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

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

Important Updates from last week:

Income-tax

1. Both direct and indirect tax departments employ data analytics, big data and Artificial Intelligence/Machine Learning in tax administration to make it more effective, free of official discretion, business and taxpayers friendly.
2. Alert for Taxpayers: Version update of em-signer.
3. Last date for linking of PAN-Aadhaar further extended.
4. Amendment in the Rule 114AAA of the Income-tax Rules.
5. Taxes on the Cooperative Societies.
6. Partial relaxation with respect to electronic submission of Form 10F by select category of taxpayers in accordance with the DGIT (Systems) Notification No. 3 0f 2022.
7. CBDT Signs 95 Advance Pricing Agreements in FY 2022-23.

CBIC

1. 15% increase in the GST Collection Year-on-Year (Y-o-Y).
2. Clarification regarding GST rate and classification of ‘Rab’ based on the recommendation of the GST Council in its 49th meeting held on 18th February, 2023 –reg.
3. ₹1,60,122 crore gross GST revenue collected for March 2023.
4. Amnesty to the GSTR-4 non-filers – NOTIFICATION NO.02/2023–CENTRAL TAX.
5. Extension of time limit for application for revocation of cancellation of registration – NOTIFICATION NO. 03/2023 – CENTRAL TAX.
6. Central Goods and Services Tax (Amendment) Rules, 2023.
7. Seeks to amend Notification No. 27/2022 dated 26.12.2022 – NOTIFICATION No. 05/2023-Central Tax.
8. Amnesty scheme for deemed withdrawal of assessment orders issued under Section 62 – NOTIFICATION NO. 06/2023 – CENTRAL TAX.
9. Rationalisation of late fee for GSTR-9 and Amnesty to GSTR-9 non-filers – NOTIFICATION NO. 07/2023–CENTRAL TAX.
10. Amnesty to the GSTR-10 non-filers – NOTIFICATION NO. 08/2023 – CENTRAL TAX.
11. Extension of limitation under Section 168A of CGST Act – NOTIFICATION No. 09/2023-Central Tax.
12. Customs duty full exemption for all imported drugs & Food for Special Medical Purposes for personal use for treatment of all Rare Diseases.
13. Nomination for Mutual Fund Unit Holders – Extension of timelines.
14. Review of time limit for disclosure of NAV of Mutual fund schemes investing overseas.
15. Cyber Security and Cyber Resilience framework for Portfolio Managers.
16. Amendment to Notification No. 61/94-Customs (N.T.) dated 21.11.1994 – NOTIFICATION No. 17/2023-Customs (N.T.).
17. Notification to exempt deposits into ECL till 30th April 2023 – Notification No.18/2023-Customs (N.T.).
18. Amendment of Notification 19 of 2022 Customs NT dated 30.03.2022 – NOTIFICATION No.19/2023-Customs (N.T.).
19. Phased Implementation of Electronic Cash Ledger (ECL) in Customs w.e.f 01.04.2023.

MCA

1. Introduction to Amendments to Rule 11(g) of Companies (Audit and Auditors) Rules, 2014.

Directorate General of Foreign Trade (DGFT)

1. Extension of Date for mandatory electronic filing of Non-Preferential Certificate of Origin (CoO) through the Common Digital Platform to 31st December 2023 –reg.
2. Amendment in Export Policy of items under HS Codes 27101241, 27101242, 27101243, 27101244, 27101249, 27101941, 27101944 and 27101949 of Chapter 27 of Schedule 2 of the ITC (HS) Export Policy – NOTIFICATION No. 02 /2023.

RBI

1. Exclusion of “Abu Dhabi Commercial Bank PJSC” from the Second Schedule to the Reserve Bank of India Act, 1934.
2. Cessation of “Abu Dhabi Commercial Bank PJSC” as a banking company within the meaning of sub section (2) of Section 36 A of Banking Regulation Act, 1949.
3. Revised Regulatory Framework for Urban Co-operative Banks (UCBs) – Net Worth and Capital Adequacy.
4. Special Clearing Operations on March 31, 2023.
5. Norms for Scheme of Arrangement by unlisted Stock Exchanges, Clearing Corporations and Depositories.
6. Standing Liquidity Facility for Standalone Primary Dealers.

Securities and Exchange Board of India (SEBI)

1. Streamlining the onboarding process of FPIs.
2. Nomination for Eligible Trading and Demat Accounts – Extension of timelines for existing account holders.
3. Amendment to the Securities Lending Scheme, 1997.
4. Extension of compliance period – Fund raising by large corporates through issuance of debt securities to the extent of 25% of their incremental borrowings in a financial year.

Institute of Chartered Accountants of India (ICAI)

1. Notification for Online Assessment Test (AT) for Certificate Course on Forensic Accounting and Fraud Detection (FAFD) on Saturday the 29th April 2023.
2. ICAI honours Steller CAs at CA 40 Under 40 Awards Ceremony.
3. ICAI conferred with Green Ribbon Champions Award for Commitment to Sustainable Accounting.
4. Restraint order against the Institute of Cost Accountants of India.
5. Auditing and Assurance Standards Board – Online Panel of Experts for addressing Bank Branch Audit related queries.
6. Setting up of a Branch of WIRC of ICAI at Gandhinagar (Gujarat).
7. Postponement of Chartered Accountants Examination scheduled to be held on 10th May, 2023 (Wednesday) at the Examinations Centres in the State of Karnataka.
8. Updation of Member’s Profile at Self Service Portal with GSTIN.

OTHER UPDATES

1. Insurance Regulatory and Development Authority of India (IRDAI) (Expenses of Management of Insurers transacting General or Health Insurance business) Regulations, 2023.
2. Issue of 7.33 per cent Postal Life Insurance Government of India Special Security, 2033.
3. Notification under Section 7 of Aadhaar Act 2016.
4. Mahila Samman Savings Certificate, 2023.

Blog of the Week

1. Maintenance of Books of Accounts and their retention period under different Acts / Laws: https://cacult.com/maintenance-of-books-of-accounts-under-the-different-acts/
2. Important changes in Form 26AS from AY 2023-24 onwards: https://cacult.com/important-changes-in-form-26as-from-ay-2023-24-onwards/

Videos of the Week:

1. How to check your Annual Information Statement on Income-tax portal and Other Important aspects: https://www.youtube.com/watch?v=ngKvwKXBAec
2. New way to Check your Income-tax related Financial transactions: https://www.youtube.com/watch?v=iP3estMcIX8
3. Maintenance of Books of Accounts and their retention period under different Acts: https://www.youtube.com/watch?v=rPwelQZzH7A
4. Attention Taxpayers! Major changes in Form 26AS and AIS Report: https://www.youtube.com/watch?v=DRCxk1svi_w
5. Introduction of KYM Application Form by the ICAI: https://www.youtube.com/watch?v=0XrSIlHChHE

Subscribe to our YouTube Channel: https://www.youtube.com/channel/UCUZuSQHyKyarNzKtA5rAiFA