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Weekly Newsletter from CA Cult – For Latest Updates

CA Cult

Weekly Newsletter from CA Cult – For Latest Updates (4th Week of February 2024)

Income-tax

  1. Circular explaining the provisions of the Finance Act, 2023 – Circular No. 1/2024​.

CBIC

  1. Seeks to amend Notification 11/2021-Cus dated 01.02.2021 in order to exempt AIDC on goods falling under tariff item 5201 00 25 – Notification No. 11/2024-Customs.
  2. Advisory on Enhanced E-Invoicing Initiatives & Launch of Enhanced https://einvoice.gst.gov.in portal.
  3. Notification on the Consent based sharing of information furnished by taxable person – NOTIFICATION No. 06/2024 –Central Tax.

MCA

  1. Deployment and usage of Change Request Form (CRF) on MCA-21 – reg.
  2. Enhancing Transparency and Stakeholder Engagement in Liquidation Process.
  3. Deposit and withdrawal of unclaimed dividends and / or undistributed proceeds in accordance with regulation 46 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidation Regulations).

DGFT

  1. Relief in the Average Export Obligation in terms of the para 5.17(a) of Hand Book of Procedures (HBP) of FTP, 2023 – Policy Circular No. 10/2023-2024.
  2. Extension in Import Period for Yellow Peas under ITC (HS) Code 07131010 of Chapter 07 of ITC (HS), 2022, Schedule -I (Import Policy).

RBI

  1. Formation of new district in the State of Assam – Assignment of Lead Bank Responsibility.
  2. Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit.
  3. Inclusion of Clearing Corporation of India Limited as a Financial Information Provider under Account Aggregator Framework.
  4. Amendment to Master Direction on Prepaid Payment Instruments.

SEBI

  1. Centralization of certifications under Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) at KYC Registration Agencies (KRAs).

ICAI

  1. Newly elected President of ICAI CA. Ranjeet Kumar Agarwal shared his vision for the year 2024-25. ‘Drishti’ Framework for Advancements in Education, Digitalization, Research, and Social Responsibility.

Videos of the Week

  1. Residential Status under Income Tax Act: https://www.youtube.com/watch?v=rflpjKzefkI
  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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