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

Weekly Newsletter from CA Cult – For Latest Updates (2nd Week of November 2024)

Income-tax

1. Order under section 119(1) of the Income-tax Act, 1961 fixing monetary limits of the income-tax authorities in respect of reduction or waiver of interest paid or payable under section 220(2) of the Income-tax Act- reg.
2. Enhancing Tax Transparency on Foreign Assets & Income: Understanding CRS & FATCA.

CBIC

1. Clarification on Insurance Amount and Bond Value for Customs Cargo Service Providers (CCSPs) and validity of Bond for AEO-LO-reg.
2. Advisory regarding IMS during initial phase of its implementation.
3. Advisory on IMS on the Supplier View.
4. Important advisory on GSTR 2B and IMS.

MCA

1. NFRA recommends revision of the Standard quality control (SCQ1) and Standard quality management (SQM1 and SQM2), on the lines of the global Standards.

DGFT

1. Fixation of one new Standard Input Output Norms (SIONs) at SION A-3682 under ‘Chemical and Allied Product’ (Product Code ‘A’) – Public Notice No. 33 /2024-25.
2. Harmonisation of Schedule-II (Export Policy), ITC(HS) 2022 – Trade Notice No. 22/2024-25.

RBI

1. Reporting of Foreign Exchange Transactions to Trade Repository.
2. Operational framework for reclassification of Foreign Portfolio Investment (FPI) to Foreign Direct Investment (FDI).

SEBI

1. Trading supported by Blocked Amount in the Secondary Market.
2. SEBI study finds that 1 out of 4 times, listed companies paid royalty exceeding 20% of their net profits to Related Parties.

ICAI

1. Revised Criteria for classification of Non-company entities for applicability of Accounting Standards.
2. Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) – Adv. Information Technology Test – Computer Based Mode (CBT) – Dec 2024, Jan-Feb-Mar 2025.
3. Mock Test Papers Series – I & Series II for CA Intermediate students appearing in January 2025 Examinations.
4. Success at CA Exam – Series I starting from 29th November 2024 & Series II from 20th December 2024 for CA Intermediate Students appearing in January 2025 Examinations.

Videos of the Week:

1. Reduction or waiver of Interest: https://www.youtube.com/watch?v=pUvu5j_x_d0
2. Extension for furnishing return of income for AY 2024-25: https://www.youtube.com/shorts/YsJiQ4hfSks
3. Tax on Payments to Partners of Firms | TDS under section 194T: https://www.youtube.com/watch?v=QCad-Y1KR5Q

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