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Weekly Updates from CA Cult (2nd Week of October 2023)

CA Cult

Weekly Updates from CA Cult (2nd Week of October 2023)

Important Updates from last week:

Income-tax

  1. Direct Tax Collections for F.Y. 2023-24 up to 9th October 2023 show an increase over comparable period of last year.
  2. Notification under section 139A of the Income-tax Act.
  3. Order under section 119 of the Income-tax Act, 1961 – reg.

CBIC

  1. Imposing bilateral safeguard duty on imports of ferro molybdenum from Korea RP – NOTIFICATION No. 58/2023-Customs.
  2. Seeks to impose ADD on imports of ” Flat base steel wheels” originating in and exported from China PR for a period of 5 years – Notification No. 09/2023-Customs (ADD).
  3. Seeks to impose Anti-dumping duty on imports of flax yarn of below 70 lea count originating in or exported from China PR – NOTIFICATION No. 10/2023-Customs (ADD).
  4. Seeks to amend notification No. 55/2022-Customs, dated 31.10.2022, in order to extend the currently applicable export duty of 20% on Parboiled rice up to 31.03.2024 – Notification No. 59/2023-Customs.
  5. Facility for the e- commerce operators through whom unregistered suppliers of goods can supply goods.
  6. Facility of enrolment for supply of goods through e-commerce operators by GST un-registered suppliers.

MCA

  1. Notification on Quality Review Board ICAI.

DGFT

  1. Suspension of SION E-125 for export product Shea Stearine – PUBLIC NOTICE No. 33/2023.

RBI

  1. Action against Bank of Baroda under section 35A of the Banking Regulation Act, 1949.

SEBI

  1. Extension in timeline for compliance with qualification and experience requirements under Regulation 7(1) of SEBI (Investment Advisers) Regulations, 2013.
  2. Amendment to the Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money-laundering Act, 2002 and Rules framed there under.

ICAI

  1. Manual on Concurrent Audit of Banks (2023 edition).
  2. DAAB, ICAI is launching Advanced Practical Training in Forensic Accounting & Fraud Investigation Jointly with National Forensic Sciences University from 9 December 2023.
  3. Renewal of MoU marks a Milestone in the Collaboration between ICAI and IGNOU.
  4. Notification for Online Eligibility Test (ET) for Post Qualification Course on Information Systems Audit on Saturday the 18th November 2023 (10:00 AM to 12:30 PM) Organized by Digital Accounting & Assurance Board of ICAI.
  5. POSTPONEMENT OF CHARTERED ACCOUNTANT (CA) EXAMINATIONS, NOVEMBER 2023 DUE TO ELECTIONS OF LEGISLATIVE ASSEMBLY IN THE STATE OF CHHATTISGARH AND MADHYA PRADESH.

IRDAI

  1. Trade Credit Insurance Guidelines, 2021 – Modification to Guideline 5.3A – allowing “reverse factoring” on TReDS platforms.
  2. Amendment to Master Guidelines on Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) 2022.
  3.  ‘Insurance Regulatory and Development Authority of India (Bima Vahak) Guidelines, 2023’.

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