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

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

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

1. Tax Evasion Petition service Post Login is available now.
2. Scheduled maintenance activity of the income tax portal.
3. Public Notice regarding Fraudulent Appointment Letter.
4. More than 29.8 lakh major Tax Audit Reports (TARs) filed on the e-Filing portal of the Income Tax Department.

Central Board of Indirect Taxes & Customs (CBIC)

1. To extend anti-dumping duty imposed on imports of Aluminium Foil from China – NOTIFICATION No. 8/2022-Customs (ADD).
2. Setup of the ‘GST Refund Help Desk’ in the office of Pr. CCA, CBIC.
3. Window to opt-in for composition for the FY 2022-23 is made available at GST Portal.

Corporate Law (MCA)

1. Relaxation on levy of additional fees in filling of e-forms AOC-4, AOC-4 Non-XBRL and MGT-7/MGT-7A for the financial year ended on 31.03.2021 under the Companies Act, 2013 General Circular No.1 2022.
2. Provisional Data Base of Companies and their Auditors under NFRA domain as on 31st March, 2021.

Directorate General of Foreign Trade (DGFT)

1. Issuance of Replenishment Authorisation as per Para 4.35 and 4.36 of Foreign Trade Policy (FTP) from new online IT Module w.e.f. 21.02.2022- reg.

Reserve Bank of India (RBI)

1. Finance Minister addresses the Central Board of Directors of Reserve Bank of India (RBI).
2. The government of India cancels the auction of all the securities scheduled on February 18, 2022.
3. Cryptocurrencies – An assessment (Keynote address delivered by Shri T Rabi Sankar, Deputy Governor, Reserve Bank of India – February 14th, 2022 – at the Indian Banks Association 17th Annual Banking Technology Conference and Awards).
4. Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances – Clarifications.
5. Exim Bank’s Government of India supported Line of Credit (LoC) of USD 50 million to the Government of the Republic of Maldives.
6. Payment and Settlement Systems (Amendment) Regulations, 2022.
7. The Indian Overseas Bank (Officers’) Service (Amendment) Regulations, 2021.
8. New Definition of Micro, Small and Medium Enterprises (MSMEs) – Clarification.
9. Regulations Review Authority (RRA 2.0) – Interim Recommendations- Second tranche.

Securities and Exchange Board of India (SEBI)

1. Trading features pertaining to the Electronic Gold Receipts (EGR) segment.
2. Standard Operating Guidelines for the Vault Managers and Depositories -Electronic Gold Receipts (EGR) segment.
3. Corrigendum to Master Circular for Depositories dated February 05, 2021 on Opening of demat account in case of HUF.

Insurance Regulatory and Development Authority of India (IRDAI)

1. Proposed Amendments to the IRDAI (Third Party Administrators (TPA)– Health Services) Regulations, 2016.
2. Holding more than one Certificate of Registration to one group – IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) Regulations, 2015.

Institute of Chartered Accountants of India (CA Fraternity)

Updates for Members/Students

1. Frequently asked Queries (FAQs) for the candidates registering for Feb. – Mar. 2022 Campus Placement Program.
2. Notification for Online Assessment Test (AT) for Certificate Course on Forex and Treasury Management for the following dates through Digital learning Hub Organized by Committee on Capital Market and Investors’ Awareness of ICAI.
3. Launch of Online Batch 32 on ‘Certificate Course on the Indian Accounting Standards (Ind AS)’.
4. Result of the Online Examination of the Certificate Course on Ind AS held on 30th January 2022.

General Updates

1. Extension of the Last Date for submission of application for Empanelment of Chartered Accountants firms/LLPs with O/o C&AG for the year 2022-23.

OTHER UPDATES

1. The Aircraft (Carriage of Dangerous Goods) (Amendment) Rules, 2022.
2. Further Extension in date of filing of Application under the Production Linked Incentive (PLI) Scheme for Textiles.
3. The Food Safety and Standards (Import) First Amendment Regulations, 2022.
4. NITI Aayog in association with PhonePe launches the Fintech Open Hackathon.

Blogs of the week: What is the updated return under section 139(8A) and its conditions?: 
https://cacult.com/what-is-the-updated-return-and-its-conditions/

Video of the week: Clarification under section 40(a)(ii) of the Income-tax Act, 1961: 
https://www.youtube.com/watch?v=WolZRYIipC4

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