Weekly important updates from CA Cult (Sept-Oct 2022)

Weekly important updates from CA Cult (Sept-Oct 2022)

Important Updates from last week:

Income-tax

1. List of Forms due for 30th September 2022.
2. Application for recomputation of income u/s 155
3. Extension of the due date for filing of Tax Audit Report under the IT Act, 1961 notification dated September 30, 2022.

CBIC

1. NOTIFYING THE SECTIONS OF FINANCE ACT 2022- NOTIFICATION No. 18/2022–Central Tax.
2. CGST (Second Amendment) Rules, 2022- Notification.
3. ₹1,47,686 crore gross GST revenue collected in the month of September 2022.

MCA

1. Clarification on round off figures in Financial Statements.
2. Extension of time for filing e-form DIR-3-KYC and web-form DIR-3-KYC-WEB without fee.
3. Amendments in IBBI (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2016.
4. Amendment to Insolvency and Bankruptcy Board of India (Insolvency Professionals), Regulations 2016.

Directorate General of Foreign Trade (DGFT)

1. Foreign Trade Policy extended for six months.
2. Amendment in para 5.15 of Handbook of Procedures 2015-20, related to Export Promotion Capital Goods Scheme- Public Notice No. 27/2015-2020.

Reserve Bank of India (RBI)

1. Action against Mahindra & Mahindra Financial Services Ltd., under Section 45L(1)(b) of the Reserve Bank of India Act, 1934.
2. The Reserve Bank of India (RBI) announced today the list of NBFCs in the Upper Layer under Scale Based Regulation for NBFCs.

Securities and Exchange Board of India (SEBI)

1. Two-Factor Authentication for transactions in units of Mutual Funds.
2. Circular for the Portfolio Managers.
3. Amendment to guidelines and extension of timeline for implementation of Standardized industry classification by Credit Rating Agencies (CRAs).

Institute of Chartered Accountants of India (CA Fraternity)

1. ICAI Convocation 2022 – (Last updated on 27-09-2022).
2. Announcement for First Placement Programme for Women Chartered Accountants (CAs) (with standing of 1 year and above).
3. Brochure of First Placement Programme for Women Chartered Accountants (CAs).
4. Applicable date of certain deferred provisions of Volume-I of Code of Ethics, 2019.
5. Mock Test Papers Series – II for November, 2022 CA Examination.

Videos of the week: 

1. Difference between Fees & Penalty And What if, tax audit report file after due date ? Part-I : https://www.youtube.com/watch?v=KXlkZUEGM4A
2. Penalty on non-compliance of Tax Audit or on Delay in filing Form 3CD. (Part – II) : https://www.youtube.com/watch?v=pq_HfCw9kxc

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