31.12.2020 – Due date for Annual Return in GSTR 9 & 9A and Reconciliation statement in GSTR – 9C (Notification No.80/2020-CT dated 28.10.2020).
Vivad se Vishwas Scheme – (i) Declaration to be made by 31.12.2020; (ii) Payment date (without additional amount) extended upto 31.03.2021.
Equalisation levy (Amendment) Rules, 2020 notified.
Government of India has allowed payment of cash allowance equivalent to LTC (Leave Travel Concession) fare to Central Government & non-central government employees. The same shall be eligible for income-tax exemption.
For this purpose, employees to spend three times the value of the deemed LTC fare on purchases which carry a GST rate of not less than 12% from GST registered vendors / service providers through digital mode during the period from 12.10.2020 to 31.03.2021. Deemed LTC fare and the related income-tax exemption will be proportionately reduced if the employee does not spend 3 times the LTC fare.
Suggestions invited from the Industry and Trade Associations for Budget 2021-22 regarding changes in direct and indirect taxes (except GST).
Instructions Manual for filing Income-tax Return Forms (ITR 1 to ITR 7) for A.Y. 2020-21 issued.
Basic Customs Duty on Lentils (Mosur) reduced for the period from 18.09.2020 to 31.12.2020
Anti Dumping Duty on “Fluoroelastomers (FKM)” imported from China extended upto 27.11.2020.
Export of Onion seeds – Prohibited.
Procedure for import of Potatoes, till 31.01.2021, under TRQ Scheme issued.
Procedure regarding applications for export of Nitrile/NBR Gloves issued.
Validity of license and time period for import of tur extended upto 31.12.2020.
The Standard Input Output Norms (SION) at SION A-468 is deleted for the export product – 4,4 Diamino Diphenyl Amine -2- Sulphonic Acid.
RBI – FEMA
- No person shall post or collect margin for derivative contracts and pay or receive interest on such margin without the prior permission of the Reserve Bank.
- Authorized dealers may post and collect margin, and receive and pay interest, as prescribed by RBI.