Key Highlights from team CA Cult (December 2021- Last Week)

Weekly Key Highlights from team CA Cult (December 2021- Last Week)

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

1. New Rule 2DD (Computation of exempt income of specified fund for the purposes of clause (23FF) of section 10) inserted in the income-tax rule.
2. Important Announcement on One-time relaxation for verification of all income tax-returns e-filed for the Assessment Year 2020-21 which are pending for verification and processing of such returns.
3. New Rule 16DD inserted in the income-tax Rules (Form of particulars to be furnished along with return of income for claiming deduction under clause (b) of sub-section (1B) of section 10A) –NOTIFICATION.
4. New Faceless Appeal Scheme 2021 under the Income-tax.
5. Following Income-tax authorities to facilitate the conduct of e-appeal Proceedings – NOTIFICATION
6. Over 4.67 crore Income Tax Returns filed on new e-filing portal of Income Tax Department.
7. Income Tax Department conducts pan-India searches in case of mobile manufacturing companies.

Central Board of Indirect Taxes & Customs (CBIC)

1. Recommendations of the 46th GST Council Meeting.
2. Existing rates in Textiles Sector to continue beyond 1st January, 2022.
3. Amendment in CGST Rate Schedule notified under section 9 (1)- Notification No. 18/2021-Central Tax (Rate).
4. Amendment in CGST exempt goods notified under section 11 (1)- Notification No. 19/2021-Central Tax (Rate).
5. Amendment in concessional CGST rate on the specified handicraft items- Notification No. 20/2021-Central Tax (Rate).
6. Amendment in the rates of the goods and services tax (GST) compensation cess under Goods and Services Tax (Compensation to States) Act, 2017- Notification No. 2/2021-Compensation Cess (Rate).
7. The Central Goods and Services Tax (Tenth Amendment) Rules, 2021- NOTIFICATION No. 40/2021 – Central Tax.
8. The mechanism for filing of refund claim by the taxpayers registered in erstwhile Union Territory of Daman & Diu for period prior to merger with U.T. of Dadra & Nagar Haveli.
9. Mumbai GST Commissionerate detects Rs 40.5 crores GST evasion by Cryptocurrency Exchange Wazir X.
10. Amendment in the CGST rate schedule notified under section 9 (1)- Notification No.21/2021-Central Tax (Rate).
11. GST Notification No. 22/2021- Central Tax (Rate)- Seeks to supersede notification 15/2021- CT(R) dated 18.11.2021 and amend Notification No 11/2017- CT (Rate) dated 28.06.2017.
12. Seeks to impose ADD on “Decor Paper” originating in or exported from China PR for a period of 5 years- Notification No. 77/2021-Customs (ADD)
13. Seeks to amend the various anti-dumping duty (ADD) notifications to align with HSN 2022 w.e.f. 1.1.2022- Notification No. 78/2021-Customs (ADD).
14. Seeks to amend notification no. 50/2017-Customs to align with HSN 2022 w.e.f. 1.1.2022- Notification No. 55/2021-Customs.
15. Seeks to amend notification no. 82/2017-Customs to align with HSN 2022 w.e.f. 1.1.2022- Notification No. 56/2021-Customs.
16. Seeks to amend various notifications giving exemption to electronic and defense equipment to align with HSN 2022 w.e.f. 1.1.2022- Notification No. 57/2021-Customs.
17. Seeks to amend notification no. 11/2018-Customs to align with HSN 2022 w.e.f. 1.1.2022- Notification No. 58/2021-Customs.
18. Seeks to amend notification no. 53/2017-Customs to align with HSN 2022 w.e.f. 1.1.2022- Notification No. 59/2021-Customs.
19. Seeks to amend FTA/PTA notification to align with HSN 2022 w.e.f. 1.1.2022- Notification No. 60/2021-Customs.
20. Seeks to amend the Schedule for Drawback on exports of goods- Notification No. 108/2021 – CUSTOMS (N.T.)
21. The Sea Cargo Manifest and Transhipment (Ninth Amendment) Regulations, 2021- Notification No. 109/2021-Customs (N.T.).
22. DGGI Ahmedabad seizes more than Rs 177 crore in Kanpur search operations.

