Weekly Newsletter from CA Cult – For Latest Updates

Weekly Newsletter from CA Cult – For Latest Updates (3rd Week of June 2024)

Income-tax

1. Offline and Online Utility of ITR-7 for AY 2024-25 is available for filing.
2. For A.Y.2024-25, NEW TAX REGIME  is default regime for Individual, HUF, AOP (other than co-operative society), BOI and Artificial Juridical Person.
   If you want  to opt  for “OLD TAX REGIME ” and you are:
   (i) Eligible to file return of income in ITR 1 & 2 , then select relevant option directly in ITR and file return within the applicable due date.
   (ii) Eligible to file return of income in ITR 3, 4 & 5 then you MUST file Form 10-IEA to avail benefit of old tax regime, and file return within the applicable due date.

CBIC

1. Recommendations of the 53rd GST Council Meeting.
2. Goods and Services Tax Appellate Tribunal (Recruitment, Salary and other Terms and Conditions of Service of Group C Employees) Rules,2024.
3. Customs duty on Display Assembly of a cellular mobile phone – Circular No. 06/2024-Customs.

MCA

1. 5th National Online Quiz on Insolvency and Bankruptcy Code, 2016 from 01st August 2024 to 31st August 2024.

DGFT

1. Issuance of RCMC for Medical Devices – Trade Notice No. 05 / 2024-25.
2. Amendment in import policy of specific ITC (HS) codes under Chapter 71 of Schedule –I (Import Policy) of ITC (HS) 2022 – NOTIFICATION No. 17 /2024-25.
3. Clarification regarding subsequent re-import of unsold jewellery, exported under Para 4.79 & 4.92 of the Handbook of procedure, 2023 – Policy Circular No. 05/2024-25.
4. DGFT implements system-driven rule based Faceless Automation for ad-hoc Input Output Norms Fixation.
5. Export of Non-Basmati White Rice (under HS code 10063090) to Malawi and Zimbabwe through National Cooperative Exports Limited (NCEL) – NOTIFICATION No. 18/2024-25.
6. Inclusion of agency in Appendix 2G of Appendices and Aayat Niryat Forms of Foreign Trade Policy 2023 in terms of Para 252 c of HBP 2023 – PUBLIC NOTICE No. 11 /2024-25.

RBI

1. International Trade Settlement in Indian Rupees (INR) – Opening of additional Current Account for settlement of trade transactions.

SEBI

1. System Audit of the Professional Clearing Members (PCMs).

ICAI

1. Important Announcement on Convocation July – 2024.
2. Exposure Draft on Proposed Revisions to ‘IES 2, 3, and 4 – Sustainability’ – For Public Comments.

Union Budget 2024

1. Union Finance Minister Smt. Nirmala Sitharaman chairs Pre-Budget consultation with Finance Ministers of States/ Union Territories (with Legislature) for taking suggestions for Union Budget 2024-25

Videos of the Week

1. Rebate of Income tax for Individuals: https://www.youtube.com/shorts/P29sd0X4Ndo
2. Claim Tax Relief on Salary Arrears u/s 89: https://www.youtube.com/shorts/nkwDtjdKXcw

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