AKGVG's Weekly Insight, dated 18 July, 2020
AKGVG Weekly Insight
Dear Reader,
Greetings for the day!!!
We are pleased to share AKGVG's Weekly Insight, dated 18th July, 2020 which includes:
Date: 18.07.2020
S.no Description Relevant links
Section I: Income Tax
1. Central Government notified National Pension Scheme Tier II- Tax Saver Scheme, 2020. Notification No. 45/2020
dtd 07.07.2020
2. CBDT notified Harmonised Master List of Infrastructure Sub-sectors for the purposes of section 10(23FE) of the Income-tax Act, 1961. The notification shall come into force from 01.04.2021 and shall be applicable for A.Y. 2021-22 and there after. Notification No. 44/2020
dtd 06.07.2020
3. CBDT amended rule 31A, Form 26Q and Form 27Q. Notification No. 43/2020
dtd 03.07.2020
4. One-time relaxation for verification of tax-returns for the Assessment years 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 which are pending due to non-filing of ITRV form and processing of such returns issued. Circular No. 13/2020 dtd 13.07.2020
Section II: GST
1. Due date for filing FORM GSTR-4 for financial year 2019-2020 extended to 31.08.2020. Notification No. 59/2020-CT
dtd 13.07.2020
2. CBIC introduced CGST (Eighth Amendment) Rules, 2020 which shall be effective from 01.07.2020. The stated rules specify manner of furnishing of return or details of outward supplies by SMS facility. Notification No. 58/2020-CT
dtd 01.07.2020
Section III: MCA
1. MCA extended the due date of filing of Form NFRA-2 for reporting period FY2018-2019. The date stands extended till 270 days from the date of deployment of the stated form on NFRA website. Circular No. 26/2020
dtd 06.07.2020
2. MCA extended timelines for names reserved and resubmission of several forms. Notification
dtd 30.06.2020
Section IV: RBI
1. Fair Practices Code for Asset Reconstruction Companies notified. RBI /2020-21/13
dtd 16.07.2020
2. RBI extended timeline for finalization of audited accounts. It has been decided that every applicable NBFC shall finalise its balance sheet within a period of 3 months from the date to which it pertains or any date as notified by SEBI for submission of financial results by listed entities. RBI/2020-21/11
dtd 06.07.2020
3. RBI notified Special liquidity scheme for NBFCs/HFCs. Notification
dtd 01.07.2020
Section V: Customs
1. CBIC provided for extension of last date of re-import by three months, for those cases where the last date of such re-import falls between 01.2.2020 and 31.7.2020 due to the outbreak of COVID-19 pandemic. Notification No. 30/2020-Customs
dtd 10.07.2020
2. CBIC to extend anti-dumping duty on import of Phenol originating in or exported from South Africa, imposed vide Notification No. 32/2015-Customs (ADD) dated 10.07.2015, up to and inclusive of 09.01.2021. Notification No. 18/2020-Customs
dtd 09.07.2020
3. CBIC notified levy of definitive anti-dumping duty on imports of ' Steel and Fibre Glass Measuring tapes and their parts and components ',originating in, or exported from, People's Republic of China for a period of five years, in pursuance of final findings of sunset review investigations issued by DGTR. Notification No. 17/2020-Customs
dtd 08.07.2020
4. CBIC amended All Industry Rates of Duty Drawback effective from 15.07.2020. Circular No. 33/2020-Customs
dtd 15.07.2020
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)

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