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

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

Important Updates from last week:

Income-tax

  1. Amendment of the Income-tax Notification Number 30 of 2021, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub section (ii), vide number S.O. 1443(E).
  2. Amendment in the Income-tax forms (i) FORM No. 3CF, (ii) Form 10A, (iii) FORM No. 10AB, (iv) FORM No. 10BD and (v) FORM No. 10BE.
  3. New rules on Permanent account number inserted in income tax Rules.

CBIC

  1. Important Update on the Reporting 6% rate in GSTR-1.
  2. Revocation of the anti-dumping duty on Amoxycillin Trihydrate- NOTIFICATION No. 13/2022-Customs (ADD).

Corporate Law (MCA)

  1. GUIDELINES FOR FUNDING FOR RESEARCH STUDIES ON CORPORATE GOVERNANCE.
  2. Commencement Notification under the CA, CS, and ICWA Act.

Directorate General of Foreign Trade (DGFT)

  1. Amendment in Export Policy of Guar Gum – Notification No. 03/2015-20.
  2. Alignment of Appendix 4R with the Finance Act, 2021 with effect from 01.01.2022- Notification No. 04/2015-2020.
  3. Amendment in Export Policy of Onion Seeds- Notification No. 05/2015-20.
  4. Amendment in Export Policy of Wheat- Notification no. 06/2015-20.
  5. Implementation of Notification No. 06/2015-20 i.e., Export Policy of Wheat dated 13.05.2022- Trade Notice No. 06/2022-23

Reserve Bank of India (RBI)

  1. Notification for Enhancement in Family Pension of employees Treatment of additional liability.
  2. 7 Non-Banking Financial Companies (NBFCs) surrender their Certificate of Registration to the Reserve Bank of India (RBI).
  3. Lending by Commercial Banks to NBFCs and Small Finance Banks (SFBs) to NBFC-MFIs, for the purpose of on-lending to priority sectors.

Securities and Exchange Board of India (SEBI)

  1. Changes to the Framework to Enable Verification of Upfront Collection of Margins from Clients in Cash and Derivatives segments.
  2. Securities and Exchange Board of India (Collective Investment Schemes) (Amendment) Regulations, 2022.
  3. Guidelines for seeking NOC by Stock Brokers / Clearing Members for setting up Wholly Owned Subsidiaries, Step Down Subsidiaries, Joint Ventures in GIFT IFSC.
  4. Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015.
  5. Relaxation from compliance with certain provisions of the SEBI (LODR) (Listing Obligations and Disclosure Requirements) Regulations, 2015 – for entities with listed non-convertible securities.

Insurance Regulatory and Development Authority of India (IRDAI)

  1. India@100 – Insurance for all.
  2. Notification on the Insurance Advisory Committee- IRDAI.
  3. Circular on the Actuarial & reinsurance returns – Dispensing with hard copy submission.
  4. Pricing of products covering Fire and Allied perils.
  5. Filing of fire insurance products for Dwellings, Micro and Small Businesses.
  6. Discontinuation of the monthly Solvency Returns.
  7. Rationalization of the compliance requirements.

Institute of Chartered Accountants of India (CA Fraternity)

  1. Important Announcement on the Assessment Test for Diploma in International Taxation (INTT-AT) from November, 2022 onwards.
  2. Declaration of result of the online examination of the ‘Certificate Course on Indian Accounting Standards (Ind AS)’ held on 24th April 2022.
  3. Consent for enrolment for Exclusive Blended Online Weekend Batch of Spanish language (level A1.1) for ICAI Members and Students (60 hours), Last Date: 16th May, 2022.
  4. Updation of UDINs at e-filing Portal.
  5. Observations of the candidates on the question papers of CA examinations- May 2022.

OTHER UPDATES:

  1. Payment of Family Pension (Submission of Documents) Rules, 2021.
  2. Repayment of the 8.15% GS 2022.

Videos of the Week:

  1. How to apply for Udyam Registration (MSME Registration) Online?: https://www.youtube.com/watch?v=Hqf2hGTf2DY
  2. Return of Income | Rule 12 – Income Tax Rules, 1962 (Part- 1): https://www.youtube.com/watch?v=_kvrytUMH90
  3. Update on the export of Wheat and Schedule maintenance of income-tax e-filing portal: https://www.youtube.com/shorts/-8UP8OFV6Cc

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

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