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Weekly Updates from CA Cult (February 2022- Second Week)

CA Cult

Weekly Updates from CA Cult (February 2022- Second Week)

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

  1. More than 6.2 crore Income Tax Returns (ITRs) and about 21 lakh major Tax Audit Reports(TARs) filed on the new e-Filing portal of the Income Tax Department.

Central Board of Indirect Taxes & Customs (CBIC)

  1. Average monthly gross GST collection for the third quarter of FY 2021-22 is Rs.1.30 lakh crore.
  2. Certain important changes under the Central Excise related functionality incorporated in CBIC-ACES-GST Integrated Application w.e.f. JANUARY 2022.
  3. Seeks to amend notification No. 48/2021-Customs and No. 49/2021 – Customs, both dated 13.10.2021, in order to rationalise the Agriculture Infrastructure and Development Cess (AIDC) on Crude Palm Oil and Lentils (Mosur), and extend the validity of the said notifications up to and inclusive of the 30th September, 2022- Notification No. 16/2022-Customs

Corporate Law (MCA)

  1. New Chairperson of Insolvency and Bankruptcy Board of India.
  2. Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2022.
  3. The Companies (Accounts) Amendment Rules, 2022.
  4. Commencement notification for sections 1 to 29 of LLP (Amendment) Act 2021.
  5. Limited Liability Partnership (Amendment) Rules 2022.
  6. Notification for delegation of powers under section 17 of LLP Act 2008 to Regional Directors.
  7. Appointment of Registrar of Companies as Adjudication Officers under the LLP Act 2008 dated 11.02.2022.
  8. Notification under section 67 of LLP Act 2008.
  9. Form CSR-2 is available for filing purposes.

Directorate General of Foreign Trade (DGFT)

  1. Notification of ITC (HS), 2022- Schedule-1 (Import Policy)- Notification No. 54/2015-20.
  2. Procedure for allocation of quota, for year 2022-2023, for import of (i) Calcined Pet Coke for Aluminum Industry and (ii) Raw Pet Coke for CPC manufacturing industry – Public Notice No. 48 / 2015-20.
  3. Import policy for Moong is revised.

Reserve Bank of India (RBI)

  1. Public Holiday under Negotiable Instrument Act – No Transactions in G-Secs, Forex and Money Markets on 7th Feb 2022.
  2. Cancellation of auction of Government of India Dated Securities.
  3. Statement of the Governor of RBI dated February 10, 2022.
  4. Master Circular on the Asset Reconstruction Companies.
  5. Master Direction on Reserve Bank of India (RBI) (Credit Derivatives) Directions, 2022.
  6. Transactions in Credit Default Swap (CDS) by Foreign Portfolio Investors – Operational Instructions.
  7. Revised window timings of LAF Fixed Rate Reverse Repo and MSF.
  8. Rupee Interest Rate Derivatives (Reserve Bank) Directions – Review.
  9. Voluntary Retention Route’ (VRR) for Foreign Portfolio Investors (FPIs) investment in debt.
  10. Financial Literacy Week 2022- Go Digital, Go Secure.

Securities and Exchange Board of India (SEBI)

  1. Disclosures in the abridged prospectus and front cover page of the offer document.
  2. Framework for conversion of Private Listed InvIT into Public InvIT.
  3. Conversion of Private Unlisted InvIT into Private Listed InvIT.
  4. Audit Committee of the Asset Management Companies (AMCs).
  5. Names of the companies/Intermediaries/MIIs having complaints pending for more than 3 months on SCORES as on January 31, 2022.

Institute of Chartered Accountants of India (CA Fraternity)

Updates for Members/Students

  1. Important announcement on the results of December 21 exams.
  2. Results of the Post Qualification Course Examinations are likely to be declared on Thursday, the 10th February 2022 (evening)/Friday, the 11th February 2022.
  3. FAQs for Organizations registering in Feb. – Mar. 2022 Campus Placement Program.
  4. Results of the Assessment for the Certificate Course on CSR held on 28.01.2022, have been declared.
  5. Important Dates for May 2022 Exam Forms.
  6. Results of the Chartered Accountants Final Examination (Old Course & New Course) and Foundation Examination held in December 2021 declared.
  7. Results of the PQC Exams i.e. Information Systems Audit (ISA) Assessment Test declared.
  8. Important Announcement – Results of the PQC Exams i.e. Information Systems Audit [ISA] Assessment Test, Insurance & Risk Management, and International Taxation Assessment Test declared.
  9. Press Release on the Declaration of Result of Chartered Accountants Final ( Old & New Course) and Foundation Examination held in December 2021.
  10. Important Dates to apply for the verification or inspection of the answer book.

General Updates

  1. Publication: Handbook on the Pre-packaged Insolvency Resolution Process under The Insolvency and Bankruptcy Code, 2016 by CIBC of ICAI.
  2. Publication: Frequently Asked Questions on The Insolvency and Bankruptcy Code (IBC), 2016 (Revised January 2022 Edition) by CIBC of ICAI in collaboration with IBBI.
  3. Exposure Draft of Initial Application of Ind AS 117 and Ind AS 109- Comparative Information – Amendments to Ind AS 117, Insurance Contracts.
  4. Launching Online Refresher Course – ‘Deep Dive into Income Taxes Standard – Ind AS 12’ Organized by the Ind AS Implementation Committee of ICAI.
  5. Guidelines for conducting the Distance/Remote/ online Peer Review.
  6. Concept Paper on Inventory Valuation brought out by ICAI and ICAI RVO.
  7. Booklet on LIBOR Transition- Valuation Guide brought out by ICAI and ICAI RVO.
  8. Concept Paper on Estimating Discount Rates in Valuation.
  9. HB on Liquidation Process and Voluntary Liquidation Process under The Insolvency and Bankruptcy Code, 2016.
  10. Award Presentation Ceremony of the ICAI.
  11. ICAI honours Stellar CAs at 15th Annual Awards Ceremony.
  12. Guidance Note on the Audit of Banks (2022 Edition).
  13. ICAI mandates Peer Review for certain categories of Firms.
  14. Judicial Pronouncements in Valuation brought out by ICAI and ICAI RVO.
  15. Important Announcement on Peer Review Mandate-Roll Out.
  16. ICAI elects New Torchbearers for the year 2022-23.

OTHER UPDATES

  1. Disinvestment of the Air India completed.
  2. Financial Implication under the PMAY-G.
  3. Relaxation in the ESIC COVID-19 Relief Scheme.
  4. Registration for the Unemployment Subsistence Allowance.
  5. More than 43.34 crore Permanent Account Numbers (PANs) linked with Aadhaar till 24.01.2022.
  6. IMPACT OF COVID-19 ON SMALL BUSINESSES.
  7. CAG Audit of the National Dairy Plan and NDDB.
  8. The Safety Glass (Quality Control) Amendment Order, 2022.

Blogs of the week: TDS under section 194R on the benefit or perquisite: https://cacult.com/tds-under-section-194r-on-the-benefit-or-perquisite/

Video of the week: Clarification under section 40(a)(ii) of the Income-tax Act, 1961: https://www.youtube.com/watch?v=WolZRYIipC4

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

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