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

CA Cult

Weekly Newsletter from CA Cult – For Latest Updates (1st Week of March 2024)

Income-tax

  1. Implementation of e-Verification Scheme-2021.
  2. Notification of ITR-7 under section 139 of the Income-tax Act 1961.
  3. CBDT allows certain trusts / institutions to furnish the audit report in the applicable Form No. 10B / 10BB on or before 31st March, 2024.
  4. CBDT clarifies provisions under Finance Act 2023 relating to donations made by a trust / institution to another trust / institution for purposes of application of income.
  5. Last date for filing of updated returns (ITR-U) for A.Y. 2021-22 (i.e. for F.Y. 2020-21) is 31.03.2024.
  6. Amendment in Form 3CD, Form 3CEB and Form 65 of the Income-tax Act.
  7. Ex-post facto extension of due date for filing Form No. 26QE which was required to be filed during the period 01.07.2022 to 28.02.2023 (pertaining to F.Y. 2022-23) – reg.
  8. Circular under section 119 on donations made by trust.

CBIC

  1. Instances of Delay in registration reported by some Taxpayers despite successful Aadhar Authentication in accordance with Rule 8 and 9 CGST, Rules, 2017-reg.
  2. Advisory on Integration of E-Waybill system with New IRP Portals.

MCA

  1. 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. Amendments in Standard Input Output Norms (SION) C-831 for export of Stainless Steel Seamless Tubes/ Pipes (Cold Finished) – PUBLIC NOTICE No. 45/2023.
  2. Export of Onions (under HS code 0703 10 19) to Bangladesh – Notification No. 63/2023.
  3. Export of food commodities through National Cooperative Exports Limited (NCEL) – Notification No. 64/2023.
  4. Amendment in import policy condition for Duck Meat Chapter 2 of ITC (HS) 2022, Schedule–I (Import Policy) – NOTIFICATION No. 66/2023.
  5. Export of Onions (under HS code 0703 10 19) to Bhutan, Bahrain and Mauritius – Notification No. 67/2023.
  6. Extending RoDTEP support for exports made by Advance Authorisation (AA) holders, Export Oriented Units (EOU), Special Economic Zones (SEZ) units – Notification No: 70/2023.
  7. Amendments in Implementation of Yellow Peas Import Monitoring System – Public Notice No. 46 /2023.

RBI

  1. Master Direction on Reserve Bank of India (Bharat Bill Payment System) Directions, 2024.
  2. Progress of the NEFT and RTGS Systems.
  3. Depositor Education and Awareness (DEA) Fund Scheme, 2014.
  4. Money Transfer Service Scheme – Submission of Statement on CIMS.
  5. FAQs on the UDGAM portal.
  6. Arrangements with Card Networks for issue of Credit Cards.
  7. Reserve Bank of India (RBI) and Bank Indonesia Sign Memorandum of Understanding (MoU) to Promote Use of Local Currencies for Bilateral Transactions.
  8. Amendment to the Master Direction on Credit Card and Debit Card – Issuance and Conduct Directions, 2022.

SEBI

  1. SEBI Issues Advisory Against Fraudulent Trading Schemes claiming to be offered to Indian residents by FPIs.
  2. Public Notice in respect of SEBI ISO Settlement Scheme, 2024.
  3. List of goods notified under SCRA, 1956.

ICAI

  1. EXTENSION OF LAST DATE FOR ONLINE EMPANELMENT OF MEMBERS TO ACT AS OBSERVERS FOR MAY/JUNE 2024 EXAMINATIONS UP TO 15th March 2024.
  2. IICA presents Webinar on “Viksit Bharat: Corporate Governance @ 2047” on 7th March, 2024 (Thursday) at 04:00 PM.

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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