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Weekly Newsletter from CA Cult – For Latest Updates

CA Cult

Weekly Newsletter from CA Cult – For Latest Updates (1st Week of May 2024)

Income-tax

  1. Extension to link Aadhaar Pan up to 31st May 2024. Partial modification of Circular No.3 of 2023 dated 28.03.2023 regarding consequences of PAN becoming inoperative as per rule 114AAA of the Incometax Rules, 1962- reg.
  2. CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024.

CBIC

  1. GST revenue collection for April 2024 highest ever at Rs 2.10 lakh crore.

MCA

  1. Constitution of the Appellate Authority for CAs CSs and Cost Accountants.

DGFT

  1. Export of 2,000 MT of White Onion under HS Code 07031019 – Notification No. 09/2024-25.
  2. Suspension of inoperative SIONs with immediate effect – Public Notice No. 03/2024-25.
  3. Clarification on the applicability of 3% amount on account of non-achievement of minimum Value Addition as mentioned in para 4.49 (b) and amount equivalent to 10% of the CIF value in Para 4.49 (a)(ii) of HBP 2023 -reg.

RBI

  1. Fair Practices Code for Lenders – Charging of Interest.
  2. Guidance Note on Operational Risk Management and Operational Resilience.
  3. RBI releases draft guidelines on ‘Prudential Framework for Income Recognition, Asset Classification (IRAC) and Provisioning pertaining to Advances – Projects Under Implementation’.
  4. RBI releases Draft Master Direction – Reserve Bank of India (Electronic Trading Platforms) Directions, 2024

SEBI

  1. Framework for Category I and II Alternative Investment Funds (AIFs) to create encumbrance on their holding of equity of investee companies.
  2. Flexibility to Alternative Investment Funds (AIFs) and their investors to deal with unliquidated investments of their schemes.
  3. Relaxation in requirement of intimation of changes in the terms of Private Placement Memorandum of Alternative Investment Funds through Merchant Banker.
  4. Nomination is optional for jointly held Mutual Fund folios.
  5. Facilitating collective oversight of distributors for Portfolio Management Services (PMS) through APMI.
  6. Framework for administration and supervision of Research Analysts and Investment Advisers Background.

ICAI

  1. Exposure Draft – ‘Guidance Note on Reports on Audit under Section 12A/10(23C) of the Income-tax Act,1961’ for Public Comments.
  2. ICAI Council strengthens the path towards Excellence: Approved New Policy on CoE and Expands National Presence.
  3. ICAI submits Pre-Budget Memorandum to CBDT advocating Tax Reforms.
  4. Applicants of MEF 2023-24- Additional information Form.

Videos of the Week

  1. Are You Planning to Opt Old Tax Regime for FY 2023-24?: https://www.youtube.com/watch?v=YjFtctHCd4Y
  2. Extension to link Aadhaar Pan up to 31st May 2024: https://www.youtube.com/shorts/Qd31VIslCXE
  3. Must File your ITR even if….. | Tip of the day | CA Cult: https://www.youtube.com/shorts/NOMOH9jETiM
  4. Who is required to file Income tax return | Conditions for mandatory ITR Filing | CA Cult: https://www.youtube.com/watch?v=v46qk_Cwz5Y

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