared.
13. Important Announcement for Students who are eligible to become Members.
14. Result Analysis of CA Examination held in January 2021- Press Release.
15. Orientation Programme Structure for Newly Qualified CAs.
16. Announcement for Campus Placement Programme for Newly Qualified Chartered Accountants (CA) April-May, 2021.

Other:

1. SFIO investigating 20; RDs investigating 38 cases in misuse of corporate structure/ fraud Financial Year 2020-21.
2. Sanction for prosecution accorded in 366 cases in violation of CSR provisions.
3. Benefits of Social Security Schemes to Senior Citizens.
4. Empanelment of Insurance Companies under PMFBY.
5. Life Certificate to Elderly Pension Holders- Press Release.
6. THE INSURANCE (AMENDMENT) ACT, 2021.

B. Important Due Dates.

Goods and Services Tax

31st March, 2021:

1. Due date of Filing of Annual Return (FORM GSTR-9/ GSTR-9C) for the F.Y. 2019-20.
2. Due date to opt for Composition scheme for the F.Y. 2021-22.

13th April, 2021: GSTR-1 for the quarter Jan-March, 2021.

18th April, 2021: CMP-08 for the quarter Jan-March, 2021.

22nd April, 2021: GSTR-3B for the quarter Jan-March, 2021. (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 April, 2021: GSTR-3B for the quarter Jan-March, 2021. (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).

Income Tax

31st March, 2021: 

1. Due Dates of furnishing TDS/TCS return of Q1 and Q2 for the F.Y. 2020-21.
2. Date for filing of declarations under the Vivad Se Vishwas Act, 2020.
3. Due date of filing Belated ITR for the A.Y. 2020-2021.
4. Last date for linking PAN with Aadhaar.

30th April, 2021:

1. Date for payment without additional amount under Vivad Se Vishwas.
2. UDIN for Audit Forms / Audit certificates can be updated till 30th April, 2021.

CA Fraternity: Applications for admission to Intermediate (IPC), Intermediate & Final Examinations; Candidates are required to apply on-line at https://icaiexam.icai.org from 31st March, 2021 to 13th April, 2021

Regards,

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