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Weekly Updates from CA Cult (1st Week of May 2023)

CA Cult

Weekly Updates from CA Cult (1st Week of May 2023)

Important Updates from last week:

Income-tax

  1. Notification under sub section (1) of section 90 of the Income tax Act, 1961 regarding Agreement and Protocol between the Government of the Republic of India and the Government of the Republic of Chile for the Elimination of Double Taxation and the Prevention of Fiscal Evasion and Avoidance with respect to taxes on income.

CBIC

  1. GST revenue collection for April 2023 highest ever at Rs 1.87 lakh crore.
  2. Advisory for Timely Filing of the GST Returns.

MCA

  1. Companies (Indian Accounting Standards) Amendment Rules, 2023.

Directorate General of Foreign Trade (DGFT)

  1. Realignment of RoDTEP Schedule w.e.f 01.05.2023 consequent to amendments made under Finance Bill, 2023- Notification No. 04/2023.

RBI

  1. Reserve Bank of India (RBI) and Bank for International Settlements launch G20 TechSprint 2023.

Securities and Exchange Board of India (SEBI)

  1. Introduction of Legal Entity Identifier (LEI) for issuers who have listed and/ or propose to list non-convertible securities, securitised debt instruments and security receipts.
  2. Testing Framework for the Information Technology (IT) systems of the Market Infrastructure Institutions (MIIs).
  3. Additional requirements for the issuers of transition bonds.

Institute of Chartered Accountants of India (ICAI)

  1. Observations of the candidates on the question papers of CA examinations May 2023.
  2. Mock Test Papers Series – II for students of CA Foundation course appearing in June 2023 Examination.

OTHER UPDATES:

  1. Notification under Section 16 (1)(b)(i) of the Code on Social Security, 2020.
  2. Provisions of Social Security to be effective from 3rd May 2023.
  3. Notified financial transactions under the PMLA.

Videos of the Week:

  1. Important Updates under the New Tax Regime: https://www.youtube.com/watch?v=wKnfcTfC2YE
  2. How to claim Tax Credit for income earned outside India?: https://www.youtube.com/watch?v=vV6lh5sviHs
  3. E-verify your Return of Income (ITR) after 120 Days: https://www.youtube.com/watch?v=YoVgbwELD58
  4. Amendment u/s 10AA introduced in Finance Bill 2023: https://www.youtube.com/watch?v=VouJaIDXmjw

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