AKGVG Weekly Insight
Dear Reader,
Greetings for the day!!!
We are pleased to share AKGVG's Weekly Insight, dated 30th July, 2020 which includes:
Date: 30.07.2020
S.no Description Relevant links
Section I: Income Tax
1. Income tax return filing date for FY 18-19 further extended to 30.09.2020 from 31.07.2020. Income-tax tweet
dated 29.07.2020
2. CBDT amended rule 31AA relating to statement of collection of tax, notified TCS rules for newly introduced TCS on sale of goods u/s 206 (1G). Also subsequent amendments in TCS return Form 27EQ. Notification No. 54/2020
dtd 24.07.2020
3. CBDT issued clarification in relation to notification issued under clause (v) of proviso to section 194N of the Income-tax Act, 1961 prior to its amendment by Finance Act, 2020. Circular No. 14/2020
dtd 20.07.2020
Section II: MCA
1. MCA amended Companies (Indian Accounting Standards) Rules, 2015. Notification
dtd 24.07.2020
Section III: RBI
1. With respect to implementation of Indian Accounting Standards RBI notified that any net unrealised gains arising on fair valuation of financial instruments, should not be included in owned funds whereas all such net losses should be considered. Further, it also clarified that unrealized gains/losses shall be considered net of the effect of taxation. RBI /2020-21/15
dtd 24.07.2020
2. RBI signs Currency Swap Agreement with Central Bank of Sri Lanka Press release
dtd 27.07.2020
Section IV: Customs
1. CBIC notified fixation of tariff value of Edible Oils, Brass Scrap, Poppy Seed, Areca nut, Gold & Silver. Notification No. 62/2020-Customs
dtd 27.07.2020
2. CBIC extended Anti-Dumping duty on Fluor elastomers (FKM) originating in or exported from China for a further period of three months. 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. 19/2020-Customs
dtd 21.07.2020
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.
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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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