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Weekly Updates from CA Cult (July 2022- Last Week)

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Weekly Updates from CA Cult (July 2022- Last Week)

Important Updates from last week:

Income-tax

  1. 163rd Income Tax Day: A journey towards Nation Building.
  2. FAQs on top ten clarifications sought by the Taxpayers while filing their Income-tax returns.

CBIC

  1. Authorisation under clause (c) of sub-rule (4) of rule 96 of the Central Goods and Services Tax (CGST) Rules, 2017.

Corporate Law (MCA)

  1. Clarification on spending of CSR funds for “Har Ghar Tiranga” campaign.
  2. CBDT notification for PAN/TAN integration with LLP incorporation form FiLLip- Notification No. 04 of 2022.

Directorate General of Foreign Trade (DGFT)

  1. Suspension of SIONs C-594, C-791 to C-796 and C-831- Public Notice No. 19/2015-20.
  2. Clarification regarding Non-Ferrous Metal Import Monitoring System (NFMIMS)- Policy Circular 42/2015-20.
  3. Relaxation in provision of submission of ‘Bill of Export’ as an evidence of export obligation discharge for supplies made to SEZ units in case of EPCG Authorization – Policy Circular No. 43/2015-20.

Reserve Bank of India (RBI)

  1. Regulatory Framework for Microfinance Loans.
  2. Reserve Bank of India (RBI) announces Digital Payments Index for March 2022.
  3. Regulation of the Payment Aggregators – Timeline for submission of applications for authorisation – Review.
  4. Master Direction – Lending to Micro, Small & Medium Enterprises (MSME) Sector.

Securities and Exchange Board of India (SEBI)

  1. Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2022.
  2. Implementation of Circular on ‘Guidelines in pursuance of amendment to SEBI KYC (Know Your client) Registration Agency (KRA) Regulations, 2011’.
  3. Settlement of Running Account of Client’s Funds lying with Trading Member (TM).
  4. Addendum to SEBI Circular on Development of Passive Funds.
  5. LODR – Single Operational Circular for listing obligations and disclosure requirements (LODR) for Non-convertible Securities, Securitized Debt Instruments and/ or Commercial Paper.
  6. Nomination for Mutual Fund Unit Holders – Extension of timelines.
  7. Framework for automated deactivation of trading and demat accounts in cases of inadequate KYCs.

Institute of Chartered Accountants of India (CA Fraternity)

  1. Revised schedule of the Advanced ICITSS – Adv. IT Test.
  2. Final List of Candidates for bye-election to the Twenty Fifth Council from Western India Regional Constituency to be held in September, 2022.
  3. Requirements for Applying for the November 2022 Exams.
  4. List of organizations participating in campus program.

Other Updates:

  1. New Banking Policy for Purchase From Foreign Countries.

Video of the Week:

  1. Clarification on the applicability of section 44AD and 44ADA: https://www.youtube.com/watch?v=Cs_xrbOpfKg
  2. How to make changes in AIS Report available on Income-tax Portal? : https://www.youtube.com/watch?v=JOKBE4xc2FU

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

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