Extension of return filing deadline for belated and revised income-tax returns due to COVID-19 relief.
Exercising powers under Section 119(2)(a) of the Income-tax Act, 1961, the authority extends the due date for furnishing belated returns under Section 139(4) and revised returns under Section 139(5) for the assessment year 2019-20 from the previously notified September date to a later date in November 2020, on account of genuine difficulties caused by the COVID-19 pandemic and following earlier statutory and notification-based extensions.

Sea Cargo Manifest Regulations: phased mandatory electronic filing for arrival, departure and transhipment manifests to streamline cargo movement.
The Sea Cargo Manifest and Transhipment Regulations establish a mandatory phased electronic filing regime requiring registered stakeholders (ASCs, ASAs, ANCs, ATPs) to submit advance arrival, departure and inland transhipment manifests and supporting declarations via ICEGATE, using national container and transhipment bonds, with a Cargo Identification Number system (PCIN/MCIN) to link filings; amendments follow prescribed timelines and non compliance attracts penalties.

Extension of installation deadline for radiation portal monitors and container scanners at designated seaports granted under amended procedure.
Amendment extends the deadline for the installation and operationalisation of Radiation Portal Monitors and Container Scanners at designated seaports by modifying Para 2.54(d)(v)(ii) of the Handbook of Procedures (2015-2020), issued by the Director General of Foreign Trade under powers conferred by paragraphs 1.03 and 2.04 of the Foreign Trade Policy (2015-2020).

Relaxation in issue size revision extended and validity of SEBI observations prolonged subject to lead manager undertaking.
Regulatory relaxation allowing revision in issue size up to fifty percent is extended until March 31, 2021, and validity of SEBI observations expiring between October 1, 2020 and March 31, 2021 is extended until March 31, 2021, subject to an undertaking by the lead manager confirming compliance with Schedule XVI of the ICDR Regulations, 2018 when submitting the updated offer document.

e-Office adoption: electronic submissions should be searchable PDF with contact details for acknowledgements and tracking.
Launch of e-Office in the Commissioner of Customs, Mundra establishes an electronic records and workflow system to create a paperless office, improve efficiency, transparency, accountability and data integrity. Taxpayers are urged to send communications in PDF, preferably searchable, and to include mobile number and email to receive immediate acknowledgement and an allotted Diary Number for future reference. Trade associations and committees are asked to circulate the notice and report difficulties or suggestions.

Container scanning: risk selected imports must be marked, moved and scanned; noncompliance attracts customs regulatory penalties.
Drive through X ray scanning at Hazira Port is instituted with a Container Scanning Division; the Risk Management Center selects containers and notifies terminal operators, custodians and CSD. Terminal operators must endorse selected containers "Selected for Scanning" in red on the EIR and custodians must move selected containers to the scanner; failure to comply attracts penalties under the Customs Act and Handling of Cargo in Customs Area Regulations. Scanned containers receive EIR stamps: SCANNED CLEAN (blue), SCANNED MISMATCH (red) requiring 100% examination, or NOT SCANNED for ODC/empty/coastal/over weight; reefers are prioritised and post scan examination protocols and communication requirements govern clearance at CFSs.

GST-TDS compliance requires deduction, portal deposit, timely returns, certificates, and separate accounting for contractor and supplier payments.
GST-TDS applies to payments to contractors, suppliers and vendors from 1 October 2018. Deductors must withhold tax at payment, release only the net amount, generate a GST Portal challan, and deposit the deducted amount through prescribed banking modes rather than book transfer. Drawing and disbursing officers must register for GSTIN, maintain separate GST-TDS accounts, file returns by the tenth day of the following month, and issue TDS certificates. The deposited amount is credited through the GST system to the deductor's electronic cash ledger.

GST return information upload into Form 26AS authorized, with designated officials required to set procedures and standards.
Designated Income-tax Systems officials are authorized to upload GST return information into the Annual Information Statement in Form 26AS, to be done within three months from the end of the month in which the information is received; those officials shall specify procedures, formats and standards for such uploading.

Provisional assessment security: full differential duty must be furnished when origin inquiry or verification is initiated under CAROTAR.
Where an importer requests provisional assessment and an origin inquiry under Rule 5 or a verification under Rule 6(1)(a) or 6(1)(b) of CAROTAR, 2020 is initiated, all classes of importers, including Authorised Economic Operators, are required to furnish the full differential customs duty as security. The amendment updates table entries in Circular 38/2016 to align security requirements for AEO categories and directs officers to follow the revised guidelines in implementing CAROTAR.

Companies Fresh Start Scheme extension allows IEPF e-form filings and e-verifications without additional fees during extension.
The extension of the Companies Fresh Start Scheme provides relief by permitting filing of specified IEPF e-forms and e-verification of IEPF-5 claims without payment of additional fees for the duration of the scheme's extension, enabling stakeholders and nodal officers to plan concomitant compliance actions accordingly.

Deposit repayment reserve extension: deadline for reserve creation and debenture investment compliance extended for COVID 19 relief.
Extension of the compliance deadline for creation of the deposit repayment reserve and for making the prescribed investment or deposit in respect of debentures as a COVID 19 relief measure. The circular continues prior administrative directions, specifically extends the timeline for the matters referenced in earlier circular paragraphs, and states that all other regulatory requirements remain unchanged.

