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

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

Important Updates from last week:

Income-tax

1. Latest News and Update on Income tax e-filing.
2. New Form 8A inserted under the Income-tax Rules.
3. Income Tax Department conducts searches on a Pharmaceutical Group in Bengaluru.
4. Income Tax Department conducts searches in Delhi and Mumbai.
5. Specifying Forms, returns, statements, reports, orders, by whatever name called, prescribed in Appendix-ll to be furnished electronically under sub-rule (1) and sub-rule (2) of Rule 131 of the Income-tax Rules, 1962.

CBIC

1. Webinar on Tax liabilities and ITC comparison Tool.
2. DGGI Gurugram arrests one person for fraudulently availing ITC and evading GST of Rs 52.04 crore.
3. Seeks to amend notification No. 10/2019- Central Tax- Notification No. 15/2022-Central Tax.
4. Seeks to amend notification No. 14/2019- Central Tax- Notification No. 16/2022-Central Tax.
5. GST Notification No. 03/2022-Central Tax (Rate).
6. Seeks to amend Notification No 12/2017- Central Tax (Rate) dated 28.06.2017- GST Notification No. 04/2022 -Central Tax (Rate).
7. Seeks to amend Notification No 13/2017- Central Tax (Rate) dated 28.06.2017- GST Notification No.05/2022-Central Tax (Rate).
8. Seeks to amend notification No. 1/2017- Central Tax (Rate)- GST Notification No. 6/2022-Central Tax (Rate).
9. Seeks to amend notification No. 2/2017- Central Tax (Rate)- GST Notification No. 7/2022-Central Tax (Rate).
10. Seeks to amend notification No. 3/2017- Central Tax (Rate)- GST Notification No. 08/2022-Central Tax (Rate).
11. Seeks to amend notification No. 5/2017- Central Tax (Rate)- GST Notification No. 09/2022-Central Tax (Rate).
12. Seeks to amend notification No. 2/2022- Central Tax (Rate)- GST Notification No. 10/2022-Central Tax (Rate).
13. Rescinds notification No. 45/2017- Central Tax (Rate)- GST Notification No. 11/2022-Central Tax (Rate).
14. Amendment Notification for Anti dumping duty on Saturated Fatty Alcohol- NOTIFICATION No. 23/2022-Customs (ADD).
15. The Controlled Delivery (Customs) Regulations, 2022- NOTIFICATION No. 59/2022-Customs (N.T.).
16. Seeks to amend Notification No. 28/2002-Central excise to exempt E12 and E15 blended fuel from Special additional excise duty- Notification No.13/2022-Central Excise.
17. Seeks to exempt E12 and E15 blended fuel from Road and Infrastructure Cess (RIC)- Notification No. 14/2022-Central Excise.
18. Seeks to amend Notification No. 03/2021-Central excise to exempt E12 and E15 blended fuel from Agriculture Infrastructure Development Cess (AIDC)- NotificationNo. 15/2022-Central Excise.
19. Seeks to amend notification No. 11/2017 so as to extend the concessional rate of ATF on certain RCS routes- Notification No.16/2022-Central Excise.
20. DRI unearths Customs duty evasion of Rs. 4389 crore by Oppo India.

Corporate Law (MCA)

1. Insolvency and Bankruptcy Board of India (Employees’ Service) (Amendment) Regulations, 2022.

Directorate General of Foreign Trade (DGFT)

1. Nomination of 29 Non-Official Members for Board of Trade – NOTIFICATION NO. 21/ 2015-2020.

Reserve Bank of India (RBI)

1. RBI Notification on Asian Clearing Union (ACU) Mechanism – Indo-Sri Lanka trade.
2. International Trade Settlement in Indian Rupees (INR).
3. RBI imposes Monetary Penalty on Ola Financial Services Private Limited.
4. RBI cancels Certificate of Registration of four NBFCs.

Securities and Exchange Board of India (SEBI)

1. The Investor Grievance Redressal Mechanism and Amendment to SEBI Circular.

Institute of Chartered Accountants of India (CA Fraternity)

1. Notification for Online Assessment Test (AT) for Certificate Course on Forensic Accounting and Fraud Detection (FAFD) on Saturday the 06th August 2022.
2. Constitution of Panel for enforcement of Election Code of Conduct for bye-election to the 25th Council from Western India Regional Constituency.
3. Request to submit online nomination for National CSR Awards to CL&CGC ICAI by 25th July, 2022.
4. ICAI Sustainability Reporting Awards for Excellence in Sustainability Reporting 2021-22 – SRSB – ICAI (Last Date: October 31, 2022).
5. CA Final May 2022 examination results date announced.
6. Guidance Note on the Companies (Auditor’s Report) Order (CARO), 2020 (Revised 2022 Edition).
7. Important Dates for CA Examinations November 2022- Schedule of ICAI Chartered Accountancy Final, Intermediate & PQC Examinations – November 2022.
8. ICAI Press Release on the CA Final May 2022 Results.
9. Valid List of Nominations for bye-election to the Twenty Fifth Council from Western India Regional Constituency.
10. ICAI and SCOPE Sign MOU for Mutual Cooperation.
11. Important Dates to apply for inspection or verification of answer books for CA Final May 2022.

OTHER UPDATES:

1. Simplified regulatory framework for e-commerce exports of jewellery through courier mode.
2. Special Economic Zones (Third Amendment) Rules, 2022.
3. Reporting entities to perform Aadhaar Authentication.
4. Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2022.
5. Notified Rate of Interest on Special Deposit Scheme.
6. New Rules and Form inserted in National Bank for Financing Infrastructure and Development General Rules, 2022 (NaBFID).

Video of the Week:

1. Important point on deduction under section 80TTA and 80TTB: https://www.youtube.com/watch?v=vXTHJ08uhmI
2. TDS compliance of Virtual Digital Asset (VDA) under Income-tax: https://www.youtube.com/watch?v=GW9vHYG-NNU
3. Why Income-tax return (ITR) filing is required or Benefits of filing ITR: https://www.youtube.com/watch?v=Ub34balPD90

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