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

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

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

1. Order under section 119 (2)(a) of the Income-tax Act 1961: Regularisation of returns of income verified through Electronic Verification Code (EVC) which are otherwise required to be verified through Digital Signature (DSC) as per Rule 12 of the Income-tax Rules,1962.
2. BCI IRR India Holdings Inc. notified under section 10(23FE) of the Income-tax Act, 1961.
3. Notification under section 10(46) of the Income-tax Act.
4. Corrigendum to Notification No 112 dated 16th September 2021.
5. Amendment of the Income tax Rules, 1962 to provide for Safe Harbour Rules.
6. Gross Direct Tax collections for the Financial Year (FY) 2021-22 register a growth of 47%.

Central Board of Indirect Taxes & Customs (CBIC)

1. Clarification on doubts related to the scope of “Intermediary”- Circular No. 159/15/2021-GST.
2. Clarification in respect of certain GST related issues- Circular No. 160/16/2021-GST.
3. Clarification relating to the export of services-condition (v) of section 2(6) of the IGST Act 2017- Circular No. 161/17/2021-GST.
4. ISSUANCE OF SCNS IN TIME BOUND MANNER- INSTRUCTION NO.02/2021-22 GST-Investigation.
5. New Rule 10B (Aadhaar authentication for registered person) and Rule 96C (Bank Account for credit of refund) inserted under CGST Rules– Notification No. 35/2021–Central Tax.
6. GST NOTIFICATION No. 36/2021–Central Tax.
7. NOTIFICATION No. 52/2021-Customs (ADD): Central Government rescinds the notification dated 29th March 2016.
8. Seeks to notify the Electronic Duty Credit Ledger Regulations, 2021- Notification No. 75/2021-Customs (N.T.).
9. Seeks to notify the manner to issue duty credit for goods exported under the Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP)- Notification No. 76/2021-Customs (N.T.).
10. The countervailing duty imposed  on “Aluminium Wire in coil form/Wire Rod in coil form having diameter ranging from 9 mm to 13 mm” exported from Malaysia for a period of five years- Notification No. 4/2021-Customs (CVD).
11. Easing container availability for export cargo – Circular No.21/2021-Customs.

Corporate Law

1. The Insolvency and Bankruptcy Board of India announces results of the 2nd National Online Quiz on the (IBC) Insolvency and Bankruptcy Code, 2016.
2. Extension of time for holding Annual General Meeting.
3. Extension of period of the Company Law Committee.

Directorate General of Foreign Trade (DGFT)

1. De-Activation of IECs not updated on the DGFT- Trade Notice 18/2021-2022.
2. Extension in the Export Obligation period of specified Advance & EPCG Authorisations till 31.12.2021- Notification No. 28/2015-20.
3. Service Exports from India Scheme (SEIS) for services rendered in the Financial Year 2019-20- Notification No. 29/2015-20.
4. Amendment in Export Policy of Betel Leaves- Notification No. 30/2015-20.
5. Amendment in Export Policy of Mercury and insertion of Policy Condition- Notification No. 31/2015-20.
6. Inclusion of Ports of Import in continuation to Notification No. 20/2015-20 dated 24.08.2021 and Notification No. 23/2015-20 dated 03.09.2021- NOTIFICATION No. 32/2015-2020

Reserve Bank of India (RBI)

1. Notification under section 10 of the Banking Regulation Act, 1949.
2. Master Directions on “Transfer of Loan Exposures” and “Securitisation of Standard Assets”.

Securities and Exchange Board of India (SEBI)

1. Clarifications with respect to Circular dated April 28, 2021 on ‘Alignment of interest of Key Employees (‘Designated Employees’) of Asset Management Companies (AMCs) with the Unitholders of the Mutual Fund Schemes’

Institute of Chartered Accountants of India (CA Fraternity)

1. ICAI Press Release on Intermediate Result.
2. CMI&B invites Nominations for 15th ICAI Awards. Nominations opened from 15.09.2021.
3. List of candidates Qualified in CA final held in Nov-Dec 2020 / Jan-Feb 2021 and found eligible for participating in Campus Placement Programme September-October, 2021.
4. Notification under section 10B of the Chartered Accountants Act, 1949.
5. Exposure Draft of Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to Ind AS 12, Income Taxes.
6. List of Nominations received till the last date and time of receipt of nominations i.e. 6:00 PM of 22nd September 2021.

Other Updates

1. Patents (Amendment) Rules 2021- Notification.
2. Patent Fees For Educational Institutions Reduced by 80%.
3. Notified reporting entity under section 11A of the Prevention of Money-laundering Act (PMLA) 2002.
4. Aadhaar authentication service under section 11A of the Prevention of Money-laundering Act, 2002.
5. The medical benefit shall be extended to the families of insured persons.
6. Extension of ESI scheme under the ESI Act 1948 in the Dhalai, Gomati, North Tripura and Sepahijala district of Tripura.

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

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