| AKGVG Weekly Insight |
| Dear Reader, |
Greetings for the day!!!
We are pleased to share AKGVG's Weekly Insight, dated 27th August, 2020 which includes: |
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| Date: 27.08.2020 |
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| 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.
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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