Weekly Updates from CA Cult (June 2022- First Week)

Weekly Updates from CA Cult (June 2022- First Week)

Important Updates from last week:

Income-tax

1. Prescribed Income-tax Authority for issuance of notice.
2. New Rule 44FA inserted in the income-tax Rule.
3. FAQs on the Aadhaar-PAN Linking.
4. Update UDIN till 30th June and Aadhaar-PAN link after payment.
5. National Biodiversity Authority notified under section 10 of the Income-tax Act, 1961.
6. Clarification regarding Form No 10AC issued till the date of this Circular – Circular No. 11 of 2022

CBIC

1. Seeks to extend the Anti-dumping Duty on Styrene Butadiene Rubber imposed vide notification No 43 of 2017 Customs ADD dated 30 August 2017- NOTIFICATION No. 17/2022-Customs (ADD).
2. Extend the levy of Anti-dumping Duty on Jute Products.
3. Exemption of deposits from the provision of Section 51 A of Customs Act, 1962 shall come into force with effect from 30th November, 2022- NOTIFICATION No. 48/2022-Customs (N.T.).
4. Provisional Assessment of Saccharin Imported from Thailand- NOTIFICATION No. 3/2022-Customs (CVD).
5. Regulation regarding export of raw, white and refined sugar under OGL in the current sugar seasons 2021-22 (Oct-Sept.) -lnstruction No.07/2022-Customs.
6. Extend levy of Anti dumping duty on Toluene Diisocyanate- NOTIFICATION No. 19/2022-Customs (ADD).
7. Centre Clears Entire GST Compensation Due Till Date (31ST MAY, 2022).
8. ₹1,40,885 crore gross GST Revenue collection for May 2022; increase of 44% year-on-year.
9. Addition of 6% tax rate in GSTR-1 online.

Corporate Law (MCA)

1. Standard Operating Procedure (SOP) for NCLT cases in respect of the lnsolvency and Bankruptcy Code.
2. Appointment of Chairperson of the NFRA.
3. Appointment of the part time Member in NFRA.
4. Appointment of the Whole Time Member in NFRA.
5. New Form CAA-16 has been inserted under the Companies Act.
6. Companies (Appointment and Qualification of Directors) Amendment Rules, 2022.
7. Relaxation in paying additional fees in case of delay in filling all the event based e-forms by LLPs which are due on and after 25th February, 2022 to 31st May, 2022 up to 30th June,2022- Circular.
8. Filing of Form CSR-2 for the financial year 2021-2022.
9. Inauguration of 75 events being organised under ‘Azadi ka Amrit Mahotsav’ across the nation – 1st June, 2022 at Bhopal.
10. Insolvency and Bankruptcy Board of India (Engagement of Research Associates and Consultants) (Amendment) Regulations, 2022.

Directorate General of Foreign Trade (DGFT)

1. Implementation of Notification No.06/2015-20 dated 13th May, 2022 – Issue of RCs due to Prohibition on Export of Wheat- Trade Notice No. 11/2022-23.
2. Uploading of e-BRC by 15.07.2022 for shipping bills on which RoSCTL scrip has been availed from DGFT RAs- Trade Notice No. 12/2022-23.
3. Government orders for physical verifications of all documents to ensure strict compliance of provisions in wheat export registration process.
4. Alignment of Appendix 4R with the Finance Act, 2022 with effect from 01.05.2022- Notification No. 12/2015-2020.
5. The Summer Internship Scheme of DGFT 2022-2023.

Reserve Bank of India (RBI)

1. RBI directs the exclusion of The Co-operative Bank of Goa Ltd.
2. Master Direction – Reserve Bank of India (RBI) (Variation Margin) Directions, 2022.
3. RBI permits the entities to perform Aadhaar Authentication- Notification.

Securities and Exchange Board of India (SEBI)

1. Modification in Cyber Security and Cyber resilience framework of KYC Registration Agencies (KRAs).
2. Processing of ASBA applications in Public Issue of Equity Shares and Convertibles.
3. Standard Operating Procedures (SOP) for dispute resolution under the Stock Exchange arbitration mechanism for disputes between a Listed Company and/or Registrars to an Issue and Share Transfer Agents (RTAs)and its Shareholder(s)/Investor(s).
4. Procedure for seeking prior approval for change in control of Portfolio Managers.
5. Circular on Investor Grievance Redressal Mechanism.
6. Extension of facility for conducting annual meeting and other meetings of unitholders of REITs and InvITs through Video Conferencing (VC) or through Other Audio-Visual means (OAVM).

Insurance Regulatory and Development Authority of India (IRDAI)

1. Circular on Product Filing procedure.
2. Guidelines on Use and file procedure for all categories of products under health insurance business.
3. In the matter of Aditya Birla Health Insurance Co. Ltd. – Section 40C Exemption Order.
4. “IRDAI eases capital requirement under PMJJBY – encourages more insurers to participate”- PRESS RELEASE.
5. Public Disclosures by the Foreign Reinsurance Branches (FRBs)/Lloyd’s India.

Institute of Chartered Accountants of India (CA Fraternity)

1. Announcement of Career Ascent for Experienced Chartered Accountants (1 year and above).
2. Announcement of Online Examination of the ‘Certificate Course on Indian Accounting Standards (Ind AS)’ to be held on 24th July 2022.
3. Rescheduled Dates for Chartered Accountants Examination.
4. Draft regulations to amend Chartered Accountants Regulations.
5. Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) -Adv. Information Technology Test – Computer Based Mode (CBT).
6. Awareness on Upgradation of Registered users in V2 to Business User in V3 MCA 21.
7. Regarding Registration of Professional Staff Member as Business User in V3 MCA 21.
8. 5th Live Webinar on Practical Training Modules to be held on 5th June, 2022 organised by SSEB, Board of Studies (Operations).
9. Launching Online Refresher Course – ‘Insight into Insurance Contracts Standard – Ind AS 117’ Organized by the Ind AS Implementation Committee of ICAI.
10. Inviting Public Comments on the Proposed Scheme of Education and Training.
11. Announcement – Proposed Scheme of Education and Training.

OTHER UPDATES:

1. Clarification on Aadhaar sharing issue by UIDAI.
2. Complaint of malpractice related to FCRA.
3. PM releases benefits under PM CARES for Children Scheme.
4. Extension of ESI provisions in the Andaman and Nicobar Islands.
5. Implementation of ESI Act in Bajali district of Assam- NOTIFICATION.
6. Provisional Estimates of Annual National Income, 2021-22.
7. India’s Textiles Exports highest ever in FY 2021-22, Cross US$ 44 Bn.
8. Cooperative Societies on GeM Platform: A step towards a transparent, efficient, and economic procurement system.
9. New Guidelines for Central Sector Scheme “Promotion of MSMEs in North Eastern Region and Sikkim” for enhancing productivity and competitiveness.
10. New Initiatives by GeM to promote sustainable public procurement of products and services.

Videos of the Week:

1. How to check your Tax Credit (Form 26AS) on Income-tax portal: https://www.youtube.com/watch?v=z_mSVA5ZvNA

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