Extension of Pre-Shipment Inspection Agency recognition: validity prolonged pending notification of a new PSIA list.
Extension of validity of Pre-Shipment Inspection Agencies (PSIAs) recognized under the Foreign Trade Policy is authorized by the Director General through relaxation of a Handbook provision; recognitions of PSIAs listed in the A&ANF appendix that were completing their tenure as of the reference date are extended until the earlier of the end of the extended period or notification of a new PSIA list, maintaining their operative recognition status pending issuance of a fresh list.

E commerce operator tax deduction clarified: exemptions, payment gateway non duplication, threshold computation, and TCS scope defined.
Section 194 O requires an e commerce operator to deduct tax at source on gross amounts credited or paid to participants, while section 206C(1H) requires sellers to collect tax at source on receipt of sale consideration exceeding the statutory threshold. The Board issues guidelines exempting transactions on recognized exchanges and certain power exchanges, prevents duplicate deduction by payment gateways where the e commerce operator has deducted tax, relieves uninvolved insurance agents/aggregators from subsequent year deduction obligations, clarifies threshold computation from the start of the previous year, distinguishes motor vehicle TCS scope, disallows adjustments for returns/indirect taxes, and exempts fuel supplied to non resident airlines.

Recovery of defaulter assets: exchanges and clearing corporations must liquidate member assets to satisfy client obligations and amend bye laws.
Stock Exchanges and Clearing Corporations must initiate recovery by liquidating movable and immovable assets of a declared defaulter member, including sale of securities of debit balance clients to the extent of their debit, and commence court proceedings where assets are not in SE/CC possession. Such actions are to be taken within six months of declaration of default. Exchanges and Clearing Corporations must notify members, amend bye laws as needed, and report implementation status monthly to the regulator.

Investment Adviser registration in IFSC now requires separate net worth per activity and annual compliance audit.
Eligibility permits entities recognised in their parent jurisdiction to form a company or LLP to operate in IFSC as Investment Advisers, with no separate formation required if already a company or LLP in IFSC. IAs must provide services only to persons specified in the IFSC Guidelines and comply with relevant overseas regulator requirements for non-resident clients. The IA or parent must meet the net worth requirement separately for each activity, and IAs must conduct an annual audit of compliance with the Investment Adviser Regulations and these Guidelines by a chartered accountant or company secretary.

Preferential issue pricing flexibility for listed REITs permits alternative VWAP-based floor with a three-year lock-in.
REITs may not undertake a subsequent institutional placement until two weeks after a prior institutional placement effected via special resolution. For preferential issues made until December 31, 2020, REITs may opt for a pricing floor equal to the higher of a 12 week or 2 week weekly high low VWAP average; units issued under this method will be locked-in for three years and all allotments from the same unitholders' approval must follow the same pricing method. Previously locked sponsor units may be counted for lock-in computation but will not be freshly re-locked if free of lock-in at the time of issue.

Preferential issue pricing revised: temporary two week or twelve week VWAP option with three year lock in for listed InvITs.
The circular permits listed InvITs to use, for preferential issues until December 31, 2020, a pricing method where the issue price is not less than the higher of a twelve-week or two-week VWAP-based weekly average, mandates a three-year lock-in for units issued under that method, and requires uniform pricing method across allotments from the same unitholder approval. It also provides that no subsequent institutional placement may occur until two weeks after a prior institutional placement, and that previously sponsor-locked units count toward lock-in computation without being re-locked if free of lock-in at the time of the preferential issue.

Certificate of Origin requirements: item wise COO details, eSanchit upload with IRN, CUF02 declaration, and mandatory defacement.
Importers claiming preferential duty must enter item wise COO details and the CUF02 self declaration in the Bill of Entry; upload the COO to eSanchit and declare its IRN per item; indicate transit country as issuing country or intervening country code; and ensure each uploaded COO is marked defaced in the system before Out of Charge, per ICES changes effective 21.09.2020 and Annexures mapping notifications to COO document codes.

Manufacturing and other operations in a Warehouse Regulations: ICES updated for mapping, Ex Bond BE fields, and interest waiver.
ICES now requires IEC-warehouse mapping and updated BE declarations for Ex Bond Bills of Entry for goods manufactured in Sec 65 warehouses: the system validates IEC and 10 digit warehouse code mapping; BE_ITEM_SW_CTRL must record warehousing date, GST invoice number and date, finished product description, quantity and unit code for each item; multiple invoices may be entered via serial controls. Items cleared from the mapped Sec 65 warehouse will attract no interest. A re crediting option for the Warehouse BE ledger on re export via Shipping Bill entry has been enabled.

E-office adoption encourages electronic submissions in searchable PDF with contact details for acknowledgement and diary tracking.
Launch of e-office in the Customs Commissionerate, ICD PPG and other ICDs to establish paperless electronic office work; taxpayers are encouraged to submit communications in PDF (preferably searchable), include mobile and email for immediate mail/SMS acknowledgement, and use the allotted Diary Number as a reference. Trade associations and advisory members must circulate the notice and report difficulties or suggestions.