January, 2021 – Issue No. I

GST

28.02.2021 – Due date for filing annual return for the FY 2019-2020.

INCOME TAX

A. ITR due date for tax audit assesses for FY 2019-20: 15.02.2021;
B. ITR due date for non-tax audit assesses for FY 2019-20: 10.01.2021;
C. Due date for furnishing various audit reports including tax audit report and report in respect of international/specified domestic transaction: 15.01.2021.

Payment due date for liability upto Rs.1 lakh:
15.02.2021 – in case of taxpayers under Sl.No.A above; 10.01.2021 – For Sl.No.B.

Last date for filing declaration under the Vivad Se Vishwas Scheme is extended upto 31.01.2021.

CUSTOMS

In order to facilitate the import/export of COVID -19 vaccines through Courier, Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 is now applicable for express clearance of Covid-19 Vaccines.

Anti Dumping Duty imposed on imports of “All Fully drawn or Fully Oriented Yarn/ Spin Draw Yarn/ Flat yarn of polyester (non-textured and non-POY)”  from China PR and Thailand revoked.

12th tranche of Tariff Concessions under the ASEAN- INDIA Free Trade Agreement notified.

DGFT

Import of odoriferous preparations such as room fresheners/car fresheners that do no operate by burning is “Free”.

The Export of all varieties of Onions is “Free” with effect from 01.01.2021.

Import of only porcine intestinal mucosa [Guts, bladders and stomach of animals (other than fish) whole and pieces thereof, fresh, chilled, frozen, salted, in brine, dried or smoked] under the HS Code 05040039 is “Free” subject to obtaining Sanitary Import Permit from the Department of Animal Husbandry and Dairying.
Export of Rice (Basmati and Non-Basmati) to EU member states and other European Countries namely Iceland, Liechtenstein, Norway and Switzerland will require Certificate of Inspection from EIA/EIC. Export to remaining European countries will require Certificate of Inspection from 01.07.2021.

COMPANIES ACT

Upto 30.06.2021 – Board meetings on the following matters can be conducted through video-conferencing / audio-visual means: annual financial statements, Board’s report, prospectus, Audit Committee Meetings, and matters relating to amalgamation, merger, demerger, acquisition and takeover.

EGMs can be conducted through VC or OAVM or through postal ballot upto 30.06.2021.

PREVENTION OF MONEY LAUNDERING
Government notifies real estate agents with turnover above Rs.20 lakhs and dealers in precious metals/stones with cash transactions above Rs.10 lakhs as “persons carrying on designated businesses or professions” for the purposes of PMLA Act.
open

In view of the full lockdown announced by the TN Govt from 10th may 2021 to 24th june 2021, we, at TITA, will be working from home. For any queries, clarification, filing of replies, applications, appeals and other compliances including GST Returns, please mail to us at tita@tita.net.in and we will do the necessary.