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

CA Cult

2 years ago

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

Important Updates from last week:

Income-tax

E-filing of updated ITR u/s 139(8A) has also been enabled for ITR 7.
E-filing Update for taxpayers on Donation.
Notification of INQ Holding LLC as a specified person for the purposes of clause (23FE) of section 10 of the Income tax Act, 1961.
Statement of accumulation under clause (a) of the Explanation 3 to the third proviso to clause (23C) of section 10 of the Income tax Act, 1961.
Notification under section 206C(1G) of the Income tax Act, 1961.
New Rule 40G inserted for Refund claim under section 239A of the Income-tax Act.
Amendment of rule 128 of the Income tax Rules.

Provisional ADD on UDCA import from China and Korea- NOTIFICATION No. 25/2022-CUSTOMS (ADD).
Guidelines for launching of Prosecution in relation to offences punishable under the Customs Act, 1962.
Revised Guidelines for Arrest and Bail in relation to offences punishable under Customs Act, 1962.
Custom duty on display assembly of a cellular mobile.
Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to increase the Special Additional Excise Duty on Diesel- Notification No. 23/2022-Central Excise New Delhi, the 18th August, 2022.
Seeks to amend Notification No. 18/2022-Central Excise, dated the 19th July, 2022 to decrease the Special Additional Excise Duty on production of Petroleum Crude and increase Special Additional Excise Duty export of Aviation Turbine Fuel- Notification No. 24/2022-Central Excise New Delhi, the 18th August, 2022.

Amendment in the Companies (Accounts) Rules, 2014 relating to availability of books of account and other relevant books and papers maintained in electronic mode at all times and also details of person in control, if service provider is located outside India.
New Rule 25B Physical verification of Registered Office.

Amendment in minimum registration time period of Non-Ferrous Metal Import Monitoring System (NFMIMS)– NOTIFICATION No. 26 /2015-2020.
Amendment in Policy Condition of Sl No 55 and 57 Chapter 10 Schedule 2 ITC HS Export Policy 2018- NOTIFICATION No. 27/2015-2020.

Outsourcing of Financial Services – Responsibilities of regulated entities employing Recovery Agents.

Guidelines for overseas investment by Alternative Investment Funds (AIFs) / Venture Capital Funds (VCFs).
Block Mechanism in demat account of clients undertaking sale transactions.
Participation as Financial Information Providers in Account Aggregator framework.

Withdrawal of exemption from GST on services provided by IRDAI to Insurers.
Applicability of Service Tax / GST on services provided by IRDAI to Insurance intermediaries.

Important Dates for CA Foundation and Intermediate.
Last date for submission of nomination for National CSR Awards to CL&CGC ICAI has been extended till 21st August 2022.
Revised Eligibility Date for Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) – Adv. Information Technology Test – Computer Based Mode (CBT).
Relaxation for students registered provisionally till 31st July, 2022 in the Intermediate Course through Direct Entry Route for appearing in May, 2023 Intermediate Examination.

OTHER UPDATE:

Submission of applications for revision of orders under section 32 of the Foreign Contribution (Regulation) Act, (FCRA) 2010 read with Rule 20 of the Foreign Contribution (Regulation) Rules, 2011.

Blog of the Week: