March, 2021 – Issue No. II

GST
Due date for furnishing of Annual Returns GSTR-9 and GSTR-9C for financial year 2019-20 extended to March 31, 2021.
INCOME TAX

Clarification issued on Residential status during the Covid period. Individuals facing double taxation, despite the relief under DTAAs, should furnish information in Form – NR by 31st March, 2021 so that relaxations can be decided.

CBDT issues instructions regarding selection of cases for issue of notice u/s 148 of the Income-tax Act, 1961.

COVID Extension – CBDT extends various due dates for passing assessment/re-assessment/penalty orders by IT officers.

CBDT prescribes rules for determination of Annual accretion for the purposes of section 17(2)(viia) of Income Tax Act, 1961.

CUSTOMS

Provisional Anti-dumping duty on imports of ‘Black Toner in powder form’ from China PR, Malaysia, and Chinese Teipei made definitive for a period of 5 years from 10.08.2020.

Anti-Dumping duty on Phenol imported from European Union and Singapore extended up to 07.01.2021.

DGFT

Adjudication, Appeal and Review proceedings under Foreign Trade (Development & Regulation) Act, 1992, and Foreign Trade (Regulation) Rules, 1993, to be fully online from 27th February 2021. Submission of documents and service of notices/orders will be through online mode.

COMPANIES ACT

MCA notifies new FORM NO. MGT-7 – Annual Return (other than One Person Companies and Small Companies) and FORM NO. MGT-7A – Abridged Annual Return for One Person Companies and Small Companies from the FY 2020-2021 onwards.

Amendments made in Section 92 of the Companies Act, 2013 relating to filing of Annual Return brought into effect from 05.03.2021.

INSOLVENCY LAWS

Liquidation Process Regulations – list of stakeholders filed by the Liquidator to be published on the Board’s website.