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:
- Important Changes in the Income-tax Form ITR 7- NOTIFICATION.
- Record 7.85 crore ITRs filed for all assessment years up to 31st October, 2023.
- Agreement for the Exchange of Information and Assistance in collection with respect to taxes – NOTIFICATION.
- Notification in case of BPC Penco XVII Corporation under section 10(23FE) of the Income tax Act 1961.
- Clarification relating to export of services –sub-clause (iv) of the Section 2 (6) of the IGST Act 2017–reg.
- Clarification regarding the determination of place of supply in various cases – Circular No. 203/15/2023-GST.
- Clarification on issues pertaining to taxability of personal guarantee and corporate guarantee in GST – Circular No.204/16/2023-GST.
- 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.
- 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.
- 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.
- Clarifications regarding applicability of GST on certain services –reg.
- Authorization of Booking Post Offices and their corresponding Foreign Post Offices in terms of the Postal Export (Electronic Declaration and Processing) Regulations, 2022.
- MCA notification for the Commencement of Section 5 of Companies (Amendment) Act, 2020 dated 30th October 2023.
- Imposition of Minimum Export Price on export of Onions – NOTIFICATION No. 42 /2023.
- Banking Regulation (Amendment) Act 2020 – Change in the Name of Co-operative Banks.
- 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.
- Regulation of Payment Aggregator – Cross Border (PA – Cross Border).
- Withdrawal of ₹2000 Denomination Banknotes – Status.
- SEBI issues directions to stock exchanges in Commodities Derivative Segment.
- Simplification and streamlining of Offer Documents of Mutual Fund Schemes.
- Revision in the manner of achieving minimum public unitholding requirement – Infrastructure Investment Trusts (InvITs).
- 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.
- Observations of the candidates on the question papers of CA examinations- November – 2023.
- Exposure Draft of Lack of Exchangeability – Amendments to Ind AS 21.
Blog of the Week:
- 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:
- What is Foreign Remittance ? How to Remit funds outside India? Part – I : https://www.youtube.com/watch?v=Tg450FAomUw
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