Key Highlights from team CaCult (May 2021- Second Week)

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

A. Important Updates from last week:

Central Board of Direct Taxes (CBDT):

1. Corrigendum notifications issued by CBDT.
2. Public sector pension investment board specified as pension fund.

Central Board of Indirect Taxes & Customs (CBIC):

1. Special refund and Drawback disposal drive from 15.05.2021 to 31.05.2021.
2. Extension of the due date of filing Revocation application of Cancellation.

Corporate Law:

1. Frequently Asked Question on Accounting for amounts to be incurred towards Corporate Social Responsibility (CSR) pursuant to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021.
2. List of MCA forms providing a waiver of an additional fee as per Circular no. 06/2021 and 07/2021.
3. MCA filing services will be impacted due to maintenance.

Directorate General of Foreign Trade (DGFT):

1. Issuance of Export Authorisation for Restricted Items (Non-SCOMET) from new online Restricted Exports IT Module w.e.f. 17.05.2021- Trade Notice No 03/2021-22.
2. DGFT’s COVID-19 Helpdesk coordinating and resolving International Trade related Issues.
3. Extension of validity of Registration cum Membership Certificate (RCMC) beyond 31st March, 2021- Trade Notice No. 04/2021-22.
4. Amendment in import policy of Integrated Circuit s (1Cs) and incorporation of policy condition for HS Codes 85423100, 85423900, 85423200, 85429000, and 85423300, of Chapter 85 of lTC (HS), 2017, Schedule – I (Import Policy)- DGFT Notification No. 05/2015-2020.

Reserve Bank of India:

1. Amendment to the Master Direction (MD) on KYC.
2. Government Agency Business Arrangement – Appointment of Scheduled Private Sector Banks as Agency Banks of Reserve Bank of India (RBI).
3. Banking Regulation Act, 1949 – Section 26A. Depositor Education and Awareness Fund Scheme, 2014 – Interest rates payable on unclaimed interest bearing deposit- Notification.
4. Sponsor Contribution to an AIF set up in Overseas Jurisdiction, including IFSCs- Notification.

Securities and Exchange Board of India (SEBI):

1. Business responsibility and sustainability reporting by listed entities.
2. Procedure for seeking prior approval for change in control of SEBI registered Portfolio Managers.
3. SEBI specifies entities as qualified financial market participants.
4. Relaxation from compliance to REITs and InvITs due to the CoVID -19 virus pandemic.

Insurance Regulatory and Development Authority of India:

1. Insurance Regulatory and Development Authority of India (IRDAI) (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) (First Amendment) Regulations, 2021.

Institute of Chartered Accountants of India (CA Fraternity):

1. Webinar on Promotion of investments in J&K.
2. Mandatory updation of UDINs in all Income Tax Forms at e-filing Portal.
3. Exposure Draft of Revised Accounting Standards for Public Comments.
4. Announcement of FAFD Assessment Test Result.

Other Updates:

1. Sovereign Gold Bond Scheme 2021-22. Read More.
2. ESIC extends the date for filing of ESI contribution for the month of April, 2021. Read More.
3. Rescheduling of the Civil Services (Preliminary) Examination. Read More.
4. Relaxation in procurement rules for containment of COVID-19 pandemic.

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