{"id":285892,"date":"2023-03-02T17:30:58","date_gmt":"2023-03-02T12:00:58","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=285892"},"modified":"2023-03-02T16:42:26","modified_gmt":"2023-03-02T11:12:26","slug":"legislation-february-2023-17-stories-on-budget-2023-24-revision-of-income-tax-forms-definition-of-piracy-reduction-of-management-fees-of-asset-reconstruction-companies-sebi-circulars-and-m","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/02\/legislation-february-2023-17-stories-on-budget-2023-24-revision-of-income-tax-forms-definition-of-piracy-reduction-of-management-fees-of-asset-reconstruction-companies-sebi-circulars-and-m\/","title":{"rendered":"LEGISLATION FEBRUARY 2023| 17+ Stories on Budget 2023-24; Revision of Income-Tax Forms; Definition of Piracy; Reduction of management fees of Asset Reconstruction Companies & SEBI Circulars; and more"},"content":{"rendered":"
\n

UNION CABINET<\/h4>\n

Union Budget 2023-24 Highlights: What’s in bag for middle-class? <\/p>\n

On 1-02-2023, the Union Finance Minister, Nirmala Sitharaman announced the Union Budget 2023. The budget is particularly focused upon inclusive development, especially covering the youth, women, farmers, OBCs, Scheduled Castes and Scheduled Tribes.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF FINANCE<\/h4>\n

CBDT revises Income-tax Return Forms vide Income-tax (First Amendment) Rules, 2023<\/p>\n

On 10-2-2023, the Ministry of Finance notified the Income-tax (First Amendment) Rules, 2023 to amend the Income-tax Rules, 1962 (‘IT Rules’). The provisions will come into effect on 1-4-2023.<\/p>\n

READ MORE<\/a><\/p>\n

CBDT revises Income-tax Return Form ITR-7 vide Income-tax (Second Amendment) Rules, 2023<\/p>\n

On 14-2-2023, the Ministry of Finance notified the Income-tax (Second Amendment) Rules, 2023 to amend the Income-tax Rules, 1962 (‘IT Rules). The provisions will come into force on 1-4-2023.<\/p>\n

READ MORE<\/a><\/p>\n

CBDT revises Form No. 10B & Form No. 10BB vide Income-tax (3rd Amendment) Rules, 2023<\/p>\n

On 21-2-2023, the Ministry of Finance notified the Income-tax (3rd Amendment) Rules, 2023 to amend the Income-tax Rules, 1962. The provisions will come into force on 1-4-2023.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF LAW & JUSTICE<\/h4>\n

Maritime Anti-Piracy Act, 2022 receives President’s assent<\/p>\n

On 31-01-2023, the President has given assent to Maritime Anti-Piracy Act, 2022. The Act has been enacted to give effect to the United Nations Convention on the Law of the Sea relating to repression of piracy on high seas and for matters connected therewith or incidental thereto.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF COMMERCE & INDUSTRY<\/h4>\n

Rule 21 B providing units dealing in aircraft leasing activities, introduced vide SEZ (Amendment) Rules, 2023<\/p>\n

On 24-2-2023, the Ministry of Commerce and Industry notified the Special Economic Zones (Amendment) Rules, 2023 to amend the Special Economic Zones Rules, 2006. The provisions came into effect on 24-2-2023.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF EXTERNAL AFFAIRS<\/h4>\n

Maritime Anti-Piracy Act, 2022 came into force on 22-2-2023<\/p>\n

On 22-2-2023, the Ministry of External Affairs notified that the Maritime Anti-Piracy Act, 2022 came into force.<\/p>\n

READ MORE<\/a><\/p>\n

MINISTRY OF HEALTH & FAMILY WELFARE<\/h4>\n

Provision for Transfer of gametes and embryos for personal use, introduced vide Assisted Reproductive Technology (Regulation) Amendment Rules, 2023<\/p>\n

On 24-2-2022, the Ministry of Health and Family Welfare notified the Assisted Reproductive Technology (Regulation) Amendment Rules, 2023 to amend the Assisted Reproductive Technology (Regulation) Rules, 2022<\/a>. The provisions came into force on 24-2-2023.<\/p>\n

READ MORE<\/a><\/p>\n

CENTRAL ELECTRICITY AUTHORITY<\/h4>\n

CEA (Flexible Operation of Coal based Thermal Power Generating Units) Regulations, 2023<\/p>\n

On 30-1-2023, the Central Electricity Authority notified the Central Electricity Authority (Flexible Operation of Coal based Thermal Power Generating Units) Regulations, 2023. The provisions came into force on 30-1-2023.<\/p>\n

READ MORE<\/a><\/p>\n

CENTRAL ELECTRICITY REGULATORY COMMISSION<\/h4>\n

Provisions relating to TRAS under CERC (Ancillary Services) Regulations, 2022 to come into force on 1-4-2023<\/p>\n

On 15-2-2023, the Central Electricity Regulatory Commission (‘CERC’) notified the date on which certain provisions of the CERC (Ancillary Services) Regulations, 2022 will come into effect.<\/p>\n

READ MORE<\/a><\/p>\n

RESERVE BANK OF INDIA (‘RBI’)<\/h4>\n

RBI directs Asset Reconstruction Companies to reduce their management fees<\/p>\n

On 20-2-2023, the Reserve Bank of India (‘RBI’) issued a circular on Implementation of Indian Accounting Standards (‘Ind AS’) to resolve the issue of Asset Reconstruction Companies (‘ARC’) recognizing management fees even though the said fee had not been realized for more than 180 days.<\/p>\n

