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

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

Important Updates from last week:

Income-tax

1. Union Finance Minister Smt.Nirmala Sitharaman presides over the 164th Income Tax Day celebrations at New Delhi.
2. Condonation of delay under clause (b) of sub-section (2) of section 119 of the Incometax Act, 1961 for returns of income claiming deduction u/s 80P of the Act for various assessment years from A Y 2018-19 to AY 2022-23- Reg.

CBIC

1. Form for exercising option by a Goods Transport Agency (GTA) intending to revert under reverse charge mechanism (RCM).
2. Amendment in exemptions on supply of services under CGST Act.
3. mendment in the categories of services on which tax will be payable under reverse charge mechanism under CGST Act.
4. Seeks to amend No. 01/2017- Central Tax (Rate) (CGST Rate Schedule notified under section 9 (1)) to implement the decisions of 50th GST Council.
5. Amendment in exempt central tax on supply of gold by nominated agencies to registered persons.

DGFT

1. Amendment in Export policy of De-Oiled Rice Bran – NOTIFICATION No. 21/2023.

RBI

1. Reserve Bank of India clarifies on Star Series Banknotes.

SEBI

1. Securities and Exchange Board of India (Stock Brokers) (Second Amendment) Regulations, 2023.
2. Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2023.
3. Resources for Trustees of the Mutual Funds.
4. Framework for Corporate Debt Market Development Fund (CDMDF).

ICAI

1. LIST OF ORGANIZATIONS PARTICIPATING IN THE CAMPUS PROGRAM AUGUST-SEPTEMBER 2023.

OTHER UPDATES:

1. IRDAI advised Insurance Companies to settle claims arising out of floods in North India on Fast Track.
2. Life Insurance Corporation of India (Employees) Pension (Amendment) Rules, 2023.

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