Weekly Updates from CA Cult (January 2022- Fourth Week)

Weekly Updates from CA Cult (January 2022- Fourth Week)

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

1. FAQs on the Statutory Forms under Income Tax.
2. Process flow for filing the Audit Forms under Income Tax.
3. Format for sharing queries on helpdesk E-mail IDs.
4. Amendment in the notification Number 89 of 2020 dated 2nd November, 2020.
5. West Bengal Electricity Regulatory Commission’, Kolkata notified under clause (46) of section 10 of the Income-tax, 1961.

Central Board of Indirect Taxes & Customs (CBIC)

1. Deployment of the Interest Calculator in GSTR-3B.
2. Businessman arrested for running a Fake GST ITC racket.
3. DGGI Ghaziabad officials bust the bogus network of 275 firms involving fake invoices of more than Rs 3,100 crore.
4. DGGI Gurugram officials bust the nexus of 93 fake firms issuing fake input tax credit invoices of Rs 491 crore, arrest one.
5. Revocation of the anti-dumping duty imposed on PVC Flex Films.
6. Seeks to impose Anti-dumping Duty on the ‘Axles for Trailers’ originating in or exported from the Peoples Republic of China- Notification No. 04/2022-Customs (ADD).
7. 29 officers and staff of the Central Board of Indirect Taxes and Customs (CBIC) get Presidential Awards on eve of Republic Day.
8. Central Board of Indirect Taxes and Customs (CBIC) celebrates International Customs Day, 2022.

Corporate Law (MCA)

1. Insolvency and Bankruptcy Board of India (IBBI) organizes, online Certificate Course on “Changing Paradigms of (IBC) Insolvency and Bankruptcy Code, 2016” in association with the National Law University, Jodhpur.

Directorate General of Foreign Trade (DGFT)

1. Extension of Date for Mandatory electronic filing of the Non-Preferential Certificate of Origin (CoO) through the Common Digital Platform to 31st March 2022.
2. Amendment in Export Policy of Human Hair- Notification No. 51/2015-20.
3. Procedures for application for Tariff Rate Quota (TRQ) under FTA/CECA for FY 2022-23.

Reserve Bank of India (RBI)

1. The Punjab and Maharashtra Co-operative Bank Limited (Amalgamation with Unity Small Finance Bank Limited) Scheme, 2022.
2. RBI on the Consumer Awareness – Cyber Threats and Frauds.
3. Central Bank of India (Officers‘) Service (Amendment) Regulations, 2021.

Securities and Exchange Board of India (SEBI)

1. Securities and Exchange Board of India (Employees’ Service) (Amendment) Regulations, 2022.
2. The Grant of recognition under Regulation 4 of the Securities Contracts Regulation.
3. Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2022.
4. Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2022.
5. Issuance of Securities in dematerialized form in case of Investor Service Requests.
6. Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Amendment) Regulations, 2022.
7. Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2022.
8. Introduction of Special Situation Funds (SSF) a sub-category under category I AIFs.
9. Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} (Amendment) Regulations, 2022.

Institute of Chartered Accountants of India (CA Fraternity)

Updates for Members/Students

1. Postponement of Convocation 2021-22 at New Delhi.
2. Cut-off date for conversion from Earlier Scheme to Revised Scheme to appear in May 2022 Examinations at all levels – 13th March, 2022.

General Updates

1. Guidance Note (GN) on Division III to Schedule III to the Companies Act 2013 for NBFC that is required to comply with Ind AS issued by CL&CGC ICAI.
2. Guidance Note on Division II – Ind AS Schedule III to the Companies Act 2013 issued by CL&CGC ICAI.
3. Guidance Note on Division I – Non Ind AS Schedule III to the Companies Act 2013 issued by CL&CGC ICAI.

Union Budget 2022-23

1. Union Budget 2022-23 to be presented on 1st February, 2022 in Paperless form.

OTHER UPDATES

1. Withdrawal of the Direct Selling Guidelines, 2016.
2. Auction for Sale (Re-issue) of (i) ‘GoI Floating Rate Bond 2028’, (ii) 6.54% GS 2032’, and (iii) ‘6.95%GS 2061’.
3. Reduction of anti-subsidy duty imposed on the Indian exporters.
4. Exports of Gems and Jewellery surge by a whopping 71%.
5. Electronic Goods Exports register a whopping growth of 49%.
6. DGTR (Directorate General of Trade Remedies) of the Department of Commerce issues 56 final findings since April, 2021 in Anti-Dumping (AD)/Countervailing Duties (CVD)/Safeguard (SG) investigations.
7. Approved plan for the transfer of assets by Air India Limited to AI Assets Holding Limited- Notification.
8. EPFO onboards Air India for social security coverage.
9. A Webinar organized to create awareness on new CCS (Pension) Rules, 2021 and generation of Digital Life Certificates using Face Authentication Technology.
10. Extension in date of filing of Application under the Production Linked Incentive (PLI) Scheme for Textiles.
11. The medical benefit extended to the families of insured persons in the various districts in the state of Assam.
12. Relaxation in the eligibility condition of 2 years insurable employment before unemployment and the contributory condition of Atal Beemit Vyakti Kalyan Yojana.
13. The Telecommunication Tariff (Sixty-Sixth Amendment) Order, 2022.

Blogs of the week:

1. Important dates in the last quarter of Financial Year 2021-22: https://cacult.com/important-dates-in-the-last-quarter-of-financial-year-2021-22/
2. Collection and Payment of the securities transaction tax in case of Insurance Company: https://cacult.com/collection-and-payment-of-the-securities-transaction-tax/
3. ICAI suggested in its Pre-Budget Memorandum 2022 (Direct Taxes and International Taxation) on PPF: https://cacult.com/icai-in-its-pre-budget-memorandum-2022-on-ppf/

Videos of the week:

1. Mobile App for the Union Budget 2022-23: https://www.youtube.com/watch?v=kxxtI6SHFxo
2. EPF deduction under section 80C of the Income-tax: https://www.youtube.com/watch?v=hI8QUkgQd50

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