Team Bizsol

IBBI: Insolvency and Bankruptcy Board of India bars Indian Institute of Valuers , Registered Valuers Foundation-IIV RVF  from enrolling any new member for a period of Six months. (Order No. IBBI/Valuation/RVO/01/2022 dated 12.01.2022)

Company Law: MCA has notified  Section 80 of Companies (Amendment) Act, 2017 w.e.f. 1st July, 2022 which relates to amendment in Section 403 of Companies Act, 2013 which deals with Fee For Filing, etc. (Notification dated 11.01.2022)

Income Tax: CBDT has extended the due dates for filing of Income Tax Returns and various audit reports for the Assessment Year 2021-22.  The extended due date for filing of various audit reports for the Previous Year 2020-21 is 15-02-2022 and the extended due date for filing of Income Tax Return is 15-03-2022. (Circular 01/2022 …

Income Tax: CBDT has extended the due dates for filing of Income Tax Returns and various audit reports for the Assessment Year 2021-22. (11.01.2022) Read More »

SEBI: Disclosure obligations of high value debt listed entities for Related Party Transactions (Circular No. SEBI/HO/DDHS_Div1/P/CIR/2022/0000000006 dated 07.01.2022)

DGFT: In view of surge of Covid-19, DGFT has operationalised a ‘COVID-19 Helpdesk for International Trade related issues. (Trade Notice No. 29/2021-2022 dated 06.01.2022)

DGFT: Amendment in Export Policy of Enoxaparin (formulation and API) and Intra-Venous Immunoglobulin (IVIG) (formulation and API) falling under ITC (HS) Code Ex2942, Ex3001, Ex3002 or  any other HS Code has been put under restricted category, with immediate effect. ( Notification No. 50/2015-2020 dated 10..01.2022)

Customs: Notification No. 30/2016 Customs (ADD) dated 11..07.2016 imposing Anti-dumping Duty on Imports of 1,1,1,2-Tetrafluoroethane or R-134a has been rescinded. (Notification No. 1/2022-Customs (ADD) New Delhi, the 06.01.2022)

Customs : Rate of Exchange of Foreign Currencies against Indian Rupees with effect from 7th January, 2022 are notified by CBIC (Notification No. 02/2022 – Customs (N.T.), Dated: 06.01.2022).

GST: As a facilitation measure for taxpayers & for assisting the taxpayers in doing a correct self-assessment, a new functionality of interest calculator is being released in GSTR-3B. (Press Release No. 519 dated 08.01.2022)

GST: Guidelines are issued for recovery proceedings under the provisions of section 79 of the CGST Act, 2017 (Instruction No. 01/2022-GST dated 07.01.2022)

GST: A revamped & enhanced version of search HSN functionality has been launched on the GST portal. (Press Release dtd 06.01.2022)

FEMA / RBI : Govt notifies that Rule 9(1A) of Prevention of Money-laundering (PML) (Maintenance of Records) Rules, 2005 shall not be applicable to Foreign Portfolio Investor (FPI) (Notification dated 04-01-2022)

SEBI: Investors are encouraged to lodge their complaints through online mechanisms specifically through SCORES portal and SCORES mobile application for effective redressal of grievances. (Circular No. SEBI/HO/MRD1/MRD1_ICC1/P/CIR/2022/05 dated 05-01-2022)

DGFT: Para 9.08 of HBoP 2015-20 has been amended to revise the composition of Standing Grievance Committee by including other relevant Central/State Government agencies such as Customs/ GST Authorities, Banks, GM DICs etc. to address the grievances /complaints of the industry members at one platform. (Public Notice No. 44/2015-2020 dated 05-01-2022)

DGFT: DGFT permits Gold Import by qualified jewellers notified by International Financial Services Centres Authority( IFSCA) (Notification No. 49/2015-2020 dated 05-01-2022)

Income Tax: National Faceless Assessment Centre has analysed the writ petition filed between 01-04-2021 to 21-12-2021 & listed 9 commonly occurring procedural lapses in assessment proceedings ( Circular No. F No. NaFAC/Delhi/CIT-3/2021-22/340/148 dated 31-12-2021)

Customs : CBIC has notified the Rate of Exchange of Turkish Lira against Indian Rupees with effect from 4th January, 2022 (Notification No. 01/2022 – Customs (N.T.) dated 03-01-2022).

RBI: The Reserve Bank of India has announced the release of a framework for facilitating small value digital payments in offline mode using cards, wallets, mobile devices, etc. (Circular No. RBI/2021-22/146 dated 03-01-2022)

GST: Reporting of supplies notified under section 9(5) / 5(5) by E-commerce Operator in GSTR-3B (Press Release No. 516 dated 04-01-2022)