Directors’ remuneration (Salary subjected to TDS under Section 192 of IT Act) is not taxable.
40th GST COUNCIL MEETING
|No late fee (GSTR 3B)||If the pending “no tax liability returns” from 1.7.2017 to Jan, 2020, are filed on or before 30.9.2020.|
|Late fee of maximum of Rs.500/- (GSTR 3B)||If the pending other returns from 1.7.2017 to Jan, 2020, are filed on or before 30.9.2020.|
|9% interest (GSTR 3B)|
|No late fee and interest (GSTR 3B)||Turn over below Rs.5 crores – when the returns for May, 2020 to July, 2020 are filed by Sep 2020.|
|Revocation-cancellation registration.||All those cancelled registration upto 12.6.2020 will be revoked on filing application on or before 30.9.2020.|
Customs Duty on bamboos increased to 25%
- Provisional anti-dumping duty imposed on import of 1-phenyl-3-methyl-5-Pyrazolone originating in or exported from China for a period of six months
- Anti-dumping duty imposed on import of Flexible Slabstock Polyol originating in or exported from Singapore for a period of 5 years
- Levy of Anti-Dumping duty on nylon tyre cord fabric originating in or exported from China extended for a further period of 6 months
- Phase 1 of Faceless Assessment at Bengaluru and Chennai from 8th June 2020 for imports primarily made under Chapters 84 and 85 of the Customs Tariff Act, 1975.
- Advisory trade notice issued warning taxpayers of fake email ids purporting to be government officials.
- Amendment to SCOMET Items notified; to take effect from 11.07.2020; changes to Scheduled Chemicals to take immediate effect.
- New pneumatic tyres covered under ITC HS codes 40111010, 40111090, 401 12010, 40112090, 401 14010, 401 14020, 40114090, 401 15010 and 40115090 are now Restricted imports.
- Human Embryos / Gametes/ Gonad tissues are Free exports subject to ‘No Objection Certificate’ from Indian Council of Medical Research (ICMR).
- Certain Diagnostic Kits/Laboratory Reagents/Diagnostic Apparatus are now restricted exports.
- Revalidation of Export Authorisation /License for Non-SCOMET and SCOMET items can now be done from DGFT (Hqrs).
- Foreign Trade Policy: Service Export India Scheme (SEIS) unclaimed for 2016-17 can now be claimed till 30.06.2020.
- Foreign Trade Policy: Service Export India Scheme (SEIS) unclaimed for 2017-18 can now be claimed till 30.06.2020 with 95% claim.
Capital Gain Cost of Inflation Index for the financial year 2020-21 is 301.
Brief additional information required in new IT forms – a) House ownership b) Passport details c) Cash deposits d) Foreign travel e) Electronic Consumption.
Due date for Advance tax for first installment can be made upto 30.06.2020 (Existing due date 15.06.2020). The rate of interest is 0.75% per month (Existing rate 1% per month).
ESI portal new message with effect from 1st July 2020 submission of valid and correct mobile number as well as bank details of the employee shall become mandatory for registration of all new employee.
WORLD CUSTOMS ORGANIZATION
Use the link to know the HSN of Covid medical supplies.