Daily Updates

SEBI: SEBI has prescribed detailed arbitration mechanisms norms w.r.t. Standard Operating Procedure (SOP) for operationalizing the resolution of all disputes pertaining to investor services. (Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/76 Dated 31st May 2022)

Income Tax: The CBDT has notified Rule 44FA prescribing form and manner for filing an appeal to the High Court on ruling pronounced by Board for Advance Ruling under section 245W. (Notification No. 57/2022 Dated 31st May 2022)

RBI: RBI has issued a clarification that extended Interest Equalization Scheme (IES) on Pre and Post Shipment Rupee Export Credit will also be available to such beneficiaries for segments other than for which they have availed of Production Linked Incentive (PLI) scheme benefits. (Notification No. RBI/2022-23/60 OR.STR.REC.39/04.02.001/2022-23 Dated 31st May 2022)

MCA: MCA has further extended the due date for filing CSR-2 for F.Y. 2020-21 till 30th June 2022 (Notification No. G.S.R. 407(E) Dated 31st May 2022)

MCA: MCA has given the relaxation in paying additional fees in case of delay in filing all the event based e-forms by LLPs which are due on and after 25th February, 2022 to 31st May, 2022 up to 30th June, 2022 (General Circular No. 6/2022 Dated 31st May 2022)

DGFT: Uploading of e-BRC by 15.07.2022 for shipping bills up to 31.12.2020 on which RoSCTL scrip has been availed from DGFT Ras failing which action would be initiated by the jurisdictional RA. (Trade Notice No. 12/2022-23-DGFT , Dated: 30th May 2022)

CBIC: Instructions are issued for Manual processing of declarations filed by the co-noticees under Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 for early disposal of cases (Instruction No. F.No.267/55/2020-CX.8/Pt-I Dated 30th May 2022)

MCA: MCA notifies Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2022 and inserted New FORM NO. CAA.16 related to Declaration where companies incorporated in India and companies incorporated outside India but sharing land border with India. (Notification no. G.S.R. 401(E).Dated 30th May 2022)

SEBI: Circular introduced on Standard Operating Procedures (SOP) for dispute resolution under the Stock Exchange arbitration mechanism for disputes between a Listed Company and/or Registrars to an Issue and Share Transfer Agents (RTAs) and its Shareholders /Investors (Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/76 Dated: 30th May 2022)

Customs: Anti-Dumping Duty (ADD) on imports of Styrene Butadiene Rubber originating in or exported from European Union, Korea RP and Thailand, has been extended till 31st October 2022 which was supposed to end on 30th August 2022 (Notification No. 17/2022-Customs (ADD), Dated: 30th May 2022)

Others: IRDAI directs insurers to ensure settlement of all Insurance Ombudsman awards pending for more than 30 days (Circular No. IRDAI/CAD/CIR/MISC/105/5/2022 Dated:  26th May 2022)

Others: Modifications in definition of Critical Illnesses prescribed in Guidelines on Standardization in Health Insurance (Circular No. Ref: IRDAI/HLT/REG/CIR/104/5/2022 Dated: 27th May 2022)

GST: Late fees for GSTR 4 for the FY 2021-22 shall be waived for a period from 1.5.2022 to 30.06.2022. (Notification No. 07/2022–Central Tax Dated: 26th May 2022.)

SEBI: Modification to Standard Operating Procedure in the cases of Trading Member / Clearing Member leading likely to default in repayment of funds or securities to its clients (Circular No. SEBI/HO/MIRSD/DPIEA/P/CIR/2022/72  Dated: 27th May 2022)

SEBI: Modification in Cyber Security and Cyber resilience framework of Qualified Registrars to an Issue and Share Transfer Agents (“QRTAs”) (SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/73 Dated: 27th May 2022)

MCA: Relaxation in paying additional fees in case of delay in filing Form 11 (Annual Return) by Limited Liability Partnerships up to 30th June, 2022 (General Circular No. 04/2022 dated 27th May 2022)

Income Tax: Faceless Penalty (Amendment) Scheme, 2022 introduced to substitute the Regional Faceless Penalty Centres with National Faceless Penalty Centres (Notification No. 55/2022- Dated: 27th May 2022)

Central Excise: Taxpayers are advised to use Accounting Head Code 0402 (Road and Infrastructure Cess) for payment of Road and Infrastructure Cess on both Motor Spirit and High Speed Diesel, and Accounting Head Code 0107 (Special Additional Duty on Motor Spirit) for payment of Special Additional Excise Duty on both Motor Spirit and High Speed …

Central Excise : Taxpayers are advised to use Accounting Head Code,at the time of making E-Payment of various duties of Central Excise and avoid mis-reporting of revenue (30.05.2022) Read More »

RBI: The minimum net-worth requirement for non-bank Bharat Bill Payment Operating Units (BBPOUs) stands reduced to ₹25 crore. (RBI/2022-2023/58 CO.DPSS.POLC.No. S-253/02-27-020/2022-23 dated 26th May 2022)

RBI: Redemption price for the premature redemption due on May 30, 2022 shall be Rs. 5119/- per unit of Sovereign Gold Bond (SGB) based on the simple average of closing gold price for the week May 23-27, 2022. (Press Release: 2022-2023/279 dated 27th May 2022)