Weekly Updates from CA Cult (March-April 2022)

Weekly Updates from CA Cult (March-April 2022)

Important Updates from last week:

Income-tax

1. Faceless Jurisdiction of Income tax Authorities Scheme 2022.
2. Extension of timelines under the Taxation and Other Laws Act.
3. The Income-tax (Third Amendment) Rules, 2022.
4. E-Assessment of Income Escaping Assessment Scheme 2022.
5. The Faceless Inquiry or Valuation Scheme, 2022.
6. Amendment to the provisions of Income-tax Rules, 1962 for prescribing fees under section 234H of the Income-tax Act, 1961.
7. Clarification with respect to relaxation of provisions of rule 114AAA of Income-tax Rules, 1962 prescribing the manner of making Permanent Account Number (PAN) inoperative.
8. Specified date for the purposes of proviso to sub-rule (2) to rule 114AAA of the Income-tax Rules, 1962.
9. Exemption under section 206C(1G) of the Income tax Act, 1961.
10. The signing of 62 Advance Pricing Agreements by CBDT in FY 2021-22.
11. Income Tax Department conducts searches in Delhi-NCR on Automobile Manufacturing Group, Company Operating Chartered Flights and Real Estate Groups.
12. CBDT extends the last date for filing of Form No.10AB for seeking registration or approval under Section 10(23C), 12A or 80G of the Income-tax Act, 1961 (the Act).
13. CBDT notified Income-tax Returns for AY 22-23 (ITR-1 to ITR-6).
14. Updated Form ITR-7 for the Assessment Year 2022-23.

GST

1. GST Notifications for implementation of Scheme for Brick Kilns.

Customs

1. Recruitment Rules for the post of Multi Tasking Staff in Commissionerates under CBIC Department of Revenue.
2. Commencement Notification dated 30th March 2022.
3. CBIC exempts the requirement of deposits under section 51A of the customs Act, 1962 via NOTIFICATION No. 19/2022-CUSTOMS (N.T.).
4. The Customs (Electronic Cash Ledger) Regulations, 2022- NOTIFICATION No. 20/2022-CUSTOMS (N.T.).
5. Amendments in various customs notifications via NOTIFICATION No. 19/2022-Customs.
6. Seeks to amend notification No. 25/2021-Customs, dated 31-03-2021 to give effect to 2nd tranche of tariff concessions as per India Mauritius CECPA- NOTIFICATION No. 17/2022-Customs.
7. Changes in the Customs Act, 1962 vide Sections 86, 87, 88 and 94 of the Finance Act, 2022 (enacted on 30.03.2022) and notifications related thereto with reference to appointment of officers of customs and assignment of functions – Circular No. 07/2022-Customs.

Corporate Law (MCA)

1. Companies (Accounts) Second Amendment Rules, 2022.
2. IBBI publishes syllabus, format, frequency and other details of the Valuation Examinations.
3. NCLT organised Colloquium on “NCLT- The Road Ahead”.
4. AMENDMENT TO THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (ONLINE DELIVERY OF EDUCATIONAL COURSE AND CONTINUING PROFESSIONAL EDUCATION BY INSOLVENCY PROFESSIONAL AGENCIES AND REGISTERED VALUERS ORGANISATIONS) GUIDELINES, 2020.

Directorate General of Foreign Trade (DGFT)

1. Amendment in Import policy of Urad Beans of the SPP Vigna Mungo (L.) Hepper 0713 3110) and Tur/Pigeon Peas (Cajanus Cajan) (ITC(HS) 0713 60 00) under ITC (HS)2022, Schedule – I (Import Policy)- Notification No. 63/2015-20.
2. Extension of FTP 2015-2020- Notification No. 64/2015-20.
3. Extension of HBP 2015-2020- Public Notice No. 53/2015-20
4. Amendment in import policy condition of Urea [Exim Code 31021000] in the ITC (HS) 2022, Schedule – I (Import Policy)- Notification no. 65/2015-20.
5. Amendments to Foreign Trade Policy 2015-2020 -Extension of the Integrated Good and Service Tax (IGST) and Compensation cess exemption under Advance Authorisation, EPCG and EOU scheme up to 30.06.2022- Notification No. 66 /2015-20.

