Weekly Updates from CA Cult (4th Week of April 2023)

Weekly Updates from CA Cult (4th Week of April 2023)

Weekly Updates from CA Cult (4th Week of April 2023)

Important Updates from last week:


  1. Notification under section 35 of the Income-tax Act, 1961.


  1. Advisory on the Bank Account Validation.
  2. New facility to verify document Reference Number (RFN) mentioned on offline communications issued by State GST authorities.
  3. Online filing of AEO-LO applications: Launch of Version 3.0 of web- application for filing, real-time monitoring, and digital certification- reg.
  4. Amending Customs Notifications to implement the “Amnesty Scheme for one time settlement of default in export obligation by Advance and EPCG authorization holders” notified by DGFT- NOTIFICATION No. 32/2023-Customs.


  1. NFRA examines proposals on new standard for accounting of insurance contracts viz. Ind AS 117.
  2. Companies (Indian Accounting Standards) Amendment Rules, 2023.
  3. MCA update on delay in obtaining Certificate of Incorporation

Directorate General of Foreign Trade (DGFT)

  1. Amendment in Para 4.12 (vi) of the Handbook of Procedures, 2023- Public Notice No. 09/2023.
  2. The Appendices & Aayat Niryat Forms of Foreign Trade Policy, 2023, are hereby notified.
  3. Amendment in details of an authorized agency under Appendix 2E of FTP 2023 – PUBLIC NOTICE No. 11 /2023.


  1. Review of General Credit Card (GCC) Facility.

Securities and Exchange Board of India (SEBI)

  1. Bank Guarantees (BGs) created out of clients’ funds.
  2. Modifications in the requirement of filing of Offer Documents by Mutual Funds.
  3. Procedure for implementation of Section 12A of the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005 –Directions to stock exchanges and registered intermediaries.
  4. SEBI Master Circular for the Custodians.

Institute of Chartered Accountants of India (ICAI)

  1. Re-Scheduling of Chartered Accountants Examination scheduled to be held on 10th May 2023 (Wednesday) at the Examinations Centre at Jalandhar (Punjab) and Jharsuguda (Odisha).


  1. Shri Narayan Rane launches the revamped CGTMSE Scheme

Videos of the Week:

  1. Important Updates under the New Tax Regime: https://www.youtube.com/watch?v=wKnfcTfC2YE
  2. How to claim Tax Credit for income earned outside India?: https://www.youtube.com/watch?v=vV6lh5sviHs
  3. E-verify your Return of Income (ITR) after 120 Days: https://www.youtube.com/watch?v=YoVgbwELD58
  4. Amendment u/s 10AA introduced in Finance Bill 2023: https://www.youtube.com/watch?v=VouJaIDXmjw

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