Highlights from team CA Cult (November 2021- First Week)

Weekly Key Highlights from team CA Cult (November 2021- First Week)

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

1. Roll out of new Annual Information Statement (AIS).
2. Tolerance range for the assessment year 2021-2022.
3. E-Settlement Scheme 2021 Notified by CBDT.
4. Notification of School Employees Retirement System of Ohio, United States of America under section 10 (23FE) of the Income-tax Act, 1961.

Central Board of Indirect Taxes & Customs (CBIC)

1. Government announces Excise Duty reduction on Petrol and Diesel on the eve of Diwali.
2. Seeks to amend Notification No. 18/2019-Customs reducing Road and Infrastructure Cess (RIC) on Petrol and Diesel- Notification No.52 /2021-Customs.

Corporate Law

1. Relaxation on levy of additional fees in the filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL and MGT-7/MGT-7A for the financial year ended on 31.03.2021 under the Companies Act, 2013.

Directorate General of Foreign Trade (DGFT)

1. Last Date for filing a claim at the Online IT module for Scrip-based Schemes – MEIS/SEIS/ROSL/ROSCTL- Trade Notice No. 22/2021-22.
2. Amendment in Appendix 2T (List of Export Promotion Councils/Commodity Boards/Export Development Authorities) of Foreign Trade Policy 2015-2020- Public Notice No. 33/2015-20.

Reserve Bank of India (RBI)

1. Unity Small Finance Bank Limited commences operations.
2. Prompt Corrective Action (PCA) Framework for Scheduled Commercial Banks.
3. Master Circular- Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs.
4. Master Circular- Guarantees, Co-Acceptances & Letters of Credit – UCBs.

Securities and Exchange Board of India (SEBI)

1. Common and Simplified Norms for processing investor’s service request by RTAs and norms for furnishing PAN, KYC details and Nomination.

Institute of Chartered Accountants of India (CA Fraternity)

1. ICAI President’s Message – November 2021.
2. Result of the Online Examination of the Certificate Course on Ind AS held on 3rd October 2021.
3. Notification for Online Eligibility Test (ET) for Post Qualification Course on Information Systems Audit on Saturday the 20th November 2021.
4. CSR Committee of ICAI proudly announces 8th batch of Certificate Course on CSR through online mode, for members of ICAI.

Other Updates

1. GST collection for October 2021 registered the second-highest since the implementation of GST.
2. Ministry of Electronics & IT releases FAQs to address queries on IT Rules, 2021 (Part II).
3. Spices Board (Registration of Exporters) (Amendment) Regulations, 2021.
4. IREDA launched a Whistle-blower Portal.
5. 42 companies selected under PLI Scheme for White Goods.
6. Central Government designates the courts of Anti-Corruption- NOTIFICATION.
7. NHAI InvIT attracts marquee institutional investors.
8. Income Tax Department conducts searches in Rajasthan.
9. Draft Mediation Bill issued for Public Consultation.

Contributions of the Week

1. What is baggage under the Customs Act, 1962?

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

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