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

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

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

1. The Securities Transaction Tax (1st Amendment), Rules, 2022.
2. New Rule 8AD Computation of capital gains for the purposes of sub-section (1B) of section 45 inserted under the Income Tax.
3. E-advance rulings Scheme, 2022.
4. Guidelines under clause (10D) section 10 of the Income-tax Act, 1961 – Circular No. 2 of 2022.
5. National Skill Development Corporation notified under clause (46) of section 10 of the Income-tax Act, 1961.
6. Corrigendum- Re-allocation of Region to candidates.

Central Board of Indirect Taxes & Customs (CBIC)

1. Retention of the ISO Containers to meet future requirements- Circular No.01/2022-Customs.
2. Seeks to exempt BCD and IGST on goods imported for AFC Womens Asian Cup 2022- NOTIFICATION No. 1/2022-Customs.
3. Circular on the Alignment of AEO Circular No. 33/2016 dated 22.07.2016 and 54/2020 dated 15.12.2020 with CAROTAR, 2020 implemented vide dated 21.09.2020.
4. New Rules regulating the method of recruitment- Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, Commissionerates, Lower Division Clerk, Group ‘C‘ Post Recruitment Rules, 2022.
5. Services will not be available due to scheduled maintenance.

Corporate Law (MCA)

1. INTERNATIONAL INSOLVENCY & BANKRUPTCY MOOT COMPETITION 2021-2022.

Directorate General of Foreign Trade (DGFT)

1. Addition of Area of Operation for Existing PSIA- Public Notice No. 47/2015-20.
2. Clarification regarding Steel Import Monitoring System (SIMS).

Reserve Bank of India (RBI)

1. Registration of Factors (Reserve Bank) Regulations, 2022.
2. Registration of Assignment of Receivables (Reserve Bank) Regulations, 2022.
3. Sikkim State Co-operative Bank Ltd in the Second Schedule.
4. RBI to conduct Overnight Variable Rate Repo auction under LAF on January 20, 2022 (Revised).
5. RBI issues regulations under the amended Factoring Regulation Act, 2011.

Securities and Exchange Board of India (SEBI)

1. Empowering Investors through Investor Charters.
2. SEBI Chairman launches “Saa₹thi” –SEBI’s Mobile App on Investor Education.

Insurance Regulatory and Development Authority of India (IRDAI)

1. Obligatory Cession for the financial year 2022-23 – Notification.
2. Clarification on Guidelines on Standard Professional Indemnity Policy for Insurance Brokers / Corporate Agent / Web Aggregators / IMF dated: 24.05.2021 ref.: IRDAI/INT/GDL/146/05/2021.

Micro, Small & Medium Enterprises (MSMEs)

1. The Micro, Small and Medium Enterprises (Amendment) Rules, 2022.
2. Validity of the existing MSMEs extended till 31st March 2022.

Institute of Chartered Accountants of India (CA Fraternity)

Updates for Members/Students

1. Brochure of Campus Placement Programme Feb-March 2022.
2. Important Announcement for Campus Placement Feb-March 2022.
3. Notification for Online Assessment Test for Certificate Course on FAFD (Forensic Accounting and Fraud Detection) on Saturday the 05th February 2022.
4. Launching Online Refresher Course – ‘Deep Dive into Revenue Standard – Ind AS 115’ Organized by the Ind AS Implementation Committee of ICAI.
5. Result of online examination for Certificate Course on BRSR held on January 16, 2022, declared – SRSB, ICAI.
6. LIVE webinar on “ICAI In Conversation with its Students” on 23rd January,22 from 11:30 AM to 12:30 PM– https://live.icai.org/sseb/23012022.
7. Important Announcement for May 2022 CA Examinations.

General Updates

1. Office hours arising out of Security Arrangements for Republic Day – 2022.
2. Exposure Draft of Guidance Note on Audit of Banks, 2022 edition issued by the Auditing and Assurance Standards BoardExposure Draft of Guidance Note on Audit of Banks, 2022 edition issued by the Auditing and Assurance Standards Board.
3. Draft Bank Branch Auditors’ Panel of Chartered Accountants/firms for the year 2021-22.
4. Invitation for Expression of Interest for Empanelment as Resource Person/ Subject Matter Expert in the Social Sector.
5. Exposure Draft of ICAI Valuation Standard – 304 – Valuation of Assets in the Extractive Industries issued by Valuation Standards Board ICAI for comments upto 27th January, 2022.
6. Request to give comments on the Exposure Draft of ICAI Valuation Standard-304 “Valuation of Assets in the Extractive Industries” by 27th January, 2022.
7. ICAI Virtual International Conference 2022: January 20-22, 2022.

OTHER UPDATES

1. Issue of the Commemorative Coin Rs 150.
2. Finance Minister Smt. Nirmala Sitharaman authorises release of advance installment of tax devolution to State Governments amounting to Rs. 47,541 crore.
3. Bye-laws for the conduct of Medical Examination.

Blogs of the week:

1. How to claim wrongly deposited challan under income tax?: https://cacult.com/how-to-claim-wrongly-deposited-challan-under-income-tax/
2. Application format of the challan correction from TAN to PAN: https://cacult.com/application-format-of-the-challan-correction-from-tan-to-pan/

Videos of the week:

1. SEBI launches Mobile App “SAARTHI” on Investor Education: https://www.youtube.com/watch?v=I_n-mVrME70
2. How to claim wrongly deposited challan under income tax?: https://www.youtube.com/watch?v=mmt-9mM9ZVE
3. Validity of the existing MSMEs has been extended: https://www.youtube.com/watch?v=m9YoUGzHTZo

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