Newsletter from CA Cult – For Latest Updates (November 2024)

Weekly Newsletter from CA Cult – For Latest Updates (1st Week of November 2024)

Income-tax

1. Condonation of delay under clause (b) of sub-section (2) of section 119 of the Income-tax Act, 1961 for returns of income claiming deduction u/s 80P of the Act for Assessment Year 2023-24 – Circular No. 14/2024.
2. Specifying Forms prescribed in Appendix-II of the Income Tax Rules 1962, to be furnished electronically under sub-rule (1) and sub-rule (2) of Rule 131 of the Income-tax Rules, 1962.

CBIC

1. Mandatory additional qualifiers in import/export declarations in respect of Synthetic or Reconstructed Diamonds w.e.f 01.12.2024–reg.
2. Advisory related to the ‘Other Territory’ applications.
3. Advisory for the waiver scheme under section 128A.

MCA

1. Notification under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 for enhancing the scope for mandatory onboarding on TReDS.

DGFT

1. Enabling provisions for import of inputs that are subjected to mandatory Quality Control Orders (QCOs) by Advance Authorisation holders, EOU and SEZ – Public Notice No. 31 /2024-25.
2. Further abeyance of Public Notice No. 05/2024 dated 27.05.2024 until 31.12.2024.

RBI

1. Amendment to the Master Direction – Know Your Customer (KYC) Direction, 2016.
2. ‘Fully Accessible Route’ for Investment by Non-residents in Government Securities – Inclusion of Sovereign Green Bonds.

SEBI

1. Advisory on the unauthorized virtual trading/gaming platforms.

ICAI

1. Re-Scheduling of Chartered Accountants Examination scheduled to be held on 13th November 2024 (Wednesday) at the Examination Centre(s) at Hazaribagh (Jharkhand), Jamshedpur (Jharkhand), Ranchi (Jharkhand), Raipur (Chhattisgarh) and Jhunjhunu (Rajasthan).
2. Observations of the candidates on the question papers of Chartered Accountants Final Examinations and Post Qualification Courses Examination – November – 2024.

Videos of the Week:

1. Section 44BBC for computing profits and gains of business of operation of cruise ships: https://www.youtube.com/watch?v=b2H0GKY_Kv4
2. Tax on Payments to Partners of Firms | TDS under section 194T: https://www.youtube.com/watch?v=QCad-Y1KR5Q

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