October, 2020 – Issue No. IV


Extended due date for AY 2018-19: 
31.12.2020 – Due date for Annual Return in GSTR 9 & 9A and Reconciliation statement in GSTR – 9C.

GST Compensation to States – Central Government borrows and transfers Rs.6,000 crore as first tranche to 16 States under Special Borrowing Window.


Excise duty exemption granted for clearances made against RoSL (Rebate of State Levies) scrips.


Extended due dates for FY 2019-20:

(A) 31.01.2021 – Due date for furnishing of ITRs for taxpayers (including their partners) who are required to get their accounts audited [for whom the due date as per the Income Tax Act is 31.10.2020].

(B)  31.01.2021 – Due date for furnishing of ITRs for taxpayers who are required to furnish report in respect of international/specified domestic transactions [for whom the due date as per the Income Tax Act is 30.11.2020].

(C)  31.12.2020 – Due date for furnishing of ITRs for other taxpayers [for whom the due date as per the Income Tax Act is 31.07.2020].

(D) 31.12.2020 – Due date for furnishing of various audit reports including tax audit report and report in respect of international/specified domestic transaction.

Payment due date for liability upto Rs.1 lakh:
31.01.2021 – in case of taxpayers under A and B above; For the rest – 31.12.2020.

Tolerance limit for Transfer pricing fixed for AY 2020-2021; where variation between Arm’s Length Price (ALP) determined u/s 92C does not exceed 1% of the wholesale price (3% otherwise) of international or specified domestic transactions, then actual transaction price shall be taken as ALP.

Guidelines issued by CBDT with respect to coercive recovery actions to be taken by officers; such coercive action to be taken only after exhausting alternative means of recovery. Recovery surveys should be resorted to only in cases where defaulter is not responding to the notices or notices are not getting served or recovery of taxes is not taking place even after going through the “Profile View” and “Asset Details” in Project Insight.

MoU between ICAI, India and CPA, Papua New Guinea approved by Cabinet.

Mutual Recognition Agreement between ICAI, India and MICPA, Malaysia approved by Cabinet.


Customs duties exemption granted for imports made against RoSL (Rebate of State Levies) scrips.

Upto 28.01.2021 – Effective rate of duty at 10% levied on “Polybutadiene Rubber excluding titanium and lithium grades” imported from Korea RP; All other goods under Chapter 400220 – 0%.

Anti Dumping Duty on “All Fully Drawn or Fully Oriented Yarn/Spin Draw Yarn/Flat Yarn of Polyester” imported from China and Thailand extended upto 30.11.2020.

OTP based proof of delivery allowed for international courier consignments.


Nitrile/NBR Gloves – Restricted exports.

Iron Ore Pellets – Free exports, as per clarification issued.

Exemption from Section 149(3) of Companies Act – minimum residency requirement of 182 days in a year by at least one director – exempted for FY 2020-2021.

Reforms in Natural Gas Marketing was approved by the Cabinet. New policy envisages (i) e-bidding to discover market price of gas; (ii) permit Affiliates of producing companies to participate in bidding process for sale of gas; (iii) marketing freedom to the Field Development Plans (FDPs) of those blocks in which Production Sharing Contracts already provide pricing freedom.

All discoveries and field development plans approved after 28 Feb, 2019 have complete market and pricing freedom. The new norms, however, will not apply to gas produced under administered price mechanism basis.

The Indian Tax Advisors