Ø Global Innovation Index: India in top 50
Ø FM to meet heads of banks, NBFCs
Ø Ashok Leyland looks at ways to de-risk biz
Ø NCLT approves sale of IL&FS education arm
Ø CBDT refunds Rs 98,625 cr till Sept 1
Ø Vedanta submits binding offers for Videocon
Ø DHFL: Audit reveals Rs 17K cr siphoned off
Ø Electricity demand improves to 98% of pre-Covid-19 level in August: ICRA
Ø Liquidation process can allow public auction of non-realisable assets: IBBI
Ø India's August gold imports doubles to hit eight-month peak: Report
Ø Iraq seeks exemption from OPEC deal curbing oil production in Q1 2021
Ø Unacademy turns into unicorn after SoftBank-led funding round
Ø Coal India reports first rise in monthly shipments since Feb
Ø As Indians take to self-grooming, Philips India to ramp up DIY segment
Ø Adani to adopt hub-and-spoke model for airports business
Ø After 6 years of shut down, GSFC restarts Methanol Plant
Ø NMDC’s logs good performance during August 2020
Ø RattanIndia Group sells solar portfolio to GIP for ₹1,670 crore
Ø US companies added just 428,000 jobs last month: Survey
Ø Bretton Woods 3.0 puts the dollar’s dominance at risk
Ø Isha, Akash Ambani, Raveendran debut on Fortune's '40 Under 40' influencer list
Ø Saudi to allow foreigners to invest directly in debt instruments
Ø Coal India Q1 net down 55% to 2,077 cr
Ø Cabinet approves signing of India-Japan pact on cooperation in textiles
Ø Australia’s economy takes sharpest dive since the 1930s
Ø CBIC gives time till Nov 30 for authorities to complete anti-profiteering related compliance
Ø SC to Centre, RBI: Banks free to restructure loans, can't penalise borrowers
Ø Unilever pledges to eliminate fossil fuels in cleaning products by 2030
Ø Gold imports in August doubles to hit 8-month peak as demand improves
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⚫India has moved four places on the Global Innovation Index 2020 to rank at 48. This makes it the third-most innovative lower middle-income economy in the world.
⚫India may impose anti-dumping duty on a certain type of fibre imported from European Union, Belarus, Ukraine and Peru as the commerce ministry's arm DGTR has recommended for the same after conducting a probe.
⚫The I-Tax dept has launched a functionality for scheduled commercial banks to check status of income tax returns filed by entities based on their PAN.To ensure filing of return and to keep track on cash withdrawals by non-filers, and to curb black money, the Finance Act, 2020 with effect from July 1, 2020, further amended I-T Act, 1961, to lower the threshold of cash withdrawal to Rs 20 lakh for the applicability of TDS for non-filers.
⚫FM will hold a review meeting with heads of banks and NBFCs for smooth and speedy implementation of the one-time debt recast for resolution of Covid-19 related stress in bank loans.
⚫The I-Tax Dept said it has issued refunds worth Rs 98,625 crore to over 2.62 millio n taxpayers in five months of current fiscal.
⚫Metro trains will resume operations in a graded manner and all metro networks having more than one line would open different lines starting from September 7 in a staggered manner so that all corridors become operational by September 12.
⚫The SEBI has ordered attachment of bank and demat accounts of two dozen defaulters in the matters of three co's — Mass Infra Realty, Skymarg Agro Industries India, and Life Care Real Developers — to recover dues totalling nearly Rs 40 crore.
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CASA Alert: Compliance Calendar for *September-2020
✅ INCOME TAX
FY 2018-19
Extended due date of ITR for AY 2019-20 for all assessee : 30th September 2020
The due date for filing of return of income U/s 139 for the AY 2019-20 has been extended to 30/09/2020.
FY 2020-21
▪️07th September 2020- TDS deducted /TCS collected for the month of August, 2020 (other than TDS / TCS by an office of the government)
▪️15th September 2020- Advance tax second installment for FY 2020-21
✅ GST
GSTR 3B : Taxpayer having aggregate turnover more than Rs.5 crores in preceding FY
▪️ 20th Sept 2020 for the month of August 2020
GSTR 1: Taxpayer having aggregate turnover more than Rs.1.50 crores in preceding FY
▪️11th Sept 2020 – for the month of August 2020 (for those where monthly GSTR-1 is applicable / opted )
GSTR 3B : Taxpayer having aggregate turnover upto Rs.5 crores in preceding FY
Group A category State :-
▪️For the month of May 2020 - 12th Sept 2020
▪️For the month of June 2020 - 23rd Sept 2020
▪️For the month of July 2020 - 27th Sept 2020
For the month of August 2020 - 1st October 2020
GSTR 3B: Taxpayer having aggregate turnover upto Rs.5 crores in preceding FY
Group B category State :-
▪️For the month of May 2020 - 15th Sept 2020
▪️For the month of June 2020 - 25th Sept 2020
▪️For the month of July 2020 - 30th Sept 2020
▪️For the month of August 2020 - 3rd October 2020
GSTR 7 : Return for Tax Deducted at source to be filed by Tax Deductor
▪️For the month of August 2020 - 10th September 2020
GSTR 8 : Return of E-Commerce operator registered under GST liable to TCS
▪️For the month of August 2020 - 10th September 2020
GST Late fee amnesty scheme
Maximum Late Fee of Rs.500/- per Return & NIL if no tax Liability on GSTR 3B from July 2017 to January 2020, if filed on or before 30th September 2020.
