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Weekly Newsletter from CA Cult – For Latest Updates

CA Cult

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

Income-tax

  1. Direct Tax collections at 80.23% of total Revised Estimates of Direct Taxes for F.Y. 2023-24 upto 10.02.2024.
  2. Circular explaining the provisions of the Finance Act, 2023 – Circular No. 1/2024​.

CBIC

  1. Seeks to amend Notification No. 57/2017-Customs dated 30.06.2017 so as to change the applicable BCD rate on specified parts/sub-parts of cellular mobile phone – NOTIFICATION No. 09/2024-Customs.

MCA

  1. Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2024.
  2. MCA operationalises Central Processing Centre (CPC) for Centralised Processing of Corporate Filings.
  3. Companies (Registration Offices and Fees) Amendment Rules, 2024.
  4. Insolvency and Bankruptcy Board of India amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

DGFT

  1. Implementation of the Track and Trace system for export of Pharmaceuticals and drug consignments along with maintaining the Parent-Child relationship in the levels of packaging and their movement in supply chain- Extension of date of implementation – Public Notice No. 39/2023.
  2. Amendments in Para 4.36 of the Handbook of Procedures, 2023 – PUBLIC NOTICE No. 40/2023.
  3. Addition of Mundra Port and ICD Garhi Harsaru for import of new Vehicles – NOTIFICATION No. 59 /2023.
  4. Notification of ‘Indian Trade Classification (Harmonised System) of Export Items, 2023’ [Chapter 01- 39 of Schedule 2, Export Policy of ITC (HS), 2023] – NOTIFICATION No. 60 /2023.
  5. Implementation of Notification No.51/2015-2020 dated 25 January, 2022 during FY 2024-25 – Trade Notice No. 37/2023-24.
  6. Import of Muskmelon Seeds under ITC(HS) 12077090 of ITC(HS) 2022 for the period up to 31.08.2024 -PUBLIC NOTICE No. 42/2023.

RBI

  1. Terms of Reference signed between Reserve Bank of India and Nepal Rastra Bank on Integration of Unified Payments Interface (UPI) of India with National Payments Interface (NPI) of Nepal for cross-border remittances.
  2. Action against Paytm Payments Bank Ltd under Section 35A of the Banking Regulation Act, 1949.
  3. Payment Intermediary by Card Network – Restraining of Unauthorized Payment System.

SEBI

  1. SEBI cautions public against dealing with unregistered entities.

ICAI

  1. Implementation Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (Revised 2024 Edition).
  2. ICAI elects New Torchbearers for the year 2024-25.
  3. Empanelment of Members to act as Observers May/June 2024.
  4. Guidance Note on Audit of Banks (2024 Edition).

IRDAI

  1. Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests and Allied Matters of Insurers) Regulations, 2024
  2. IRDAI (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024.

OTHER UPDATES

  1. Amendment in Time Deposit Scheme 2019 and Sukanya Samriddhi Scheme 2019.

Videos of the Week

  1. Check your Income-tax Refund Status | Big Update: https://www.youtube.com/watch?v=Sy8sEDJiqSU
  2. 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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