READ MORE<\/a><\/p>\n

SECURITIES AND EXCHANGE BOARD OF INDIA (‘SEBI’)<\/h4>\n

SEBI issues list of securities which need to comply with provisions of Chapter of NCS Regulations, 2021<\/p>\n

On 8-2-2023, the Securities and Exchange Board of India (‘SEBI’) clarified on the issuance and listing of perpetual debt instruments, perpetual non-cumulative preference shares and similar instruments under Chapter V of the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021<\/a> (‘NCS’). This circular came into effect on 8-2-2023.<\/p>\n

READ MORE<\/a><\/p>\n

SEBI introduces Chapter VIB on Obligations of Investment Managers vide SEBI (InvIT) (Amendment) Regulations, 2023<\/p>\n

On 14-2-2023, the Securities and Exchange Board of India (‘SEBI’) issued the SEBI (Infrastructure Investment Trusts) (Amendments) Regulations, 2023 to amend the SEBI (Infrastructure Investment Trusts) Regulations, 2014<\/a> (‘InvIT’). All the provisions came into force on 14-2-2023 except for Regulation 3 sub- regulations (1) and (6) which will come into force on 1-4-2023. Key Points:<\/p>\n

READ MORE<\/a><\/p>\n

SEBI introduces Chapter VI A on Obligations of Manager vide SEBI (REIT) (Amendment) Regulations, 2023<\/p>\n

On 14-2-2023, the Securities and Exchange Board of India (‘SEBI’) notified the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2023 to amend the SEBI (Real Estate Investment Trusts) Regulations, 2014<\/a> (‘REIT’). The provisions came into effect on 14-2-2023.<\/p>\n

READ MORE<\/a><\/p>\n

SEBI clarifies on Transaction in Corp Bonds via Request for Quote Platform by AIFs<\/p>\n

On 1-2-2023, the Securities and Exchange Board of India has issued a circular on Transaction in Corporate Bonds through Request for Quote platform by Alternative Investment Funds to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.<\/p>\n

READ MORE<\/a><\/p>\n

SEBI extends timeline until 1-3-2023 to Online Bond Platform Providers for making an application for registration certificate<\/p>\n

On 7-2-2023, the Securities and Exchange Board of India (‘SEBI’) extended the timeline for entities operating or desirous of operating as Online Bond Platform Providers (‘OBPPs’) for making an application to obtain certificate of registration as a stockbroker under the SEBI (Stock Brokers) Regulations, 1992<\/a>.<\/p>\n

READ MORE<\/a><\/p>\n

First time issuers to amend their AoA within 6 months from the date of debt securities; SEBI clarifies<\/p>\n

On 9-2-2023, the Securities and Exchange Board of India (‘SEBI’) clarified on the compliance by the first- time issuers of debt securities under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021<\/a> (‘NCS’) with Regulation 23(6). The circular came into effect on 9-2-2023.<\/p>\n

READ MORE<\/a><\/p>\n

SEBI introduces Issue Summary Document and Dissemination of Issue to facilitate consumption of data by stakeholders<\/p>\n

On 15-2-2023, the Securities and Exchange Board of India (‘SEBI’) issued circular on Introduction of Issue Summary Document (ISD) and dissemination of issue advertisements to facilitate consumption of data by stakeholders by making the relevant information\/ data points available at the Stock Exchanges and Depositories in a structured manner.<\/p>\n

READ MORE<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

UNION CABINET Union Budget 2023-24 Highlights: What’s in bag for middle-class? On 1-02-2023, the Union Finance Minister, Nirmala Sitharaman announced the Union <\/p>\n","protected":false},"author":67515,"featured_media":285914,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45673,48207],"tags":[55688,41976,2732,4941,12221,2563,37390],"class_list":["post-285892","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-columns-for-roundup","category-legislation-roundup","tag-definition-of-piracy","tag-legislation","tag-Reserve_Bank_of_India","tag-scheduled-castes","tag-scheduled-tribes","tag-SEBI","tag-union-cabinet"],"yoast_head":"\nLEGISLATION FEBRUARY 2023| 17+ Stories on Budget 2023-24; Revision of Income-Tax Forms; Definition of Piracy; Reduction of management fees of Asset Reconstruction Companies & SEBI Circulars; and more | SCC Times<\/title>\n<meta name=\"description\" content=\"On 1-02-2023, the Union Finance Minister, Nirmala Sitharaman announced the Union Budget 2023. 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Introduction of IFSC Banking Company and Unit; SEBI Circulars; and more","author":"Kriti","date":"July 31, 2023","format":false,"excerpt":"LOK SABHA Lok Sabha passes Repealing and Amending Bill 2022 to repeal 76 obsolete laws The Repealing and Amending Bill, 2022 was introduced in the Lok Sabha by the then Union Law Minister, Kiren Rijiju on 19-12-2022 with a view to repealing 65 obsolete Laws. 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The amendments have been made in the provision\u2026","rel":"","context":"In "Legal RoundUp"","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/09\/MicrosoftTeams-image-434-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/09\/MicrosoftTeams-image-434-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/09\/MicrosoftTeams-image-434-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/09\/MicrosoftTeams-image-434-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/09\/MicrosoftTeams-image-434-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":283941,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/02\/15\/ministry-of-finance-notified-income-tax-second-amendment-rules-2023-to-amend-income-tax-rules-1962-legal-research-legal-update-legal-news\/","url_meta":{"origin":285892,"position":3},"title":"CBDT revises Income-tax Return Form ITR-7 vide Income-tax (Second Amendment) Rules, 2023","author":"Editor","date":"February 15, 2023","format":false,"excerpt":"On 14-2-2023, the Ministry of Finance notified the Income-tax (Second Amendment) Rules, 2023 to amend the Income-tax Rules, 1962 (\u2018IT Rules). 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