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

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

Important Updates from last week:

Income-tax

1. Important Changes in the Income-tax Form ITR 7- NOTIFICATION.
2. Record 7.85 crore ITRs filed for all assessment years up to 31st October, 2023.
3. Agreement for the Exchange of Information and Assistance in collection with respect to taxes – NOTIFICATION.
4. Notification in case of BPC Penco XVII Corporation under section 10(23FE) of the Income tax Act 1961.

CBIC

1. Clarification relating to export of services –sub-clause (iv) of the Section 2 (6) of the IGST Act 2017–reg.
2. Clarification regarding the determination of place of supply in various cases – Circular No. 203/15/2023-GST.
3. Clarification on issues pertaining to taxability of personal guarantee and corporate guarantee in GST – Circular No.204/16/2023-GST.
4. GST revenue collection for October 2023 is second highest ever, next only to April 2023, at ₹1.72 lakh crore; records increase of 13% Y-o-Y.
5. Seeks to notify a special procedure for condonation of delay in filing of appeals against demand orders passed until 31st March, 2023 – NOTIFICATION No. 53/2023– CENTRAL TAX.
6. Clarification regarding GST rate on imitation zari thread or yarn based on the recommendation of the GST Council in its 52nd meeting held on 7th October, 2023–reg.
7. Clarifications regarding applicability of GST on certain services –reg.
8. Authorization of Booking Post Offices and their corresponding Foreign Post Offices in terms of the Postal Export (Electronic Declaration and Processing) Regulations, 2022.

MCA

1. MCA notification for the Commencement of Section 5 of Companies (Amendment) Act, 2020 dated 30th October 2023.

DGFT

1. Imposition of Minimum Export Price on export of Onions – NOTIFICATION No. 42 /2023.

RBI

1. Banking Regulation (Amendment) Act 2020 – Change in the Name of Co-operative Banks.
2. Clarification regarding Shifting of Branches/Offices/Extension Counters within the same city, town or village by District Central Co-operative Banks (DCCBs) and Guidelines on Closure of Branches and Extension Counters by DCCBs.
3. Regulation of Payment Aggregator – Cross Border (PA – Cross Border).
4. Withdrawal of ₹2000 Denomination Banknotes – Status.

SEBI

1. SEBI issues directions to stock exchanges in Commodities Derivative Segment.
2. Simplification and streamlining of Offer Documents of Mutual Fund Schemes.
3. Revision in the manner of achieving minimum public unitholding requirement – Infrastructure Investment Trusts (InvITs).
4. SBI authorised to issue and encash Electoral Bonds through its 29 Authorised Branches, in the 29th phase of sale, w.e.f. 06.11.2023 to 20.11.2023.

ICAI

1. Observations of the candidates on the question papers of CA examinations- November – 2023.
2. Exposure Draft of Lack of Exchangeability – Amendments to Ind AS 21.

Blog of the Week:

1. What is Foreign Remittance? and How to Transfer (Remit) funds outside India by Residents of India and Non-Resident of India?

Video of the Week:

1. What is Foreign Remittance ? How to Remit funds outside India? Part – I : https://www.youtube.com/watch?v=Tg450FAomUw

Subscribe to our YouTube Channel: https://www.youtube.com/channel/UCUZuSQHyKyarNzKtA5rAiFA