Check out the latest additions to CAalley ...

Updates were in the following categories:

Indian News

International News

GST Forms - Offline Utilities

ICAI ITFG Clarification

RBI Draft

IRDA Exposure Draft

Legal Updates

  • Income Tax
  • IBBI
  • SEBI
  • IRDA
  • RBI
  • DGFT
  • Customs


Indian News:

E-way Bill trials begin; six more states participate

Working on action plan to cut export, import costs: Commerce Ministry

Panama inks multilateral tax pact to end bank secrecy

GST Council to focus on easing compliance burden

Modi government steps up crackdown on black money, to strike off 1.2 lakh more companies

After VAT, now GST on discounted price

GST for stamp duty on property likely: sources

GST compliance burden: Here’s how government is planning to reduce the procedural hurdles

Single GST form likely for service providers

GST overcomes initial hiccups to log 200 days, future in balance

FATCA pact: FinMin eases reporting norms for FIs where US tax identity number is not available

Unexplained deposits in focus, taxmen ordered to go all out in the next three months

Maharshtra: Over 50 per cent traders didn’t file GSTR-1 returns for October, November

Govt plans to review functioning of independent directors

Tax free Rs 20 lakh gratuity for formal sector employees to be a reality soon

Budget 2018: Govt may drop proposal on self-reporting of income estimates

FDI norms tweak: Joint audits to boost Indian entities

FinMin to simplify GST profiteering complaint form

Sebi plans rules for uniform pricing of bonds

Now, ICAI seeks powers to act against audit firms

IT Dept issues notices to Cognizant, Mauritius arm for ‘diverting profits’

GST may be recast next week to make compliance easier

Passport will no longer work as address proof, some will turn orange: MEA

Regulators fret over role overlap in FRDI Bill

Government seeks report on CAs involved with shell firms

More measures likely for NPA clean-up

Price Waterhouse firms banned for 2 years over Satyam scam: What Sebi said

Income Tax dept attaches 900 benami properties worth over Rs 35 billion

GST: Reverse charge mechanism a catch-22 situation for small businesses

UIDAI introduces temporary virtual ID to tighten Aadhaar security

No extension for filing GSTR-1 return

Cabinet approves 100% FDI in single brand retail, construction development through automatic route

Keep away from benami transactions or face action, warns I-T dept


International News:

FASB addresses financial reporting impacts of new tax law


GST Forms - Offline Utilities:


ICAI ITFG Clarification:

ITFG Clarification Bulletin 13
[Published on January 16, 2018]


RBI Draft:

Draft directions on hedging of commodity price risk and freight risk in overseas markets
[Last date for comments: January 31, 2018]


IRDA Exposure Draft:

IRDAI (Minimum Information for Inspection or Investigation) Regulations, 2018
[Last date for comments: January 27, 2018]


Legal Updates

Income Tax:

Reporting of U.S. Tax Identification Numbers (TINs) for pre-existing accounts by Financial Institutions [Press Release]

Lodging of tax arrear claims in respect of corporate cases filed under IBC-2016 before NCLTs

Processing of income-tax returns u/s 143(1) which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi) [Circular No.1]



Fees payable to an insolvency professional and to other professionals appointed by an insolvency professional

Disclosures by Insolvency Professionals and other Professionals appointed by Insolvency Professionals conducting Resolution Processes



Prevention of unauthorized trading by stock brokers



Revised Panel of Actuaries

Clarification on MISP Guidelines



Interest rates for Small Savings Schemes



Amendments in ANFs 4A, 4E, 4F, 4G, 4H & 41 of Handbook of Procedures 2015-20 [Public Notice No.52]



Classification of Telecommunication Antenna used at Base Transceiver Station/NodeB/eNodeB [Instruction No.1]

Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver [No.5(NT)]

Seeks to withdraw abeyance of notification no. 30/2017-customs (ADD) dated 16.06.2017 [No.1(ADD)]

Know your customer (KYC) norms [Circular No.2]

Guidelines for the sale of seized/confiscated gold [Circular No.1]

Amendment to notification no. 92/2017-Customs (NT) dated 28th Sept, 2017 [No.4(NT)]

Amendment to notification no. 82/2017-Customs (NT) dated 24th August, 2017 [No.3(NT)]