| AKGVG Weekly Insight |
| Dear Reader, |
Greetings for the day!!!
We are pleased to share AKGVG's Weekly Insight, dated 17th Oct., 2020 which includes: |
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| Date: 17.10.2020 |
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| S.no |
Description |
Relevant links |
| Section I: Income Tax |
| 1. |
CBDT notified Income-tax (22nd Amendment) Rules, 2020 |
Notification No. 82/2020
dtd 01.10.2020 |
| 2. |
CBDT passed an order for further extending the deadline to file belated/revised ITR for AY 2019-20 to 30.11.2020 due to COVID pandemic. Earlier the date was extended 30th June,2020 and subsequently to 31.07.2020 and 30.09.2020 vide the Taxation and other laws (Relaxations of certain provisions), Ordinance dated 31.03.2020, Notification No.35 /2020 dated 24.06.2020 and Notification No.56/2020 dated 29.07.2020 respectively. |
Order dated 30.09.2020 |
| 3. |
CBDT issued clarifications on new TDS / TCS norms applicable w.e.f 1st Oct.2020 onwards |
Circular No. 17/2020
dtd 29.09.2020 |
| 4. |
CBDT notified Income-tax authorities of the Regional Faceless Appeal Centre to exercise the powers and perform functions, in order to facilitate the conduct of Faceless Appeal Proceedings. |
Notification No. 81/2020
dtd 25.09.2020 |
| 5. |
CBDT notified Income-tax authorities of the National Faceless Appeal Centre to exercise the powers and perform functions, in order to facilitate the conduct of Faceless Appeal Proceedings. |
Notification No. 80/2020
dtd 25.09.2020 |
| 6. |
CBDT notified Assistant Commissioner/Deputy Commissioner of Income-tax , to act as the Prescribed Income-tax Authority for the purpose of sub-section (2) of section 143 of the Income Tax Act. |
Notification No. 79/2020
dtd 25.09.2020 |
| 7. |
Exceptions, modifications and adaptations under Faceless Appeal Scheme, 2020 notified. |
Notification No. 77/2020
dtd 25.09.2020 |
| 8. |
Faceless Appeal Scheme, 2020 notified by CBDT. |
Notification No. 76/2020
dtd 25.09.2020 |
| Section II: GST |
| 1. |
CBIC notified Twelfth amendment (2020) to the CGST Rules,2017. |
Notification No. 79/2020-CT
dtd 15.10.2020 |
| 2. |
CBIC notified number of HSN digits required on tax invoice. |
Notification No. 78/2020-CT
dtd 15.10.2020 |
| 3. |
CBIC notified to make filing of annual return under section 44 (1) of CGST Act for F.Y. 2019-20 optional for small taxpayers whose aggregate turnover is less than Rs 2 crores and who have not filed the said return before the due date. |
Notification No. 77/2020-CT
dtd 15.10.2020 |
| 4. |
CBIC prescribed return in FORM GSTR-3B of CGST Rules, 2017 along with due dates of furnishing the said form for October, 2020 to March, 2021. |
Notification No. 76/2020-CT
dtd 15.10.2020 |
| 5. |
CBIC prescribed the due date for furnishing FORM GSTR-1 by registered persons having aggregate turnover of more than 1.5 crore rupees in preceding financial year or the current financial year, for each of the months from October, 2020 to March, 2021. |
Notification No. 75/2020-CT
dtd 15.10.2020 |
| 6. |
CBIC prescribed due date for furnishing FORM GSTR-1 for the quarters October, 2020 to December, 2020 and January, 2021 to March, 2021 for registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year. |
Notification No. 74/2020-CT
dtd 15.10.2020 |
| 7. |
CBIC issued clarification to issues relating to application of Rule 36(4) of the CGST Rules, 2017, cumulatively for the months of February, 2020 to August, 2020 |
Circular No. 142/12/2020-GST
dtd 09.10.2020 |
| 8. |
CBIC notified special procedure for taxpayers for issuance of e-invoices in the period 01.10.2020 to 31.10.2020. |
Notification No. 73/2020-CT
dtd 01.10.2020 |
| 9. |
CBIC notified Eleventh amendment (2020) to the CGST Rules. |
Notification No. 72/2020-CT
dtd 30.09.2020 |
| 10. |
Date of implementation of the Dynamic QR Code for B2C invoices extended to till 01.12.2020. |
Notification No. 71/2020-CT dtd 30.09.2020 |
| 11. |
CBIC amended first paragraph of notification no. 13/2020-Central Tax dt. 21.03.2020. |
Notification No. 70/2020-CT
dtd 30.09.2020 |
| 12. |
CBIC to amend notification no. 41/2020-Central Tax dt. 05.05.2020 to extend due date of return under Section 44 till 31.10.2020. |
Notification No. 69/2020-CT
dtd 30.09.2020 |
| 13. |
CBIC extended CGST exemption on services by way of transportation of goods by air or by sea from customs station of clearance in India to a place outside India, by one year i.e. upto 30.09.2021. Similar extensions granted under Integrated tax and UTGST. |
Notification No. 04/2020-CT (Rate)
dtd 30.09.2020 |
