Statutory updates

Framework for Aircraft Lease

Entities seeking to operate as a Finance Company or Finance Unit in International Financial Services Centres for aircraft lease activities must register with the International…

Extension of Due Date for FORM GSTR-3B for April 2022

The Central Board of Indirect Taxes and Customs extends the due date for furnishing the return in FORM GSTR-3B for the month of April, 2022.

Due Date Extension for FORM GST PMT-06 for April 2022

The Central Board of Indirect Taxes and Customs extends the due date for tax payment in FORM GST PMT-06 for April 2022.

Pricing of products covering Fire and Allied perils

General insurers carrying on the business of fire insurance must consider all applicable risk factors for rating a risk.

Discontinuation of Monthly Solvency Returns for Non-Life Insurers and Reinsurers

The Insurance Regulatory and Development Authority of India discontinues the filing of monthly solvency returns for general insurers, reinsurers, and foreign reinsurer branches…

Filing of fire insurance products for Dwellings, Micro and Small Businesses

General insurers design and file alternative products covering Fire and allied perils for dwellings, micro and small businesses.

Rationalization of Compliance Requirements for Non-Life Insurers and Reinsurers

The Insurance Regulatory and Development Authority of India modifies public disclosure and compliance rules for general insurers, foreign reinsurance branches, and Lloyd's India.

Risk Profiling of Schemes managed by Pension Funds under NPS

Dispensing with Hard Copy Submission for Actuarial and Reinsurance Returns

The Insurance Regulatory and Development Authority of India removes the requirement for insurers to submit hard copies of actuarial valuation and reinsurance returns to the IRDAI…

Income Tax Fifteenth Amendment Rules 2022

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

Income-tax Fourteenth Amendment Rules, 2022

The Central Board of Direct Taxes issues the Income-tax Fourteenth Amendment Rules, 2022 to amend the Income-tax Rules, 1962.

Amendment to Notification No. 30 of 2021 on Income-tax Rules

The Central Board of Direct Taxes amends Notification Number 30 of 2021.

Withdrawal of 2019 Liquidation Process Regulations Circular

The Insolvency and Bankruptcy Board of India withdraws the circular dated 26th August 2019 with immediate effect.

Income-tax (Thirteenth Amendment) Rules, 2022

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

Income-tax (Twelfth Amendment) Rules, 2022

The Central Board of Direct Taxes amends the Income-tax Rules, 1962 to revise advance ruling application procedures and forms under rule 44E.

Exposure of Insurers to Financial and Insurance Activities

The Insurance Regulatory and Development Authority of India permits all insurers to have exposure to financial and insurance activities up to 30 percent of investment assets.

Market Access through Authorized Person Based in India

The International Financial Services Centres Authority permits registered Broker Dealers to provide market access to investors through Authorized Persons based in India.

Income-tax Eleventh Amendment Rules, 2022 for Updated Return Form ITR-U

The Central Board of Direct Taxes issues the Income-tax Eleventh Amendment Rules, 2022 to add rule 12AC and Form ITR-U for filing an updated income return under section 139(8A).