Newsletter – August, 2020 III Week

INCOME TAX

Taxpayers’ charter introduced. Click here to view the charter.

Faceless Assessment introduced and National E-Assessment Centre set up for this purpose.

Faceless assessment to cover best judgment assessment also.

All communications are to be made through electronic mode only. Personal hearing would be granted, subject to approval by the Chief Commissioner/Director General, in charge of the Regional e-assessment Centre, through video conferencing mode.

Facility of faceless appeal will be available from 25.09.2020.

A Non-Resident, who has, during a previous year, made investment in an alternative investment fund (AIF) located in IFSC and is registered as a Category I AIF or Category II AIF, shall not be required to obtain PAN from the income tax authorities, subject to other conditions.

CUSTOMS

CBEC has launched a special drive from 11.08.2020 to 15.09.2020 for complete disposal of all un-claimed/un-cleared/seized/confiscated goods as per prescribed guidelines.

Levy of Anti Dumping Duty on flax fabrics imported from China and Hong Kong extended upto 11.11.2020.

Levy of Anti Dumping Duty on DPP Red 254 pigment imported from China extended upto 16.11.2020.

Provisional Anti Dumping Duty levied for a period of six months on Black Toner in powder form imported from China PR, Malaysia and Chinese Taipei.

New procedure for Import of pets / live animals prescribed by CBEC in line with the procedure prescribed by the Department of Animal Husbandry & Dairying (DAHD).

DGFT

Export of Rice (Basmati and Non-Basmati) to EU member states and European Countries namely Iceland, Liechtenstein, Norway and Switzerland will require Certificate of Inspection. Export to remaining European countries will require Certificate of Inspection from 01.01.2021.

Advance Authorisation Scheme is not available for export of ‘Gold Medallions and Coins’ or ‘Gold jewellery/articles manufactured by fully mechanised process’.

New policy conditions introduced for imports of various chemicals under Chapter 29, 38 and 39 of ITC (HS), 2017, Schedule – I (Import Policy).

  1. For import of specified items under Chapter 29 and 38, Bill of Entry to be submitted within 30 days to the Ozone Cell, Ministry of Environment, Forest and Climate Change, New Delhi.
  2. For Dichlorofluoroethanes, import of ozone depleting substance HCFC-141b is prohibited except for feedstock application.
  3. For specified items under Chapter 39, import of pre-blended polyol containing Group VI substances, including HCFC-141B, is not permitted as per Ozone Depleting Substances Rules.

Supply of essential commodities, including stone aggregates and river sand, to the Republic of Maldives during 2020-21 notified.

COMPANIES ACT

The Ministry of Corporate Affairs had constituted a ‘Committee on Business Responsibility Reporting’ to develop new Business Responsibility Report (BRR) formats for listed and unlisted companies from an environmental, social and governance perspective.

The Committee has submitted its report with recommendations for a new reporting framework called as the ‘Business Responsibility and Sustainability Report (BRSR).

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.