NICAI Updates:
1. Income Tax Due date for payment of second instalment of Advance Tax for F.Y. 2020-21 is 15.09.2020. Pay on time and avoid interest.
2. CESTAT ruling : The assessee is eligible for the cash refund of the cesses lying as CENVAT credit balance as on 30/06/2017 in their accounts.
3. MCA: AGM due date for the FY ended 31.03.2020 has been extended till 31.12.2020 for all companies.
4. Sebi’s new margin norms may spur ‘dabba trading’ in equities — a parallel market where trades are done based on prices quoted on exchanges but settled in cash off-market. The rise in futures and options (F&O) contract sizes, along with higher margin requirements, has goaded investors to move to this platform since the past year, said market players. They added that the requirement for upfront margins could push more investors to this segment.
5. Format of Long Form Audit Report (LFAR) of Banks revised from FY 20-21 onwards. RBI/2020-21/33 Ref.No. DOS.CO.PPG./ SEC.01/ 11.01.005/ 2020-21 of 5.9.2020.
