Weekly Updates from CA Cult (April 2022- Last Week)
Important Updates from last week:
- 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.
- Tamilnadu Construction Workers Welfare Board notified under section 10 of the income tax.
- The timeline to update UDIN is extended till 31st May 2022 to give more time to CAs to correctly verify and upload UDINs.
- New Rule 12AC inserted on the Updated return of income.
- Clarification related to the misleading reports of purported feedback sought on raising GST Rates on 143 items.
- GSTR-1 enhancements deployed on the GST Portal.
- Status Note on GST compensation released to States/UTs.
- Webinar on the ‘Enhancements in GSTR-1/IFF’.
- Advisory to the composition taxpayers.
- NOTIFICATION No. 35/2022-Customs (N.T.).
- Seeks to impose CVD on Copper Pipes and Tubes from Malaysia, Thailand and Vietnam- NOTIFICATION No. 2/2022-Customs (CVD).
- 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.)
- Notification under section 25 of the Customs Act- NOTIFICATION No. 22/2022-Customs.
- Companies (Registration of Charges) Amendment Rules, 2022.
- Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2022.
Directorate General of Foreign Trade (DGFT)
- Application for recognition as Pre-Shipment Inspection Agency (PSIA) and issuance and electronic Verification of Pre-Shipment Inspection Certificate (PSIC).
- Extension of Date for Mandatory electronic filing of Non-Preferential Certificate of Origin (CoO) through the Common Digital Platform to 1st August 2022.
- 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.
- 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.
- 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
- 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.
- Report on Currency and Finance (RCF) for the year 2021-22.
Securities and Exchange Board of India (SEBI)
- Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2022.
- Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2022.
- Master Circular for Real Estate Investment Trusts (REITs).
- Master Circular for Infrastructure Investment Trusts (InvITs).
- Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2022.
- Reduction of timelines for the listing of units of Infrastructure Investment Trust (InvIT).
- Reduction of timelines for the listing of units of Real Estate Investment Trust (REIT)
- 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)
- Rationalization of certain compliance requirements.
- Dispensing with certain Non-Life Insurance returns.
- Exposure of Insurers to Financial and Insurance Activities.
Institute of Chartered Accountants of India (CA Fraternity)
- Important Message: Strict Compliance – regarding Verification/ Clarification of documents related to incorporation of a Company or a LLP by Practicing Professionals.
- Updation of UDINs at the e-filing Portal.
- 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.
- 75% Concession in Registration Course Fee for all levels of CA Courses for the wards of demised members of ICAI.
- Admit Cards hosted for May 2022 Intermediate and Final.
- Implementation Guide on Reporting under Rule 11(e) and Rule 11(f) of the Companies (Audit and Auditors) Rules, 2014.
- ICAI sets up an expert panel to support CAs.
- Discount in the fees of the Four Weeks Residential Programme to be held at COE Hyderabad and COE Jaipur from 9th May 2022.
- Important Dates for Exemptions Intermediate and Final-New – May 2022.
- The IICA Youth Essay Competition.
- 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)’.
- Exposure Draft of Revised Accounting Standard for Comments.
- Live Interactive Session with CA Students on 1st May, 2022.
Videos of the Week:
- Live Webinar on How to face CA Exam: https://www.youtube.com/shorts/3TenWP0HD8U
- E-filing of ITR for AY 2022-23 is enabled: https://www.youtube.com/shorts/spmj9eG9uuI
- Live Interactive Session with CA Students on 1st May, 2022: https://www.youtube.com/shorts/qUGZgoG46PU
- Extension of the timeline to update UDIN: https://www.youtube.com/shorts/R0NXLrOIQiU
Check out our YouTube Channel: https://www.youtube.com/channel/UCUZuSQHyKyarNzKtA5rAiFA