Latest Updates on Income-tax, GST, Corporate Laws, Accounting, Auditing, etc. and Professional News items for general academic reference of Taxpayers and Professionals (CAs, CSs, CMAs, etc.) in India.

Latest Tax Updates and Professional News
CBDT further extends various Income Tax compliance deadlines
Shortfall Tax Payment by Real Estate Promoters using GST DRC-03
SEBI extends deadline for financial results upto 31st July 2020
File GSTR 1/ 3B using EVC upto 30 Sept. 2020, notifies CBIC
ICAI’s 22 FAQs on Opting Out from May 2020 Exams
ICAI enables generation of Bulk UDINs for Certificates
ICAI Commerce Quiz 2020 on 29 June 2020 (Online)
MCA’s Relaxation Scheme for delayed Creation/ Modification of Charge
EGMs deadline Extended upto 30 Sept. 2020: MCA
May 2020 Candidates can Opt Out for Nov. 2020 Exams: ICAI
Cost Inflation Index (FY 2020-21) notified by CBDT
GST Council provides Relief for GSTR 3B delays
CBIC clarification on Applicability of GST on Director’s remuneration paid by Companies
CBIC Clarifies issue of Refund of Accumulated ITC (Invoices not reflected in GSTR-2A)
ICAI to conduct the ‘Advanced ICITSS/ IT Test’ in ‘Home Based Mode’
CBIC extends validity of e-way bills upto 30th June 2020
CBIC extends time limit for Order u/s 54(7) of the CGST Act, 2017
CBIC extends merger timeline for Taxpayers of Daman and Diu & Dadar and Nagar Haveli
CBIC procedure for SMS filing of Nil GSTR-3B from 8th June 2020
ICAI’s Draft Guidance Note on TP Report u/s 92E: ICAI has released Exposure Draft of Guidance Note on Transfer Pricing Report u/s 92E of the Income-Tax Act, 1961, incorporating amendments made by the Finance Act, 2020, for comments.
E-filing of ITR 1 Enabled: ITR 1 Sahaj for AY 2020-21 is available from 2nd June 2020 for e-Filing at Income Tax e-filing website. Further, other ITRs will be enabled for e-filing shortly.
Revised Definition of MSME and Modalities of Rs. 20000 crore Package: Cabinet approves Upward revision of MSME definition and modalities/ road map for implementing remaining two Packages for MSMEs (a)Rs 20000 crore package for Distressed MSMEs and (b) Rs 50,000 crore equity infusion through Fund of Funds.
Waiver of GST Late Fee: GST Council to discuss the issue of waiver of late fee for delayed filing of GST returns for the past periods (August 2017 to January 2020).
Restoration of Commutation of Pension by EPFO: Based on recommendation of EPFO, Govt. decides to allow restoration of commuted value of pension after 15 years. Earlier there was no provision for restoration of commuted pension and the pensioners continued to receive reduced pension on account of commutation lifelong. This is a historical step for the benefit of pensioners under EPS-95.
New ITR Forms (FY 2019-20/ AY 2020-21) notified: ITR 1 Sahaj, 2, 3, 4 Sugam, 5, 6, 7: CBDT notifies new Income Tax Return (ITR) forms for FY 2019-20/ AY 2020-21 (i.e. ITR 1 Sahaj, 2, 3, 4 Sugam, 5, 6, 7 and ITR-V), vide Income-tax (12th Amendment) Rules, 2020 (Notification No. 31/2020 dt. 29 May 2020), in line with the amendments made by the Finance Act, 2019 (download pdf copy).
ICAI Announcement dt. 30 May 2020Members who have have already paid fees for 2020-21, can request ICAI to adjust such fees for the year 2019-20, so that their application for prospective restoration of Membership/ COP may be converted to application for retrospective restoration, latest by 31st May 2020. In such a situation, the applicable fee for the year 2020-21 will be payable subsequently, in due course.
