| AKGVG Weekly Insight |
| Dear Reader, |
Greetings for the day!!!
We are pleased to share AKGVG's Weekly Insight, dated 18th July, 2020 which includes: |
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| Date: 18.07.2020 |
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| 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.
For any queries, you can write to us at "info@akgvg.com".
Looking forward to receive your valuable feedback
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
Tel: +91 9811118031, 9818330516,
Telefax:+91 11 49037920
Website: https://www.akgvg.com |
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