Weekly Updates from CA Cult (3rd Week – July 2023)

Weekly Updates from CA Cult (3rd Week – July 2023)

Important Updates from last week:

Income-tax

1. Amendment in Form 10CCF of the Income-tax Act – The Income-tax (Twelvth Amendment) Rules, 2023.
2. Amendment in Rule 11UAC of the Income-tax Act – The Income-tax (Thirteenth Amendment) Rules, 2023.
3. IFSC notification under section 10 sub section 34B.

CBIC

1. Clarification on charging of interest under section 50(3) of the CGST Act, 2017, in cases of wrong availment of IGST credit and reversal thereof.
2. Clarification to deal with difference in Input Tax Credit (ITC) availed in FORM GSTR-3B as compared to that detailed in FORM GSTR-2A for the period 01.04.2019 to 31.12.2021.
3. Clarification on TCS liability under Sec 52 of the CGST Act, 2017 in case of multiple E-commerce Operators in one transaction.
4. Clarification on availability of ITC in respect of warranty replacement of parts and repair services during warranty period.
5. Clarification on taxability of shares held in a subsidiary company by the holding company.
6. Clarification on refund related issues – Circular No. 197/09/2023- GST.
7. Clarification on the issue pertaining to e-invoice.
8. Clarification regarding taxability of services provided by an office of an organisation in one State to the office of that organisation in another State, both being distinct persons.

MCA

1. Latest Updates on the MCA Portal.
2. Insolvency and Bankruptcy Board of India (IBBI) (Insolvency Professionals) (Amendment) Regulations, 2023.
3. Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2023.
4. Exemption of RRBs from the certain provisions of Competition Act.
5. Coming into force of Section 12 of the Competition Amendment Act 2023.

DGFT

1. Amendment in Export Policy of Non-basmati rice under HS Code 1006 30 90 – NOTIFICATION No. 20/2023.

SEBI

1. Disclosure of material events / information by listed entities under Regulations 30 and 30A of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

ICAI

1. ICAI Organizes the Nationwide Tax Clinics.
2. Further deferment of second phase of Peer Review Mandate.
3. EMPANELMENT OF MEMBERS TO ACT AS OBSERVERS AT THE EXAMINATION CENTRES FOR THE CHARTERED ACCOUNTANTS (CA) EXAMINATIONS NOVEMBER/DECEMBER 2023.
4. Exposure Draft – Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 for the AY 2023-24.

OTHER UPDATES:

1. Cancellation of a part of outstanding stock of Non-interest bearing Government of India IDBI Special Security, 2024.

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