Reserve Bank of India (RBI)

1. RBI Governor lays Foundation Stone of Learning and Development Centre (LDC) of BRBNMPL.
2. Special Clearing operations on March 31, 2022.
3. Premature redemption of Sovereign Gold Bond Scheme (SGB) – Redemption Price for premature redemption due on March 29, 2022 (Series II of SGB 2016) and March 30, 2022 (Series II of SGB 2016-17).
4. Gross non-performing assets (NPAs) improves from 11.33% in FY2017-18, to 13.52% in FY2018-19, to 14.69% in FY2019-20.
5. RBI issued a press release on USD/INR Sell Buy Swaps.
6. Bilateral Netting of Qualified Financial Contracts – Amendments to Prudential Guidelines.
7. Cassette – Swaps in the ATMs.
8. Master Direction on Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2021 – Amendment.
9. Master Circular – Basel III Capital Regulations.
10. Master Circular- Prudential Norms on Capital Adequacy – Primary (Urban) Cooperative Banks (UCBs).

Securities and Exchange Board of India (SEBI)

1. Product specifications pertaining to the Electronic Gold Receipts (EGR) segment in India.
2. Calculation of investment concentration norm for Category III AIFs.
3. Operational guidelines for ‘Security and Covenant Monitoring’ using Distributed Ledger Technology (DLT).
4. Timelines for Rebalancing of Portfolios of Mutual Fund Schemes.
5. Clarification on applicability of regulation 23 of SEBI (LODR) (Listing Obligations and Disclosure Requirements) Regulations, 2015 in relation to Related Party Transactions.
6. Discontinuation of usage of pool accounts for transactions in the units of Mutual Funds, Two Factor Authentication (‘2FA’) for redemption and other related requirements: Extension of timeline.
7. Standardisation of Ratings Scales Used by credit rating agencies -Extension of timeline for implementation.
8. Standardization of industry classification – Applicability to credit rating agencies.

Institute of Chartered Accountants of India (CA Fraternity)

1. Important Update on Convocation 2021-22 – Jaipur.
2. Important Update on Convocation 2021-22 – Delhi.
3. Registration for Online Home-Based Practical Training Assessment.
4. Mock Test Papers Series – II and Counselling Sessions for May, 2022 CA Examination.
5. New CA Curriculum to be globally relevant – Education Times.
6. ‘CA Institute doing an impact analysis’ – The Hindu Business Line.
7. Register for the World Congress of Accountants 2022.
8. Launch of Civil Services Orientation & Mentorship Programme for CA Members and CA Students aspiring to join Civil Services.
9. Deferment of certain provisions of Volume-I of Revised Code of Ethics, 2019.
10. Auditing and Assurance Standards Board – Online Panel of Experts for addressing Bank Branch Audit related queries.
11. Online Process for Formation of Networking of CA Firms Launched.

OTHER UPDATES

1. The Finance Act, 2022 received the assent of the President.
2. Extension of the validity of FCRA registration certificates- Public Notice.
3. Extension of timelines for sale and renewal of short term Covid specific health insurance policies.
4. Amendment in instructions for filling Common Application Form.
5. Issue of 6.82 per cent Postal Life Insurance Government of India Special Security, 2032.
6. Issuance Calendar for the Marketable Dated Securities for April 2022 – September 2022.
7. Premature redemption of a part of the outstanding stock of Non-interest bearing Government of India IDBI Special Security, 2024- NOTIFICATION.
8. Update on Patent and Trade Mark Applications.
9. Scope of Emergency Credit Line Guarantee Scheme (ECLGS) enhanced and validity extended till 31.3.2023.
10. Sale of Electoral Bonds at Authorized Branches of the State Bank of India (SBI).
11. Comprehensive Economic Partnership Agreement (CEPA) between India and the United Arab Emirates (UAE) Unveiled.
12. Share of MSMEs in exports to Russia and Ukraine.
13. Government’s Borrowing plan for First Half (H1) FY 2022-23.
14. Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors.
15. IFSCA inks MoU with IRDAI.
16. The Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2022.
17. Relaxation in the eligibility condition of COVID-19 relief Scheme.

Blogs of the Week:

1. Provisions to be applicable from 1st April 2022: https://cacult.com/provisions-to-be-applicable-from-1st-april-2022/
2. Various extensions at the end of the Financial Year 2021-22: https://cacult.com/various-extensions-at-the-end-of-the-financial-year-2021-22/
3. Provisions of TDS under the new section 194S: https://cacult.com/provisions-of-tds-under-the-new-section-194s/
4. New sections on Virtual Digital Assets under the income tax: https://cacult.com/new-sections-on-virtual-digital-assets-under-the-income-tax/
5. How Life Insurance Protects a Remortgage?: https://cacult.com/how-life-insurance-protects-a-remortgage/

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