AKGVG Weekly Insight
Dear Reader,
Greetings for the day!!!
We are pleased to share AKGVG's Weekly Insight, dated 27th August, 2020 which includes:
Date: 27.08.2020
S.no Description Relevant links
Section I: Income Tax
1. CBDT amended Income-tax Rules, 1962 detailing conditions and guidelines for Pension Funds u/s 10(23FE) of the Income-tax Act, 1961. Notification No. 67/2020
dtd 17.08.2020
2. Comprehensive guidelines issued for Faceless Assessment Scheme implementation. Notification No. 61/2020
dtd 13.08.2020
3. CBDT amended E-assessment Scheme, 2019. Notification No. 60/2020
dtd 13.08.2020
4. CBDT notified courts of Magistrates of First Class as Special Courts of the Black Money. Notification No. 59/2020
dtd 10.08.2020
5. CBDT notified Income-tax (19th Amendment) Rules, 2020. Notification No. 58/2020
dtd 10.08.2020
Section II: GST
1. CG appointed 01.09.2020 as the effective date from which interest on delayed payment of GST shall be charged on net liability. Notification No. 63/2020-CT
dtd 25.08.2020
2. CBIC notified CGST (Tenth amendment) Rules, 2020. Aadhar authentication has been made mandatory for GST registration. Notification No. 62/2020-CT
dtd 20.08.2020
Section III: MCA
1. MCA amended item no. (ix) in the Schedule VII of the Companies Act, 2013. Notification
dtd 24.08.2020
2. Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020 notified. Notification
dtd 24.08.2020
Section IV: RBI
1. Due date extended for UCBs (Urban Corporative Bank) for submission of returns under Section 31 of the Banking Regulation Act, 1949 (AACS) till 30.09.2020. RBI/2020-21/28
dtd 26.08.2020
2. RBI notified ad-hoc/short review/renewal of credit facilities. RBI/2020-21/27
dtd 21.08.2020
3. RBI issued clarification to New Definition of Micro, Small and Medium Enterprises. RBI/2020-21/26 dtd 21.08.2020
4. Reviewed guidelines for core investment companies RBI/2020-21/24
dtd 13.08.2020
Section V: Customs
1. CBIC issued guidelines for implementation of section 28DA of the Customs Act, 1962 and CAROTAR, 2020 in respect of Rules of Origin under Trade Agreements (FTA/PTA/CECA/CEPA) and verification of Certificates of Origin. Circular No. 38/2020-Customs
dtd 21.08.2020
2. CBIC extended deferred payment of customs duty benefits to Authorised Public Undertakings. Circular No. 37/2020-Customs
dtd 19.08.2020
3. CBIC issued procedure to be followed in cases of manufacturing or other operations undertaken in special warehouses under section 65 of the Customs Act. Circular No. 36/2020-Customs
dtd 17.08.2020
4. CBIC issued revised procedure for import of pets / live animals. Circular No. 35/2020-Customs
dtd 10.08.2020
5. CBIC notified Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020. Notification No. 81/2020-Customs
dtd 21.08.2020
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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