Weekly Updates from CA Cult (January 2022- Second Week)
Weekly Updates from CA Cult (January 2022- Second Week)
Important Updates from last week:
Central Board of Direct Taxes (CBDT)
Income-tax Updates
- CBDT extends due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961.
- ‘International Financial Services Centres Authority’ (IFSCA) notified under clause (46) of section 10 of the Income-tax Act, 1961.
- Assam Electricity Regulatory Commission notified under clause (46) of section 10 of the Income-tax Act, 1961- Notification.
- Corrigendum to the Notification No. 142/2021.
- New Rule 21AJA and 21AJAA were inserted in the income-tax Rules.
E-Filing Updates
- Clarification on Form 10ccb of the income tax act.
Central Board of Indirect Taxes & Customs (CBIC)
GST Updates
- Upcoming functionality on the Interest Calculator in GSTR-3B.
- Guidelines for the recovery proceedings under the provisions of section 79 of the CGST Act, 2017 in cases covered under explanation to sub-section (12) of section 75 of the CGST Act, 2017.
- DGGI Officials bust network involving fake invoices worth more than Rs 4,500 crore; 1 held.
Customs Updates
- Rescind anti-dumping duty on the colour coated steel.
- Companies (Registration Office and Fees) Amendment Rules 2022- They shall come into force with effect from 1st July 2022.
- Commencement notification dated 11th January 2022.
- Provisions of section 56 effective from 1st July 2022.
- Investor Education and Protection Fund Authority (IEPFA) signs MoU with Indira Gandhi National Open University (IGNOU) for promoting Investor Education and Financial literacy among youth through Gyan Darshan channel.
Directorate General of Foreign Trade (DGFT)
- Amendment in Export Policy of Enoxaparin (formulation and API) and Intra-Venous Immunoglobulin (IVIG) (formulation and API) – Notification No. 50/2015-20.
- Guidelines for submission of online application for One time registration for SCOMET license and Post-reporting requirements for Export of chemicals under General authorization for export of Chemicals and related equipments (GAEC) w.e.f 19.01.2022.
- Inclusion of Paragraph 2.79G in the Handbook of Procedures of the Foreign Trade Policy (FTP) 2015-20 to notify the procedure for General Authorisation for Export of Chemicals and related equipment (GAEC).
- De-Activation of IECs not updated at DGFT.
- Amendment of Para 2.54 (d)(v)(iv) of Handbook of Procedures, 2015-2020- PUBLIC NOTICE No. 46 /(2015-2020).
- Nine Non-Banking Financial Companies (NBFCs) (including one Housing Finance Company) surrender their Certificate of Registration to Reserve Bank of India (RBI).
- RBI releases Discussion Paper on Prudential Norms for Classification, Valuation and Operations of Investment Portfolio of Commercial Banks.
Securities and Exchange Board of India (SEBI)
- Framework for operationalizing the Gold Exchange in India.
- Securities and Exchange Board of India (Settlement Proceedings) (Amendment) Regulations, 2022.
- Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2022.
- Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2022.
Insurance Regulatory and Development Authority of India (IRDAI)
- DRAFT IRDAI (Obligations of an Insurer in respect of Motor Third Party Insurance Business) Regulations, 2022.
Institute of Chartered Accountants of India (CA Fraternity)
Updates for Members
- Online Assessment Test of Certificate Course on GST scheduled on 16th January 2022 from 11.30 am to 12.30 pm.
- Campus for the Newly Qualified Chartered Accountants (NQCAs).
- Postponement of Convocation 2021-22 at Indore.
- Extension of the last date for complying with the mandatory CPE hours’ requirements for the Calendar Year 2021 either in physical/offline mode or in virtual mode through VCM/DLH – from 31st December, 2021 to 28th February, 2022.
General Updates
- ICAI submits representation to CBDT requesting to consider waiver of the penalty for filing of tax audit reports for AY 2021-22 till 31st March, 2022.
- Calendar of Trigger dates of Valuation under the various Laws.
- Handbook on Best Practices for Registered Valuers.
- ICAI concerns submitted to NFRA.
- Implementation Guide to the Standard on Auditing (SA) 560, “Subsequent Events”.
- Implementation Guide to the Standard on Auditing (SA) 210, “Agreeing the Terms of Audit Engagements”.
OTHER UPDATES
- Hearings in the month of January at Trade Marks Registry.
- Auction for Sale (Issue/Re-issue) of (i) New GS 2032’, (ii) ‘GoI Floating Rate Bond 2034’, and (iii) ‘6.95% GS 2061’.
- Delhi Customs Officials recover smuggled gold worth over Rs 7.5 lakh along with Fake Indian Currency Notes worth Rs 10 lakhs at IGI Airport; 2 arrested.
- Provisions of the Employees’ Provident Fund & Miscellaneous Provisions Act, 1952 applicable to the Air India Limited.
Blog of the week:
- Year-End Extensions provided by the government under the various laws: https://cacult.com/extensions-provided-by-the-government-under-the-various-laws/
Video of the week:
- Important Announcement on Campus for the Newly Qualified Chartered Accountants: https://www.youtube.com/watch?v=ErFZGPWAm6w
Compliance Calendar: https://cacult.com/calendar-2/
Check out our YouTube Channel: https://www.youtube.com/channel/UCUZuSQHyKyarNzKtA5rAiFA
