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

CA Cult

3 years ago

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

Important Updates from last week:

Income-tax

Income Tax Department conducts searches on a Pune & Thane based unicorn start-up group.
Income Tax Department conducts searches in a prominent Real Estate Group of North India.

GST

Amendment in the constitution of the Authority for Advance Ruling in the Union Territories (without legislature) – NOTIFICATION No. 01/2022 – UNION TERRITORY TAX.
Standard Operating Procedure (SOP) for Scrutiny of returns under GST for FY 2017-18 and 2018-19 – Instruction No. 02/2022-GST.

National Financial Reporting Authority (NFRA) appointment of Part-time members, Rules, 2022.

Amendment in Policy condition of Sl.No. 55 & 57, Chapter 10 Schedule-2, ITC(HS) Export Policy, 2018- NOTIFICATION No. 61/2015-2020
Amendment in Export Policy and insertion of Policy Condition under Chapter 29 and 38 of ITC (HS), 2018- NOTIFICATION No. 62 /2015-2020
Amendment in Para 2.54 of Handbook of Procedures, 2015-2020- Public Notice No. 51/2015-20.
Amendment in Appendix 2T (List of Export Promotion Councils/Commodity Boards/Export Development Authorities) of Foreign Trade Policy 2015-2020- Public Notice No. 52/2015-20.

Master Direction – Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2021 – Amendment.
Inauguration of the Reserve Bank Innovation Hub.
Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2021-22).
Framework for Geo-Tagging of Payment System Touch Points.

Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2022.
Appointment of Shri Ashwani Bhatia as Whole Time Member, Securities and Exchange Board of India (SEBI)
Change in control of Sponsor and/or Manager of Alternative Investment Fund involving scheme of arrangement under Companies Act, 2013.
Standardisation of industry classification -Revision in Chapter -XIV of Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper.
Introduction of Options on Commodity Indices –Product Design and Risk Management Framework.

Important Dates for Correction Window, May 2022.
Automatic Conversion from Old Scheme to Revised Scheme of Education and Training.
RE-OPENING OF ONLINE FILLING UP OF EXAMINATION APPLICATION FORMS FOR CHARTERED ACCOUNTANTS EXAMINATIONS, MAY / JUNE 2022.
Announcing launch of Module 2 of online Refresher Course – ‘Deeper Insight into Financial Instruments (Ind AS)’.
Extension of Last Date for Online Empanelment of Members to act as Observers for May/June 2022 Examinations up to 31st March 2022.
Result of the online Examination of the Certificate Course on Forex and Treasury Management held on 5th & 6th March,2022.
ICAI’s to introduce focused initiatives aimed at Inclusive Growth, Sustainable and Resilient Global Ecosystem and Digitisation.
Registration for Online Japanese Language Course w.e.f. 9th April, 2022 A1 Katsudoo Level for ICAI Members and Students.

OTHER UPDATES

Aadhaar Amendment for Deadline extension upto 30 June 2022 for seeding of Ration Card and its beneficiaries.
Use of Aadhaar Authentication services for DigiLocker.
Appointment of Chairman, Export Inspection Council (EIC).
Circular on Dividend Criteria for Equity Investment under “Approved Investment”.
International Financial Services Centres Authority (Performance Review Committee) Regulations, 2022.

Blog of the Week: How to compute Tax on Updated Return under section 140B?: https://cacult.com/how-to-compute-tax-on-updated-return-under-section-140b/

Video of the Week: Re-schedulement of the CA Foundation Course Examination, May 2022: https://www.youtube.com/watch?v=s_wAn1vLcpk