ASSESSMENT ORDERS UNDER INCOME TAX ACT, 1961 BY NATIONAL E-ASSESSMENT CENTERS

 Vide Circular No. F No. 187/3/2020-ITA-I, dated 13.08.2020 the Director to Government of India issued the following order-

In order to ensure that all the assessment orders are passed through the Faceless Assessment Scheme, 2019, the Board in exercise of powers under section 119 of the Income-tax Act, 1961 hereby directs that all the assessment orders shall hereafter be passed by National e-Assessment Centre through the Faceless Assessment Scheme, 2019, except as provided hereunder :-

i). Assessment orders in cases assigned to Central Charges.

ii). Assessment orders in cases assigned to International Tax Charges.

Any assessment order which is not in conformity with  above, shall be treated as non-est and shall be deemed to have never been passed.

This order shall come into force with effect from the 13^th day of August, 2020.

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DATE OF EFFECT FOR AMENDED SEC. 50 OF THE CGST ACT, 2017

 Vide Notification No. 63/2020-Central Tax, dated 25.08.2020, the Central Government  appoints the 1st day of September, 2020, as the date on which the provisions of section 100 of the Finance (No. 2) Act, 2019 (23 of 2019), shall come into force.

Section 100 of the Finance Act, 2019 inserted a proviso to section 50(1) of the Central Goods and Services Tax Act, 2017 which read as below-

“Provided that the interest on tax payable in respect of supplies made during a tax period and declared in the return for the said period furnished after the due date in accordance with the provisions of section 39, except where such return is furnished after commencement of any proceedings under section 73 or section 74 in respect of the said period, shall be levied on that portion of the tax that is paid by debiting the electronic cash ledger.”.

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Amendment to the definition 'CSR Policy'

 Vide Notification No. GSR 526(E), dated 24.08.2020, the Central Government made ' the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2020.'

This amendment brings amendment to the definition of 'CSR Policy' defined under Rule 2(1)(e).  The amended Rule 2(1)(e) reads as undder-

“CSR Policy" relates to the activities to be undertaken by the company in areas or subjects specified in Schedule VII to the Act and the expenditure thereon, excluding activities undertaken in pursuance of normal course of business of a company:

“Provided that any company engaged in research and development activity of new vaccine, drugs and medical devices in their normal course of business may undertake research and development activity of new vaccine, drugs and medical devices related to COVID-19 for financial years 2020-21, 2021-22 and 2022-23 subject to the conditions that-

(i) such research and development activities shall be carried out in collaboration with any of the institutes or organisations mentioned in item (ix) of Schedule VII to the Act.

(ii) details of such activity shall be disclosed separately in the Annual Report on CSR included in the Board’s Report”.

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AMENDMENTS TO SCHEDULE VII OF COMPANIES ACT, 2013

 Vide Notification No. GSR 525(E), dated 24.08.2020 the Schedule VII of the Companies Act, 2013 was amended.  

 For item (ix) and the entries thereto, the following item and entries shall be substituted, namely-

“(ix) (a) Contribution to incubators or research and development projects in the field of science, technology, engineering and medicine, funded by the Central Government or State Government or Public Sector Undertaking or any agency of the Central Government or State Government; and

(b) Contributions to public funded Universities; Indian Institute of Technology (IITs); National Laboratories and autonomous bodies established under Department of Atomic Energy (DAE); Department of Biotechnology (DBT); Department of Science and Technology (DST); Department of Pharmaceuticals; Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH); Ministry of Electronics and Information Technology and other bodies, namely Defense Research and Development Organisation (DRDO); Indian Council of Agricultural Research (ICAR); Indian Council of Medical Research (ICMR) and Council of Scientific and Industrial Research (CSIR), engaged in conducting research in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs)”.

This amendment came into effect from 24.08.2020.

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Extension of Annual General Meeting for the financial year ended 31.03.2020

 Vide General Circular 28/2020, dated 17.08.2020 the Ministry of Corporate Affairs directed the companies which are unable to hold their Annual General Meeting  for the financial year ended on 31.03.2020, despite availing the relaxations provided in the G.C. 20/2020 ought to file their applications in form No. GNL-1 for seeking extension of time in holding of Annual General Meeting  for the financial year ended on 31.03.2020 with the concerned Registrar of Companies on or before 29.09.2020. 

 

The Ministry of Corporate Affairs advised all Registrar of Companies  to consider all such applications (filed in Form No. GNL-1) liberally in view of the hardships faced by the stakeholders and to grant extension for the period as applied for (up to three months) in such applications.

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Due date extended for filing IT returns for AY 2019 - 20

The due date for filing income tax returns for the assessment year 2019 - 20 (financial year 2018 - 19) is extended to 30.09.2020 by the Central Board of Direct Taxes.

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Due date for submission of FLA for 2019-20

The due date for submission of FLA (Foreign liability and Assets) return for the year 2019 - 20 is extended to 14.08.2020 due to the difficulties faced in the website.

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