Highlights from team CA Cult (October 2021- Fifth Week)

Weekly Key Highlights from team CA Cult (October 2021- Fifth Week)

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

1. Notifications under sub-section (1) of section 280A of the Income-tax Act, 1961.
2. Clarification regarding Section 36(1)(xvii) of the Income-tax Act, 1961 inserted vide Finance Act. 2015.
3. Guidelines under clause (23FE) of section 10 of the Income-tax Act, 1961.
4. Gujarat State Aids Control Society notified under clause (46) of section 10 of the Income-tax Act, 1961- NOTIFICATION.
5. Madhya Pradesh Pollution Control Board notified under clause (46) of section 10 of the Income-tax Act, 1961.

Central Board of Indirect Taxes & Customs (CBIC)

1. Seeks to amend notification No. 96/2008- Customs dated 13.08.2008 to include Sierra Leone- Notification No. 50/2021-Customs.
2. Seeks to amend notification No. 25/2021 – Customs dated 31.03.2021- Notification No. 51/2021-Customs.
3. Seeks to rescind Notification No. 23/2016-Customs(ADD) dated 6th June, 2016, to remove levy of ADD on Polytetrafluoroethylene originating in or imported from Russia- Notification No. 62 /2021-Customs (ADD).
4. Seeks to rescind Notification No. 24/2021-Customs(ADD) dated 26th April, 2021, to remove levy of ADD on Polytetrafluoroethylene originating in or imported from Korea RP- Notification No. 63/2021-Customs (ADD).
5. Import of crushed and de-oiled GM soya cake – Relaxation in applicability of provision in Para 6 (b) of-General Notes Regarding Import Policy Schedule -I (Imports) of the ITC(HS) 2017, Schedule 1 (lmport Policy).
6. Courier Imports and Exports (Clearance), Amendment, Regulations, 2021- Notification No. 86/2021-Customs (N.T.).
7. Courier Imports and Exports (Electronic Declaration and Processing ), Amendment, Regulations, 2021- Notification No. 85/2021-Customs (N.T.).
8. Circular No. 24/2021: Reducing compliance burden regarding registration of Authorised Couriers.
9. Applications for Indirect Tax Internship Scheme in CBIC.

Corporate Law

1. Relaxations in paying additional fees in case of delay in filing Form 8 (the Statement of Account and Solvency) by Limited Liability Partnerships upto 30th December 2021.
2. The Insolvency and Bankruptcy Board of India (IBBI) organises a Training of the Trainers (ToT) programme, for Insolvency Professionals.
3. Extension of the last date of filing of Cost Audit Report to the Board of Directors under Rule 6(5) of the Companies (Cost Records and Audit) Rules, 2014- Circular.
4. 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- Circular.

Directorate General of Foreign Trade (DGFT)

1. Draft policy on GAEC of SCOMET items for public comments.
2. Amendment in Para 2.107 (TRQ under FTA/CECA) of Handbook of Procedure 2015-2020- Public Notice No. 31/2015-20.
3. Amendment in Para 2.76 of Handbook of Procedures (HBP) of the Foreign Trade Policy (FTP) 2015-20 regarding export of SCOMET items from DTA to SEZ/EOU and outside the country- Public Notice No. 32/2015-20.

Reserve Bank of India (RBI)

1. Master Direction – Prudential Norms on Capital Adequacy for Local Area Banks (Directions), 2021.
2. 591st Meeting of Central Board of the Reserve Bank of India (RBI).
3. Opening of Current Accounts by Banks – Need for Discipline.
4. Shri Shaktikanta Das re-appointed as RBI Governor- Press Release.

Securities and Exchange Board of India (SEBI)

1. Guiding Principles for bringing uniformity in Benchmarks of Mutual Fund Schemes.
2. Maintenance of current accounts in multiple banks by Stock Brokers.

Institute of Chartered Accountants of India (CA Fraternity)

1. Registration for Online Home-Based Practical Training Assessment.
2. Advise to file Form NFRA-2 Annual Return for the reporting period 2018-2019 and also for the year ending 31/03/2020, immediately without any delay, if not filed already.
3. Exposure Drafts of Amendments to various Engagement and Quality Control Standards and Other Documents.
4. Confusion on the eligibility of Individuals/Proprietors for Bank branch audit– Multipurpose Empanelment Form 2021-22.

Other Updates

1. UIDAI to conduct ‘Aadhaar Hackathon-2021’ from 28th October to 31st October, 2021.
2. Gurugram DGGI Unit arrests 3 persons for running fake firms and evading GST of more than Rs 48 crore.
3. Implementation of ESI Act 1948 in Coimbatore and Thanjavur districts of Tamil Nadu.

Contributions of the Week

1. Tax computation under the old scheme for resident individuals.
2. Contribution to New Pension Scheme or National Pension Scheme (NPS) and its deduction under Income-tax Act, 1961.
3. Should TDS be deducted on reimbursement expenses along with professional fees?
4. Whether TCS can be collected on an amount inclusive of GST?
5. How to link the Aadhaar number with PAN?
6. Statement of Financial Transaction (SFT) or Reportable Account under Section 285BA of the Income Tax Act, 1961.

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

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