AKGVG Weekly Insight
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Greetings for the day!!!
We are pleased to share AKGVG's Weekly Insight, dated 30th June, 2020 which includes:
Date: 30.06.2020
S.no Description Relevant links
Section I: Income Tax
1. CG notified ‘‘Real Estate Regulatory Authority’ constituted by GOI i.r.o the specified income arising to that Authority u/s 10(46) of IT Act 1961. Notification no. 37/2020
dtd 25.06.2020
2. Extension of time limits under Income Tax Act, 1961 and related tax laws. Notification no. 35/2020
dtd 24.06.2020
Section II: GST
1. CBIC amended notification no. 46/2020-Central Tax in order to further extend period to pass order under Section 54(7) of CGST Act till 31.08.2020 or in some cases upto fifteen days thereafter. Notification no. 56/2020-CT
dtd 27.06.2020
2. CBIC amended notification no. 35/2020-Central Tax in order to extend due date of compliance which falls during the period from "20.03.2020 to 30.08.2020" till 31.08.2020. Notification no. 55/2020-CT
dtd 27.06.2020
3. CBIC extended due date for furnishing FORM GSTR-3B for supply made in the month of August, 2020 for taxpayers with annual turnover up to Rs. 5 crore in a staggered manner. Notification no. 54/2020-CT
dtd 24.06.2020
4. CBIC notified waiver of late fee for delay in furnishing outward statement in FORM GSTR-1 for tax periods for months from March, 2020 to June, 2020 for monthly filers and for quarters from January, 2020 to June, 2020 for quarterly filers Notification no. 53/2020-CT
dtd 24.06.2020
5. CBIC notified conditional waiver of late fee for delay in furnishing returns in FORM GSTR-3B for tax periods of February, 2020 to July, 2020. Notification no. 52/2020-CT
dtd 24.06.2020
Section III: MCA
1. MCA notified Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2020. Notification
dtd 23.06.2020
2. Companies (Meetings of Board and its Powers) Second Amendment Rules, 2020 notified. Notification
dtd 23.06.2020
Section IV: RBI
1. RBI relaxes norms related to Minimum Daily Maintenance of the Cash Reserve Requirement u/s 42(1). RBI/2019-20/260
dtd 26.06.2020
2. RBI extended relaxations in Statutory Liquidity Ratio (SLR) , Marginal Standing Facility (MSF) till 30.09.2020. RBI/2019-20/259
dtd 26.06.2020
Section V: Customs
1. Anti-Dumping Duty to be imposed on import of Flat rolled product of steel, plated or coated with alloy of Aluminium and Zinc originating in, or exported from China PR, Vietnam and Korea RP. Notification No. 16/2020-Customs
dtd 23.06.2020
2. CBIC directed that w.e.f. 22.06.2020 only the digital copy of the Shipping Bill bearing the Final LEO would be electronically transmitted to the exporter. Circular No. 30/2020-Customs
dtd 22.06.2020
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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