Weekly Updates from CA Cult (2nd Week – January 2023)

Weekly Updates from CA Cult (2nd Week – January 2023)

Important Updates from last week:

Income-tax

1. Extension of time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the Income-tax Act,1961 (‘ Act’) in view of the then-Covid-19 pandemic -reg.
2. Addendum to Notification 2 of 2021 : Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income (Abolishing of limit of Rs 5,000/-).
3. Direct Tax Collections for F.Y. 2022-23 up to 10.01.2023.

CBIC

1. Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023.
2. Customs Brokers Licensing Examination, 2023.
3. Advisory on the Initiating Drop Proceeding by taxpayers.
4. Clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 48th meeting held on 17th December, 2022.
5. Clarifications regarding applicability of GST on certain services –reg.

MCA

1. Release Plan of 45 company e-Forms in MCA 21 Version 3.0-General Circular No. 01/2023.
2. Filing of Forms GNL-2 (filing of prospectus related documents) and MGT-14 (filing of Resolutions relating to prospectus related documents) due to migration from V2 Version to V3 Version in MCA 21 Portal from 7th January, 2023 to 22nd January, 2023- General Circular No. 02/2023.

Directorate General of Foreign Trade (DGFT)

1. Amendment under Appendix 2T (List of Export Promotion Councils/Commodity Boards/Export Development Authorities) of Appendices and ANFs of FTP 2015-2020 – PUBLIC NOTICE No. 49/2015-2020.
2. The revised Appendix 4R, after incorporating changes recommended by the RoDTEP Committee in relation to apparent errors and anomalies in 432 HS Codes in the earlier notified RoDTEP rates/caps, is being notified and will be applicable for exports made from 16.01.2023 to 30.09.2023.
3. Discontinuation of Tariff Rate Quota for Import of Crude Soya bean Oil w.e.f. 01.04.2023- Public Notice No. 50/2015-20.
4. Withdrawal of the EODC ONLINE Monitoring System- Trade Notice No. 24/2022-23.

Reserve Bank of India (RBI)

1. Basel III Capital Regulations – Eligible Credit Rating Agencies.
2. Operational Risk Management: Price / Yield range setting in e-Kuber.
3. 10 NBFCs and One ARC surrender their Certificate of Registration to RBI.
4. Formation of new district in the State of Arunachal Pradesh – Assignment of Lead Bank Responsibility.
5. Formation of new district in the State of Sikkim – Assignment of Lead Bank Responsibility.

Securities and Exchange Board of India (SEBI)

1. Mode of settlement for trades executed on the Request for Quote (RFQ) platform.
2. Standard Operating Procedure (SOP) for handling of Stock Exchange Outage and extension of trading hours thereof.
3. Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) (Amendment) Regulations, 2023.
4. Securities Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2023.
5. Comprehensive Framework on Offer for Sale (OFS) of Shares through Stock Exchange Mechanism.
6. Change in control of Portfolio Managers providing Co-investment services.
7. Introduction of future contracts on Corporate Bond Indices.
8. Participation of AIFs in the Credit Default Swaps.
9. Facility of conducting meetings of unitholders of InvITs through Video Conferencing or Other Audio Visual means.
10. Facility of conducting meetings of unitholders of REITs through Video Conferencing or Other Audio-Visual means.

Institute of Chartered Accountants of India (ICAI)

1. Important Announcement for May-June 2023 CA Examinations Schedule.
2. Press Release on the result of November, 2022.
3. Announcement for members for participation in ICAI Overseas Campus Placement for Indian Chartered Accountants.
4. LIST OF COMPANIES PARTICIPATING IN OVERSEAS PLACEMENT PROGRAM JAN-FEB 2023.
5. The Institute of Chartered Accountants of India (ICAI) through its Board of Studies (Academic) organised a two-day National Education Summit on Commerce & Accountancy (NES-CA) on 6th & 7th January 2023 at New Delhi.
6. ICAI’s ‘Robots’ and book on “Complete business Solution” fascinated visitors at “Pravasi Bhartiya Diwas (PBD)” and “Global Investor Summit(GIS).
7. Standard on Sustainability Assurance Engagements (SSAE) 3000 Assurance Engagements on Sustainability Information.
8. Exposure Draft for issuing ‘Guidance Note on Audit of Public Charitable Institutions under section 12A of the Income-Tax Act, 1961’ for Public Comments.
9. ICAI Pavilion- Day 2@ 17th Pravasi Bharatiya Divas, Indore, Madhya Pradesh.
10. ICAI honours Steller CAs at 16th ICAI Awards Ceremony.
11. ICAI Past President CA. Nihar N. Jambusaria appointed as the New President of SAFA for the year 2023.
12. Draft of Guidance Note on Audit of Banks, 2023.
13. Technical Guide on the Digital Assurance- ICAI.
14. Social Audit Standards (SAS) 100 to 1600.

Other Updates:

1. Auction for Sale (issue/re-issue) of (i) ‘New GS 2025’, (ii) ‘7.10% GS 2029’, (iii) ‘7.41% GS 2036’, (iv) ‘7.40% GS 2062’

Videos of the Week:

1. How to create E-Stamp (Stamp Paper) Online?: https://www.youtube.com/watch?v=i4pDSZ7CuWQ
2. Important Announcement for Newly Qualified Chartered Accountants (November 2022): https://www.youtube.com/watch?v=5hOVPSbnYxU
3. Update on SFT reporting | How this impact your Income Tax Return (ITR) and Tax Liability? : https://www.youtube.com/watch?v=0KqGZXf-_E0

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