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

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

Important Updates from last week:

Income-tax

1. Guidelines for removal of difficulties under sub-section (3) of section 194BA of the Income-tax Act, 1961.
2. Amendment in Income tax Rules, 1962, insertions of new rule for prescribing net winnings for online games. Notification of form 16 and others.
3. Clarification regarding provisions relating to charitable and religious trusts – reg.
4. Increased limit for tax exemption on leave encashment for non-government salaried employees notified.
5. Notification under section 56(2)(viib) of the income tax act.
6. Inviting comments on the draft rule 11UA for implementing the amendment made by the Finance Act, 2023- reg.

CBIC

1. Foreign Trade Policy 2023 – Circular No. 12/2023.
2. Seeks to extend the due date for furnishing FORM GSTR-1 for April, 2023 for registered persons whose principal place of business is in the State of Manipur – NOTIFICATION No. 11/2023-Central Tax.
3. Extension of due date for GSTR-3B and GSTR-7 for April 2023.

MCA

1. Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2023.

DGFT

1. Amendment in Export Policy of Cough Syrup- Notification No. 06/2023.
2. Amendment in Export Policy of broken rice under HS Code 1006 40 00 – NOTIFICATION No. 07/2023.
3. Amendment under Interest Equalisation Scheme – Trade Notice No. 05/2023-24.

RBI

1. ₹2000 Denomination Banknotes – Withdrawal from Circulation; Will continue as Legal Tender.

SEBI

1. Dematerialization of securities of Hold Cos and SPVs held by Infrastructure Investment Trusts (InvITs).
2. Dematerialization of securities of Hold Cos and SPVs held by Real Estate Investment Trusts (REITs).
3. Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2023.
4. Revision in computation of Core Settlement Guarantee Fund in Commodity Derivatives Segment.
5. Model Tripartite Agreement between the Issuer Company, Existing Share Transfer Agent and New Share Transfer Agent as per Regulation 7(4) of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015.

ICAI

1. ICAI Annual Fee Circular for the year 2023-24.
2. Seeking Inputs for Measuring Cost of Regulation – As Requested by DPIIT.

OTHER UPDATES:

1. Notification for authorisation of Ministry of Micro, Small and Medium Enterprises to perform Aadhaar authentication for the purposes of registration of owners of informal micro enterprises on its digital platform.

Blog of the Week:

1. Is India back to demonetization of November 2016?: https://cacult.com/is-india-back-to-demonetization-of-november-2016/

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