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Weekly Updates from CA Cult (4th Week – February 2023)

CA Cult

Weekly Updates from CA Cult (4th Week – February 2023)

Important Updates from last week:

Income-tax

  1. CBDT notifies Income Tax Return (ITR) Forms for Assessment Year 2023-24 well in advance.
  2. The Income-tax Amendment (3rd Amendment) Rules, 2023.

CBIC

  1. Advisory on opting for the payment of tax under the forward charge mechanism by a Goods Transport Agency (GTA).
  2. Advisory on the New e-Invoice Portal.
  3. Advisory on Geocoding of Address of Principal Place of Business.
  4. As recommended in the 49th GST Council Meeting, Late fee for Annual return in FORM GSTR-9 for FY 2022-23 onwards for registered persons having aggregate turnover in a financial year upto Rs 20 crore.
  5. Seeks to exempt BCD on ships/ vessels for breaking up- NOTIFICATION No. 13/2023-Customs.

MCA

  1. Extension of Time for filing of 45 company e-Forms, PAS-03 and SPICE+ Part A in MCA 21 Version 3.0 without additional fee -reg.
  2. Filing of Forms GNL-2 (filing of prospectus related documents and private placement), MGT-14 (filing of Resolutions relating to prospectus related documents and private placement), PAS-3 (Allotment of Shares), SH-8 (letter of offer for buyback of own shares or other securities), SH-9 (Declaration of Solvency) and SH-11 (Return in respect of buy-back of securities) due to migration from V2 Version to V3 Version in MCA 21 Portal from 22.02.2023 to 31.03.2023-reg.

Directorate General of Foreign Trade (DGFT)

  1. Amendment in Import Policy condition of Cashew Kernels (broken/ whole)- NOTIFICATION No. 59/2015-2020.
  2. One time relaxation for furnishing additional fee to cover excess imports affected under the Export Promotion Capital Goods Scheme to promote Ease of Doing Business – PUBLIC NOTICE No. 58 /2015-2020.

RBI

  1. Implementation of Indian Accounting Standards (Ind AS).
  2. Honorable Prime Ministers of India and Singapore Launch Real-time Payment Systems Linkage between the Two Countries.
  3. Extending UPI for Inbound Travellers to India.

Securities and Exchange Board of India (SEBI)

  1. Advisory for SEBI Regulated Entities (REs) regarding Cybersecurity best practices.

Institute of Chartered Accountants of India (ICAI)

  1. Setting up of a Branch of Central India Regional Council in Satna District (Madhya Pradesh).

UNION BUDGET 2023-24

  1. TDS and taxability on the net winnings from online games.

Videos of the Week:

  1. What is CPGrams? Who can use this portal? How to Lodge the Grievance?: https://www.youtube.com/watch?v=PGrX5muRwNk
  2. Detailed analysis of TDS and taxability on the net winnings from online games: https://www.youtube.com/watch?v=w_H4vdmDpzg

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