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Weekly Updates from CA Cult (Last Week – June 2023)

CA Cult

Weekly Updates from CA Cult (Last Week – June 2023)

Important Updates from last week:

Income-tax

  1. M/s Patanjali Yog Peeth Nyas notified under section 35 of the Income-tax Act, 1961.
  2. The Income-tax (Eleventh Amendment) Rules, 2023.
  3. Notification on tolerance range for the assessment year 2023-2024.
  4. Important changes w.r.t Liberalised Remittance Scheme (LRS) and Tax Collected at Source (TCS).
  5. Order under section 119 of the Income-tax Act, 1961 for extension of time limits for submission of certain TDS/TCS Statements — Reg.
  6. Circular to remove difficulty in implementation of changes relating to Tax Collection at Source (TCS) on Liberalised Remittance Scheme (LRS) and on purchase of overseas tour program package- Circular No. 10/2023.

CBIC

  1. CGST Delhi West Commissionerate busts nexus of more than 30 fake firms and arrests a person in special drive against fake registrations.
  2. Advisory: Online Compliance Pertaining to Liability / Difference Appearing in R1 – R3B (DRC-01B).

DGFT

  1. Amendment in import policy of Cigarette lighters covered under CTH 9613 of Chapter 96 of Schedule –I (Import Policy) of ITC (HS) 2022 – Notification No. 15/2023.
  2. Amnesty scheme for one time settlement of default in export obligation by Advance and EPCG authorization holders – Amendment – Public Notice No. 20/2023.

RBI

  1. Change in Public Holiday under Negotiable Instrument Act – No Transactions and Settlement in Government Securities, Forex and Money Markets on June 29, 2023.
  2. Amendment in the Foreign Exchange Management (FEMA) (current Account Transanctions) Rules, 2000.

SEBI

  1. Disclosure of Information on Issuers Not Cooperating (INC) with CRAs.
  2. Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2023.
  3. Implementation of circular on upstreaming of clients’ funds by Stock Brokers (SBs) / Clearing Members (CMs) to Clearing Corporations (CCs).

ICAI

  1. Observations of the candidates on the question papers of CA examinations – June 2023.
  2. Announcement – Empanelment Application for the Year 2023-24 hosted by The O/o C&AG.
  3. ICAI promoting Start-up Ecosystem, Connecting Startup Community.
  4. Changing of cut-off date to 1st July instead of 1st January of every year for the Bank Branch Auditors Panel.
  5. ICAI added a separate head on its website for the New Scheme of Education and Training.

IRDAI

  1. Guidelines on Remuneration of Directors and Key Managerial Persons of Insurers.

Video of the Week:

  1. Important point to be considered before filing your Income-tax Return A.Y. 2023-24: https://www.youtube.com/watch?v=kHrWG80DzhQ
  2. Tip of the Day on Income-tax Return (ITR) Filing for AY 2023-24: https://www.youtube.com/watch?v=4PC_QE4Gfcs

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