GST Annual Return for FY 2018-19
▪️ 30th Sept 2020- GSTR-9 / 9A Annual return (Taxpayers having an aggregate turnover of more than Rs. 2 crores or opted to file Annual Return)
GST Audit / Reconciliation Statement for FY 2018-19
▪️ 30th Sept 2020- GSTR-9C Audit (for Taxpayers having a Turnover of more than Rs. 5 crores)
✅ CORPORATE COMPLIANCE
▪️ 29th Sept 2020- Due date for applying for extension of AGM in GNL -1, Kindly note due date of AGM is 30.09.2020 for FY 19-20
▪️ 30th Sept 2020- Due date of filing of DPT-3 (deposit and loans details) subject to filing of one additional form (form yet to be notified) under CFSS scheme within a period between October 1, 2020 to March 31, 2021.
▪️ 30th Sept 2020- Due date of updating KYC of Director in MCA records.
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📑 Compliance Calendar Financial Year wise affected due to COVID-19 for September-20
🗓️ FY 2018-19 –
📙 INCOME TAX
▪️30th Sept 2020- For assesse who has not filled their return or audit for FY 2018-19 last date of filling return
🗓️ FY 2020-21 –
📙 INCOME TAX
▪️07th September 2020- TDS deducted /TCS collected for the month of August, 2020
▪️15th September 2020- Advance tax second installment for FY 20-21 (AY 21-22)
▪️30th September 2020- furnishing of challan-cum-statement in respect of tax deducted under section 194-IA/194-IB/194M for the month of August, 2020
▪️31st March 2021- TDS/TCS Quarterly return for Q1 and Q2 ending on 30.06.2020 and 30.09.2020
▪️31st March 2021- Date for linking of Aadhaar with PAN
📙 *GST*
Taxpayer having aggregate turnover more than Rs. 5cr in preceding FY
-GSTR-3B
▪️20th Sept 2020-Due date of filling GSTR-3B for the month of August- 2020
-GSTR-1
▪️11th Sept 2020-Due date of filling GSTR-1 for the month of August- 2020
Taxpayer having aggregate turnover upto Rs. 5cr in preceding FY
-GSTR-3B
▪️12th Sept 2020-Due date of filling GSTR-3B for the month of May 2020
▪️23th Sept 2020-Due date of filling GSTR-3B for the month of June 2020
▪️27th Sept 2020-Due date of filling GSTR-3B for the month of July--2020
▪️22nd Sept 2020-Due date of filling GSTR-3B for the month of August- 2020
GSTR-3B July-2017 to July-2020 if filed upto 30/9/2020.
Late Fees Maximum Rs 500/- per Return, Late Fees NIL for NIL Returns.
-ANNUAL RETURN /AUDIT REPORT
▪️30th Sept 2020- GSTR-9/9A/9B Annual return for FY 2018-19.
▪️30th Sept 2020- GSTR-9C Audit Report for FY 2018-19
📙 Corporate compliance
▪️29th Sept 2020- Due date for applying for extension of AGM in GNL -1, Kindly note due date of AGM is 30.09.2020 for FY 19-20
▪️30th Sept 2020- Due date of filing of DPT-3 (deposit and loans details)
▪️30th Sept 2020- Due date of updating KYC of Director in MCA records.
📙 ESI/PF
▪️15th September 2020- Due date for payment of Provident Fund, ESI contribution for employers who have paid wages to their employees for August 2020.
📙 PROFESSIONAL TAX
▪️30th September 2020- Due date for payment of PT for the month of August where tax liability is more than Rs.100,000/-.
📙 NOTE:
1. Vivaad Se Vishwas Scheme extended to 31.12.2020 (without additional 10% of tax)
2. MCA - moratorium from 01.04.20 to 30.09.20 - there shall be no additional fees for late filings.
3. Revised CARO to get applicable from FY 20-21 instead of FY 19-20
4. For newly incorporated companies - Commencement of business is to be filed within 6 months, which is now extended for another 6 months.
5. DIN holders tagged as ‘Deactivated’ have an extended time of up to 30th September 2020 for filing DIR-3KYC/DIR-3 KYC-Web, without fees of Rs 5,000. Companies marked as “ACTIVE non-compliant” have got extended time of up to 30th September 2020 to file eForm ACTIVE without fees of Rs 10,000.
6. Due date of filing of Income tax return for FY 19-20 (AY 20-21) for all assessee is 30/11/2020 and due date for tax audit report filing is 31/10/2020.
7. Change jn definition of MSME w.e.f 01.07.2020
Micro- Investment < 1Cr & Turnover <5 Cr
Small- Investment < 10Cr & Turnover <50 Cr
Medium- Investment < 50Cr & Turnover <250 Cr
8. Unlock scheme 4 issued by Maharashtra government. Applicable from 2.9.20
9. For waiving bank interest under moratorium case decision still pending in supreme court.
GSTwithNihal - 03rd September 2020
Query - Is transportation of goods liable to GST?
When is this exempt under GST?
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