Updated CGST Rules 2017 compiled/ shared by CBIC (as amended upto 5th May 2020): CBIC has shared a compilation of updated CGST Rules 2017, as amended upto 5th May 2020, which is divided in 2 Parts (i.e. Part A for CGST Rules and Part B for GST Forms).
ICAI Advisory on Certification of CSR Funds Utilisation: ICAI issues Advisory for Members/ Companies to obtain an Independent Practitioner’s Report on Utilisation of CSR Funds, from the auditor/ CA in practice of the third party/ NGO through which such activity has been undertaken, for compliance with CSR Provisions.
ICAI Announcement dt. 29 May 2020ICAI Announces to Open online facility (Correction Window) for Seeking Change of Examination Center (July 2020 CA Exams), during 7th to 9th June 2020.
ICAI Announcement dt. 29 May 2020: ICAI postpones Special Examination (June 2020) for Members of Institutions with whom ICAI had entered into Mutual Recognition Agreement (MRAs) / Memorandum of Understanding (MOUs).
Form 26AS amended, IT Rule 114I inserted on Annual Information Statement: CBDT notifies the Income-tax (11th Amendment) Rules, 2020, to amend Form 26AS and issuance procedure, w.e.f. 1st June 2020. IT Rule 31AB on Annual Statement of TDS/ TCS has been omitted and new IT Rule 114I on Annual Information Statement (Form 26AS) has been inserted.
Aadhaar based Free Instant PAN, launched by FM: FM Smt. Nirmala Sitharaman has formally launched the facility for allotment of Instant PAN free of cost (e-PAN) through a simplified paperless process based on use of Aadhaar based e-KYC.
IT Rule 10V on Fund Managers’ Remuneration amended: CBDT notifies Income-tax (10th Amendment) Rules, 2020 for amending IT Rule 10V on Fund Managers’ Remuneration u/s 9A of the Income-tax Act, 1961. Also inserts/ amends Form No. 3CEJA/ 3CEK.
ICAI to open ‘Center for Audit Quality’ in Jaipur: ICAI has decided to open Centre for Audit Quality at ICAI’s Centre of Excellence, Jaipur, which would provide conducive environment for research and development of systematic audit quality framework.
Status of CAG Empanelment for PSU Audits (2020-21) by CA Firms/ LLPs: Status of provisional CAG Empanelment for FY 2020-21 along with score points of applicant CA Firms/LLPs will be available from 28th May 2020 to 4th June 2020 on the CAG website, for review by all concerned. Representations for any rectification may be sent through email, latest by 4th June 2020.
Schedule VII (CA 2013) amended to insert PM CARES Fund in CSR Policies Activities: MCA amends Schedule VII to the Companies Act 2013, relating to CSR Policies Activities. Accordingly, the words “Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund)” have been inserted in item No. (viii) of the said Schedule, w.e.f. 28 March 2020.
ICAI develops separate Portal for Disciplinary Mechanism: ICAI has developed a separate portal (https://disc.icai.org) specifically for Disciplinary Mechanism, as a single point window for sharing detailed information on the disciplinary procedures, cause list, orders, etc.
RBI extends Pre/ Post Shipment Export Credit/ Advance Period from 12 to 15 MonthsRBI has notified extension of Period of Advance from 12 months to 15 months in the case of all Pre/ Post Shipment Export Credits disbursed upto 31 July 2020, in view of the genuine difficulties being faced by exporters due to COVID-19, such as delay/ postponement of orders, delay in realisation of bills, etc.
ICAI’s Guidelines for Auditor’s Consideration (COVID-19)ICAI has issued Guidelines which prescribes key points/ questions for Auditor’s Consideration, in respect of Subsequent Events (impact of COVID-19) for the Accounting Year ending 31st March 2020.
