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Key Highlights from CaCult (April 2021- Last Week)

CA Cult

Weekly Key Highlights from team CaCult (April 2021- Last Week)

Important Updates from last week:

Central Board of Direct Taxes (CBDT):

  1. CBDT Notifies “Maa Umiya Temple” under section 80G of the Income-tax Act, 1961.
  2. Income-tax (11th Amendment) Rules, 2021- Notification.
  3. Extension of Income-tax compliance upto 30th June 2021- CBDT NOTIFICATION.
  4. Extended due dates of the Direct Tax Vivad se Vishwas Act, 2020.
  5. E-filing News and Updates for taxpayers.
  6. Calling for region preference of candidates nominated to the post of Stenographer Grade-II in CBDT through Stenographer Grade ‘C’ & ‘D’ Examination – 2018.
  7. Efiling News and Updates on UDIN: The timeline to update UDIN of past uploads of audit report and certificates has been further extended up to 30th June, 2021.
  8. CBDT notifies Income-tax (12th Amendment) Rules, 2021- Notification.

Central Board of Indirect Taxes & Customs (CBIC):

  1. Expediting Customs Clearances for import consignments relating to COVID 19 pandemic.
  2. Major Ports waive-off all charges for ships carrying oxygen and oxygen related equipment cargo. Highest priority in the berthing for oxygen related consignments.
  3. Dedicated Helpdesk by CBIC for Handholding Trade, Industry and Individuals to expedite Customs Clearance of Imports related to COVID including Oxygen and oxygen related equipments etc.
  4. Seeks to levy anti dumping duty on imports of Polytetrafluoroethylene (PTFE) originating in or exported from Korea RP, to prevent the circumvention of anti dumping duty levied on Polytetrafluoroethylene (PTFE) originating in or exported from Russia vide notification No. 23/2016-Customs(ADD) dated 6th June, 2016- Notification No. 24/2021-Customs (ADD).
  5. Seeks to levy ADD on imports of Polytetrafluoroethylene (PTFE) Products originating in or exported from China PR, to prevent the circumvention of anti dumping duty levied on Polytetrafluoroethylene (PTFE) originating in or exported from China PR vide notification No. 36/2017-Customs(ADD) dated 28 July, 2017- Notification No. 25/2021-Customs (ADD).
  6. Expediting Customs Clearances for Covid related imports made by Indian Red Cross society.
  7. Seeks to amend notification No. 27/2021-Customs to exempt customs duty on import of specified Inflammatory Diagnostic (markers) kits, up to 31st October, 2021- Notification No. 29/2021-Customs.
  8. GST Notification No. 07/2021–Central Tax: The Central Goods and Services Tax (Second Amendment) Rules, 2021.

Corporate Law:

  1. Insolvency and Bankruptcy Board of India (IBBI) (Insolvency Professionals) (Amendment) Regulations, 2021.
  2. Insolvency and Bankruptcy Board of India (IBBI) (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2021.

Directorate General of Foreign Trade (DGFT):

  1. Operationalisation of DGFT ‘COVID-19 Helpdesk’ for International Trade related Issues’: Trade Notice No. 02/2021-2022.
  2. Amendment in import policy and incorporation of a Policy Condition under HS Code 85167920 and 85167990 of Chapter-85 of ITC (IIS), 2017, Schedule-I (Import Policy)- Notification No. 2/2015-2020.
  3. Amendment in import policy of Melon Seeds – Other under HS Code 12077090 of Chapter-12 of ITC (HS), 2017, Schedule-I (Import Policy)- Notification No. 3/2015-2020.
  4. Amendment in Appendix 2E (List of agencies to issue Certificate of Origin-Non Preferential) regarding change in address of Bharat Chamber of Commerce for Certificate of Origin (Non-Preferential)- Public Notice No. 02/2015-2020.
  5. DGFT Public Notice No. 03/2015-20: Amendment in Para 2.108 (c) (iv) of Handbook of Procedure, 2015-20.
  6. DGFT Notification No. 04/2015-20: Amendment in Para 2.25 of Foreign Trade Policy, 2015-20.

Reserve Bank of India (RBI):

  1. Corporate Governance in Banks – Appointment of Directors and Constitution of Committees of the Board.
  2. Issue of Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including Housing Finance Companies).
  3. Committee on Asset Reconstruction Companies (ARC) invites views and suggestions from stakeholders.
  4. RBI joins Network for Greening the Financial System.

Securities and Exchange Board of India (SEBI):

  1. SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI) (PROHIBITION OF INSIDER TRADING) (AMENDMENT) REGULATIONS, 2021- NOTIFICATION.
  2. SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI) (PORTFOLIO MANAGERS) (SECOND AMENDMENT) REGULATIONS, 2021- NOTIFICATION.
  3. Standardizing and Strengthening Policies on Provisional Rating by Credit Rating Agencies (CRAs) for Debt Instruments- SEBI Circular.
  4. Relaxation in timelines for various compliance.
  5. Relaxation from compliance with certain provisions of the SEBI (Listing Obligations Disclosure Requirements) Regulations, 2015 due to the CoVID-19 pandemic.
  6. Timelines for updation of Scheme Information Document (SID) and Key Information Memorandum (KIM).

Institute of Chartered Accountants of India (CA Fraternity):

  1. Expression of Interest for Teaching Foundation, Intermediate and Final Courses through Live Coaching Classes.
  2. Further extension of the last date for Waiving-off Condonation Fees due to late filing of various application forms related to Students and Articled Assistants, amidst COVID-19 Pandemic.
  3. Important Announcement – June 2021 Foundation Examination.
  4. Postponement of the Final & Intermediate Examinations.
  5. Exposure Draft of Lack of Exchangeability.
  6. Extension of time period for commencement of Practical Training on or before 30th April 2021 to 30th June, 2021 for appearing in Final examination to be held in November, 2023.
  7. Appeal to Members for contributing generously to Chartered Accountants’ Benevolent Fund.
  8. Important Announcement – Financial Assistance for Treatment of CORONA Disease from CABF.
  9. Re-opening of Online Filling up of Examination Application Forms for Chartered Accountants Examinations, May 2021– IMPORTANT ANNOUNCEMENT.

Other Updates:

  1. ESIC reaches out to its Beneficiaries to provide medical care and relief during Covid-19 pandemic.
  2. Employees’ Deposit-Linked Insurance (Amendment) Scheme, 2021.
  3. Banking industry to be a public utility service (Industrial Disputes Act, 1947).
  4. Services of the industries engaged in manufacturing of Alumina and Aluminium and mining of Bauxite declared to be public utility service (Industrial Disputes Act, 1947).
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