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

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

Important Updates from last week:

Central Board of Direct Taxes (CBDT):

1. CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB.
2. Newly inserted Rule 8AC under the Income-tax: Computation of short term capital gains and written down value under section 50 where depreciation on goodwill has been obtained.
3. DEPARTMENTAL EXAMINATION 2021 FOR ITO / ITI DIRECTORATE OF INCOME TAX.

Central Board of Indirect Taxes & Customs (CBIC):

GST

1. Important changes related to QRMP Scheme implemented on the GST Portal for the taxpayers.
2. Delhi Goods and Services Tax (Eleventh Amendment) Rules 2020- NOTIFICATION No. 72/2020– State Tax.
3. Upcoming functionalities to be deployed on GST Portal for the Taxpayers in the month of July, 2021.

Customs

1. Launch of online filing of an application for Authorised Economic Operators (AEO T2 and AEO T3).
2. Improvements in Faceless Assessment – Measures for expediting Customs clearances – Circular No.14 /2021-Customs.

Corporate Law:

1. Invitation of application for 23rd Basic Workshop for Insolvency Professionals to be held on 13th July, 2021.
2. 2nd National Online Quiz on Insolvency and Bankruptcy Code, 2016 from 1st August, 2021 – 31st August, 2021.
3. Extension of last date for submission of public comments to 30th July, 2021 for Consultation Paper on Enhancing Engagement with Stakeholders.

Directorate General of Foreign Trade (DGFT)

1. Acceptance, processing and issuance of claims under MEIS, SEIS, ROSL, ROSCTL in the DGFT IT modules- DGFT Trade Notice No. 08/2021-22.

Reserve Bank of India (RBI):

1. RBI releases the Financial Stability Report, July 2021.
2. Roadmap for LIBOR Transition.
3. Cessation of LIBOR: Transition arrangements- Press Release.
4. Inclusion of “Shivalik Small Finance Bank Limited” in the Second Schedule of the Reserve Bank of India Act, 1934.
5. Reserve Bank of India (RBI) imposes monetary penalty on fourteen Banks.
6. New Definition of Micro, Small and Medium Enterprises (MSME) – Addition of Retail and Wholesale Trade.
7. RBI announces Open Market Purchase of Government of India Securities under G-sec Acquisition Programme (G-SAP 2.0).
8. Mandatory Leave for Employees Posted in Sensitive Positions or Areas of Operation.
9. Indicative Calendar of Market borrowings by State Governments/ Union Territories for the Quarter July – September 2021 – Revised.

Securities and Exchange Board of India (SEBI):

1. Issue of No Objection Certificate for release of 1% of Issue amount: SEBI Circular.
2. Master Circular for Stock Exchange and Clearing Corporations.
3. Standard Operating Procedure (SOP) for the handling of technical glitches by Market Infrastructure Institutions (MIIs) and payment of “Financial Disincentives” thereof: SEBI Circular.
4. Standard Operating Procedure (SOP) for listed subsidiary company desirous of getting delisted through a Scheme of Arrangement wherein the listed parent holding company and the listed subsidiary are in the same line of business.
5. Valuation of securities with multiple put options present ab-initio.
6. Review of Advance Intimation timelines for modifications in the contract specifications of commodity derivatives contracts.

Insurance Regulatory and Development Authority of India (IRDAI):

1. Insurance Regulatory and Development Authority of India (Indian Insurance Companies) (Amendment) Regulations 2021.
2. Life Insurance Corporation of India (Special Allowance for In-House Development of Actuarial Capability) Second Amendment Rules, 2021.
3. Life Insurance Corporation of India Information Technology Specialist Group (Selection, terms and conditions of service and Payment of Allowance) Amendment Rules, 2021.
4. Life Insurance Corporation (LIC) of India Development Officers (Revision of Terms and Conditions of Service) Amendment Rules, 2021- NOTIFICATION.
5. Life Insurance Corporation of India Class III and Class IV employees (Promotion) Amendment Rules, 2021- NOTIFICATION.
6. Life Insurance Corporation of India (Payment of Gratuity to the Chairman and Managing Directors) (Amendment) Rules, 2021- NOTIFICATION.
7. Life Insurance Corporation of India Chairman (certain Terms and Conditions of Service) (Amendment) Rules, 2021.- NOTIFICATION.
8. Life Insurance Corporation of India Managing Directors (Revision of Certain Terms and Conditions of Service) (Amendment) Rules, 2021.
9. Life Insurance Corporation (Staff) Second Amendment Rules, 2021- NOTIFICATION.
10. Life Insurance Corporation of India (Employees’) Pension (Amendment) Rules, 2021.

Institute of Chartered Accountants of India (CA Fraternity)

1. New Form 18 under Chartered Accountants Regulations.
2. Important Announcement for CA July 2021 Examination (Kathmandu) Nepal.
3. Observations of the candidates on the question papers of CA examinations July 2021.
4. One-time Opportunity for CA Final qualified students to complete MCS/Adv ITT any time anywhere through virtual mode in https://virtualmcs.icai.org & become a member of ICAI. The students are required to register by 30th September 2021 and complete by 31st December 2021.
5. Important Announcement for Career Ascent – June 2021.
6. ICAI signs MoU with Qatar Financial Centre (QFC) for export of accounting services to Qatar & exploring professional and business opportunities for ICAI members.
7. Booklet on Valuation: VCM ATQs on “Valuation date, Valuation report date and events between these dates” – Series 6.
8. Guidance Note on Accounting for Derivative Contracts (Revised 2021).
9. 1st Online Batch of Certificate Course on Financial Markets and Securities Laws.
10. Online Certificate Course on Fundamental Analysis & Technical Analysis Including Equity Research.
11. Exposure Draft of Revised Accounting Standards for Public Comments.
12. Update on Income tax portal by ICAI.
13. Valuation: Professionals’ Insight- Series 6.

Other Updates:

1. Setting up of Advisory Council for Open Network for Digital Commerce (ONDC).
2. Modi Government creates a new Ministry of Co-operation.
3. International Financial Services Centres Authority (IFSCA) (Banking) (Second Amendment) Regulations 2021.
4. Cabinet approves Memorandum of Understanding (MoU) between Institute of Cost Accountants of India (ICoAl) and the Association of Chartered Certified Accountants (ACCA), United Kingdom (UK).
5. Finance Minister Smt. Nirmala Sitharaman attends Third G20 Finance Ministers and Central Bank Governors Meeting.
6. CGST officials bust network of 23 firms for claiming input tax credit of Rs 91 crore/

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