Newsletter from CA Cult – For Latest Updates (January 2025)

Check out the “Weekly Newsletter from CA Cult – For Latest Updates (Fourth Week of January 2025)”.

https://cacult.com/wp-content/uploads/2025/01/26-Jan-2025.mp4

Income-tax

1. CBDT notifies conditions for applicability of presumptive taxation regime for non-resident cruise ship operators under Finance (No. 2) Act, 2024.
2. Order to remove the difficulty in Vivad Se Vishwas Scheme, 2024.
3. Guidance for application of the Principal Purpose Test (PPT) under India’s Double Taxation Avoidance Agreements (DTAA)-reg.

CBIC

1. Implementation of mandatory mentioning of HSN codes in GSTR-1 & GSTR 1A.
2. Advisory on Business Continuity for e-Invoice and e-Waybill Systems.
3. New Rule 16A Grant of temporary identification number – NOTIFICATION No. 07/2025 – Central Tax.
4. Waiver of the Late Fee for GSTR-9 and GSTR-9C- NOTIFICATION No. 08/2025 – CENTRAL TAX.

MCA

1. Mandatory Use of eBKray Auction Platform for Liquidation Processes.

DGFT

1. Introduction of new Scheme as ‘Diamond Imprest Authorisation’ under Chapter 4 of Foreign Trade Policy 2023 – Notification No. 53 / 2024-25.
2. Introduction of new paras in Chapter 4 of Handbook of Procedures, 2023.
3. EPCG Scheme – Relief in Average EO in terms of the para 5.17(a) of Hand Book of Procedures (HBP) of FTP, 2023.
4. Amendment in import Policy Condition of Glufosinate Technical covered under HS Code 38089390 of Chapter 38 of Schedule —I (Import Policy) of ITC (HS) 2022 – Notification No. 54 /2024-25.

RBI

1. Prevention of financial frauds perpetrated using voice calls and SMS – Regulatory prescriptions and Institutional Safeguards.

SEBI

1. Disclosure of Risk adjusted Return-Information Ratio (IR) for Mutual Fund (MF) Schemes.

ICAI

1. Invitation for Volunteers for World Forum of Accountants (WOFA).
2. Deferment of Phase III and IV of Peer Review Mandate.
3. The Results announced for FAFD AT held on 18th January,2025.
4. Exposure Draft of Guidance Note on Audit of Banks (2025 Edition).

Union Budget 2025

1. Pre-Budget consultation meetings for the forthcoming Union Budget 2025-26 conclude in New Delhi, today.

OTHER UPDATES

1. Introduction of the Unified Pension Scheme.
2. Regarding maintaining of FCRA accounts and utilization accounts of associations whose FCRA Registration Certificate is not valid.

Videos of the Week:

1. Simplification of Transfer of Provident Fund Account: https://www.youtube.com/shorts/7WBtCStaz_E
2. TCS Credit of minor in the hands of parent | Clubbing: https://www.youtube.com/watch?v=W8JQx1pxTqQ

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