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

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

Important Updates from last week:

Income-tax

1. CBDT notifies changes to Rule 11UA in respect of ANGEL TAX.
2. New Rule 21AHA inserted under the Income-tax Act.
3. Procedure, format and standards for filling an application for grant of certificate under sub-rule (4) and its proviso of Rule 28AA of Income Tax Rules, 1962, for deduction of Income-tax at any lower rate or no deduction of Income-tax under sub-section (1) of section 197 of the Income-tax Act, 1961 through TRACES-reg.
4. Notification on inventory valuation under section 142(2A) of the Income-tax Act, 1961.

CBIC

1. Recommendations of the 52nd GST Council Meeting.
2. Advisory: e-Invoice JSON download functionality Live on the GST e-Invoice Portal.
3. Advisory in respect of introduction of Compliance Pertaining to DRC-01C (Difference in Input Tax Credit (ITC) available in GSTR-2B & ITC claimed in the GSTR-R3B).
4. Seeks to notify the provisions of the Central Goods and Services Tax (Amendment) Act, 2023-NOTIFICATION No. 48/2023 –Central Tax.
5. Seeks to notify supply of online money gaming, supply of online gaming other than online money gaming and supply of actionable claims in casinos under section 15(5) of CGST Act – NOTIFICATION No. 49/2023 –Central Tax.
6. Seeks to amend Notification No. 66/2017-Central Tax dated 15.11.2017 to exclude specified actionable claims- NOTIFICATION No. 50/2023 –Central Tax.
7. New Rule 31B and 31C inserted in CGST Rules, 2017 – Notification No. 51/2023–Central Tax.

MCA

1. Notification under Section 14(3)(a) of IBC for transactions, arrangements or agreements, under the Convention and the Protocol, relating to aircraft, aircraft engines, airframes and helicopters.

DGFT

1. Amendment in Policy condition No.07 (ii) of Chapter – 27 of Schedule-I (Import Policy) of ITC (HS), 2022 reg.

SEBI

1. Extension of timeline for verification of market rumours by listed entities.
2. Limited relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015.
3. Requirement of Base Minimum Capital Deposit for Category 2 Execution Only Platforms.

ICAI

1. Extension of last date for payment of Membership /COP fee for the year 2023-24 to 31st October, 2023.
2. Announcement for Extension of Last Date for Submitting MEF 2023-24 from 06th October to 21st October, 2023.
3. Reporting requirements pertaining to Fees related disclosure to Institute under the revised requirements in Code of Ethics.
4. Institute of Social Auditors of India (ISAI) holds its first Annual General Meeting (AGM).

OTHER UPDATES

1. Repayment of the 4.48% GOVT. STOCK 2023.
2. Foreign Contribution (Regulation) Amendment Rules, 2023.

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