Weekly Newsletter from CA Cult – For Latest Updates (April 2024)

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

Income-tax

1. CBDT signs record number of 125 Advance Pricing Agreements (APAs) in FY 2023-24.
2. Net Direct Tax collections (provisional) for Financial Year (FY) 2023-24 exceed Union Budget Estimates by Rs. 1.35 lakh crore i.e. by 7.40%.
3. 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.
4. Notification under sub section 46 of section 10 of Income tax Act, 1961 in case of Kerala Autorickshaw Workers Welfare Fund Scheme, Kollam.
5. CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024.
6. Shree Ramanuj Kot Laxmi Venkatesh Mandir notified under section 80G of the Income-tax Act, 1961.

CBIC

1. Important Update on Enhancement in the GST Portal.

MCA

1. Partial modification to the circular no. IBBI/LIQ/61/2023 dated 28th September 2023 titled Clarification w.r.t. Liquidators fee under clause (b) of sub-regulation (2) of Regulation 4 of IBBI (Liquidation Process) Regulations, 2016’.

DGFT

1. Imposition of Port restrictions on supply of Prohibited/Restricted essential commodities to the Republic of Maldives during 2024-25.
2. Export of Onions (under HS code 0703 10 19) to Sri Lanka and UAE – Notification No. 07 /2023.
3. Discontinuation of Safeguard measures on import of Isopropyl alcohol (IPA), under Chapter 29 of ITC (HS) 2022, Schedule — I (Import Policy) — regarding.
4. Streamlining of Halal Certification Process for Meat and Meat Products – NOTIFICATION No. 08/2023.

RBI

1. Key Facts Statement (KFS) for Loans & Advances.
2. Hedging of Gold Price Risk in Overseas Markets.
3. RBI announces Decision on two applications received under Guidelines for ‘on tap’ Licensing of Small Finance Banks.
4. Dealing in Rupee Interest Rate Derivative products – Small Finance Banks.
5. Unauthorised foreign exchange transactions.
6. Supervisory Action against Kotak Mahindra Bank Limited under Section 35A of the Banking Regulation Act, 1949.
7. RBI cautions public against Prepaid Payment Instruments issued by unauthorised entities.
8. Voluntary transition of Small Finance Banks to Universal Banks.
9. Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Amendment) Regulations, 2024.
10. Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) (Amendment) Regulations, 2024.

SEBI

1. Circular on Standardization of the Private Placement Memorandum (PPM) Audit Report.
2. Cross Margin benefits for offsetting positions having different expiry dates.
3. Ease of Doing Business: Text on Contract Note with respect to Fit and Proper status of shareholders.

ICAI

1. Cut-off date for enrollment in Foundation / Intermediate Course for appearing in September 2024/ January, 2025 Examinations.
2. Postponement of Live Virtual Classes (Batch 2).
3. Commencement of Live Virtual Classes (LVC Batch – 2) under the New Scheme from 27th April 2024 for the students of CA Foundation/Intermediate/Final courses appearing in September/November 2024 Examinations.
4. Reopening of Online Empanelment of Members to act as Observers for May/June 2024 Examination upto 27th April 2024 at 11.59 PM.
5. Mock Test Papers Series – I for Students appearing in CA Foundation June 2024 Examinations.

Videos of the Week

1. Must File your ITR even if….. | Tip of the day | CA Cult: https://www.youtube.com/shorts/NOMOH9jETiM
2. Who is required to file Income tax return | Conditions for mandatory ITR Filing | CA Cult: https://www.youtube.com/watch?v=v46qk_Cwz5Y
3. Timeline and Due Dates for Income-tax Compliance during the F.Y. 2024-25: https://www.youtube.com/watch?v=I-tTPo2qFNg
4. Time limit for verification of return of income after uploading: https://www.youtube.com/watch?v=4CE4KOonZ7Q

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