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

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

Important Updates from last week:

Income-tax

1. Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC for Assessment Year 2021-22 – Reg.
2. Time Series data of Direct Taxes shows improved Taxpayer Compliance.
3. Extension in due date for Filing of Form 56F for AY 2023-24 via Order under section 119 of the Income-tax Act.

CBIC

1. Goods and Services Tax Appellate Tribunal (Appointment and Conditions of Service of President and Members) Rules, 2023.
2. Amendment in the Form GST REG-01 and GST REG-08 – NOTIFICATION No. 52/2023 –Central Tax.
3. Advisory related to changes in GSTR-5A.

MCA

1. Companies (Incorporation) Third Amendment Rules, 2023.
2. Coming into force of section 45 and section 64B of the Competition Act – NOTIFICATION.
3. Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023.
4. Designate a person for furnishing and extending co-operation.
5. New Rules 22A and 22B inserted under LLP Rules.

DGFT

1. Implementation of Import Management Systems for IT Hardware – Policy Circular No. 06/2023-24.
2. Discontinuation of Issuance of Physical copy of Restricted Import Authorisation with effect from 19.10.2023 – Trade Notice 31/2023-24.
3. Submission of data to RoDTEP Committee for review of RoDTEP rates – Trade Notice 30/2023-24.
4. Amendment of Import Policy conditions for item under ITC(HS) Code 0511 99 99 of Chapter 05 of ITC(HS), 2022, Schedule –I (Import Policy) – NOTIFICATION No. 39/2023.
5. Amendment in Policy Condition 1 of Chapter 15 of ITC (HS), 2022, Schedule – I (Import Policy) – NOTIFICATION No. 40/2023.
6. Streamlining of Halal Certification Process for Meat and Meat Products – NOTIFICATION No. 41 /2023

RBI

1. Reserve Bank of India (Financial Statements – Presentation and Disclosures) Directions, 2021: Presentation of unclaimed liabilities transferred to Depositor Education and Awareness (DEA) Fund.
2. RBI Notification on Appointment of Whole-Time Director(s).
3. RBI invites comments on draft Master Direction on Managing Risks and Code of Conduct in Outsourcing of Financial Services.
4. Review of Instructions on Bulk Deposits for Regional Rural Banks (RRBs).
5. Non-Callable Deposits – Master Direction on Interest Rate on Deposits.
6. Strengthening of customer service rendered by Credit Information Companies (CICs) and Credit Institutions (CIs).
7. Framework for compensation to customers for delayed updation/ rectification of credit information.

SEBI

1. Securities and Exchange Board of India (SEBI) (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2023.
2. Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2023.

ICAI

1. Archiving of UDINs after one year.
2. Exposure Draft on Accounting Standards for Limited Liability Partnerships (LLPs).

OTHER UPDATES:

1. Geographical Indications of Goods Registration and Protection Amendment Rules 2023.
2. Government notifies Minimum Export Price (MEP) of USD 800 per Metric Ton on onion export to maintain domestic availability.

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