Income Tax Refunds of Rs. 26,242 crores issued since 1st April 2020: Income Tax Deptt. has issued refunds of Rs. 26,242 crores since 1st April 2020 to 16.84 lac individual/ corporate assessees. Further, the refund process has been geared up for necessary action to match the AatmaNirbhar Bharat initiative (COVID-19) announced by PM/ FM recently.
CBDT Income Tax Notification No. 26/2020 dt. 21 May 2020: CBDT notifies exemption from Income u/s 10(46) of Income Tax Act, 1961, in the case of ‘Kerala Cooperative Development and Welfare Fund Board, Trivandrum’ for certain specified incomes during the assessment years 2019-20 to 2023-24, subject to certain conditions.
CBDT Income Tax Notification No. 25/2020 dt. 20 May 2020: CBDT amends Rules 10TD and 10TE to notify Safe Harbour Rules for AY 2020-21, vide Income Tax (9th Amendment) Rules 2020 (Notification 25/2020 dt. 20 May 2020). Accordingly, the safe harbour rates of transfer pricing applicable during AY 2017-18 to 2019-20 will continue to apply for AY 2020-21. i.e. there will be no change in Safe Harbour Rates for AY 2020-21.
ICAI Announcement dt. 21 May 2020ICAI extends Practical Training/ Articleship commencement deadline from 31st May 2020 to 31st July 2020 for appearing in November 2020 Final examination, due to lock down in the country upto 31 May 2020 (COVID-19).
CBDT Income Tax Circular 12/2020 dt. 20 May 2020: CBDT clarifies that provisions of prescribed electronic modes under section 269SU of the Income-tax Act, 1961 shall not be applicable to specified persons having B2B transactions.
CBIC Notification 43/2020 Central Tax dt. 16 May 2020Central Govt. notifies 18th May 2020 as the date from which provisions of Section 128 of the Finance Act 2020 (in respect of retrospective amendment in Section 140 relating to Transitional Input Tax Credit) shall be applicable.
No Penal Damages for PF Deposit Delays during Lockdown (COVID-19): EPFO has provided relief to employers from levy of penal damages for any delay in deposit of PF contribution(s)/ administrative charges due for the period during Lockdown (COVID-19).
ICAI Announcement dt. 14 May 2020ICAI has announced a Scheme for “Retrospective Restoration of Membership/ Certificate of Practice (COP)” for the Financial Year 2019-20. Members can apply under this Scheme till 31st May 2020 in Form 9/ Form 101 along with Applicable Fee, in case their name has been removed from the “Register of Members” due to non-payment of requisite fee before the due date.
ITR/ TAR Due Date Extended (FY 2019-20/ AY 2019-20)Due dates for filing of all Income Tax Return (ITR) in respect of FY 2019-20/ AY 2020-21 have been extended from 31st July/ 31st October 2020 to 30th November 2020, i.e. including for Tax Audit cases. However, deadline for Tax Audit Report (TAR) has been extended from 30th September 2020 to 31st October 2020.
25% Reduction in TDS/ TCS Rates; TDS Rates for non-salary payments and TCS Rates for specified receipts have been reduced by 25% in respect of the remaining period of Financial Year 2020-21 (i.e. during 14th May 2020 to 31st March 2021), as a measure to inject liquidity of Rs. 50,000 crore in the System.
Vivad se Vishwas Scheme extended upto 31 Dec. 2020The period of Vivad se Vishwas Scheme for making payment without additional amount will be extended to 31st December,2020, as per Special Package of Rs 20 lakh crores (COVID-19) announced by Govt. of India on 13th May 2020.
Highlights of Special Package of Rs 20 lakh crores: Key Highlights of the Special economic and comprehensive package of Rs 20 lakh crores Announced by the Govt. of India, for relief and credit support related to businesses, especially MSMEs to support Indian Economy, Atmanirbhar Bharat and to fight against COVID-19.
ICAI’s Guidelines for Auditor’s Consideration (COVID-19)ICAI has issued different Guidelines which prescribes key points/ questions for Auditor’s Consideration, like Physical Inventory Verification, Going Concern, Financial Reporting & Auditing of Financial Statements for the Accounting Year ending 31st March 2020, for conducting audits during the COVID-19 phase.
MCA General Circular 21/2020 dt. 11 May 2020MCA Clarification on dispatch of notice under section 62(2) of Companies Act, 2013 by listed companies for rights issue opening upto 31st July, 2020.
ICAI Notification dt. 11 May 2020ICAI notifies revised schedule for conducting next eligibility test (ET) of Information System Audit (ISA) Course, on 18th July 2020 (Saturday). Last date for online submission of Application Form is 30th June, 2020 (upto 1730 Hrs).
ICAI Clarification dt. 11 May 2020: ICAI has clarified the provisions/ restrictions on ‘Above 15% Fees from a Single Client’ under the revised Code of Ethics applicable w.e.f. 1st July 2020.
ICAI Creates Rs. 100 crores Corpus Fund for Scholarships to CA Students: ICAI has created a Rs. 100 crores Corpus Fund which is earmarked for providing recurring scholarships to CA Students falling in different categories namely,- Merit, Merit-cum-Need based, Need-based and Weaker Sections.
CBDT Income Tax Circular 11/2020 dt. 8 May 2020: CBDT clarification on determination of residency status of Individuals for the Previous Year 2019-20, who visited India but could not go back due to declaration of lock down by the Government (COVID-19), to avoid any adverse effect on their residential status.
CBDT Income Tax Notification 23/2020 dt. 6 May 2020: CBDT notifies the Income-tax (8th Amendment) Rules, 2020, to amends Mutual Agreement Procedure (MAP) laid down under Income-tax Rules, 1962​ (Rule 44G and Form 34F amended).
MCA General Circular 20/2020 dt. 5 May 2020MCA Clarification on holding of annual general meeting (AGM) through video conferencing (VC) or other audio visual means (OAVM).
MCA General Circular 19/2020 dt. 30 April 2020NFRA 2 filing due date further extended, i.e. upto 210 days from the date of deployment of such form on NFRA website.
ICAI Advisory dt. 28 April 2020Professional fees Not to be Mentioned in Advertisements.
CBIC Notification 37/2020 Central Tax dt. 28 April 2020: 21st April 2020 appointed as the date from which provisions of CGST rule 87(13) relating to FORM GST PMT-09.
Corrigendum dt. 27 April 2020 to CBDT Circular 9/2020Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020.
CBDT Income Tax Circular 10/2020 dt. 24 April 2020CBDT further defers the reporting requirement of revised Form 3CD, relating to Clause 30C (GAAR) and Clause 44 (GST), upto 31st March 2021.
CBDT Income Tax Circular 9/2020 dt. 23 April 2020: Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020.
MCA General Circular 18/2020 dt. 21 April 2020Clarification on Holding of AGMs by companies whose financial year ended on 31st December, 2019.
MCA General Circular 17/2020 dt. 13 April 2020: Clarification on passing of ordinary and special resolutions by companies under the Companies Act, 2013 and rules made thereunder on account of the threat posed by Covid-19.
MCA General Circular 16/2020 dt. 13 April 2020Clarification on filings u/s 124 and 125 of the Companies Act 2013 read with IEPFA (Accounting, Audit, Transfer and Refund) Rules 2016 (COVID-19).
CBDT Income Tax Circular 8/2020 dt. 13 April 2020Clarification regarding short deduction of TDS/ TCS due to increase in rates of surcharge by Finance (No.2) Act, 2019.
CBDT Income Tax Circular C1 of 2020 dt. 13 April 2020: Clarification in respect of option under section 115BAC of the Income-tax Act, 1961.
MCA General Circular 15/2020 dt. 10 April 2020: FAQs on CSR Expenditure relating to COVID-19 Activities by Companies.