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

CA Cult

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

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

  1. Exemption to class of persons from the requirement of furnishing a return of income from assessment year 2021 2022 onwards.
  2. Relaxation of Validation (section 119 of the Finance Act, 2012) Rules, 2021.
  3. Notification under clause (46) of section 10 of the Income-tax Act, 1961.

Central Board of Indirect Taxes & Customs (CBIC)

  1. Seeks to reduce BCD on crude and refined soya, sunflower, and palm oils till 31.03.2022- Notification No. 48/2021-Customs.
  2. Seeks to reduce AIDC on crude soya, sunflower and palm oils till 31.03.2022- Notification No. 49/2021-Customs.
  3. Seeks to levy of ADD on “Aceto Acetyl Derivatives of aromatic or hetrocyclic compounds also known as Arylides” originating in or imported from China PR- Notification No. 60/2021 -Customs (ADD).

Corporate Law

  1. Form MGT-7/MGT-7A is likely to be revised on MCA21.

Directorate General of Foreign Trade (DGFT)

  1. Amendment in Export Policy of Diagnostic kit- Notification No. 39/2015-20.
  2. Amendment in Export Policy of Syringes- Notification No. 38/2015-20.
  3. Amendment in Export Policy of Melt Blown Fabric- Notification No. 37/2015-20.
  4. Allocation of the quantity of 8424 MT (raw/refined) Sugar to USA under TRQ scheme for the year 2021-22- Public Notice No. 28/2015-20.

Reserve Bank of India (RBI)

  1. Action against Statutory Auditors of NBFC under section 45MAA of RBI Act, 1934.
  2. Foreign Exchange Management Non-debt Instruments Fourth Amendment Rules 2021.
  3. Data Format for Furnishing of Credit Information to Credit Information Companies.

Securities and Exchange Board of India (SEBI)

  1. Streamlining issuance of scores Authentication for companies intending to list their securities on SEBI recognized stock exchanges.
  2. Revised Formats for Limited Review/ Audit Report for issuers of non-convertible securities.

Institute of Chartered Accountants of India (CA Fraternity)

  1. Virtual Certificate for Practical Training Assessment.
  2. ICAI on exempting small firms from statutory audit.
  3. Corrigendum to the List of Voters- Announcement.
  4. Option to get Polling Booth Re-alloted- Announcement.

Other Updates

  1. Income Tax Department conducts searches in Kanchipuram, Chennai and Vellore.
  2. CCI approves internal restructuring of the TVS Group, under Section 31(1) of the Competition Act, 2002.
  3. General conditions for grant of license for the cultivation of opium poppy- Notification No. 01 /2021-Narcotics Control-1
  4. Ph.D. Degree shall be mandatory for direct recruitment.
  5. Amendment in leave rules of Pension Fund Regulatory and Development Authority (PFRDA).
  6. 1 arrested by Delhi CGST Officials for fraudulently claiming ITC of Rs 134 crore.
  7. Income Tax Department’s searches in Maharashtra reveal unaccounted income of over Rs. 184 crore.

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

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