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

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

Important Updates from last week:

Income-tax

1. CBDT Notification No. 30/2022 dated April 11, 2022.
2. CBDT Notification No. 29/2022 dated April 11, 2022.
3. UDIN update functionality is enabled for Forms.
4. National Bank notified under section 10 of the Income-tax Act- NOTIFICATION.
5. Notification under section 35 of the Income-tax Act.
6. Designation of Courts in the State of Uttar Pradesh for the purposes of sub section (1) of section 280A of the Income tax Act, 1961 and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
7. New Rule 12AB- Conditions for furnishing return of income, inserted in the Income-tax Rules, 1962.
8. New clause (vb) inserted in Rule 17C of Income-tax Rules.
9. E-filing of ITR 1, ITR 2 and ITR 4 for AY 2022-23 is enabled ( ITR-1 & ITR-4 offline & online both, ITR-2-only offline).

Corporate Law (MCA)

1. IBBI to launch 3rd National Online Quiz on Insolvency and Bankruptcy Code, 2016.
2. MCA registers highest ever 1.67 lakh companies in FY 2021-22.
3. The Nidhi (Amendment) Rules, 2022.
4. The Revised FAQs on MCA 21 V3 Login.
5. MCA FAQs updated as on 24.04.2022.

Directorate General of Foreign Trade (DGFT)

1. Applications for allocation of Tariff Rate Quota (TRQ) under India – Mauritius CECPA for the financial year 2022-23- Public Notice 04/2015-20.
2. Amendment in details of an authorized agency under Appendix 2E of FTP, 2015-2020- Public Notice No. 02/2015-20.
3. Re-operationalisation of Scrip Transfer Recording Module – Trade Notice 01/2022-23.
4. Amendments in Chapter 5 of the Handbook of Procedures 2015-20, related to Export Promotion Capital Goods Scheme to reduce ‘Compliance Burden’ and enhance ‘Ease of doing Business’ – Public Notice No. 03/2015-20.
5. DGFT Helpdesk support is now available on 24×7 basis.

Reserve Bank of India (RBI)

1. RBI Notification on Framework on Liquidity Coverage Ratio.
2. Exposures Framework for Non-Banking Financial Company.
3. Issue and Regulation of Share Capital and securities.
4. Capital requirements for NBFCs.
5. Limits for investment in debt and sale of Credit Default Swaps by Foreign Portfolio Investors.
6. Loans and Advances – Regulatory Restrictions – NBFCs
7. Consolidated circular on Opening of Current Account and CC/OD Account.
8. Disclosures in Financial Statements- Notes to Accounts of NBFCs.
9. Legal Entity Identifier (LEI) for Borrowers.
10. Master Direction on Credit Card and Debit Card – Issuance and Conduct Directions, 2022.

Securities and Exchange Board of India (SEBI)

1. Memorandum of Understanding (MoU) between SEBI and Financial Regulatory Commission, Mongolia.
2. Circular by SEBI on issue and listing of securities.
3. Comprehensive Risk Management Framework for EGR segment.
4. Circular on Risk value of commodities for risk-o-meter.
5. Operational guidelines for Security and Covenant Monitoring.
6. Streamlining the Process of Public Issues and redressal of Investor grievances.

Institute of Chartered Accountants of India (CA Fraternity)

1. Online Assessment Test of Certificate Course on GST scheduled on 8th May 2022 from 11.30 am to 12.30 pm.
2. Live Webinar on “How to face CA Exam“.

OTHER UPDATES

1. 10th and 11th Edition of the Status Paper on Government Debt.
2. Auction for Sale (Issue/Re-issue) of Government Securities.
3. Tax in 2021-22 exceed the estimates by ₹5 lakh crore.
4. NPS Subscribers increase by 22% year on year.
5. Grant of INR 7183.42 crore released to 14 States.
6. More than 34.42 crore loan accounts amounting to Rs. 18.60 lakh crore opened since launch of Pradhan Mantri Mudra Yojana.
7. Auction for Sale (Re-issue) of Bonds.
8. Repayment of outstanding balance of 8.35% Government Securities.
9. Smt. Nirmala Sitharaman meets IMF Managing Director.
10. The International Financial Services Centres Authority (IFSCA) (Fund Management) Regulations, 2022.
11. ESI Corporation constitutes the Regional Board for Assam State.
12. Issue of the commemorative coin of Rs.100 on the occasion of centenary year of University of Delhi- NOTIFICATION.

Blogs of the Week:

1. Provisions of TDS under the new section 194S: https://cacult.com/provisions-of-tds-under-the-new-section-194s/
2. New sections on Virtual Digital Assets under the income tax: https://cacult.com/new-sections-on-virtual-digital-assets-under-the-income-tax/

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