Check out the latest additions to CAalley ...

Updates were in the following categories:

Indian News

International News

MCA eForms

ICAI Exposure Draft

Legal Updates

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


Indian News:

RBI has to honour old Rs 500, Rs 1000 notes till law is not changed, says Former Deputy Governor KC Chakrabarty

RBI allows FPIs to transact in securities directly

Budget 2017: Along with digital push, govt also looking to widen 'Google tax' net

FPIs may face up to 40% tax on Indian investments

Service tax mop from Mumbai zone jumps 25.5 per cent till November

24Lk people have income above Rs 10 Lk but 25Lk cars bought/yr

Sebi puts out disclosure norms for REITs

Farmers get 60 more days to repay crop loans

Post raids, black money to attract over 137% in tax, penalty

‘GST will result in higher tax burden for consumers initially’

Don’t pay taxes? Arun Jaitley warns of ‘severe consequences’; says need to lower level of taxation

India needs globally compatible tax rates: Jaitley

Cos must drop retro tax cases to avail settlement scheme: CBDT

Govt has no intention to impose long-term capital gains tax: FM

Sebi may re-look at scheme of arrangement rules

PFRDA mulls various withdrawal options to optimise pension

RBI refuses to disclose deliberations of its Board on demonetisation

Exemption limits, standard deduction on tax panel's radar

Sebi chief wants private university status for NISM

Arun Jaitley faces few hurdles in GST implementation

Salaries of nuns cannot be subjected to TDS: HC

Avoid discussing official matters on social media: CBDT to Income Tax department

GST hurdles remain; April rollout unlikely

GST Council meets to iron out differences, unlikely to meet 1 April 2017 roll-out deadline

Remove ‘anti-profiteering’ provision from model GST law: Assocham requests govt

Notes ban: I-T dept detects Rs 3,651 cr undisclosed income

CBDT clarifies Rule114E of Income Tax Rules, says transactions of over Rs 2 lakh require to be reported

P-Notes investments fall to 33-month low at 1.8 lakh crore in Nov

No limit, but be fair on fee: SEBI to investment advisors

CFOs concerns over impact of big data on financial reporting

Central staff may get to choose NPS fund manager, decide allocation

I-T Dept cautions taxpayers against sharing user ID, password

Demonetised notes seized in searches should be invested in FDs: HC

CBDT identifies 67.45 lakh potential non-filers in 2015-16

'Demonetisation may have cost banks Rs 3,000 cr per day'

Will new accounting norms hurt bank earnings?

Some AIFs may soon start playing on commodity derivatives platform

Confusion over RBI circular: Are multiple deposits allowed till Dec 30?

Strict action will be initiated against political parties who are getting tax exemption: Govt.

RBI imposes penalty on 5 foreign banks for violating FEMA norms

Govt okays ordinance to let cos pay salary via e-mode, cheque

IDS disclosure figures to be revised lower to Rs 55,000 cr


International News:

FASB improves guidance on rev rec

FASB makes targeted changes in accounting standards


MCA eForms:

Updated on December 26, 2016


ICAI Exposure Draft:

The Conceptual Framework for General Purpose Financial Reporting by Local Bodies
(Based on corresponding IPSAS’s Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities)
[Last date for comments: January 20, 2017]


Legal Updates

Income Tax:

Clarifications on the Direct Tax Dispute Resolution Scheme, 2016 [Circular No.42]

Reporting Cash Transactions under Rule 114E of Income –tax Rules, 1962 [Press Release]

Income Tax Department Identifies 67.54 lakh Potential Non-Filers for F.Y. 2014-15 [Press Release]

Clarifications on Indirect Transfer provisions under the lncome Tax Act. 1961 [Circular No.41]

Measures for Promoting Digital Payments & Creation of Less-Cash Economy [Press Release]


Black Money Tax:

Explanatory Notes on Provisions of the Pradhan Mantri Garib Kalyan Yojana, 2016 [Circular No.43]

Acceptance of demonetized currency for making payments towards tax, penalty, surcharge and deposit under PMGKY, 2016

Payments towards Tax, Penalty, Surcharge and Deposit under PMGKY 2016 in Old Demonetised Currency [Press Release]



The National Company Law Tribunal (Amendment) Rules, 2016


Insolvency and Bankruptcy Code:

Commencement of section 33 to 54 (both inclusive) under the Code [SO 3687 (E)]



Review of the position limits available to Stock Brokers / FPIs - Category I & II / MFs for stock derivatives contracts

Disclosure of financial information in offer document for REITs

Filing of Forms PAS-4 and PAS-5 in case of issuance of debt securities on private placement basis

System-driven disclosures in Securities Market



IRDAI (Issuance of e-insurance policies) (First Amendment) Regulations, 2016

IRDAI (Registration and Operations of Branch Offices of Foreign Reinsurers other than Lloyd’s) (Second Amendment) Regulations, 2016



Seeks to further amend notification No 12/2012-Customs dated 17.03.2012, so as to withdraw the exemption from Basic Customs Duty on import of Technitium-99m [No.61]

Notification No.08/2013-Customs (ADD) rescinded [No.56(ADD)]

Notification No.34/2012-Customs (ADD) rescinded [No.55(ADD)]



Purchase and sale of securities other than shares or convertible debentures of an Indian company by a person resident outside India

Master Circular on Issuance and Operations of Prepaid Payment Instruments – Amendments to paragraph 7.9

Interest Subvention Scheme for Short Term Crop Loans during the year 2016-17- Grant of grace period of 60 days beyond due date

Procedural Guidelines for Servicing the Sovereign Gold Bonds

Special Deposit Scheme 1975 – Payment of interest for the calendar year 2016

Withdrawal of Legal Tender Character of existing Rs.500/- and Rs.1000/- Bank Notes (Specified Bank Notes) - Deposit of Specified Bank Notes (SBNs) into bank accounts- Modification