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

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

Important Updates from last week:

Income-tax

1. 72,42,156 is the highest number of ITR filing in a day on 31st July 2022.
2. Notification under section 120 of the Income-tax Act.
3. Roll out of ‘AIS for Taxpayer’ Mobile App.

CBIC

1. Advisory for the taxpayer wishing to register as “One Person Company” in GST.
2. HSN Code Reporting in e-Invoice on the IRPs Portal.

MCA

1. Central Government establishes a Centre for Processing Accelerated Corporate Exit (hereinafter referred to as C-PACE).

Directorate General of Foreign Trade (DGFT)

1. Procedure for Registration Certificate for import of marble and Fresh (green) Areca Nut from Bhutan without Minimum Import Price condition – Public Notice No. 61/2015-20.
2. Amendment in import policy condition of Urea [Exim Code 31021000] in the ITC (HS) 2022, Schedule – I (Import Policy) – NOTIFICATION No. 61 /2015-2020.
3. Amendments in Export Policy of Bio-fuels under Chapter 27 of Schedule 2 (Export Policy) ITC (HS) classification of Export and Import – NOTIFICATION No. 62/2015-2020.
4. Amendment in conditions of the Standard Input Output Norms (SION) at E-136 for export of wheat flour – PUBLIC NOTICE No. 62 /2015-2020.
5. Inclusion of 18 HS Codes under Heading 5208 in Appendix 4R for RoDTEP – Notification No. 63/2015-2020.

RBI

1. Reporting and Accounting of Central Government transactions for March 2023.

Securities and Exchange Board of India (SEBI)

1. Master Circular for the Portfolio Managers.
2. E-wallet investments in the Mutual Funds.
3. Master Circular on Surveillance of Securities Market.

Institute of Chartered Accountants of India (ICAI)

1. LIST OF ORGANIZATIONS PARTICIPATING IN THE SMALL CENTER 57th CAMPUS PLACEMENT PROGRAM FEBRUARY-MARCH 2023.
2. Exposure Draft of Guidance Note on the Transfer of Capital Reserve (Last date of comments: 20th April, 2023).
3. Implementation of Know your Member (KYM) Form.

OTHER UPDATES

1. Unemployment rate of graduate degree holders shows a declining trend as per the annual PLFS reports.
2. Demonetisation and its effect on Indian economy.
3. Amendments made to the scheme of Credit Guarantee Fund for Micro Units.
4. Public Notice dated 24th March 2023 regarding extension of the validity of FCRA registration certificates.

Blog of the Week

1. Maintenance of Books of Accounts and their retention period under different Acts / Laws: https://cacult.com/maintenance-of-books-of-accounts-under-the-different-acts/
2. Important changes in Form 26AS from AY 2023-24 onwards: https://cacult.com/important-changes-in-form-26as-from-ay-2023-24-onwards/

Videos of the Week:

1. How to check your Annual Information Statement on Income-tax portal and Other Important aspects: https://www.youtube.com/watch?v=ngKvwKXBAec
2. New way to Check your Income-tax related Financial transactions: https://www.youtube.com/watch?v=iP3estMcIX8
3. Maintenance of Books of Accounts and their retention period under different Acts: https://www.youtube.com/watch?v=rPwelQZzH7A
4. Attention Taxpayers! Major changes in Form 26AS and AIS Report: https://www.youtube.com/watch?v=DRCxk1svi_w
5. Introduction of KYM Application Form by the ICAI: https://www.youtube.com/watch?v=0XrSIlHChHE
6. Important compliance to be done on or before 31st March 2023: https://www.youtube.com/watch?v=IKmbXJU6seQ

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