AKGVG Weekly Insight
Dear Reader,
Greetings for the day!!!
We are pleased to share AKGVG's Weekly Insight, dated 24th Dec., 2020 which includes:
Date: 24.12.2020
S.no Description Relevant links
Section I: Income Tax
1. CBDT notified sharing of information with Secretary, Citizen Resources Information Department, Govt. of Haryana. Notification No. 90/2020
dtd 15.12.2020
2. CBDT issued Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020 Circular No. 21/2020
dtd 04.12.2020
3. CBDT issued manual related to income-tax Deduction from Salaries During the Financial Year 2020-21 under section 192 of the Income-tax Act, 1961 Circular No. 20/2020
dtd 03.12.2020
Section II: GST
1. Waiver from recording of UIN on the invoices for the months of April 2020 to March 2021 given to UIN entities. Circular No. 144/14/2020-GST
dtd 15.12.2020
2. CBIC extended due dates for compliances and actions in respect of anti-profiteering measures under GST till 31.03.2021. Notification No. 91/2020-CT
dtd 14.12.2020
Section III: MCA
1. MCA notified Companies (Appointment and Qualification of Directors) Fifth Amendment Rules 2020. Notification
dtd 18.12.2020
2. MCA notified Companies (Compromises, Arrangement and Amalgamations) Second Amendment Rules 2020 Notification
dtd 17.12.2020
Section IV: RBI
1. Amendment to Master Direction (MD) on KYC – Centralized KYC Registry – Roll out of Legal Entity Template & other changes notified RBI/2020-21/80 dtd 18.12.2020
2. RBI notified External Trade – Facilitation - Export of Goods and Services. RBI/2020-21/77 dtd 04.12.2020
3. RBI notified Introduction of Liquidity Adjustment Facility (LAF) and Marginal Standing Facility (MSF) for Regional Rural Banks (RRBs) RBI/2020-21/76 dtd 04.12.2020
4. Declaration of dividends by banks notified. RBI/2020-21/75 dtd 04.12.2020
5. RBI notified Processing of e-mandates for recurring transactions RBI/2020-21/74 dtd 04.12.2020
6. Perpetual Validity for Certificate of Authorisation (CoA) issued to Payment System Operators (PSOs) under Payment and Settlement Systems Act, 2007 (PSS Act) notified. RBI/2020-21/72 dtd 04.12.2020
7. RBI notified - Relaxation in requirement of Additional Factor of Authentication card transactions in Contactless mode. RBI/2020-21/71 dtd 04.12.2020
8. 24x7 availability of Real Time Gross Settlement (RTGS) System notified. RBI/2020-21/70 dtd 04.12.2020
Section V: Customs
1. CBIC Notified Provisional Bilateral Safeguard Measure On Imports Of Phthalic Anhydride Originating In Korea RP Under The India-Korea Comprehensive Economic Partnership Agreement. Notification No. 44/2020-Customs
dtd 18.12.2020
2. CBIC issues clarifications on issues raised by stakeholders w.r.t faceless assessments. Circular No. 55/2020-Customs
dtd 17.12.2020
3. CBIC notified new land customs stations and/or routes with respect To Bholaganj, Nalikata, Ryngku, Jogighopa, Badarpur, Kolaghat, Dhulian, Jayanagar And Nagarkata. Notification No. 111/2020-Customs (N.T.)
dtd 11.12.2020
4. Third party invoicing in case of preferential certificates of origin issued in terms of DFTP For "Wholly Obtained Goods" Clarified. Circular No. 53/2020-Customs
dtd 08.12.2020
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)

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