Weekly Updates from CA Cult (April 2022- Last Week)

Weekly Updates from CA Cult (April 2022- Last Week)

Important Updates from last week:

Income-tax

1. Notification of countries for the purposes of sub clause (ii) of clause (a) of Explanation to clauses (viiac) and (viiad) of section 47 of the Income tax Act, 1961.
2. Tamilnadu Construction Workers Welfare Board notified under section 10 of the income tax.
3. The timeline to update UDIN is extended till 31st May 2022 to give more time to CAs to correctly verify and upload UDINs.
4. New Rule 12AC inserted on the Updated return of income.

GST

1. Clarification related to the misleading reports of purported feedback sought on raising GST Rates on 143 items.
2. GSTR-1 enhancements deployed on the GST Portal.
3. Status Note on GST compensation released to States/UTs.
4. Webinar on the ‘Enhancements in GSTR-1/IFF’.
5. Advisory to the composition taxpayers.

Customs

1. NOTIFICATION No. 35/2022-Customs (N.T.).
2. Seeks to impose CVD on Copper Pipes and Tubes from Malaysia, Thailand and Vietnam- NOTIFICATION No. 2/2022-Customs (CVD).
3. Customs Tariff (Determination of the Origin of Goods under the Comprehensive Economic Partnership Agreement between India and the United Arab Emirates) Rules, 2022- NOTIFICATION No. 39/2022-Customs (N.T.)
4. Notification under section 25 of the Customs Act- NOTIFICATION No. 22/2022-Customs.

Corporate Law (MCA)

1. Companies (Registration of Charges) Amendment Rules, 2022.
2. Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2022.

Directorate General of Foreign Trade (DGFT)

1. Application for recognition as Pre-Shipment Inspection Agency (PSIA) and issuance and electronic Verification of Pre-Shipment Inspection Certificate (PSIC).
2. Extension of Date for Mandatory electronic filing of Non-Preferential Certificate of Origin (CoO) through the Common Digital Platform to 1st August 2022.
3. Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under India-UAE Comprehensive Economic Partnership Agreement (India-UAE CEPA) w.e.f. 01st May 2022.
4. Amendment of Appendix 2B [List of Agencies Authorised to issue Certificate of Origin (Preferential)] of Foreign Trade Policy, 2015-2020- Public Notice No. 05/2015-20.
5. Amendment in import policy of ITC (HS) Codes 71123000, 71129100, 71129200, 71129910, 71129920, and 71129990 under Chapter 71 of Schedule – I- Notification No. 01/2015-20

Reserve Bank of India (RBI)

1. Modified Interest Subvention Scheme for Short Term Loans for Agriculture and Allied Activities availed through Kisan Credit Card (KCC) during the financial year 2021-22.
2. Report on Currency and Finance (RCF) for the year 2021-22.

Securities and Exchange Board of India (SEBI)

1. Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2022.
2. Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2022.
3. Master Circular for Real Estate Investment Trusts (REITs).
4. Master Circular for Infrastructure Investment Trusts (InvITs).
5. Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2022.
6. Reduction of timelines for the listing of units of Infrastructure Investment Trust (InvIT).
7. Reduction of timelines for the listing of units of Real Estate Investment Trust (REIT)
8. Modification in the Operational Guidelines for Foreign Portfolio Investors (FPI), Designated Depository Participants and Eligible Foreign Investors-SEBI to generate FPI registration number and both the Depositories to host the CAF.

Insurance Regulatory and Development Authority of India (IRDAI)

1. Rationalization of certain compliance requirements.
2. Dispensing with certain Non-Life Insurance returns.
3. Exposure of Insurers to Financial and Insurance Activities.

Institute of Chartered Accountants of India (CA Fraternity)

1. Important Message: Strict Compliance – regarding Verification/ Clarification of documents related to incorporation of a Company or a LLP by Practicing Professionals.
2. Updation of UDINs at the e-filing Portal.
3. Renewal of 75% Concession in Registration Course Fee for all levels of CA Courses for the Candidates/ Students from Union Territories of Jammu & Kashmir, Ladakh and for 8 North-Eastern States. AND Extending 75% Concession in Registration Course Fee for all levels of CA Courses for the Candidates/ Students from Andaman and Nicobar Islands.
4. 75% Concession in Registration Course Fee for all levels of CA Courses for the wards of demised members of ICAI.
5. Admit Cards hosted for May 2022 Intermediate and Final.
6. Implementation Guide on Reporting under Rule 11(e) and Rule 11(f) of the Companies (Audit and Auditors) Rules, 2014.
7. ICAI sets up an expert panel to support CAs.
8. Discount in the fees of the Four Weeks Residential Programme to be held at COE Hyderabad and COE Jaipur from 9th May 2022.
9. Important Dates for Exemptions Intermediate and Final-New – May 2022.
10. The IICA Youth Essay Competition.
11. The Accounting Standards Board (ASB) is pleased to announce the launch of online batches 33 & 34 of the ‘Certificate Course on Indian Accounting Standards (Ind AS)’.
12. Exposure Draft of Revised Accounting Standard for Comments.
13. Live Interactive Session with CA Students on 1st May, 2022.

Videos of the Week:

1. Live Webinar on How to face CA Exam: https://www.youtube.com/shorts/3TenWP0HD8U
2. E-filing of ITR for AY 2022-23 is enabled: https://www.youtube.com/shorts/spmj9eG9uuI
3. Live Interactive Session with CA Students on 1st May, 2022: https://www.youtube.com/shorts/qUGZgoG46PU
4. Extension of the timeline to update UDIN: https://www.youtube.com/shorts/R0NXLrOIQiU

Check out our YouTube Channel: https://www.youtube.com/channel/UCUZuSQHyKyarNzKtA5rAiFA