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

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

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

1. Income Tax Department conducts searches in Mumbai.
2. Income Tax Department conducts searches in a major Telecom Group.
3. Scheduled maintenance of the Income Tax e-filing portal.
4. Notification under section 35 of the income-tax- The Central Government approved ‘Sri Shankara Cancer Foundation, Bangalore (PAN: AAHTS5593F)’ under the category of ‘University, College or other institution’ for Scientific Research.

Central Board of Indirect Taxes & Customs (CBIC)

1. Implementation of automation in the Customs IGCR (Import of Goods at Concessional Rate of Duty) Rules, 2017 with effect from 01.03.2022- regarding.
2. Reduction of compliances and end-to-end automation of procedure relating to the import of certain goods at concessional rate of duty.
3. Toolkit for Anti-evasion/Preventive teams – Circular No. 05/2022-Customs.
4. Rs 1,33,026 crore Gross GST Revenue collected for the month of February 2022.
5. Auto-population of the e-invoice details into GSTR-1.

Corporate Law (MCA)

1. National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Amendment Rules, 2022.
2. Invitation of application for appointment of Chartered Accountant/Company Secretaries/Cost Accountant having requisite qualifications and skills as Young Professionals in the Office of the Registrar of Companies, Guwahati.

Directorate General of Foreign Trade (DGFT)

1. Implementation of Notification S.O. 624 (E) dated 11.02.2022 –reg.

Reserve Bank of India (RBI)

1. Renewal of the Bilateral Swap Arrangement between Japan and India.
2. Investment in the Umbrella Organization (UO) by Primary (Urban) Co-operative Banks.
3. RBI launches the March 2022 round of the Inflation Expectations Survey of Households.
4. RBI launches the March 2022 round of Consumer Confidence Survey.

Securities and Exchange Board of India (SEBI)

1. Appointment of Smt. Madhabi Puri Buch as Chairman, Securities and Exchange Board of India (SEBI).

Insurance Regulatory and Development Authority of India (IRDAI)

1. Notification under section 50 of the Life Insurance Corporation Act, 1956 regarding the Form, manner, etc., for companies to apply with modifications.
2. Life Insurance Corporation (LIC) of India General (Amendment) Rules, 2022.

Union Budget 2022

1. Electronics and Information Technology in the Union Budget 2022.

Institute of Chartered Accountants of India (CA Fraternity)

Updates for Members/Students

1. Important Dates to apply for the verification of answer books.
2. Mock Test Papers Series – I for May 2022 CA Examination.
3. Registration for Online Home-Based Practical Training Assessment.
4. Live Coaching Classes (LCC Batch -5) commencing from 15th March 2022 for the Students of Intermediate Course appearing in Nov 2022 exam.
5. Important Announcement on Convocation 2021-22 – Hyderabad.
6. IMPORTANT ANNOUNCEMENT – EMPANELMENT OF MEMBERS TO ACT AS OBSERVERS AT THE EXAMINATION CENTRES FOR THE CHARTERED ACCOUNTANTS EXAMINATIONS MAY 2022.

General Updates

1. Regarding referring the Database of Companies and Auditors under NFRA domain as on 31st March, 2021 as prescribed by the Central Government under Rule 3 (1) of NFRA Rules, 2018 and Advise to file Form NFRA-2- Annual Return.
2. Clarification with regard to Chartered Accountants in Practice/Firms of Chartered Accountants registering themselves on GeM (Government e- marketplace) Portal.

OTHER UPDATES

1. Coverage on export transactions to Russia NOT withdrawn: ECGC.
2. Marine Products Export Development Authority (Amendment) Rules, 2021.
3. The International Financial Services Centres Authority (Annual Report and Returns and Statements and Other Particulars) Rules, 2022.
4. The International Financial Services Centres Authority (IFSCA) (Form of Annual Statement of Accounts) Rules, 2022.
5. Finance Minister Smt. Nirmala Sitharaman launches e-Bill system on 46th Civil Accounts Day.
6. National Bank for Financing Infrastructure and Development General Regulations, 2022.
7. The Central Government has approved continuation of Central Sector Scheme Indian Footwear and Leather Development Programme (IFLDP).

Video of the Week: Clarification regarding deduction on payment of interest: 
https://www.youtube.com/watch?v=xYCmeLrm7a8&t=21s

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