Weekly Updates from CA Cult (3rd Week- Sept 2022)

CA Cult

2 years ago

Weekly Updates from CA Cult (3rd Week- Sept 2022)

Important Updates from last week:

Income-tax

Recent Updates on the Income tax E-filing.
Additional Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act, 1961.
Form 52A, rule 121A to be furnished under section 285B of the income tax act.
Guidelines for Compounding of Offences under the Income-Tax Act, 1961.

Module wise new functionalities deployed on the GST Portal for taxpayers.
Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022.
Customs procedure for export of cargo in closed containers from ICDs to Bangladesh using Inland Waterways.
Electronic Duty Credit Ledger (Amendment) Regulations, 2022.
Excise Duty on the Petroleum Products.

Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2022.
Companies (Specification of definition details) Amendment Rules, 2022.
Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022.

Inclusion of/ changes made in provisions in continuation to Public Notice No. 10/2015-20 dated 24.05.2022 and Public Notice No. 15/2015-20 dated 14.06.2022- PUBLIC NOTICE No. 24/ 2015-20.
Amendment in Import Policy Condition under Chapter 39 of ITC (HS), 2022, Schedule – I (Import Policy)- NOTIFICATION No. 32/2015-2020.
Insertion of Para 2.54(d) under the Foreign Trade Policy in sync with RBI A.P.(DIR Series) Circular No.10 dated 11th July 2022 – Notification No. 33/2015-20.

Review of the Prudential Norms – Risk Weights for Exposures guaranteed by Credit Guarantee Schemes (CGS).

Master Circular on Surveillance of Securities Market.
The Securities and Exchange Board of India (SEBI), having considered the application for renewal of recognition.

Exposure Draft of Standard on Sustainability Assurance Engagements (SSAE) 3000 – SRSB, ICAI.
MANDATORY EVALUATION OF THE AUDIT QUALITY MATURITY OF THE FIRMS USING REVISED AUDIT QUALITY MATURITY MODEL (AQMM Rev v1.0).
Extension of Last Date for Online Empanelment of Members to act as Observers for November/ December 2022 Examinations up to 20th September 2022.

OTHER UPDATES:

Details of matters pending with Supreme Court of India and various High Courts.
Draft notification to promote ease of doing business and transparency in the sale and purchase of registered vehicles through dealers.

Video of the Week: