Check out the latest additions to CAalley ...

Updates were in the following categories:

Indian News

International News

MCA eForms

ICAI Announcement

Legal Updates

  • Income Tax
  • Service Tax
  • MCA
  • Insolvency and Bankruptcy Code
  • SEBI
  • IRDA
  • Customs
  • RBI


Indian News:

Jaitley hints at low tax rates due to demonetisation, digital transactions

Preserve CCTV footages to spot currency hoarders: RBI to banks

Govt to bring new scheme to boost electronics manufacturing

CBDT allays tax fears as business shifts to digital

Senior RBI official arrested for 'illegal currency exchange'

GST Council meet cut short, no roll-out in April, 2017

RBI asks banks to maintain records of new currency

Taxmen told not to reopen cases on turnover jump due to digital drive

CBDT to organise drive to sensitise taxpayer of e-initiatives

RBI against government's proposal to dramatically lower charges on debit card transactions

Are you worried about the safety of your digital payment? This is what RBI is doing to keep you safe

Govt to notify scheme for taxing black money holders this week

Banks told to clearly reflect all deposits

Stalemate: GST Bills will not be taken up in Winter Session

GST council approves 'bulk of critical provisions': Jaitley

With just one percent suspicious accounts, I-T has to probe nearly 40 lakh cases

Corporate audit: House Panel not in favour of new independent regulator

I-T Dept probing source of Rs 2.6 crore seized from Delhi law firm

ICAI withdraws controversial demonetisation diktat

Govt to amend RBI Act to annul old Rs 500/1000 currency notes

Ceding control of GST admin to states will disempower centre: CBEC

Catch them red-handed: I-T cracks down on money laundering rackets across India

In run-up to GST, budget to see cleanup of imports sops

Post demonetisation, bank employees and tax officers seek work-life balance

GST: Tax jurisdiction a 'difficult issue', hopeful of April roll-out, says Arun Jaitley

Sebi mulls higher net worth for registrars

Exercise of putting goods in GST slabs has begun: CBEC

I-T dept raids eight premises in Chennai, seizes Rs.90 crore cash, 100 kg gold

Coming soon: No cheques without Aadhaar details

No service tax on debit, credit card transactions up to Rs 2,000

GST: Finance Minister believes ‘political logjams’ will be resolved

Auditor rotation: House panel suggests relief for private firms, subsidiaries of foreign companies

SEZs not likely to be allowed to sell locally at concessional import duty

Demonetisation: ED raids 50 banks on Hawala, money laundering suspicion

PSU banks write off Rs 1.54 lakh crore bad loans

RBI keeps rate unchanged at 6.25 pc; surprises mkts

Income tax department to use analytics to look for discrepancies in bank accounts


International News:

FASB Zeroes in on Liability and Equity Accounting

GASB Releases Guidance on Asset Retirement Obligations

FASB May Slow Pace of Standard Setting in 2017

PCAOB Finds Problems with KPMG Audits


MCA eForms:

Updated on December 13, 2016


ICAI Announcement:

Mandatory KYC Norms applicable w.e.f 1.1.2017 [Published on December 10, 2016]


Legal Updates

Income Tax:

Corrigendum to Notification No.97/2016 [No.113]

Feasibility of re-ropening of cases u/s 147 [Circular No.40]

Procedure for the purposes of furnishing and verification of Form 27BA for removing of default of Short Collection and/or Non Collection of Tax at Source [No.12]


Service Tax:

Service Tax Exemption for card transactions upto Rs.2000/- [No.52]



The Companies (Transfer of Pending Proceedings) Rules, 2016

Corrigendum notification relating to amendment in Schedule II

Clarification regarding due date of transfer of shares to IEPF Authority [Circular No.15]

Relaxation of additional fees on Annual filing upto 31.12.2016 – in the State of J&K [Circular No.14]

Commencement notification dated 07.12.2016


Insolvency and Bankruptcy Code:

Commencement of Sections related to Corporate Insolvency [SO 3594 [E]]

IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016

Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 [GSR 1108 [E]]

IBBI(Insolvency Professionals) Regulations, 2016

IBBI (Insolvency Professional Agencies) Regulations, 2016

IBBI (Model Bye- Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016

Commencement of Sections under Chapter III, Chapter IV, Chapter VI of Part IV and sections under Part V [SO 3453 [E]]

Commencement of Sections under Chapter II, Chapter VII of Part IV and sections under Part V [SO 3355 [E]]

Constitution of Insolvency and Bankruptcy Board of India and appointment of Shri M S Sahoo as Chairperson of IBBI [SO 3110 [E] and SO 3111 [E]]

Appointment of Ex-officio Members of Insolvency and Bankruptcy Board of India [Order]

Insolvency and Bankruptcy Board of India (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Rules, 2016 [GSR 831(E)]

Commencement of Sections under Chapter VII of Part IV and sections under Part V of the Code [S.O. 2746 [E]]

Commencement of Sections 188 to 194 under Chapter I of Part IV of the Code [S.O. 2618[E]]

The Insolvency and Bankruptcy Code, 2016



Streamlining the Process for Acquisition of Shares pursuant to Tender Offer made for Takeover, Buy Back and Delisting of Securities

SEBI (Change In Conditions of Registration Of Certain Intermediaries) (Amendment) Regulations, 2016



Filing of Returns for Foreign to Foreign Reinsurance Transactions



Seeks to further amend notification No.12/2012-Customs dated the 17th March, 2012, so as to reduce import duty on wheat from 10% to Nil without an end date [No.60]



Distribution of Relief/Savings Bonds

Preservation of CCTV recordings

Security and Risk Mitigation measure - Technical Audit of Prepaid Payment Instrument issuers

Amendment to Master Direction on Know Your Customer

Amendment to Master Direction (MD) on KYC

Reserve Bank of India Act, 1934 – Section 42(1A) Withdrawal of the Incremental CRR