Highlights from team CA Cult (June 2021- Fourth Week)

Weekly Key Highlights from team CA Cult (June 2021- Fourth Week)

Important Updates from last week:

Central Board of Direct Taxes (CBDT):

1. Circular regarding use of functionality under Section 206AB and 206CCA of the Income-tax Act, 1961.
2. Compliance Check Functionality for Section 206AB & 206CCA of Income-tax Act 1961.
3. Government grants further extension in timelines of compliances. Also announces tax exemption for expenditure on Covid treatment and ex-gratia received on death due to Covid.
4. Law Minister Shri Ravi Shankar Prasad launches ‘itat e-dwar’, an e-filing portal of Income Tax Appellate Tribunal (ITAT).
5. Extension of timeline under Direct Tax Vivad se Vishwas Act, 2020- Notification.
6. Extension of compliance under Income-tax, notification dated 25th June, 2021.

Central Board of Indirect Taxes & Customs (CBIC):

GST

1. Clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020- Central Tax dated 21st March, 2020.

Customs

1. CRCL Module – Forwarding of samples using electronic Test Memo to CRCL and other Revenue Laboratories: Instruction No. 14/2021-Customs.

Corporate Law:

1. MCA notifies Companies (Accounting Standards) Rules 2021, dated 23rd June 2021.
2. Clarification on passing of ordinary and special resolutions.

Directorate General of Foreign Trade (DGFT)

1. Memorandum of Understanding (MoU) between Government of the Republic of India and the Government of the Republic of Malawi for import of toor- Public Notice No. 08/2015-20.
2. Memorandum of Understanding (MoU) between Government of the Republic of India and the Government of the Republic of the Union of Myanmar for import of toor and urad- Public Notice No. 09/2015-20.

Reserve Bank of India (RBI):

1. Reserve Bank released all India House Price Index (HPI) for Q4:2020-21.
2. RBI notification on Gold (Metal) Loans – Repayment.
3. RBI notifies Guidelines on distribution of dividend by NBFCs.
4. Directions under Section 35-A of the Banking Regulation Act, 1949 (AACS) – Punjab and Maharashtra Cooperative Bank Limited, Mumbai, Maharashtra – extension of validity period of Directions.
5. Reserve Bank of India (RBI) (Call, Notice and Term Money Markets) Directions, 2021.
6. New Definition of Micro, Small and Medium Enterprises notified by RESERVE BANK OF INDIA dated June 25, 2021.

Securities and Exchange Board of India (SEBI):

1. Prudential norms for liquidity risk management for open ended debt schemes.
2. Alignment of interest of Key Employees of Asset Management Companies (AMCs) with the Unitholders of the Mutual Fund Schemes.
3. Amendment to SEBI (Alternative Investment Funds) Regulations, 2012.

Institute of Chartered Accountants of India (CA Fraternity):

1. Announcement of Career Ascent for Experienced Chartered Accountants (1 year and above) 7th & 8th July 2021.
2. Invitation to Indian and Overseas Organisations for Career Ascent for Experienced Indian Chartered Accountants (1 year and above).
3. Zone / City – shifting of candidates for MAY / JUNE – 2021 Chartered Accountant Examinations [To be held in JULY 2021]- IMPORTANT ANNOUNCEMENT.
4. CHARTERED ACCOUNTANT EXAMINATIONS, MAY/ JULY 2021- Important Announcement.
5. Foundation, Intermediate (IPC), Intermediate, Final and Final-New Examination Admit Cards are hosted.
6. Important Dates – Exemptions Intermediate(IPC), Intermediate, Final and Final-New – July 2021.
7. ICAI press release on New Income Tax e-filing portal- Meeting organised by the Ministry of Finance, to review the glitches and issues.
8. ICAI Partnering MSMEs to Bolster them on Global Map.

Other Updates:

1. Notified Special Economic Zones (Amendment) Rules 2021.
2. Proposed Amendments to the Consumer Protection (E-commerce) Rules 2020.
3. Finance Ministry interaction with tax professionals, other stakeholders and Infosys on issues in new Income Tax Portal.
4. Central Government hereby makes following rules to amend the Debts Recovery Appellate Tribunal.
5. Mukhyamantri Covid-19 Pariwar Aarthik Sahayata Yojana- Notification.
6. Public Debt Management report for the quarter of January March 2021.
7. News claiming resumption of Dearness Allowance is FAKE. No such Office Memorandum has been issued by the Government of India.

Blogs

1. TDS rates under DTAA ​​​​​as amended by Finance Act, 2021.
2. Extension of Timelines New vs Old Dates, as amended after the notification issued by CBDT in this regard on 25th June 2021.

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