Corporate Law (MCA)

1. Provisional List of the Insolvency Professionals (IPs).
2. Certificate Course on IBC in association with ICAI.
3. Relaxation on levy of additional fees in filing of e-forms AOC-4, AOC-4(CFS), AOC-4 XBRL, AOC-4 Non-XBRL and MGT-7/MGT-7A for the financial year ended on 31.03.2021 under the Companies Act, 2013.
4. Investor Education and Protection Fund Authority (IEPFA) (Accounting, Audit, Transfer and Refund), Third Amendment, Rules, 2021.

Directorate General of Foreign Trade (DGFT)

1. Extension of Last Date for Submitting the applications for Scrip based FTP Schemes- Notification 48/2015-20.
2. Online Applications for EODC/closure under the Advance Authorisation Scheme (AAS) -Option to file manual applications- Trade Notice No. 28/2021-22.

Reserve Bank of India (RBI)

1. RBI Statement on the RBL Bank Limited.
2. Report on Trend and Progress of Banking in India 2020-21.
3. Clarification on Acquisition/Transfer of Immovable Property in India by Overseas Citizen of India (OCIs).
4. Periodic Updation of KYC – Restrictions on Account Operations for Non-compliance. Relaxation in periodic updation of KYC till March 31, 2022.
5. Applicable Average Base Rate to be charged by NBFC-MFIs for the Quarter Beginning January 1, 2022.

Securities and Exchange Board of India (SEBI)

1. Non-compliance with provisions related to continuous disclosure.
2. Extension of timeline for modified reporting requirements for AIFs.
3. Securities and Exchange Board of India (SEBI) (Procedure for Holding Inquiry and Imposing Penalties) (Amendment) Rules, 2021.
4. Securities and Exchange Board of India (Vault Managers) Regulations, 2021.
5. Securities Contracts (Regulation) (Procedure for Holding Inquiry and Imposing Penalties) (Amendment) Rules, 2021- Notification.
6. Depositories (Procedure for Holding Inquiry and Imposing Penalties) (Amendment) Rules, 2021- Notification.

Institute of Chartered Accountants of India (CA Fraternity)

1. Convocation 2021-22 – Change in Dates of Jaipur Centre.
2. Announcement – Postponement of Convocation 2021-22 at Pune.
3. Latest update on ICAI Convocation 2021-22 (As of 31-12-2021).
4. Computer Based Examination for Post Qualification Course “Diploma on Management and Business Finance”.
5. Results of the Assessment for the Certificate Course on CSR held on 15.12.2021, has been declared.
6. The last date for filing nominations for 15th ICAI Awards has been extended till 4th January 2022.
7. Exposure Draft of Guidance Note on Accounting for Hydropower Industry (Last date of comments: January 27, 2022).

Other Updates

1. Centre notifies the Consumer Protection (Direct Selling) Rules, 2021.
2. Finance Minister Smt. Nirmala Sitharaman chairs Pre-Budget consultation with Finance Ministers of the States.
3. Sale of Electoral Bonds at Authorised Branches of the State Bank of India (SBI).
4. Revised circle rate in Delhi till 30th June 2022.
5. Extension of the validity of FCRA registration certificates expiring between the period 29th September, 2020 and 31st March, 2022 of those entities who have applied for renewal on FCRA portal in accordance with rule 12 of the Foreign Contribution (Regulation) Rules, 2011 before expiry of the validity of their certificates of registration- Public Notice.
6. Calendar for Auction of Government of India Treasury Bills (For the Quarter ending March 2022).

Blogs of the week:

1. The list of provisions to be applicable with effect from 1st January 2022: https://cacult.com/provisions-to-be-applicable-from-1st-january-2022/
2. Important points of the Restaurant Service under section 9(5) of the CGST Act, 2017: https://cacult.com/important-points-of-the-restaurant-service-under-section-95/

Videos of the week:

1. Important update on the Input Tax Credit (ITC) effective from 1st January 2022: https://www.youtube.com/watch?v=uimlYJlIhbg
2. Extensions provided by the Government under the various laws at the end of Financial Year 2021: https://www.youtube.com/watch?v=wiC6hpcMSTA

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

Check out our YouTube Channel: https://www.youtube.com/channel/UCUZuSQHyKyarNzKtA5rAiFA