Highlights from team CaCult (May 2021- Fourth Week)

Weekly Key Highlights from team CaCult (May 2021- Fourth Week)

Important Updates from last week:

Central Board of Direct Taxes (CBDT):

1. Income-tax New Rule 11UAE (Computation of Fair Market Value of Capital Assets for the purposes of section 50B of the Income-tax Act).
2. Procedure for exercise of option under section 245M(1) and furnishing & upload of Form No. 34BB under Rule 44DA(1)- Notification.
3. Circular No. 10/2021 : ​Clarification regarding the limitation time for filing of appeals before the CIT(Appeals) under the Income-tax Act, 1961 (the Act).
4. Efiling news on Form-15CA & 15CB during the intervening period.
5. Department of Revenue Appraiser Recruitment Rules 2021- Notification.

Central Board of Indirect Taxes & Customs (CBIC):

1. Relaxations provided under Gas Cylinders Rules, 2016, so as to fast track approvals for imported cylinders and pressure vessels for storage and transportation of medical oxygen – Instruction No. 12/2021-Customs.
2. Press Release on 43rd GST Council meeting.

Corporate Law:

1. Insolvency and Bankruptcy Board of India marks the 5th Anniversary of enactment of Insolvency and Bankruptcy Code (IBC), 2016.

Directorate General of Foreign Trade (DGFT):

1. Mandatory recording of information about transfer of DFIA (Duty Free Import Authorization) Scrips and Paperless issuance of DFIA Scrips.
2. DGFT Import-Exporter Code(IEC) Services affected due to non-availability of PAN Validation Services from 01.06.2021 to 06.06.2021.
3. Amendment in Para 2.108(c) (iv) of Handbook of Procedure, 2015-20- Public Notice No. 05/2015-20.

Reserve Bank of India:

1. Amalgamation of District Central Co-operative Banks (DCCBs) with the State Co-operative Bank (StCB) – Guidelines.
2. RBI releases ‘Quarterly Statistics on Deposits and Credit of SCBs: March 2021’.
3. Updated FAQs on Targeted Long Term Repo Operations (TLTROs).
4. Reserve Bank of India imposes monetary penalty on HDFC Bank Limited.
5. DRG Study No. 45: Threshold Level of Inflation – Concept and Measurement.
6. DRG Study No. 46: Risk Premium Shocks and Business Cycle Outcomes in India.

Institute of Chartered Accountants of India (CA Fraternity):

1. Career Ascent for Experienced Indian Chartered Accountants.
2. Announcement of Career Ascent for Experienced Chartered Accountants (1 year and above) 30th June 2021.
3. Completion of Orientation Course/IT Training by the students undergoing practical training on or before 30th June 2021 instead of 31st May 2021.
4. Accounting Standards: Quick Referencer for Micro Non-Company Entities.
5. Explanatory Memorandum on Applicability of Audit Quality Maturity Model – Version 1.0 (AQMM v1.0).
6. Important Announcement for CA Examination.
7. Announcement – Launch of ‘Certificate Course on Ind AS’ (Online Batch).
8. Important Announcement for Foundation Exam June 2021.
9. Chartered Accountants (Amendment) Regulations 2021- Notification.

Other Updates:

1. Cabinet approves Memorandum of Understandings (MoUs) entered into by Institute of Cost Accountants of India (ICoAl) and Institute of Company Secretaries of India (ICSI) with Foreign Countries/Organisations.
2. Qualifications for appointment as a notary- Amendment in Rule No. 3 of THE NOTARIES RULES, 1956.
3. Constitution of an Expert Committee on Investment Funds.
4. Medical benefit extended to the families of insured persons- Notification.
5. Right to Privacy is a Fundamental Right.
6. Register of Shareholders of State Bank of India will remain closed.
7. Foreign Exchange Management FEMA (Borrowing and lending) (Amendment) Regulations 2021.
8. ESI Provisions Commencement Notification Dated 28th May 2021.
9. PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (PENSION FUND) (FIFTH AMENDMENT) REGULATIONS 2021.

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