| 14. |
CBIC granted waiver / reduction in late fee for not furnishing FORM GSTR-10, subject to the condition that the returns are filled between 22.09.2020 to 31.12.2020. |
Notification No. 68/2020-CT
dtd 21.09.2020 |
| 15. |
CBIC granted waiver / reduction in late fee for not furnishing FORM GSTR-4 for 2017-18 and 2018-19, subject to the condition that the returns are filled between 22.09.2020 to 31.10.2020. |
Notification No. 67/2020-CT
dtd 21.09.2020 |
| 16. |
CBIC granted one time extension for the time limit provided under Section 31(7) of the CGST Act 2017 till 31.10.2020 |
Notification No. 66/2020-CT
dtd 21.09.2020 |
| Section III: MCA |
| 1. |
Time limit with regard to creation of deposit repayment reserve of 20% u/s. 73 (2) (C) of the Companies Act 2013 and to invest or deposit 15% of amount of debentures u/r.18 of Companies (Share capital and Debentures) Rules 2014 has been extended to 31.12.2020. |
Circular No. 34/2020
dtd 29.09.2020 |
| 2. |
MCA extended time limit for conducting EGMs through VC or OAVM or transact items through postal ballot till 31.12.2020. |
Circular No. 33/2020
dtd 28.09.2020 |
| 3. |
MCA extended scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 till 31.12.2020. |
Circular No. 32/2020
dtd 28.09.2020 |
| 4. |
MCA extended LLP Settlement Scheme, 2020 till 31.12.2020. |
Circular No. 31/2020
dtd 28.09.2020 |
| 5. |
MCA extended Companies Fresh Start Scheme, 2020 till 31.12.2020. |
Circular No. 30/2020
dtd 28.09.2020 |
| 6. |
MCA notified Companies (Amendment) Act, 2020. |
Notification
dtd 28.09.2020 |
| 7. |
MCA notified Insolvency and Bankruptcy (Application to Adjudicating Authority) (Amendment) Rules, 2020. |
Notification
dtd 24.09.2020 |
| 8. |
MCA notified section 10A of Insolvency and Bankruptcy Code, 2016. |
Notification
dtd 24.09.2020 |
| Section IV: RBI |
| 1. |
RBI notified Submission of returns under Section 31 (read with section 56) of the Banking Regulation Act, 1949 - Extension of time |
RBI/2020-21/55
dtd 13.10.2020 |
| 2. |
RBI notified SLR holdings in HTM category. |
RBI/2020-21/54
dtd 12.10.2020 |
| 3. |
RBI notified Regulatory Retail Portfolio – Revised Limit for Risk Weight. |
RBI/2020-21/53
dtd 12.10.2020 |
| 4. |
Sovereign Gold Bond Scheme (SGB) 2020-21- Series VII, VIII, IX, X, XI, XII notified. |
RBI/2020-21/52
dtd 09.10.2020 |
| 5. |
RBI notified Implementation of Section 51A of UAPA, 1967: Updates to UNSC’s 1267/ 1989 ISIL (Da'esh) & Al-Qaida Sanctions List – Addition of one entry. |
RBI/2020-21/51
dtd 09.10.2020 |
| 6. |
RBI notified Export Data Processing and Monitoring System (EDPMS) Module for ‘Caution/De-caution Listing of Exporters’ – Review. |
RBI/2020-21/50
dtd 09.10.2020 |
| 7. |
Interest Subvention Scheme for MSMEs – Co-operative banks notified |
RBI/2020-21/48
dtd 07.10.2020 |
| Section V: Customs |
| 1. |
CBIC issued guidelines for Testing of outside samples by Revenue Laboratories. |
Circular No. 46/2020-Customs
dtd 15.10.2020 |
| 2. |
CBIC notified Exchange rate of one unit of foreign currency equivalent to Indian rupees |
Notification No. 99/2020-Customs (N.T.)
dtd 15.10.2020 |
| 3. |
Measures for timely assessment of Bills of Entry and clarification on defacement of physical documents under faceless assessment clarified. |
Circular No. 45/2020-Customs
dtd 12.10.2020 |
| 4. |
CBIC laid down procedure for inspection of ICDs/CFSs/AFSs. |
Circular No. 44/2020-Customs
dtd 08.10.2020 |
| 5. |
CBIC amended Notification No. 31/86-Cus, dated 05.02.1986 to include certain goods under Section 110 (1A) of the Customs Act, 1962. |
Notification No. 98/2020-Customs (N.T.)
dtd 14.10.2020 |
| 6. |
Validity of RoSCTL scheme extended from 31.03.2020 to 31.03.2021 or until such date the RoSCTL scheme is merged with RoDTEP scheme, whichever is earlier |
Notification No. 36/2020-Customs
dtd 05.10.2020 |
We trust you will find this Journal informative as well as useful.
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Disclaimer: This insight is meant for informational purpose only and should not be considered as an advice or opinion, or otherwise, whatsoever. AKGVG & Associates does not intend to advertise its services through this insight. AKGVG & Associates is not responsible for any error or omission in this insight or for any action taken based on its contents.
Best Regards!
Knowledge Updates Team
AKGVG & Associates
(Chartered Accountants)
DELHI | GURGAON | MUMBAI | AHMEDABAD | BANGALORE | CHENNAI | LUCKNOW
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Website: https://www.akgvg.com |
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