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Check out the latest additions to CAalley ...

Updates were in the following categories:

Indian News

International News

MCA eForms

AICPA Draft

ICAI Guidance Note

Legal Updates

  • Income Tax
  • Service Tax
  • MCA
  • SEBI
  • Central Excise
  • Customs
  • DGFT
  • RBI

 


Indian News:

RBI relaxes norms for online card transactions up to Rs 2,000

Corporate tax may be cut by 1-1.5 percentage point

Amendment on disclosure only deals with cash, bank deposits: Experts

Income disclosure schemes 20 years apart yield roughly the same

Demonetisation: Taxman has seized Rs 130 cr in cash and jewellery since Nov 8

Depositing black money doesn’t make it white: Hasmukh Adhia

Can't tax income from palace rent: Supreme Court

Gujarat HC asks RBI if it has power to ban DCCB transactions

Payments above Rs 5000 by govt depts to be now made through e-payments: Finance Ministry

Sebi to soon allow investments in mutual funds through digital wallets

IDS gets Rs 67,382 cr, over Rs 2K cr higher than estimate

GST roll-out from April in jeopardy, dual control plays spoilsport

I-T rejects declarations of Rs 2 lakh cr, Rs 13,860 cr; begins probe

Demonetisation: 50 per cent reduction likely in tax collection, says Manish Sisodia

GST Council meet: States not okay on power sharing issues, want control over businesses with turnover under Rs 1.5 cr

Sebi issue norms on spread margin benefit

No tax on inherited jewels or bought from ‘disclosed income’

RBI issues final guidelines on large exposure framework

Sebi introduces new pension scheme for employees

Insolvency and Bankruptcy Code to kick in from Thursday

Sebi norms leave angels unsure about funding

Cases for tax scrutiny will be selected by machines

Finance Ministry invites suggestions for Budget 2017-18

 

International News:

Deloitte’s Brazil Affiliate Fined $8 Million for False Audit Reports, Cover-Up

Why IFRS remains relevant in the U.S.

SEC Chief Accountant: U.S. Won’t Switch to IFRS in the “Foreseeable Future”

AICPA Issues Four New Working Drafts on Revenue Recognition Issues

FASB proposal would improve hedge accounting, AICPA committee says

New Revenue Recognition Rules Are a Necessary Pain

 


MCA eForms:

Updated on December 6, 2016

 


AICPA Draft:

Working Draft: Airlines Revenue Recognition Implementation Issue
[Last date for comments: February 1, 2017]

 


ICAI Guidance Note:

Guidance Note on Reports in Company Prospectuses (Revised 2016) [Published on December 1, 2016]

 


Legal Updates

Income Tax:

Procedure for the purposes of furnishing and verification of Form 26A for removing of default of Short Deduction and/or Non-Deduction of Tax at Source [No.11]

Clarifications with respect to Gold Jewellery under Income Tax Law [Press Release]

Taxation Laws (Second Amendment ) Bill, 2016 [Press Release]

Bureau of Indian Standards (BIS) notified [No.111]

The Income-tax (34th Amendment) Rules, 2016 [No.108]

The Income Tax (33rd Amendment) Rules, 2016 [No.107]

 

Service Tax:

The Place of Provision of Services (Second Amendment) Rules, 2016 [No.51]

 

MCA:

Clarification Regarding Filing of Offline Challans with IEPF Authority under Companies Act

 

SEBI:

Spread margin benefit

Review of guidelines for Co-location / proximity hosting facility offered by stock exchanges

SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016

SEBI (Infrastructure Investment Trusts) (Amendment) Regulations, 2016

SEBI (Employees Service) (Amendment) Regulations, 2016 (w.e.f. November 30, 2016)

SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2016 (w.e.f. November 30, 2016)

 

Central Excise:

Seeks to further amend notification No. 12/2012-Central Excise dated 17th March, 2012, in respect to the excise duty exemption on branded gold coins of purity 99.5% and above [No.36]

 

Customs:

Regarding Outsourcing by an authorized courier [Circular No.59]

Regarding Roll out of Express Cargo Clearance System (ECCS) at Courier Terminal, Sahar, Mumbai [Circular No.58]

Regarding guidelines for the sale of seized/ confiscated gold [Circular No.57]

Seeks to futher amend notification No. 12/2012-Customs dated 17th March, 2012, so as to withdraw CVD exemption on gold coins having gold content not below 99.5%, and gold findings [No.59]

Rate of exchange of conversion of the foreign currency with effect from 2nd December, 2016 [No.145(NT)]

Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver [No.144(NT)]

 

DGFT:

Continuation of Minimum Import Price (MIP) on 19 HS Codes of Iron and Steel under Chapter 72 of ITC (HS), 2012 - Schedule -1 (Import Policy): amendment in import Policy Conditions [No.31]

Amendment in Annexure III and Annexure IV to Appendix -6E [Format for Quarterly Report for the Working Units and Format for Annual Progress Report for the Working Units] as contained in the Appendices and Aayat Niryat Forms of FTP 2015-20 [Public Notice No.45]

 

RBI:

Requirement of customer due diligence and need for maintenance of records

Card Not Present transactions – Relaxation in Additional Factor of Authentication for payments upto Rs.2000/- for card network provided authentication solutions

Aadhaar-based Authentication for Card Present Transactions

Allocation of banknotes

Information from Unauthenticated Sources – Advisory to banks

Large Exposures Framework

Financing of Infrastructure – ‘Definition of 'Infrastructure Lending'

Accounts under PMJDY - Precautions

Deposit of Specified Bank Notes (SBNs) – Chest Balance Limit / Cash Holding Limit