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)
- Income Tax Department conducts searches in Mumbai.
- Income Tax Department conducts searches in a major Telecom Group.
- Scheduled maintenance of the Income Tax e-filing portal.
- 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)
- Implementation of automation in the Customs IGCR (Import of Goods at Concessional Rate of Duty) Rules, 2017 with effect from 01.03.2022- regarding.
- Reduction of compliances and end-to-end automation of procedure relating to the import of certain goods at concessional rate of duty.
- Toolkit for Anti-evasion/Preventive teams – Circular No. 05/2022-Customs.
- Rs 1,33,026 crore Gross GST Revenue collected for the month of February 2022.
- Auto-population of the e-invoice details into GSTR-1.
- National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Amendment Rules, 2022.
- 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)
- Implementation of Notification S.O. 624 (E) dated 11.02.2022 –reg.
- Renewal of the Bilateral Swap Arrangement between Japan and India.
- Investment in the Umbrella Organization (UO) by Primary (Urban) Co-operative Banks.
- RBI launches the March 2022 round of the Inflation Expectations Survey of Households.
- RBI launches the March 2022 round of Consumer Confidence Survey.
Securities and Exchange Board of India (SEBI)
- Appointment of Smt. Madhabi Puri Buch as Chairman, Securities and Exchange Board of India (SEBI).
Insurance Regulatory and Development Authority of India (IRDAI)
- Notification under section 50 of the Life Insurance Corporation Act, 1956 regarding the Form, manner, etc., for companies to apply with modifications.
- Life Insurance Corporation (LIC) of India General (Amendment) Rules, 2022.
- Electronics and Information Technology in the Union Budget 2022.
Institute of Chartered Accountants of India (CA Fraternity)
Updates for Members/Students
- Important Dates to apply for the verification of answer books.
- Mock Test Papers Series – I for May 2022 CA Examination.
- Registration for Online Home-Based Practical Training Assessment.
- Live Coaching Classes (LCC Batch -5) commencing from 15th March 2022 for the Students of Intermediate Course appearing in Nov 2022 exam.
- Important Announcement on Convocation 2021-22 – Hyderabad.
- IMPORTANT ANNOUNCEMENT – EMPANELMENT OF MEMBERS TO ACT AS OBSERVERS AT THE EXAMINATION CENTRES FOR THE CHARTERED ACCOUNTANTS EXAMINATIONS MAY 2022.
General Updates
- 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.
- Clarification with regard to Chartered Accountants in Practice/Firms of Chartered Accountants registering themselves on GeM (Government e- marketplace) Portal.
OTHER UPDATES
- Coverage on export transactions to Russia NOT withdrawn: ECGC.
- Marine Products Export Development Authority (Amendment) Rules, 2021.
- The International Financial Services Centres Authority (Annual Report and Returns and Statements and Other Particulars) Rules, 2022.
- The International Financial Services Centres Authority (IFSCA) (Form of Annual Statement of Accounts) Rules, 2022.
- Finance Minister Smt. Nirmala Sitharaman launches e-Bill system on 46th Civil Accounts Day.
- National Bank for Financing Infrastructure and Development General Regulations, 2022.
- 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
