Highlights from team CA Cult (December 2021- Second Week)
Weekly Key Highlights from team CA Cult (December 2021- Second Week)
Important Updates from last week:
Central Board of Direct Taxes (CBDT)
- Notification under section 80C of the Income-tax Act, 1961.
- Amending the agreement for the Avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income.
Central Board of Indirect Taxes & Customs (CBIC)
- Seeks to impose ADD on “Certain Flat rolled Products of Aluminium” originating in or exported from China PR for a period of 5 years- Notification No. 68/2021-Customs (ADD).
- Instruction regarding Testing of coumarin in imported Cinnamon- Instruction No. 28/2021-Customs.
- Payment of GST compensation to States in times of COVID-19 pandemic
- Clarification of holding of AGM through Video Conference.
- Clarification on the passing of Ordinary and Special Resolutions.
Directorate General of Foreign Trade (DGFT)
- Import of Water Melon Seeds – Other under ITC(HS) 12077090 of Chapter-12 of ITC (HS), 2017, Schedule-I (Import Policy) for the period of 01.01.2022 to 31.03.2022- PUBLIC NOTICE No. 41/2015-2020.
- Enlistment of Agencies under Appendix 2E of FTP, 2015-20 authorized to issue Certificate of Origin (Non-Preferential)- PUBLIC NOTICE No. 42/2015-2020.
- Reserve Bank of India (RBI) retains the Advisory Committee of Reliance Capital Limited.
- Statement sets out various developmental and regulatory policy measures relating to (i) regulation and supervision; (ii) financial markets; and (ii) payment and settlement systems.
- Option for prepayment of funds availed under Targeted Long-Term Repo Operations (TLTRO and TLTRO 2.0) before maturity.
- External Commercial Borrowings (ECB) and Trade Credits (TC) Policy – Changes due to LIBOR transition.
- General permission for infusion of capital in overseas branches and subsidiaries and retention/ repatriation/ transfer of profits in these centres by banks incorporated in India.
- Introduction of Legal Entity Identifier for Cross-border Transactions.
- Section 24 of the Banking Regulation Act, 1949 – Maintenance of Statutory Liquidity Ratio (SLR) – Marginal Standing Facility (MSF) – return to the normal dispensation.
- RBI Governor’s Statement: December 08, 2021.
Securities and Exchange Board of India (SEBI)
- Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2021.
- Transaction in Corporate Bonds through the Request for Quote (RFQ) platform by Portfolio Management Services (PMS).
- Clarification regarding the amendment to SEBI (Portfolio Managers) Regulations, 2020.
Institute of Chartered Accountants of India (CA Fraternity)
- Important Announcement on Empanelment of Chartered Accountant (CA) firms/LLPs for the year 2022-2023.
- Format for appointment of authorised representative for counting.
- Observations of the candidates on the question papers of CA examinations- December – 2021.
- CSR Committee of ICAI proudly announces 9th batch of Certificate Course on CSR through online mode, for members of ICAI.
Other Updates
- What is the meaning of the term “copyright” as per the Copyright Act, 1957 and How to register a copyright online?
- More than 3 crore Income Tax Returns filed on new e-Filing portal of Income Tax Department.
- Digital payments increased over the last 3 financial years.
- DRAFT NOTARIES (AMENDMENT) BILL ISSUED FOR STAKEHOLDERS’ CONSULTATION.
- Scheme for Farmer Producer Organizations (FPOs).
- Details of countries who got International Registrations.
- The incentive to Establish MSMEs.
- Financial Assistance to Combat COVID Pandemic.
Videos of the week:
“How to apply for Copyright Registration Online?” : https://www.youtube.com/watch?v=vxEav3dB-X8
“Threshold limit of TDS under section 194Q of the Income-tax Act, 1961.” : https://www.youtube.com/watch?v=S7-Rx_t6jzM
Compliance Calendar: https://cacult.com/calendar-2/
Check out our YouTube Channel: https://www.youtube.com/channel/UCUZuSQHyKyarNzKtA5rAiFA
