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

CA Cult

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

Important Updates from last week:

Central Board of Direct Taxes (CBDT):

  1. New Rule 12F (Prescribed income- tax authority) inserted under the income tax rules- These rules may be called the Income-tax (29th Amendment) Rules, 2021.
  2. Notifications of 276522 Ontario Limited as eligible Pension Fund under section 10(23FE) of the Income tax Act,1961.
  3. Notification of 2452991 Ontario Limited under section 10(23FE).
  4. Extension under income tax timelines to ease compliances.
  5. Relaxation in the provisions of TDS under section 194A of the Income-tax Act, 1961 in view of section of 10(26) of the Act.

Central Board of Indirect Taxes & Customs (CBIC):

  1. Termination of sunset review anti-dumping investigation concerning imports of “Plain Medium Density Fibreboard having thickness 6mm and above” from Vietnam.
  2. Notification No. 72/2021-Customs (N.T.) on Customs airports – Appointment for specified purposes.
  3. Notification No. 50/2021-Customs (ADD) dated 14th September, 2021.
  4. Anti-Dumping Duty on imports of ‘Aluminium foil’.
  5. Amend the BCD rate on Lentils (Masur)- Notification.
  6. Advisory for Taxpayers regarding Generation of EWB where the principal supply is Supply of services.
  7. Recommendations of 45th GST Council Meeting.
  8. On demand fetching of Bill of Entry details from ICEGATE Portal.

Corporate Law

  1. Insolvency and Bankruptcy Board signs MoU with IGNOU.
  2. MCA filing services will be impacted due to maintenance.

Directorate General of Foreign Trade (DGFT)

  1. Relief in Average Export Obligation in terms of Para 5.19 of Hand Book of Procedures of Foreign Trade Policy, 2015-20- Policy Circular No. 37/2015-20.
  2. Clarification on the last date of import in continuation of Notification No. 20/2015-20 dated 24.08.2021- Notification No. 25/2015-20.
  3. Extension of Import Policy Provision- Notification.
  4. Procedure for refund of application fees deposited by applicants for Restricted Import Authorisation of Pulses for the period 2021-22- TRADE NOTICE 17/2021-22.
  5. Last Date for Submitting applications for Scrip based FTP Schemes and validity period of Duty Credit Scrips- Notification No. 26/2015-20.
  6. Amendment of policy condition no.5 of Chapter 27 of ITC (HS), 2017, Schedule – I (Import Policy)- Notification No. 27/2015-20.
  7. Applications for allocation of Tariff Rate Quota (TRQ) under India – Mauritius CECPA for the year 2021-22- PUBLIC NOTICE No. 24 /2015-2020.

Reserve Bank of India (RBI):

  1. Foreign Exchange Management (FEMA) (Export of Goods and Services) (Amendment) Regulations, 2021.
  2. RBI cautions against frauds in the name of KYC updation.
  3. Application for Aadhaar e-KYC Authentication Licence.
  4. India and Singapore to link their Fast Payment Systems – Unified Payments Interface and PayNow.
  5. Master Direction – Reserve Bank of India (RBI) (Market-makers in OTC Derivatives) Directions 2021

Institute of Chartered Accountants of India (CA Fraternity)

  1. Results of the Chartered Accountants Final Examination (Old course & New Course) and Foundation Examination held in July 2021 declared.
  2. Results of the PQC Exams i.e. Information Systems Audit [ISA] Assessment Test, Insurance & Risk Management, and International Taxation Assessment Test declared.
  3. ICAI Press Release on Final and Foundation Results.
  4. Empanelment of Members to act as Observers.
  5. Check out the Important Dates for December 2021 Examinations.
  6. Exemption of CA Course fee for students who have lost their any parent during Covid-19 pandemic.
  7. Relaxation in Study Period for students appearing in May 2022 Intermediate Examination after passing July, 2021 Foundation Examination– ANNOUNCEMENT.
  8. Mock Test Papers Series – I for December 2021 CA Examination– ANNOUNCEMENT.
  9. Announcement – Launch of ‘Deeper Insight into Financial Instruments (Ind AS)’ Organized by the Ind AS Implementation Committee of ICAI.
  10. Results of the Chartered Accountants Intermediate Examination (Old course & New Course) held in July 2021 are likely to be declared on Sunday, the 19th September 2021 (evening)/Monday, the 20th September 2021.
  11. Frequently asked Queries (FAQs) for the participating candidates– Campus Placement Programme September-October, 2021.
  12. Please pay Membership and COP fee by 30th September 2021 to avoid removal of Membership/COP and consequential effects.
  13. Time limit of generating UDIN from 15 days to 60 days.
  14. Rescheduling of Mock Test Paper Series I for December 2021 CA Examination.
  15. 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.
  16. Results of the Chartered Accountants Intermediate Examination (Old course & New Course) held in July 2021 declared.

Other Updates:

  1. Paradeep Port Trust aims to boost EXIM trade with the installation of New Container Scanner.
  2. Revamped Gold Monetisation Scheme, reduction in import duty of gold to help the industry to grow to the next level: Anupriya Patel.
  3. DGGI Gurugram has arrested 3 persons, including mastermind, commission agent and CA in racket of fictitious firms involving fake ITC of 121 crore.
  4. Tribunal (Conditions of Service) Rules 2021.
  5. Meeting of BRICS Heads of Tax Authorities and Experts on Tax Matters held virtually under Chairship of India.
  6. Frequently Asked Questions regarding Central Government guarantee to back Security Receipts issued by National Asset Reconstruction Company Limited (NARCL) for acquiring of stressed loan assets.
  7. Extension of timelines for (a) Issuance of Electronic Policies and (b) Dispensing with Physical documents and wet signature on the proposal form in respect of health insurance policies.
  8. Extension of timelines for sale and renewal of short term Covid specific health insurance policies.
  9. Audit engagements provide a unique opportunity of gaining deep understanding of system and place cag in a good position of suggesting improvements: President Kovind.
  10. Income Tax Department conducts searches in Mumbai and other.

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

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