Finance Bill, 2022
The Finance Bill, 2022 give effect to tax proposals in Budget, 2022.
CBIC grants exemptions to the requirement to credit to the electronic cash ledger
CBIC has exempted the deposits with respect to goods imported or exported in customs stations where customs automated system is not in place from the requirement to be credited to the electronic cash ledger of such person.
Faceless Inquiry or Valuation Scheme, 2022
As per the scheme, making inquiry before assessment, directing the assessee to get his accounts audited and estimating the value of any asset, property or investment by a Valuation Officer as per Income Tax Act, shall be in a faceless manner, through automated allocation.
Draft Drugs (Amendment) Rules, 2022
The draft amendment provides that in case of disinfectants, any colors which is non-staining shall be permissible to use.
SEBI notifies timeline for rebalancing portfolio of mutual fund schemes.
The mandatory rebalancing period for all mutual fund schemes except index funds and exchange-traded funds (ETFs) is 30 business days and if the portfolio of schemes is not rebalanced within the mandated time frame, justification in writing, including the details of the efforts made to rebalance the portfolio, should be placed before an investment committee.
The Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs (Second Amendment) Order, 2022.
For edible oils, the stock limit would be 30 quintals for retailers, 500 quintals for wholesalers, 30 quintals for retail outlets of bulk consumers i.e. big chain retailers and shops and 1000 quintals for its depots. Processors of edible oils would be able to stock 90 days of their storage/ production capacities.
PAN to become inoperative after March 2023 if not linked to Aadhar.
Rule 114AAA of the Income-tax Rules provides that if PAN of a person has become inoperative, he will not be able to furnish, intimate or quote his PAN and shall be liable to all the consequences under the Act for such failure.
SEBI issues clarification on applicability of regulation 23 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in relation to Related Party Transactions.
Regulation 23 was amended vide notification dated November 9,2021, inter-alia, enhancing the scope of related party, related party transactions(RPTs)and the materiality threshold for seeking shareholder approval. However based on the representations received from listed entities and industry bodies, it has been decided to provide the following clarifications and guidance for smooth implementation of the amended Regulation 23 of the LODR Regulations.
