Highlights from team CA Cult (December 2021- Second Week)

CA Cult

3 years ago

Weekly Key Highlights from team CA Cult (December 2021- Second Week)

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

Notification under section 80C of the Income-tax Act, 1961.
Amending the agreement for the Avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income.

Seeks to impose ADD on “Certain Flat rolled Products of Aluminium” originating in or exported from China PR for a period of 5 years- Notification No. 68/2021-Customs (ADD).
Instruction regarding Testing of coumarin in imported Cinnamon- Instruction No. 28/2021-Customs.
Payment of GST compensation to States in times of COVID-19 pandemic

Import of Water Melon Seeds – Other under ITC(HS) 12077090 of Chapter-12 of ITC (HS), 2017, Schedule-I (Import Policy) for the period of 01.01.2022 to 31.03.2022- PUBLIC NOTICE No. 41/2015-2020.
Enlistment of Agencies under Appendix 2E of FTP, 2015-20 authorized to issue Certificate of Origin (Non-Preferential)- PUBLIC NOTICE No. 42/2015-2020.

Reserve Bank of India (RBI) retains the Advisory Committee of Reliance Capital Limited.
Statement sets out various developmental and regulatory policy measures relating to (i) regulation and supervision; (ii) financial markets; and (ii) payment and settlement systems.
Option for prepayment of funds availed under Targeted Long-Term Repo Operations (TLTRO and TLTRO 2.0) before maturity.
External Commercial Borrowings (ECB) and Trade Credits (TC) Policy – Changes due to LIBOR transition.
General permission for infusion of capital in overseas branches and subsidiaries and retention/ repatriation/ transfer of profits in these centres by banks incorporated in India.
Introduction of Legal Entity Identifier for Cross-border Transactions.
Section 24 of the Banking Regulation Act, 1949 – Maintenance of Statutory Liquidity Ratio (SLR) – Marginal Standing Facility (MSF) – return to the normal dispensation.
RBI Governor’s Statement: December 08, 2021.

Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2021.
Transaction in Corporate Bonds through the Request for Quote (RFQ) platform by Portfolio Management Services (PMS).
Clarification regarding the amendment to SEBI (Portfolio Managers) Regulations, 2020.

Important Announcement on Empanelment of Chartered Accountant (CA) firms/LLPs for the year 2022-2023.
Format for appointment of authorised representative for counting.
Observations of the candidates on the question papers of CA examinations- December – 2021.
CSR Committee of ICAI proudly announces 9th batch of Certificate Course on CSR through online mode, for members of ICAI.

Other Updates

What is the meaning of the term “copyright” as per the Copyright Act, 1957 and How to register a copyright online?
More than 3 crore Income Tax Returns filed on new e-Filing portal of Income Tax Department.
Digital payments increased over the last 3 financial years.
DRAFT NOTARIES (AMENDMENT) BILL ISSUED FOR STAKEHOLDERS’ CONSULTATION.
Scheme for Farmer Producer Organizations (FPOs).
Details of countries who got International Registrations.
The incentive to Establish MSMEs.
Financial Assistance to Combat COVID Pandemic.

Videos of the week:
“How to apply for Copyright Registration Online?” : https://www.youtube.com/watch?v=vxEav3dB-X8
“Threshold limit of TDS under section 194Q of the Income-tax Act, 1961.” : https://www.youtube.com/watch?v=S7-Rx_t6jzM