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

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

Important Updates from last week:

Income-tax

1. Faceless Penalty Order 2022- NOTIFICATION.
2. The Faceless Penalty (Amendment) Scheme, 2022.

CBIC

1. Waives the late fee payable for failure to furnish the return in FORM GSTR-4 for the Financial Year 2021-22- NOTIFICATION No. 07/2022–Central Tax.
2. Deposit of tax during the search, inspection or investigation.
3. Reduction of Central Excise Duty on Petrol & Diesel.
4. Reduction of Import Duty on key raw materials used in the Steel and Plastics industry.
5. Export duties have been levied or increased on Iron ores, pellets and specified iron and steel products.
6. Anti-dumping duty on Decor Paper- NOTIFICATION No. 15/2022-Customs (ADD).
7. Seeks to levy anti-dumping duty on imports of ‘Ceramic Tableware and kitchenware, excluding knives and toilet items’ originating in or exported from China PR for a period of five years- NOTIFICATION No. 16/2022-Customs (ADD).
8. Seeks to provide global Tariff Rate Quota (TRQ) of 20 LMT per FY to Goods (Crude Sunflower Oil and Crude Soyabean Oil) for 2 years exempting from the whole of BCD and AIDC- NOTIFICATION No. 30/2022-Customs.
9. Delhi Customs launches Project ‘NIGAH’ at ICD Garhi Harsaru, Gurugram.
10. Advisory on the selection of proper Accounting Head at the time of making e-payment of various duties of Central Excise.

Corporate Law (MCA)

1. Review of the IBBI circulars.
2. Relaxation in paying additional fees in case of delay in filing Form 11 (Annual Return) by Limited Liability Partnerships (LLPs) up to 30th June, 2022- Circular.

Directorate General of Foreign Trade (DGFT)

1. Amendment in import policy condition under Chapter 29 and 30 of ITC (HS) 2022, Schedule – I (Import Policy)- NOTIFICATION No. 09 /2015-2020.
2. Implementation of Notification No. 06/2015-20 dated 13.05.2022 – Prohibition on export of wheat- Trade Notice No. 09/2022-23.
3. Implementation of Notification No.06/2015-20 dated 13th May, 2022- Prohibition on export of wheat- Trade Notice No. 10/2022-23.
4. Amendment in the Export Policy of Sugar- Notification No. 10/2015-20.
5. Allocation of Tariff Rate Quota for Import of Crude Soya bean Oil and Crude Sunflower Oil- Public Notice No. 10/2015-20.
6. Amendment in import policy of Paper and incorporation of policy condition in Chapter 48 of ITC (HS), 2022, Schedule — I (Import Policy)- Notification No. 11/2015-2020.
7. Import of Paper brought under Compulsory Registration from 1st October.

Reserve Bank of India (RBI)

1. Annual Report of RBI for the Year 2021-22.
2. RBI Constitutes Committee for Review of Customer Service Standards in RBI Regulated Entities.
3. Enhancement of limits for Housing Finance.
4. Guidelines on import of gold by Qualified Jewellers as notified by – The International Financial Services Centers Authority (IFSCA).
5. Reserve Bank cancels Certificate of Registration (CoR) of five NBFCs due to irregular lending practices.
6. The Minimum net-worth requirement for non-bank Bharat Bill Payment Operating Units (BBPOUs).
7. Premature redemption under Sovereign Gold Bond (SGB) Scheme – Redemption Price for premature redemption due on May 30, 2022 (Series I of SGB 2015).

Securities and Exchange Board of India (SEBI)

1. Circular on the Development of Passive Funds.
2. Simplification of procedure and standardization of formats of documents for issuance of duplicate securities certificates.
3. Modification to Standard Operating Procedure in the cases of Trading Member / Clearing Member leading to default.
4. Modification in Cyber Security and Cyber resilience framework of Qualified Registrars to an Issue and Share Transfer Agents (“QRTAs”).

Insurance Regulatory and Development Authority of India (IRDAI)

1. Revision of Health Insurance Regulatory Returns.
2. Notification issued pertaining to base premium for third party insurance for unlimited liability.
3. Modifications in the definition of Critical Illnesses prescribed in Guidelines on Standardization in Health Insurance.
4. Adhering the timelines of award settlement as per Rule 17(6) of the Insurance Ombudsman Rules, 2017.

Institute of Chartered Accountants of India (CA Fraternity)

1. Certificate Course on Cooperatives- Announcement.
2. Brochure of Career Ascent Program June 2022.
3. Notification for Online Assessment Test (AT) for Certificate Course on Working Paper Management on the following date through Digital learning Hub Organized by Committee for Members in Practice of ICAI.
4. Notification for Online Assessment Test (AT) for Certificate Course on Wealth Management and Financial Planning on the following date through Digital learning Hub Organized by Committee for Members in Practice of ICAI.
5. ICAI sets up expert panel to support CAs.

OTHER UPDATES:

1. Citizens can now access Digilocker services on the MyGov Helpdesk on WhatsApp.
2. Investment Incentive Agreement between the Government of the United States of America (USA) and the Government of India.
3. Auction for Sale (re-issue) of (i) ‘4.56 % GS 2023’, (ii) ‘7.10% GS 2029’, (iii) ‘6.54% GS 2032’ and (iv) ‘6.95% GS 2061’.
4. Notification regarding courses offered by world class foreign universities in GIFT City.
5. Complaint of malpractice related to FCRA.
6. Fake reviews on E-Commerce platforms under Centre’s radar.
7. Provision for Online Mutation in Property Tax Registers in Cantonments.
8. Centre to develop framework to check fake reviews on E-Commerce websites.

Videos of the Week:

1. Return of Income | Rule 12 – Income Tax Rules, 1962 (Part- 2): https://www.youtube.com/watch?v=WvKfuEsEgu8
2. How to check your Tax Credit (Form 26AS) on Income-tax portal: https://www.youtube.com/watch?v=z_mSVA5ZvNA

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