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

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

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

1. New Rule 21AK inserted under the Income-tax Rules, 1962- These rules may be called the Income-tax (33rd Amendment) Rules, 2021.
2. E-Verification Scheme, 2021 under the Income-tax.
3. Advance Tax collections for the F.Y. 2021-22 (Till 3rd Installment) stand at Rs. 4,59,917.10 crore as on 16.12.2021 which shows a growth of approximately 53.50%.

Central Board of Indirect Taxes & Customs (CBIC)

1. ADD on Axle for trailers in CKD/SKD form- NOTIFICATION No. 69/2021-Customs (ADD).
2. Seeks to amend Notification No. 47/2021-Customs(ADD) dated 26.08.2021 regarding levy of anti-dumping duty on “Natural Mica based Pearl Industrial Pigment excluding cosmetic grade” to amend the name of exporter from “Nanyang Lingbao Pearl Pigment Company Limited Materials” to “Henan Lingbao New Materials Technology Co., Ltd.”- NOTIFICATION No. 70/2021-Customs (ADD)
3. Seeks to impose Anti-dumping Duty on Imports of Sodium Hydrosulphite from China PR and Korea RP- Notification No. 71/2021 -Customs (ADD).
4. Seeks to impose Anti-dumping Duty on Imports of hydrogen peroxide from Bangladesh- Notification No.72/2021-Customs (ADD).
5. Seeks to impose Anti-dumping Duty on Imports of calcined gypsum powder from Iran. Oman, Saudi Arabia and United Arab Emirates (UAE)- Notification No.73/2021 -Customs (ADD).
6. Notification No. 1/2021– Goods and Services Tax Compensation.
7. GST on service supplied by restaurants through e-commerce operators.

Corporate Law (MCA)

1. Clarification on holding AGM- General Circular no. 21/2021.
2. Ministry of Corporate Affairs (MCA) and Financial Intelligence Unit-India sign MoU for data exchange between the two organisations.

Directorate General of Foreign Trade (DGFT)

1. Harmonising MEIS Schedule in the Appendix 3B (Table-2) with amended ITC (HS), 2017- PUBLIC NOTICE No. 43 /2015-20.

Reserve Bank of India (RBI)

1. Prompt Corrective Action (PCA) Framework for Non-Banking Financial Companies (NBFCs).
2. Reserve Bank of India (RBI) imposes a monetary penalty on ICICI Bank Ltd.
3. RBI imposes monetary penalty on Punjab National Bank.
4. Lower currency limit for pilgrims visiting Gurudwara Darbar Sahib in Kartarpur.

Securities and Exchange Board of India (SEBI)

1. Circular on Mutual Funds dated 10th December 2021.
2. Clarifications with respect to Circular dated November 03, 2021, on ‘Common and simplified norms for processing investor’s service request by RTAs and norms for furnishing PAN, KYC details and Nomination’.
3. SEBI constitutes ‘Advisory Committee for Leveraging Regulatory and Technology Solutions (ALeRTS)’
4. Cut-off Time for generation of last Risk Parameter File (RPF) for client’s margin collection purpose and modification in framework to enable verification of upfront collection of margins from clients in commodity derivatives segment.

Institute of Chartered Accountants of India (CA Fraternity)

1. Election 2021 – From the Counting Venue.
2. ICAI Convocation 2021-22 schedule for Members.
3. Re-opening of Online Filling up of Examination Application Forms for Chartered Accountants – Information Systems Audit, Assessment Test, 8th January 2022.
4. Last date for filing nomination for 15th ICAI Awards has been extended till 25th December, 2021.
5. Release of Indian Accounting Standards: (Revised 2021).
6. Exposure Draft of the Amendments in the Commercial & Industrial (C&I) Taxonomies- IND AS based Taxonomy & AS based Taxonomy (Comments to be received by January 15, 2022).
7. Sustainability Reporting Standards Board (SRSB) of ICAI announces 8th batch of Online Certificate Course on Business Responsibility and Sustainability Reporting (BRSR) commencing from December 23rd, 2021 for members of ICAI.

Other Updates

1. 12,892 companies removed from Registrar of Companies in 2020-21.
2. Notification of Operating Lease as Financial Product under International Financial Services Centres Authority Act, 2019.
3. Rescinding of SO 434 and SO 272 wrt Air India Intl Coop and the Indian Airlines Coop.
4. ePublishing for Parichay (eKYC and verification of users of Single Signon Platform for G2G and G2C applications.
5. CGST officers arrest Chartered Accountant (CA) for generating fake input tax credit to the tune of Rs. 92 crores.
6. 3.59 crore Income Tax Returns filed on the new e-filing portal of the Income Tax Department.
7. EXPORT AND IMPORT OF MOBILE PHONES.
8. 5,12,919 complaints registered against E-Commerce companies from April 2019 till November 2021.
9. Tea (Marketing) Control (Second Amendment) Order, 2021.
10. Incentive scheme for promotion of RuPay Debit cards and low-value BHIM-UPI transactions (P2M).

Videos of the week:
“Adjustment of GST while Deducting TDS under section 194Q of the Income-tax Act, 1961” : https://www.youtube.com/watch?v=4SvwvkS0IPQ
“Adjustment of the Purchase Return in TDS under section 194Q of the Income-tax Act, 1961” : https://www.youtube.com/watch?v=fFQJa6jH8kE
“Due Dates of Income-tax compliance for Assessment Year 2021-22.”: https://www.youtube.com/watch?v=65wLosSYyZ8

Compliance Calendar: https://cacult.com/calendar-2/

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