MY REGULATORY UPDATES

Legal Category: Taxation

Rule ACT: Income Tax Act

Update Type: Amendment

Release Date: 30, Jun, 2020

Notification No: Notification No.42 /2020/F. No.370149/143/2019-TPL

Description: The Central Board of Direct Taxes on June 30th 2020 has issued Income-tax (15th Amendment) Rules, 2020 to further amend Income tax Act, Rules 1962.
Amendment are as follows:
After the rule 11UAC, rule 11UAD has been inserted

Source: https://www.incometaxindia.gov.in/communications/notification/notification_42_2020.pdf

Legal Category: Taxation

Rule ACT: Income Tax Act

Update Type: Amendment

Release Date: 29, Jun, 2020

Notification No: [Notification No. 40 /2020/F. No.370149/143/2019-TPL

Description: The Central Board of Direact Taxes on June 29th 2020 has issued Income-tax (14th Amendment) Rules, 2020 to further amend the Income Tax Rules, 1962. These rules shall be implemented from April 1, 2020 and shall be applicable for the financial year 2021-22.s

Source: https://www.incometaxindia.gov.in/communications/notification/notification_40_2020.pdf

Legal Category: Taxation

Rule ACT: Income Tax Act

Update Type: Corrigendum

Release Date: 29, Jun, 2020

Notification No: Notification No 39 /2020/ F. No. 370142/23/2020-TPL

Description: The Central Board of Direact Taxes has issued this corrigendum for making change in Notification No. 35/2020 and the same are as follows:
1. in line 30, for “section 54 or 54GB” read “sections 54 to 54GB”
2. in line 35, for “sub-clause (i)” read “sub-clause (i) of clause (c)

Source: https://www.incometaxindia.gov.in/communications/notification/notification_39_2020.pdf

Legal Category: Taxation

Rule ACT: Income Tax Act

Update Type: Amendment

Release Date: 26, Jun, 2020

Notification No: Notification No. 38/2020/F. No.370142/15/2020-TPL

Description: The Central Board of Direact Taxes on June 26th 2020 has issued Income-tax (13th Amendment) Rules, 2020.
Amendments are as follows
1. sub rule 3 has been inserted after sub rule 2 in Rule 2BB of income tax Act 1962
2. In rule 3, in sub rule 7 in clause iii after proviso a new proviso has been inserted

Source: https://www.incometaxindia.gov.in/communications/notification/notification_38_2020.pdf

Legal Category: Taxation

Rule ACT: Income Tax Act

Update Type: Notification

Release Date: 24, Jun, 2020

Notification No: Notification No.35 /2020/ F. No. 370142/23/2020-TPL

Description: The Central Board of Direact Taxes on June 24th has further extends the time limits under the Income-tax Act, 1961 and related Acts.
1. December 31, 2020 shall be the end date of the period during which the time limit specified in, or prescribed or notified under, the specified Act falls for the completion or compliance of such action.
2. March 31, 2021, shall be the end date to which the time limit for completion or compliance of such action shall stand extended
3. For the filing of returns under the section 139 of the said act, July 31, 2020 shall be the last date and for some compliances for filing returns the November 30, 2020 shall be the extended date
4. The date has been extended to July 15, 2020 for filing all the TDS returns which were supposed to be completed on March 31, 2020.

Source: https://www.incometaxindia.gov.in/communications/notification/notification_35_2020.pdf

Legal Category: Taxation

Rule ACT: Income Tax Act

Update Type: Press Release

Release Date: 24, Jun, 2020

Notification No: NA (Extension of various time limits under Direct Tax & Benami laws)

Description: The Central Board of Direact Taxes on June 24th has issued a press Release extension of various time limits under Direct Tax & Benami laws.

