November, 2020 – Issue No. II

GST

GSTN issues guidebook on return related issues faced by taxpayers on the GST Portal. Click here to view the Guide.

INCOME TAX

CBDT has issued circular authorising Commissioners of Income-tax to condone the delay in filing Form No.10BB for the AY 2016-17 and subsequent years.

NSDL has updated Code 6CR (Challan for payment of TCS on sale of goods) so that taxpayers can deposit the tax collected.

Central Government specifies the sovereign wealth fund, the MIC Redwood 1 RSC Limited, Abu Dhabi, United Arab Emirates, for the purpose of Section 10(23FE).

CUSTOMS
Revised Policy and Guidelines for setting up of Inland Container Depots (ICDs), Container Freight Stations (CFSs) and Air Freight Stations (AFSs) issued.
FDI
The Commerce and Industry Ministry released the consolidated Foreign Direct Investment (FDI) policy 2020 on 28.10.2020. It is a single document containing all the decisions taken by the Government with respect to FDI in the last three years. As per the Department for Promotion of Industry and Internal Trade (DPIIT), the policy has come into effect from 15.10.2020.
ARBITRATION AND CONCILIATION
Arbitration and Conciliation (Amendment) Ordinance, 2020 issued. It is now possible to seek an unconditional stay on enforcement of arbitral awards where the arbitration agreement or contract or the arbitral award was “induced  or effected by fraud or corruption”. Further, the qualifications, experience and norms for accreditation of arbitrators is to be specified by the regulations.
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.