Statutory updates

IBBI (Employees' Service) Regulations, 2017 (Amended upto 06.07.2022)

Income Tax Exemption for Uttar Pradesh Electricity Regulatory Commission

The Central Government notifies specified income of the Uttar Pradesh Electricity Regulatory Commission under clause (46) of section 10 of the Income-tax Act, 1961.

09/2022-Central Tax : Seeks to notify the provisions of clause (c) of section 110 and section 111 of the Finance Act, 2022

Exemption from Furnishing Annual Return for FY 2021-22

The Commissioner exempts the registered person with an aggregate turnover of up to two crore rupees in the financial year 2021-22 from filing the annual return for that financial…

11/2022-Central Tax : Seeks to extend due date of furnishing FORM GST CMP-08 for the quarter ending June, 2022 till 31.07.2022

Late Fee Waiver Extension for FORM GSTR-4 for FY 2021-22

The Central Government extends the waiver of late fee for the delay in filing FORM GSTR-4.

13/2022-Central Tax : Seeks to extend dates of specified compliances in exercise of powers under section 168A of CGST Act

14/2022-Central Tax : Seeks to make amendments (First Amendment, 2022) to the CGST Rules, 2017

Appointment of Smt. Anita Shah Akella as IBBI Ex-Officio Member

The Central Government appoints Smt. Anita Shah Akella as an ex-officio member in the Insolvency and Bankruptcy Board of India.

Introduction of New Add-ons in Motor Insurance

The Insurance Regulatory and Development Authority of India permits general insurers to introduce new add-on concepts for the Motor Own Damage cover.

Rescission of MCA Notification Dated January 28, 2022

The Central Government rescinds the notification of the Government of India in the Ministry of Corporate Affairs published on 1st February, 2022.

IBBI (Insolvency Professionals) Regulations, 2016 (Amended upto 04.07.2022)

Corrigendum to Income Tax Notification No. S.O. 2692(E)

The Central Board of Direct Taxes corrects errors in notification number S.O. 2692(E) dated 10th June 2022.

Angel Funds Framework under IFSCA Fund Management Regulations

The International Financial Services Centres Authority specifies the operational framework for Angel Funds under the IFSCA Fund Management Regulations, 2022.

Corrigendum to Income Tax Notification No. 73/2022

The Central Board of Direct Taxes issues a corrigendum to correct typographical errors in notification number 73/2022 dated 30th June, 2022.

Income-tax (20th Amendment) Rules, 2022

The Central Board of Direct Taxes issues the Income-tax (20th Amendment) Rules, 2022 to amend the Income-tax Rules, 1962.

Exclusion of Specific Assets from Virtual Digital Asset Definition

The Central Government excludes specific items from the definition of virtual digital asset under the Income-tax Act, 1961.

Exclusion of Non-Fungible Tokens with Tangible Assets from Virtual Digital Assets

The Central Government specifies that a non-fungible token qualifies as a virtual digital asset under section 2 of the Income-tax Act.