Source: https://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/838/Press-Release-Extension-of-various-time-limits-under-Direct-Tax-Benami-laws-dated-25-06-2020.pdf

Legal Category: Taxation

Rule ACT: GST Act - Central

Update Type: Order

Release Date: 25, Jun, 2020

Notification No: Order No. 01/2020-Central Tax

Description: The Central Board of Indireact Taxes and Customs on June 25th 2020 have extended the time limit for filing an application for revocation of cancellation of registration for specified taxpayers.

Source: https://www.cbic.gov.in/resources//htdocs-cbec/gst/rod-01-2020-cgst-english.pdf

Legal Category: Taxation

Rule ACT: GST Act - Central

Update Type: Circular

Release Date: 24, Jun, 2020

Notification No: Circular No.141/11/2020-GST

Description: The Central Board of Indireact Taxes and Customs (CBIC) on 24th June 2020 has issued a clarification in respect of various measures announced by the Government for
providing relief to the taxpayers in view of spread of Novel Corona Virus (COVID-19).

Source: https://www.cbic.gov.in/resources//htdocs-cbec/gst/Circular_Refund_141_11_2020.pdf

Legal Category: HR and Labour

Rule ACT: Shops and Establishments Act - Andhra Pradesh

Update Type: Order

Release Date: 02, Jul, 2020

Notification No: G.O.Rt.No. 317

Description: The Government of Andhra Pradesh has issued an order extending the lockdown in the State up to 31st July 2020 and to re-open prohibited activities in a phased manner in areas outside containment zones.

Source: https://goir.ap.gov.in/Reports.aspx

Legal Category: HR and Labour

Rule ACT: Shops and Establishments Act - Rajasthan

Update Type: Order

Release Date: 30, Jun, 2020

Notification No: No. G.33(2)Home-9/2019 (Rev)

Description: The Government of Rajasthan has issued an order regarding extension of lockdown and phased reopening of activities and Unlock 2 guidelines in the state of Rajasthan.

Source: http://home.rajasthan.gov.in/content/dam/homeportal/homedepartment/pdf/CercularNotificationOrder/MiscOrders/Unlock2%20dt%2030-06-20%20Hindi%20(Revised)_dopdf.pdf

Legal Category: HR and Labour

Rule ACT: Shops and Establishment Act - Madhya Pradesh

Update Type: Letter

Release Date: 30, Jun, 2020

Notification No: No. 200/2020/C-2

Description: The Government of Madhya Pradesh has issued an order regarding extension of lockdown and phased reopening of activities and Unlock 2 guidelines in the state of Madhya Pradesh.

Source: http://home.mp.gov.in/sites/default/files/Corona%20Directives_unlockII_30.06.2020.pdf

Legal Category: HR and Labour

Rule ACT: Contract Labour Act - Goa

Update Type: Ordinance

Release Date: 26, Jun, 2020

Notification No: No 7 Of 2020

Description: The Government of Goa on June 26, 2020 has passed and ordinance to further amend the Contract Labour (Regulation and Abolition) Act, 1970. The amendments are made in section 1 of the Principal Act and new section 25A is inserted after section 25 of the Principal Act.

Source: https://goaprintingpress.gov.in/downloads/2021/2021-13-SI-EOG-2.pdf

Legal Category: SEBI

Rule ACT: SEBI (Depositories and Participants) Regulations

Update Type: Circular

Release Date: 06, Jul, 2020

Notification No: NSDL/CIR/II/25/2020

Description: Registrar and Transfer Agents (RTAs)/Issuers having direct electronic connectivity with NSDL are advised to submit a Compliance Certificate to NSDL in the format given in Annexure A, duly signed and stamped by the Compliance Officer of the RTA/Issuer having direct electronic connectivity with NSDL, at half-yearly intervals as per the following schedule:
i. January to June - July 31
ii. July to December - January 31.

