Weekly Updates from CA Cult (3rd Week – January 2023)
Weekly Updates from CA Cult (3rd Week – January 2023)
Important Updates from last week:
- Notification under section 35 of the Income-tax Act.
- Seeks to exempt COVID -19 vaccines from basic Custom duty till 31st March, 2023- Notification No.01/2023–Customs.
- Faceless Assessment – Standard Examination Orders through RMS -Phased implementation of Standardized Examination Orders through RMS.
- Advisory on facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns.
- Advisory on taxpayers facing issue in filing GSTR-3B.
- Invitation of comments from the public on changes being considered to the Insolvency and Bankruptcy Code, 2016.
- The forms to be available for filing purposes in V3.
- Important Updates from MCA for all the Stakeholders.
- Companies (Authorised to Register) Amendment Rules, 2023.
- Companies (Accounts) Amendment Rules, 2023.
Directorate General of Foreign Trade (DGFT)
- Amendments in Para 2.79A of Handbook of Procedures for issue of export authorization for “Stock and Sale” of SCOMET items- PUBLIC NOTICE No. 51/2015-2020.
- Streamlining of Halal Certification Process for Meat and Meat Products- Trade Notice No. 25/2022-23.
- Directorate General of Foreign Trade (DGFT) simplifies Composition Fee for Export Obligation Extension under Advance Authorization Scheme.
- Amendments in Para 4.42 of the Handbook of Procedures 2015-2020- PUBLIC NOTICE No. 52/2015-2020.
- EPCG Scheme Relaxed for Sectors Affected by COVID-19 Pandemic.
- Amendments in Chapter 5 of the Handbook of Procedures, 2015-20 – One time relaxation from maintenance of Average Export Obligation and extension in Export obligation period for specified EPCG Authorisations.
- Master Direction – Reserve Bank of India (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023.
- State Finances: A Study of Budgets of 2022-23.
- Designation of two individuals and one organisation under Section 35(1) (a) and 2(1) (m) of the Unlawful Activities (Prevention) Act, 1967 and their listing in the First and Fourth Schedule of the Act.
- Auction of the Sovereign Green Bonds.
Securities and Exchange Board of India (SEBI)
- Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2023.
- Securities and Exchange Board of India (Settlement Proceedings) (Amendment) Regulations, 2023.
- Enhanced obligations and responsibilities for qualified stock brokers.
- Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment) Regulations, 2023.
Institute of Chartered Accountants of India (ICAI)
- Exposure Draft on International Tax Reform- Pillar Two Model Rules (proposed amendments to IAS 12).
- Important Announcement on Convocation 2023.
- Exposure Draft of the International Non-Profit Accounting Guidance (INPAG)- Part 1.
- Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2023 – Foundation Course Examination.
- Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2023 Examination Intermediate Level (New Course).
- Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2023 Examination – Final.
- ICAI enters in Asia Book of Records.
- Important dates to apply for verification or inspection.
- Office hours arising out of Security Arrangements for Republic Day – 2023.
Other Updates:
- IRDAI (Appointed Actuary) Regulations, 2022.
- Modifications to Surety Insurance Guidelines.
- Clarification on the classification of shares issued by virtue of demerger to Insurance Companies.
- Sovereign Green Bonds (SGrBs)- Classification and Categorisation.
- Incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M).
- NFRA to introduce Annual Transparency Report by the Audit Firms.
Videos of the Week:
- Tax Deductions for Medical & Health Insurance | Section 80D: https://www.youtube.com/watch?v=HISVuACzie0&t=17s
- Applicability of GST on incentive paid by the Government: https://www.youtube.com/watch?v=neuePOUyJ1A
- Why salary received by an employee is different in every month?: https://www.youtube.com/watch?v=WUTXieKNgXE&t=34s
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