Team Bizsol

Income Tax: CBDT notifies Rajasthan Electricity Regulatory Commission [Notification No. 30/2022-Income Tax dtd. 11th April 2022]

DGFT: Scrip Transfer Recording Module has been amended incorporating additional feature of time-lag of transfer of scrip from one person to another to avoid fraudulent activity. [Trade Notice No. 01/2022-23-DGFT dtd 11th April 2022]

Labour Law: Nomination by pensioners under Payment of Arrears of Pension (Nomination) Rules, 1983 [Notification No. No. 1/2(40)/2022-P&PW (E) dtd 6th April 2022]

IBBI: IBBI bars IP for 2 years for not conducting CIRP as per IBC 2016 provisions [Order No. IBBI/DC/91/2021 | Dated: 8th April, 2022]

Corporate Law: Companies (Incorporation) Amendment Rules, 2022 w.r.t. incorporation of Nidhi Company inserting proviso to Rule 12 and substituting New Form FORM No. INC.20A, FORM No.INC-32 (SPICe+), in Part-B

SEZ: SEZ Rules 2006 have been amended for incorporating some amendments w.r.t. gems and jewellery under Rule 41(1)(a) and Rule 42(1)(ii)(h). [SEZ Notification No. GSR 288(E) dtd 8th April 2022]

Others: No violation if IRP allowed higher interest rate as per RERA Court order   [Order No. IBBI/DC/87/2022 Dated: 6th April, 2022]

Others: No contravention of IBC Code of Conduct by RP if he takes Insurance cover for himself & insolvency professional entity [IBBI Order No. IBBI/DC/88/2022 | Dated:  7th April, 2022]

Income Tax: Dispute Resolution Committee – CBDT notifies New Rules & Forms [Notification No. 26/2022 – (Income Tax) | dtd 5th April, 2022]

Income Tax: CBDT Notifies e-dispute Resolution Scheme for dispute resolution under Chapter XIX-AA of the Act in respect of dispute arising from any variation in the specified order by such persons or class of persons as specified by Board. [Notification No. 27/2022 – Income Tax dtd 5th April, 2022 ]

Income Tax: CBDT amends Income Tax rule 2F & rule 8B & release new Form No. 5B & 5BA [Notification No. 28/2022-Income-Tax dtd 6th April 2022]

DGFT: Amendment in details of an authorized agency under Appendix 2E of FTP, 2015-2020 [Public Notice No. 02/2015-2020-DGFT dtd 7th April 202]

GST: No detention of Goods in the course of transport on the ground of undervaluation [Circular No. 6/2022 dtd 6th April 2022]

Customs: CBIC Notifies Rate of Exchange of Foreign Currencies wef 08.04.2022 [Notification No. 32/2022 – Customs (N.T.) dtd 7th April, 2022]

IBBI: Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2022 is notified making important changes in regulations 2(1)(c), 5(2), 10(2), 30(2) . 35(1), 37(1), 38(3), 39(7), etc. [Notification No.  F. No. IBBI/2022-23/GN/REG.081 dtd 5th April 2022]

GST: Now each taxpayer will have to be furnished details of ineligible ITC  and reversal of ineligible ITC in GSTR-3B and for earlier months they should report the same in the Annual Return of 2021-22, if not reported in 2021-22. [GST Circular No. 1/2022dtd 5th April 2022]  

SEBI: KRAs shall continue to act as repository of KYC data in the securities market and shall be responsible for storing, safeguarding and retrieving the KYC documents and submit to the Board or any other statutory authority as and when required in accordance with the [Circular No. SEBI/HO/MIRSD/DoP/P/CIR/2022/46  dtd April 06, 2022]

Others: Implementation of amendment of Legal Metrology Rules 2011 is extended from 1st April 2022 to 1st October 2022. [Notification GSR 226(E) dtd 28th March 2022]