Source: https://nsdl.co.in/downloadables/pdf/25%20Circular%20for%20Submission%20of%20Compliance%20Certificate%20by%20Issuers%20R&T%20Agents%20having%20direct%20electronic%20connectivity%20with%20NSDL.pdf

Legal Category: FEMA / EXIM

Rule ACT: Customs Act

Update Type: Notice

Release Date: 04, Jul, 2020

Notification No: NO.78/2020

Description: The Chief Commissioner of Customs, Mumbai Zone-II has decided to streamline the process in System related to Bonds and First Check with the objective of further facilitate the trade to overcome the scourge of Covid-19. Following initiatives are being implemented in System with effect from 6th July 2020:
i. Auto Debiting of Bond
ii. Streamlining of workflow in case of First Check Bill of Entries (BEs).

Source: http://www.jawaharcustoms.gov.in/pdf/PN-2020/PN-78-2020.pdf

Legal Category: FEMA / EXIM

Rule ACT: Customs Act

Update Type: Circular

Release Date: 06, Jul, 2020

Notification No: No.32/2020-Customs

Description: Central Board of Indirect Taxes & Customs (CBIC) has decided to take below-mentioned measures to provide Faceless, Contactless, and Paperless Customs administration:
i. Turant Suvidha Kendra in All Customs Formations: The Principal Chief Commissioners of Customs/Chief Commissioners of Customs are advised to set up the Turant Suvidha Kendra (TSKs) in all Customs stations by 15.07.2020.
ii. Registration of Authorised Dealer Code, Bank Accounts through ICEGATE: The Directorate General of Systems, has now enabled a functionality within ICEGATE login which allows the exporters to make an online request for registration/modification of their AD Code/Bank Account(s) and also electronically submit the Passbook copy or Bank Authorisation letter through e-Sanchit. The exporters would also have access to a Dashboard to view the status of approval and acceptance at Public Financial Management System (PFMS), for quick rectification at their end. The detailed step-by-step guide is available on the ICEGATE portal at https://www.icegate.gov.in/Download/Bank_Account_Management_Advisory.pdf.
iii. Automated debit of the bond after Assessment: It has been decided that ICES would automatically debit the Bond and reflect the same in the first copy of the Bill of Entry,
provided the details of the Bond are provided during submission of the Bill of Entry.
iv. Simplified Registration of Importers/Exporters in ICEGATE: The simplified registration on ICEGATE can be done easily in few moments by following the steps given in the link at https://www.icegate.gov.in/Download/Advisory_for_Simplified_%20Registration_at_ICEGATE_v1.pdf .

Source: https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-circulars/cs-circulars-2020/Circular-No-32-2020.pdf

Legal Category: HR and Labour

Rule ACT: Minimum Wages Act - West Bengal

Update Type: Circular

Release Date: 25, Jun, 2020

Notification No: No. 51/703/Stat/2RW/29/2016/LCS/JLC

Description: The Government of West Bengal has revised the rate of minimum wages for the period from 1st July 2020 to 31st December 2020 in the employment of Establishment as defined under the Shops and Establishment Act, 1963.

Source: https://wblc.gov.in/sites/default/files/upload/min_wages/july-2020/ESTABLISHMENTS%20AS%20DEFINED%20UNDER%20THE%20SHOPS%20&%20ESTABLISHMENTS%20ACT,%201963.pdf

Legal Category: Taxation

Rule ACT: GST Act - Central

Update Type: Notification

Release Date: 24, Jun, 2020

Notification No: No. 51/2020 – Central Tax

Description: Central Board of Indirect Taxes and Customs (CBIC) has notified the lowered interest rate for a prescribed time for tax periods from February 2020 to July 2020 for delayed filing of GSTR 3B.

Source: https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-51-central-tax-english-2020.pdf

Legal Category: Taxation

Rule ACT: GST Act - Central

Update Type: Notification

Release Date: 24, Jun, 2020

Notification No: No. 52/2020 – Central Tax

Description: Central Board of Indirect Taxes and Customs (CBIC) has decided to provide one-time amnesty by lowering/waiving of late fees for non-furnishing of FORM GSTR-3B from July 2017 to January 2020 and also seeks to provide relief by a conditional waiver of late fee for delay in furnishing returns in FORM GSTR-3B for tax periods of February 2020 to July 2020.

