Highlights from team CA Cult (September 2021- Second Week)

Weekly Key Highlights from team CA Cult (September 2021- Second Week)

Important Updates from last week:

Central Board of Direct Taxes (CBDT):

1. Central Government appoint President of the Income Tax Appellate Tribunal (ITAT).
2. New rule 14C manner of authentication of an electronic record under electronic verification code under sub-clause (b) of clause (i) of sub-section (7) of section 144B.
3. Corrigendum to notification GSR 616(E) dated 06.09.2021.
4. CBDT allows taxpayers an opportunity to file an application for settlement by 30th September 2021.
5. e-Filing portal of the Income Tax Department – updates.
6. CBDT extends due dates for filing of Income Tax Returns (ITR) and various reports of audit for Assessment Year 2021-22.
7. District Mineral Foundation Trust notified under section 10(46) of the Income-tax Act, 1961.
8. CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment.
9. Notification under Explanation to subsection (1) of section 194Q of Income tax Act, 1961.
10. Notification under Explanation to subsection (1H) of section 206C of the Income tax Act, 1961.
11. An amendment under Rule 11UAC of Income-tax Rules 1962.
12. Notification under clause (viiaf) of section 47 of the Income tax Act, 1961.
13. Notification under subsection (1F) of section 197A of Income-tax Act, 1961.

Central Board of Indirect Taxes & Customs (CBIC):

1. Clarification regarding extension of time limit to apply for revocation of cancellation of registration in view of Notification No. 34/2021-Central Tax dated 29th August, 2021 – Reg.
2. Seeks to amend the notification No. 50/2021-Customs dated 30.06.2017 and notification No. dated 11/2021 dated 01.02.2021 in order to reduce and rationalise the import duties on Palm, Sunflower and Soya-bean oils – Notification No. 42/2021-Customs.
3. Seeks to rescind the notification No. 34/2021- Customs dated 29.06.2021- Notification No. 43/2021- Customs.
4. Easing availability of containers for exporters- Instruction No.20/2021-Customs.

Directorate General of Foreign Trade (DGFT)

1. Implementation of MoU between Government of Republic of India and Government of Republic of Malawi for import of pigeon peas from Malawi – Public Notice No. 21/2015-20.
2. Implementation of MoU between Government of Republic of India and the Government of the Republic of the Union of Myanmar for import of urad and tur from Myanmar – Public Notice No. 22/2015-20.
3. Amendment in para 2.107 of Handbook of Procedure 2015-2020- Public Notice No. 23/2015-20.
4. Amendment in Import Policy of Mercury under HS Code 28054000 and insertion of Policy Condition No. 03 in Chapter 28 in ITC(HS), Schedule I (Import Policy)- Notification No. 24/2015-2020.

Reserve Bank of India (RBI):

1. Press Release on Tokenisation of Card Transactions – Enhancements.
2. Tokenisation – Card Transactions: Permitting Card-on-File Tokenisation (CoFT) Services.
3. Prompt Corrective Action Framework – UCO Bank.
4. Large Exposures Framework – Credit Risk Mitigation (CRM) for offsetting – non-centrally cleared derivative transactions of foreign bank branches in India with their Head Office.

Securities and Exchange Board of India (SEBI):

1. Notification under Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007.
2. Introduction of T+1 rolling settlement on an optional basis.
3. Position Limits for Currency Derivatives Contracts.
4. Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2021.

Institute of Chartered Accountants of India (CA Fraternity)

1. Regulation 134 of the Chartered Accountants Regulations 1988.
2. The Chartered Accountants (Election to the Council) Rules 2006.
3. Announcement – Filing Complaints of alleged violation of Election Code of Conduct.
4. Registration is open for Batch 7 of the Certificate Course on CSR.
5. Panel for the scrutiny of nominations for elections.
6. Constitution of Panel for enforcement of Election Code of Conduct.
7. Students converted from earlier scheme to revised scheme from July 21, 2021 to August 20, 2021 allowed to appear in Old/ New scheme in November, 2021 examination.
8. Cabinet approves Memorandum of Understanding (MoU) between The Institute of Chartered Accountants of India (ICAI) and The Chamber of Auditors of the Republic of Azerbaijan (CAAR).
9. Result of online Examination for Certificate Course on BRSR held on September 5, 2021, has been declared.
10. Corrigendum to September 2021 edition of Students’ Journal.
11. Important Announcement – Results of the Final & Foundation.
12. Results of the Post Qualification Course Examinations.

Other Updates:

1. Government has approved Production Linked Incentive (PLI) Scheme for Textiles. With this, India is poised to regain its dominance in Global Textiles Trade.
2. Government Provides Big Boost to Exporters.
3. Revised Transport and Marketing Assistance Scheme- Notification.

Compliance Calendar: https://cacult.com/calendar-2/

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