Weekly updates from CA Cult (January 2022- First Week)

Weekly Updates from CA Cult (January 2022- First Week)

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

INCOME-TAX UPDATES

1. The Bureau of Indian Standards (BIS) notified under section 10 of the Income-tax Act, 1961- Notification.
2. Regional Air Connectivity Fund Trust notified under clause (46) of section 10 of the Income-tax Act, 1961- NOTIFICATION.
3. Corrigendum to the Faceless Appeal Scheme 2021.

E-FILING UPDATES

1. Important Clarification on Form 3CA-3CD, 3CB-3CD.

Central Board of Indirect Taxes & Customs (CBIC)

GST UPDATES

1. Rs 1,29,780 crore gross GST Revenue collection for December 2021.
2. Thane CGST Commissionerate busts Rs. 22 crores fake GST Input Tax Credit (ITC) racket.
3. Guidelines for Management and Administration of the Consumer Welfare Fund (CWF) provided to Board under rule 97(7A) of the CGST Rules, 2017.
4. Implementation of amended Rule-59(6) on the GST Portal.
5. Reporting of the supplies notified under section 9(5) / 5(5) by E-commerce Operator in GSTR-3B.
6. Module wise new functionalities deployed on the GST Portal for taxpayers.
7. Functionalities for uploading appeal, Cross-objections filed by Taxpayer and issue of APL-04 ( Summary of the Demand).
8. Advisory on the Revamped Search HSN Code Functionality.

CUSTOMS UPDATES

1. Evasion of Customs duty of Rs. 653 crore by M/s Xiaomi Technology India Private Limited.
2. Implication of the judgement of the Hon’ble Apex Court in the case of M/s Westinghouse Saxby Farmer Ltd. Vs. Commissioner of Central Excise, Kolkata- Instruction No. 01/2022-Customs.
3. Seeks to rescind notification No. 30/2016 dated 11.07.2016 which seeks to impose Anti-dumping Duty on Imports of 1,1,1,2-Tetrafluoroethane or R-134a from China PR- Notification No. 1/2022-Customs (ADD).
4. Guidelines on Attendance of the Central Government Officials.

Corporate Law (MCA)

1. Quiz on the “Auditing and Accounting Standards in India”.
2. National Financial Reporting Authority (Recruitment, Salary, Allowances and Other Terms and Conditions of Service of Secretary, Officers and Other Employees of Authority), Amendment, Rules, 2022.

Directorate General of Foreign Trade (DGFT)

1. Amendment in Para 9.08 of Handbook of Procedures – 2015-20 – Inclusion of new agencies in Standing Grievance Committee- PUBLIC NOTICE No. 44 /2015-2020.
2. Amendment in import policy conditions of gold under Chapter 71 of Schedule – I (Import Policy) of ITC (HS), 2017- NOTIFICATION No.49/2015-2020.
3. Continuation of operations of the DGFT ‘COVID-19 Helpdesk’ for International Trade related Issues’.

Reserve Bank of India (RBI)

1. Sources of Variation in Foreign Exchange Reserves in India during April-September 2021.
2. RBI releases Framework for Facilitating Small Value Digital Payments in Offline Mode.
3. Inclusion of the “Airtel Payments Bank Limited” in the Second Schedule of the Reserve Bank of India Act, 1934.
4. RBI notifies the Retail Direct Scheme – Market Making.
5. RBI releases the 2021 list of Domestic Systemically Important Banks (D-SIBs).
6. RBI has cancelled the Certificate of Authorisation (CoA).
7. RBI releases “Eligibility criteria for entities to be categorised as Specified User under clause (j) of Regulation 3 of the Credit Information Companies (Amendment) Regulations, 2021”.
8. Basel III Framework on the Liquidity Standards – Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards and Net Stable Funding ratio – Small Business Customers.
9. Master Circular on the Bank Finance to Non-Banking Financial Companies (NBFCs).

Securities and Exchange Board of India (SEBI)

1. Options on Commodity Futures -Product Design and Risk Management Framework–Modification in exercise mechanism- Circular.
2. Schemes of Arrangement by the Listed Entities -Clarification w.r.t. timing of submission of NOC from the lending scheduled commercial banks/ financial institutions/ debenture trustee.
3. Increasing Awareness regarding Online Mechanisms for the Investor Grievance Redressal.
4. Disclosure obligations of listed entities in relation to Related Party Transactions (RPTs).

Insurance Regulatory and Development Authority of India (IRDAI)

1. IRDAI (Surety Insurance Contracts) Guidelines, 2022.
2. Maintenance of Current Accounts in multiple banks by Insurance Intermediaries including entities sponsored by them.

Prevention of Money Laundering (PMLA)

1. Provisions of sub-rule (1A) of rule 9 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 not applicable to the Foreign Portfolio Investor.
2. M/s. PNB Housing Finance Limited to perform authentication under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016.

Institute of Chartered Accountants of India (CA Fraternity)

UPDATES FOR MEMBERS

1. Postponement of Convocation 2021-22 at Hyderabad.
2. Postponement of Convocation 2021-22 at Kanpur and Jaipur.
3. Important Announcement on ISA-AT – 8th January 2022.

UPDATES FOR STUDENTS

1. Important Announcement on Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) -Adv. Information Technology Test – Computer Based Mode (CBT).
2. Announcement on ICAI Commerce Wizard 2021.
3. Grand Finale of CA Students Best Presenter (PPT) Competition, 2021-22 National Level- Announcement.
4. Grand Finale of the CA Students Debate Competition, 2021-22 National Level- Announcement.

GENERAL UPDATES

1. Exposure Draft of Revised Accounting Standard for Comments.
2. Registration and Fees payment for Online French Language Course (A1 level) w.e.f 22nd January, 2022 for ICAI Members and Students – 2 Batches (One Morning and One Evening).

Other Updates

1. Rate of interest under the Special Deposit Scheme.
2. Over 65 lakh enrolments in the Atal Pension Yojana in Financial Year 2021-22 so far.
3. Shri Piyush Goyal calls for a Single window portal for doing robust common KYC system for Stock Brokers, Mutual Fund and depositories etc.
4. Centre issues guidelines for restructuring under Sugar Development Fund Rules 1983.
5. Finance Minister Smt. Nirmala Sitharaman chairs the review meeting with heads of Public Sector Banks (PSBs).
6. Mudra Loans upto Rs. 10 Lacs and MSME Loans upto Rs. 5 Crore under the loan scheme.
7. Sovereign Gold Bond Scheme 2021-22 (Series IX) – Issue Price.

Blogs of the week:

1. Year-End Extensions provided by the government under the various laws: https://cacult.com/extensions-provided-by-the-government-under-the-various-laws/

Videos of the week:

1. Filing of the refund claim by the taxpayers registered in erstwhile Union Territory of Daman & Diu: https://www.youtube.com/watch?v=2Ie2Rwhodt8
2. Serving of Notices, Summons through instant messaging like WhatsApp, Telegram, in addition to E-mail: https://www.youtube.com/watch?v=3Xd6YY24mFQ
3. Compulsory filing of preceding GSTR-3B w.e.f 1st January 2022: https://www.youtube.com/watch?v=GkmUZNmWxaY
4. How to link Pan card with Aadhaar?: https://www.youtube.com/watch?v=uhSmGy1ZkcU

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

Check out our YouTube Channel: https://www.youtube.com/channel/UCUZuSQHyKyarNzKtA5rAiFA