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

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

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

1. Introduction of the new Form 52A under the Income-tax Rules (Statement to be furnished to the Assessing Officer under section 285B of the Income-tax Act, 1961, in respect of production of a cinematograph film).
2. Guidelines under sub-section (4) of section 194-O, sub-section (3) of section 194Q and subsection (1-I) of section 206C of the Income-tax Act, 1961.
3. Haryana State Legal Services Authority notified under section 10 of the Income-tax Act, 1961.
4. Union Finance Minister Smt. Nirmala Sitharaman inaugurates Income Tax Department’s new Office cum Residential complex, ‘The Chinars’, at Srinagar, J&K today.
5. Income Tax Department conducts search operations in Maharashtra, Gujarat and Delhi on certain Indian companies and their associate concerns, controlled by a neighbouring country.

Central Board of Indirect Taxes & Customs (CBIC)

1. Improvements in GSTR-1: The revamped version of GSTR-1 is being made available.
2. Removal of Inverted Tax Structure on MMF Textiles Value chain and uniformity of rates brings relief to Textiles sector.
3. Import of wireless equipment by Telecom Service Providers (TSPs) on the basis of self-declaration.
4. Direction under Section 16 (5) of Food Safety and Standards Act, 2006 regarding extension of validity of the NOC for the Alcoholic Beverages Bottled in Origin & in Bulk.
5. Import of teas from the neighbouring country (Nepal) as “Darjeeling Tea”.

Corporate Law

1. Report of the Cross Border Insolvency Rules & Regulations Committee.
2. Invitation of comments from public on Cross-Border Insolvency under Insolvency and Bankruptcy Code, 2016- NOTICE.
3. Filing of the list of stakeholders under clause (d) of sub-regulation (5) of regulation 31 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.
4. Filing of the list of creditors under clause (ca) of sub-regulation (2) of regulation 13 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
5. “Insolvency and Bankruptcy Code (IBC), 2016 a “gamechanger reform”: Shri Piyush Goyal.

Directorate General of Foreign Trade (DGFT)

1. Applications for allocation of Tariff Rate Quota (TRQ) under India – Mauritius CECPA for the year 2021-22- Public Notice No. 38/2015-20.
2. Amendment in policy conditions governing import and export in rough diamonds falling under Chapter-71 of Schedule (I) of ITC(HS) 2017 and Schedule(II) of ITC(HS) 2018- Notification No. 43/2015-20.
3. Allocation of the additional quantity of 303 MT for export of raw sugar to USA under Tariff Rate Quota (TRQ) for the Fiscal Year 2021- Public Notice No. 39/2015-20.
4. Safe Custody of digital tokens, documents, scrips etc- Trade Notice No. 26/2021-22.

Reserve Bank of India (RBI)

1. Caution against various Co-operative societies using the word “Bank” in their names.
2. RBI announces Draft Scheme of Amalgamation for the Punjab and Maharashtra Cooperative (PMC) Bank.
3. Inclusion in/exclusion from the Second Schedule to the Reserve Bank of India (RBI) Act, 1934 – Regional Rural Banks (RRBs).
4. RBI releases “Handbook of Statistics on Indian States, 2020-21”.
5. RBI imposes Monetary Penalty on 2 Payment System Operators.

Securities and Exchange Board of India (SEBI)

1. Disclosure obligations of listed entities in relation to Related Party Transactions.
2. Clarifications regarding the amendment to SEBI (Alternative Investment Funds) Regulations, 2012.
3. Non-compliance with certain provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulations”)
4. Master Circular on (i) Scheme of Arrangement by Listed Entities and (ii) Relaxation under Sub-rule (7) of rule 19 of the Securities Contracts (Regulation) Rules, 1957.
5. Publishing Investor Charter and Disclosure of Complaints by Merchant Bankers on their Websites.
6. Segregation and Monitoring of Collateral at Client Level – Extension of timeline.
7. Norms for silver exchange Traded Funds (Silver ETFs) and Gold Exchange Traded Funds (Gold ETFs).

Institute of Chartered Accountants of India (CA Fraternity)

1. Important Dates for CA Examinations December 2021.
2. Admit Cards for CA Foundation, Intermediate (IPC), Intermediate, Final and Final-New Examinations December 2021 are available.
3. Important Announcement on Information System Audit – Assessment Test (ISA – AT), January 2022.
4. Announcement – List of Members – Permitted to vote from other regions under Rule 6(2).
5. List of Members who have exercised an option under Rule 5.
6. Institute of Chartered Accountants of India submits Pre-Budget Memorandum – 2022 on Direct Taxes and International Tax to the Government.
7. Notification of Result Declaration of ISA Eligibility Test held on 20th November, 2021.
8. Corrigendum to List of Voters – Central Region.
9. Consent for enrolment for Exclusive Blended Online Weekend Batch of Spanish language (level A1.1) for ICAI Members and Students (60 hours), Last Date: 30th November, 2021.
10. Important dates for Online Examination of the ‘Certificate Course on Ind AS’ to be held on 30th January 2022.
11. Change of Venue of Polling at Visakhapatnam.

Other Updates

1. Joint Bank Account not mandatory for Spouse Pension.
2. EPFO adds 15.41 lakh net subscribers in September, 2021.
3. Centre releases two installments of tax devolution to State Governments amounting to Rs. 95,082 crore as against normal monthly devolution of Rs. 47,541 crore.
4. Interest Rate on Senior Citizens Welfare Fund.
5. Major Port Authorities (Fixation and Implementation of Scale of Rates, Fees and Conditions) Rules, 2021.
6. Major Port Authorities (Corporate Social Responsibility) Rules, 2021.
7. India and United States Joint Statement on the Trade Policy Forum.

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