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

CA Cult

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

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

  1. Income-tax new portal updates. Click Here
  2. Order under section 119(2)(b) for filing application for settlement.
  3. Income Tax (31st Amendment) Rules 2021- notification. Click Here
  4. Processing of returns claims under section 143(1) of Income Tax.

Central Board of Indirect Taxes & Customs (CBIC)

  1. Clarification in respect of a refund of tax.
  2. CGST rates of various services as recommended by the council.
  3. Implement recommendations made by GST council.
  4. Notification No. 8/2021- Central tax (Rate) dated 30 September.
  5. Notification No. 9/2021- Central tax (Rate) dated 30 September.
  6. Notification No. 10/2021- Central tax (Rate).
  7. Notification No. 11/2021- Central tax (Rate).
  8. Exempt CGST on specified medicines used in Covid-19
  9. GST revenue collection for the month of September 2021.
  10. IGST on imports related to goods from Antarctica.
  11. Implement GST council recommendations on IGST on imports.
  12. Extend the levy of ADD on Jute products.
  13. Scheme for remission of duties and taxes on exported products.
  14. Rebate of state and Central Taxes and Levies scheme on export.
  15. Temporary revocation of the operations- Notification No 57/2021.
  16. Temporary revocation of the operations- Notification No 57/2021.
  17. Extend the temporary revocation of the operations.
  18. Extend the levy of anti-dumping duty- Notification No. 54
  19. Notification No. 5/2021- Customs (CVD)
  20. Sea Cargo Manifest and Transhipment (Eighth Amendment)
  21. ADD on colour coated/ pre-painted flat products of alloy.
  22. Exempt Covid-19 vaccine from BCD.

Corporate Law

  1. Last date of filing of Cost Audit Report to the board of Directors.

Directorate General of Foreign Trade (DGFT)

  1. Extension of date of mandatory electronic filing.
  2. DGFT (Lower Division Clerk) Recruitment Rules 2021.
  3. Amendment in Para 2.54 of Handbook of Procedures of FTP
  4. Validity of Hand bool of Procedures is extended
  5. Foreign Trade Policy 2015-2020 extended up to 31st March 2022.

Reserve Bank of India (RBI)

  1. Prompt Corrective Action Framework- Indian Overseas Bank
  2. Use of any Alternative reference rate in place of LIBOR.

Securities and Exchange Board of India (SEBI)

  1. Relaxations relating to procedural matters- Issues and listing.
  2. Guidelines for Investment Advisers- Extension of timelines.
  3. Swing pricing framework for mutual fund schemes- Circular
  4. Risk Management Framework (RMF) for Mutual Funds.

Institute of Chartered Accountants of India (CA Fraternity)

  1. List of Participating organizations for campus placements.
  2. Extension of last date for payment for membership fee.
  3. Result of certificate course on derivatives.
  4. Result of the online Examination on Public Finance.
  5. Live coaching classes Batch-4 for students appearing in Final.
  6. Live coaching Classes Batch-4 commencing from 25th October.
  7. Important dates for correction window.
  8. ICAI invites suggestions for Pre-Budget Memorandum-2022
  9. Assessment for revision of existing Accounting Standards.

Other Updates

  1. Extension of the validity of the registration certificates: FCRA
  2. Dividend Criteria for Equity Investment under “Approved Investment”.

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

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