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

CA Cult

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

Important Updates from last week:

Central Board of Direct Taxes (CBDT):

  1. CBDT extends date under section 3 of the Vivad se Vishwas Act.
  2. Extension of electronic filing of certain Forms under income-tax.
  3. CBDT extends due dates for electronic filing of various Forms under the Income-tax Act, 1961 (Blog by: CA Aastha Singhal)
  4. New Rule 9D inserted under the Income-tax Rules via Income-tax (25th Amendment) Rules, 2021.
  5. Constitution of Board for Advance Rulings under the section 245 OB Income tax Act, 1961.
  6. Commencement Notification dated 01st September 2021.
  7. Notification of specified banks for the purposes of section 194P of the Income tax Act, 1961.
  8. Introducing Form No. 12BBA for Specified Senior Citizen.
  9. Real Estate Regulatory Authority notified under section 10(46) of the Income-tax Act, 1961.

Central Board of Indirect Taxes & Customs (CBIC):

  1. Extension of the closing date of late fee amnesty scheme and time limit for filing of application for revocation of cancellation of registration under GST Act.
  2. Revocation application for cancellation of a registration timeline.
  3. Seeks to amend notification No. 28/2021-Customs to extend the exemptions under the said notification up to 30th September 2021- Notification No. 41/2021-Customs.
  4. Seeks to amend Notification number 48/2016-Customs(ADD) dated 1st September, 2016 , to extend the levy on “Glass Fibre and Articles thereof” from China PR upto 31st October, 2021 – Notification No. 49/2021-Customs (ADD)..
  5. Sea Cargo Manifest and Transhipment (Seventh Amendment) Regulations, 2021- Notification No. 70/2021-Customs (N.T.)

Corporate Law:

  1. Opening of Technical Bids for Appointment of Internal Auditor.
  2. IBBI extends the validity of Guidelines till 31st December 2021.

Directorate General of Foreign Trade (DGFT)

  1. Amendment in Policy Condition No. 1 of Chapter 88 of ITC (HS) 2017, Schedule-I (Import Policy)- Notification No. 21/2015-2020.
  2. Incorporation of Explanation in Notification No.36/2015-2020 dated 18th December 2019 – Notification No. 22/2015-20.
  3. Inclusion of Ports of Import in continuation to Notification 20/2015-20 dated 24.08.2021- Notification No. 23/2015-20.

Reserve Bank of India (RBI):

  1. Guidelines on Compensation of Whole Time Directors/ Chief Executive Officers/ Material Risk Takers and Control Function staff – Clarification.
  2. RBI releases Names of Applicants under the Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector.
  3. Master Direction on Financial Statements – Presentation and Disclosures.
  4. Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 – Rupee Co-operative Bank Ltd., Pune, Maharashtra – Extension of Period.
  5. General Allocation of Special Drawing Rights by the IMF.
  6. RBI imposes monetary penalty on Axis Bank Limited.

Securities and Exchange Board of India (SEBI):

  1. Extension of time for seeking membership of BSE Administration & Supervision Limited.
  2. Disclosure of risk-o-meter of scheme, benchmark and portfolio details to the investors.
  3. Revised guidelines for Liquidity Enhancement Scheme in the Equity Cash and Equity Derivatives Segments.
  4. Alignment of interest of Asset Management Companies (‘AMCs’) with the Unitholders of the Mutual Fund Schemes.
  5. SEBI issues press release on Linking of PAN with Aadhaar.

Institute of Chartered Accountants of India (CA Fraternity)

ICAI ELECTIONS

  1. Important Announcement on Election Code of Conduct – 2021.
  2. Extending postal voting facility to those members who are entitled to vote at a Polling Booth in India but have gone abroad and unable to return to India due to Covid-19 restrictions.
  3. Nomination form for election to the twenty-fourth regional council.
  4. Nomination form for election to the twenty-fifth council.
  5. ICAI issued important notifications dated 1st September 2021 regarding Elections 2021.
  6. Availability of List of Voters & Blank Nomination Forms for election to the Central Council and Regional Council.
  7. Know Your Pooling Booth Details.
  8. Form of Application for permission to vote by post.
  9. Application to vote by post – Under Rule 28.
  10. Important Announcement – Ceiling on Election Expenses.

CAMPUS PLACEMENT

  1. Important Announcement for ICAI-Campus (September-October).
  2. Announcement for Campus Placement Programme for Newly Qualified Chartered Accountants September-October, 2021.
  3. Brochure of Campus Placement Programme September-October 2021.
  4. Frequently asked Queries by the participating recruiting entities.

GENERAL UPDATES

  1. Exposure Draft of Revised Accounting Standards for Public Comments.
  2. Exposure Draft of Guidance Note on Division I – Non Ind AS Schedule III to the Companies Act, 2013 (Comments to be received by September 10, 2021).
  3. Exposure Draft of Guidance Note on Division II – Ind AS Schedule III to the Companies Act, 2013(Comments to be received by September 10, 2021).
  4. Exposure Draft of Guidance Note on Division III – NBFCs that are required to comply with Ind AS Schedule III to the Companies Act, 2013(Comments to be received by September 10, 2021).

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

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