Weekly Updates from CA Cult (2nd Week-November 2022)

Weekly Updates from CA Cult (2nd Week-November 2022)

Important Updates from last week:

Income-tax

1. List of Banks migrated from OLTAS e-Payment of Taxes.
2. FAQs on the Challan Status Inquiry (CSI) facility.
3. Direct Tax Collections for F.Y. 2022-23 up to 10.11.2022.

CBIC

1. Faceless Assessment – Anonymized Escalation Mechanism & extension of Standard Examination Orders through RMS (Phase 1, Part 2) – reg.

IBBI

1. List of IBBI circulars rescinded with immediate effect- Review of Regulations.

Directorate General of Foreign Trade (DGFT)

1. Amendment in Export Policy of broken rice under HS code 1006 4000- Notification No. 42/2015-20.
2. Amendment in Policy Condition No. 7(ii) of Chapter 27 of ITC (HS), 2022, Schedule – I (Import Policy) – Implementation of Coal Import Monitoring System (CIMS)- Notification No. 41/2015-20.
3. Amendments under the Foreign Trade Policy in sync with RBI A.P.(DIR Series) Circular No.10 dated 11th July 2022- NOTIFICATION No. 43 /2015-2020.
4. Amendments in Para 5.11 of the HBP in sync with RBI A.P.(DIR Series) Circular No.10 dated 11th July 2022- NOTIFICATION No. 35/2015-2020.

Reserve Bank of India (RBI)

1. Eligibility Criteria for offering Internet Banking Facility by Regional Rural Banks, 2022.

Securities and Exchange Board of India (SEBI)

1. Master Circular on issuance of No Objection Certificate (NOC) for release of 1% of Issue Amount.
2. Master Circular on the redressal of investor grievances through the SEBI Complaints Redress System (SCORES) platform.
3. Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2022.
4. Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2022.
5. Securities and Exchange Board of India (Issue and Listing of Non Convertible Securities) (Second Amendment) Regulations, 2022.
6. Applicability of GST on fees remitted to SEBI- Revision in Chapter -XX of Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper.
7. Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2022.

Institute of Chartered Accountants of India (CA Fraternity)

1. Mock Test Papers Series – II for December, 2022 CA Foundation Examination.
2. Commencement of Live Coaching Classes (LCC Batch -6) from 21st November 2022 for the students of Foundation appearing in May/June 2023 exam.
3. Important Announcement on Peer Review Mandate – Phase II Roll Out.
4. Certificates issued by Peer Review Board to Practice Units without end date.
5. Announcement for Further Extension of Last Date for Submitting MEF 2022-23 from November 9 to November 15, 2022.

OTHER UPDATES:

1. Two instalments of tax devolution to State Governments amounting to Rs. 1,16,665 crore Released today.
2. NFRA introduces audit quality inspections.

Video of the Week: What is Common Income Tax Return (ITR) Form?: https://www.youtube.com/watch?v=YQpog_Mu9J8

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