Source: https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-52-central-tax-english-2020.pdf

Legal Category: Taxation

Rule ACT: GST Act - Central

Update Type: Notification

Release Date: 27, Jun, 2020

Notification No: No. 56/2020 – Central Tax

Description: The Central Board of Indirect Taxes and Customs (CBIC) has decided to further extend the period to pass an order under section 54 (7) of the Central Goods and Services Tax Act, 2017, which talks about the refund of tax, by amending the Notification No. 46/2020- Central Tax dated June 09, 2020.

Source: https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-56-central-tax-english-2020.pdf

Legal Category: Taxation

Rule ACT: GST Act - Central

Update Type: Notification

Release Date: 27, Jun, 2020

Notification No: No. 55/2020 – Central Tax

Description: Central Board of Indirect Taxes and Customs (CBIC) has decided to extend the due date for specific compliance which falls during the period from the 20th day of March 2020 to the 30th day of August 2020, to 31st day of August 2020.

Source: https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-55-central-tax-english-2020.pdf

Legal Category: Taxation

Rule ACT: GST Act - Central

Update Type: Notification

Release Date: 24, Jun, 2020

Notification No: No. 54/2020 – Central Tax

Description: Central Board of Indirect Taxes and Customs (CBIC) has decided to extend the due date for furnishing FORM GSTR-3B for supply made in the month of August 2020 for taxpayers with annual turnover up to Rs. 5 crores.

Source: https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-54-central-tax-english-2020.pdf

Legal Category: Taxation

Rule ACT: GST Act - Central

Update Type: Notification

Release Date: 24, Jun, 2020

Notification No: No.49/2020 – Central Tax

Description: Central Board of Indirect Taxes and Customs (CBIC) has decided to bring into force Sections 118, 125, 129 & 130 of Finance Act, 2020 in order to amend the Sections 2, 109, 168 & 172 of CGST Act with effect from 30.06.2020.

Source: https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-49-central-tax-english-2020.pdf

Legal Category: Taxation

Rule ACT: GST Act - Central

Update Type: Notification

Release Date: 30, Jun, 2020

Notification No: No. 57/2020 – Central Tax

Description: Central Board of Indirect Taxes and Customs (CBIC) has decided that for the taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year and fail to furnish the return in FORM GSTR-3B for the months of May, 2020 to July, 2020, by the due date but furnish the said return till the 30th day of September, 2020, the total amount of late fee under section 47 of the said Act, shall stand waived which is in excess of two hundred and fifty rupees and shall stand fully waived for those
taxpayers where the total amount of central tax payable in the said return is nil.

Source: https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-57-central-tax-english-2020.pdf

Legal Category: Taxation

Rule ACT: GST Act - Central

Update Type: Notification

Release Date: 19, Jun, 2020

Notification No: No. 48/2020 – Central Tax

Description: The Central Board of Indirect Taxes and Customs (CBIC) has issued the Central Goods and Service Tax (Sixth Amendment) Rules, 2020 to further amend the Central Goods and Service Tax Rules, 2017.
In the Central Goods and Services Tax Rules, 2017 in rule 26 in sub-rule (1), for the second proviso, following provisos shall be substituted:
Provided further that a registered person registered under the provisions of the Companies Act, 2013 (18 of 2013) shall, during the period from the 21st day of April, 2020 to the 30th day of September, 2020, also be allowed to furnish the return under section 39 in FORM GSTR-3B verified through electronic verification code (EVC).
Provided also that a registered person registered under the provisions of the Companies Act, 2013 (18 of 2013) shall, during the period from the 27th day of May, 2020 to the 30th day of September, 2020, also be allowed to furnish the details of outward supplies under section 37 in FORM GSTR-1 verified through electronic verification code (EVC).

Source: https://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-48-central-tax-english-2020.pdf