Income Tax: CBDT has specified subordination of Chief Commissioners & Principal Commissioners of Income-tax. (Notification No. 60/2022 Income Tax Dated 10th June 2022)
Income Tax: CBDT makes more changes in jurisdiction of Income tax Authorities. (Notification No. 61/2022 Income Tax Dated 10th June 2022)
Income Tax: CBDT has revised the procedures laid down for sharing information with tax deductors/collectors for Sections 206AB & 206CCA (Notification No. 1 of 2022 Dated 9th June 2022)
Income Tax: CBDT has notifies new units under Faceless Assessment incorporating amendments made by the Finance Act 2022 (Notification No. 187/4/2021-ITA-I Dated 10th June 2022)
RBI: RBI has decided to allow financially sound and well managed (FSWM) Primary (Urban) Co-operative Banks (UCBs) to provide Doorstep Banking Services to their customers on a voluntary basis. (Circular No. RBI/2022-23/66 DOR.REG.NO.45/19.51.052/2022-23 Dated 8th June 2022)
RBI: RBI has decided to discontinue the return w.r.t Details of guarantee availed and invoked from non-resident entities under the Foreign Exchange Management Act, 1999 w.e.f. the quarter ending June 2022. (Circular No. RBI/2022-23/69 A.P. (DIR SERIES) Circular No. 05 Dated 9th June 2022)
Customs: CBIC has extended the time period for furnishing the final Mega power project certificate from 120 months to 156 months and extending the period of validity of security in the form of Fixed Deposit Receipt or Bank Guarantee from 126 months to 162 months, in case of provisional mega power projects (Notification No. 31/2022-Customs …
Customs: The Central Government revokes the anti-dumping duty imposed on ‘Hydrogen Peroxide’ falling under tariff item 2847 00 00, originating in or exported from Bangladesh, Taiwan, Korea RP, Indonesia, Pakistan and Thailand, and imported into India (Notification No. 20/2022-Customs (ADD) New Delhi Dated 7th June 2022)
DGFT: Baltic Testing India Private Limited and DD International Global are appointed as Pre-shipment Inspection Agency (PSIA). (Public Notice No. 12/2015-2020- DGFT Dated 9th June 2022)
DGFT: Time limit for filling return under EPCG authorization scheme is extended to 30.09.2022 and late fees of Rs. 5,000/- will be applicable for the returns from FY 2022-23. (Public Notice No. 13/2015-2020-DGFT Dated 9th June 2022)
MCA: The Government has notified the Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2022 (Notification No. G.S.R. 436(E) Dated 9th June 2022)
Income Tax: Compliance check functionality has been deployed on income tax portal (https:// report.insight.gov.in) to facilitate tax diductor/ collector to check return filing status of specified persons for applicability of higher TDS /TCS. [DGIT(S) (Notification No. 01/2022 Dated 9th June 2022)
RBI: The Monetary Policy Committee (MPC) of the RBI has announced the increase in the policy repo rate under the liquidity adjustment facility (LAF) by 50 basis points to 4.90 per cent with an immediate effect. (Press Release; 2022-2023/333 Dated 8th June 2022)
SEBI: SEBI has made the modifications in the Cyber Security and Cyber resilience framework specifying new reporting requirements (Circular No. SEBI/HO/MIRSD/TPD/P/CIR/2022/80 Dated 7th June 2022)
GST: Government has issued notification to provide that the rate of interest per annum to be “Nil” on delay in filing GSTR-8 for certain Electronic Commerce Operators who paid taxes in time but failed to file return within due date due to technical glitches. (Notification No. 08/2022-Central Tax Dated 7th June 2022)
DGFT: DGFT has issued amendments in Para 2 (b)(i) of the “Guidelines For Applicants” under ANF-4F of Handbook of Procedures 2015-2020 to simplify the procedure and reduce the compliance burden for applying Export Obligation Discharge Certificate (“EODC”) in case of deemed exports. (Public Notice No. 11 /2015-2020 Dated 7th June 2022)
RBI: RBI permits branches of Indian banks operating in GIFT-IFSC to act as Professional Clearing Member (PCM) of India International Bullion Exchange IFSC Limited (IIBX) (Circular No. RBI/2022-23/62 DOR.AUT.REC.41/24.01.001/2022-23 Dated 7th June 2022)
DGFT: Relaxation in the provision of submission of ‘Bill of Export’ as an evidence of export obligation discharge for supplies made to SEZ units in case of Advance Authorisation. (Policy Circular No. 39/2015-20 Dated 7th June 2022
IBBI: Insolvency and Bankruptcy Board of India has changed the frequency of attempts in Limited Insolvency Exam/Valuation Exams to a maximum of six in a year (Circular No. Exam-13016/1/2022-IBBI Date 06th June 2022)
Corporate Law: EPF interest rate for FY 2021-22 reduced to 8.10% (Circular No. INV-11/2/2021-INV/4670 dated 3rd June 2022)
