Weekly Key Highlights from CaCult (May 2021- First Week)

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

Important Updates from last week:

Central Board of Direct Taxes (CBDT):

1. New rule 11UD on significant economic presence. Click here
2. CBDT notifies Income- tax (14th Amendment) Rules, 2021. Click here
3. Government specifies the pension fund under section 10.
4. CDPQ Infrastructure Asia III Inc. notified as pension fund.
5.  Ivanhoe Logistics India Inc. notified as the pension fund.
6. CDPQ Fixed income XI Inc. notified as the pension fund.
7. Income Tax (15th Amendment) Rules 2021 on travel concession. Click here
8. Chiswick Investment Pte. Ltd. notified as sovereign wealth fund.
9. Stretford Investment Pte. Ltd. notified as sovereign wealth fund.
10. Dagenham Investment Pte. Ltd. notified as sovereign wealth fund.
11. Anahera Investment Pte. Ltd. notified as sovereign wealth fund.
12. Bricklayers Investment Pte. Ltd. notified as sovereign wealth fund.
13. CBDT Notification under section 35CCC of the Income Tax Act. Click here
14. Notification under section 269ST of the Income Tax Act.
15. Frequently asked Questions on Form 10A of the Income Tax Act. Click here

Central Board of Indirect Taxes & Customs (CBIC):

1. Exemption from IGST on imports of Covid-19 relief material. Click here
2. Measures to facilitate trade during the lockdown period
3. Notification No. 29/2021- Customs (ADD) Click here

Corporate Law:

1. Clarification on the spending of CSR fund on COVID care.
2. Gap between two board meetings extends to 180 days. click here
3. FAQs on circular regarding relaxation of time for filing forms. Click here
4. MCA News and updates on relaxation given due to Covid-19. Click here
5. Relaxation of time for filing forms related to charges. Click here
6. Relaxation of time for filing certain forms under the Companies Act. Click here

Directorate General of Foreign Trade (DGFT):

1. Extension of time period for import of Urad.

Reserve Bank of India:

1. Liquidity facility to ease access to emergency health services.
2. Utilization of floating provisions- notification
3. Resolution of Covid-19 related stress of MSMEs.
4. Resolution of Covid-19 related stress of individuals
5. Periodic updation of KYC-restrictions on account operations.
6. Credit to MSME Enterpreneurs- Notifications
7. Relaxation in OD facility for States Governments/ UTs
8. RBI Governor’s statement dated 5th may 2021
9. PSL- On leading by Small finance Banks to NBFC-MFIs.

Securities and Exchange Board of India (SEBI):

1. Substantial Acquisition of shares and takeovers (Amendments).
2. SEBI (Intermediaries) (Second Amendment) Regulations 2021.
3. SEBI (Alternate Investment Funds) (Second Amendment).
4. SEBI (Issue of capital and disclosure requirements)- Notification
5. SEBI (payment of fees and mode of payment)- Notification
6. SEBI (LODR) (Second amendment) Regulations, 2021
7. Clarification on insider trading

Institute of Chartered Accountants of India (CA Fraternity):

1. Result of the online Examination of Certificate Course on Forex
2. Questionnaire for Members on the Accounting Process
3. Online Examination of the Certification Course on Ind AS.
4. Live coaching classes for students of intermediate and final
5. Applicable study material for may 2021 Exams- New Scheme.
6. Applicable Study Material for May 2021 Exams-Old scheme
7. Important dates for online exams forms re-open
8. ICAI enters into an arrangement with taxmann.
9. Disclosure requirement in IFRS standard – A pilot approach
10. Extension of validity of peer review certificate.

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