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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 February 2024)

Income-tax

  1. Changes in the Income-tax Return Form 6 as per the amendment in the provisions of the Income-tax Act 1961 and in the Income-tax Rules 1962 in consequence of the Finance Act 2023.
  2. Notification under section 35 of the Income tax Act 1961.
  3. Changes in the Income-tax Return Forms 2, 3 and 5 as per the amendments in the provisions of the Income-tax Act, 1961 and in the Income-tax Rules, 1962 in consequence of the Finance Act, 2023.
  4. CBDT notifies Income Tax Return Forms (ITR) for the Assessment Year 2024-25 well in advance for the Assessment Year (A.Y.) 2024-25.

CBIC

  1. ₹1,72,129 crore gross GST revenue collected during January 2024; records 10.4% Year-on-Year growth.

MCA

  1. Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2024.

DGFT

  1. DGFT to discuss trade regime of dual-use goods, software and technology on Jan 30.

RBI

  1. Action against Paytm Payments Bank Ltd under Section 35A of the Banking Regulation Act, 1949.
  2. Streamlining of Internal Compliance monitoring function – leveraging use of technology.

SEBI

  1. Streamlining of Regulatory Reporting by Designated Depository Participants (DDPs) and Custodians.

ICAI

  1. Important Dates for the Orientation Program 59th Campus Feb-Mar, 2024.
  2. Issuance of CPE Statement, 2023: Guidelines on Continuing Professional Education for undergoing CPE Activities by Members of ICAI.
  3. The result of the Chartered Accountants Foundation Examinations held in December 2023/January 2024 is likely to be declared on Wednesday, the 7th February 2024.
  4. Result of the ISA is likely to be declared on 7th February.
  5. Special Examination for Members of Foreign Accounting Bodies with whom the ICAI had entered into Mutual Recognition Agreement (MRA) / Memorandum of Understanding (MoU).

Union Budget 2024-25

  1. New section 122A Penalty for failure to register certain machines used in the manufacture of goods as per special procedure, proposed in Union Budget 2024.
  2. Interim Budget 2024-25 reflects the emphasis on Innovation and Startups to achieve the goal of a Viksit Bharat @2047, says Union S&T Minister Dr Jitendra Singh.
  3. Interim budget is going to show the mirror of Modi ji’s guarantee – Union Agriculture Minister Shri Munda.
  4. A road map towards a developed economy by 2047.

Blogs of the Week

  1. Sale of Property to NRIs or OCIs.

Videos of the Week

  1. Check your Income-tax Refund Status | Big Update: https://www.youtube.com/watch?v=Sy8sEDJiqSU
  2. Sale of Property to NRIs (Non-Resident Indians) or OCIs (Overseas Citizens of India): https://www.youtube.com/watch?v=0_Nq8kTaNvc
  3. Impact of Delay in Payment to Micro and Small Enterprises | Section- 43B | MSME | Income-tax Act: https://www.youtube.com/shorts/jL3dvEaqgak

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