Weekly Updates from CA Cult (Last Week of December 2023)

Weekly Updates from CA Cult (Last Week of December 2023)

Important Updates from last week:

Income-tax

1. Income-tax (Thirtieth Amendment) Rules, 2023.
2. Notification under clause (23FE) of section 10 of Income tax Act 1961 in case of Ravenna Investments Holding.
3. CBDT issues guidelines under section 194-O of the Income-tax Act, 1961 Vide CBDT Circular No. 20/2023 dated 28.12.2023.

CBIC

1. Advisory on the Date extension for reporting opening balance for ITC reversal.
2. Extension of limitation under Section 168A of CGST Act – NOTIFICATION No. 56/2023- Central Tax.
3. Amendment in the Sea Cargo Manifest and Transhipment Regulations 2018- Notification No. 94/2023-Customs (N.T.).

MCA

1. Clarification regarding submission of particulars and declaration by the insolvency professionals in the application filed by creditor(s) in Part IV of Form C of the IRP PGCD Rules.
2. Reminder for offering suggestions to simplify, ease and reduce cost of compliance of Regulations notified under the Insolvency and Bankruptcy Code, 2016.

DGFT

1. Extension in “Free” Import Policy of Urad [Beans of the SPP Vigna Mungo (L.) Hepper] [ITC(HS) 0713 31 10] and Tur/Pigeon Peas (Cajanus Cajan) [ITC(HS) 0713 60 00] under ITC (HS) 2022, Schedule – I (Import Policy) till 31.03.2025 – NOTIFICATION No. 54 /2023.

RBI

1. Rationalisation of Licensing Framework for Authorised Persons (APs) under Foreign Exchange Management Act (FEMA), 1999.
2. Reserve Bank of India (RBI) (Government Securities Lending) Directions, 2023.
3. Amendments in the Master Direction- Lending to Micro, Small & Medium Enterprises (MSME) Sector.
4. MHP Exemption for the Transfer of Receivables.
5. Reserve Bank of India (RBI) (Financial Benchmark Administrators) Directions, 2023.
6. RBI releases Draft Directions on Bond Forwards under Section 45W of the RBI Act, 1934.
7. Fair Lending Practice – Penal Charges in Loan Accounts: Extension of Timeline for Implementation of Instructions.
8. Payments Infrastructure Development Fund – Extension of Scheme and Enhancements.

SEBI

1. Extension of timelines for providing ‘choice of nomination’ in eligible demat accounts and mutual fund folios.
2. Framework on the Social Stock Exchange (“SSE”).
3. Settlement of Running Account of Client’s Funds lying with Trading Member (TM).

ICAI

1. Empanelment of Chartered Accountant firms/LLPs for the year 2024-25.
2. Clarification regarding Guidelines issued by RBI for Appointment of SCAs/SAs of Commercial Banks (Excluding RRBs), UCBs and NBFCs (including HFCs).
3. Commencement of 1st Physical Batch of the Certificate Course on “Executive Master Program-New Age Auditors”.
4. SAFA Best Presented Annual Report Awards, Integrated Reporting Awards & SAARC Anniversary Awards for Corporate Governance Disclosure 2022.

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