Check out the latest additions to CAalley ...

Updates were in the following categories:

Indian News

International News

Union Budget 2017

RBI Draft

SEBI Draft

MCA eForms

Legal Updates

  • Income Tax
  • Service Tax
  • SEBI
  • DIPP
  • RBI
  • Customs
  • DGFT


Indian News:

Now, withdraw money from EPFO using just one common form

Centre plans to roll out direct transfer of fertiliser subsidy from June 30

No threat, show cause to be issued under 'Operation Clean Money': CBDT

Service tax waived for cargo bound for Nepal

Soon, make payments with your Aadhaar number without linking it to a bank

Public sector bank chiefs raise concerns over GST at meeting with Jaitley

Irdai to form actuary panels for life, general insurers

Charging VAT on discounted price illegal

72,000 refund cases cleared in 6 months

RBI, Sebi discuss HDFC Bank breach

‘Cashless eco an invitation to online fraudsters’

Freeing non-bank entities from licensing ‘may not be appropriate for payment industry’

Service tax abatement: Clarity to benefit rail-based operators

I-T dept to launch second phase of bank a/cs scrutiny next month

Sebi to enlist resource persons to spread financial literacy in select districts

GST Council OKs law for compensation to states

‘Internal audit today is a risk-centric profession’

Online EPF withdrawal, pension fixation to be a reality by May

GST Network gets notice for avoiding service tax

No reply to I-T query could get you a 'non-statutory' letter

Tax authorities begin follow-up action on Operation Clean Money

SEBI seeks legal clarity on options trading in commodities

PAN and Aadhaar linkage could be the key to curb tax evasion

ICAI, Railways ink pact for accrual-based financial statements

GST Council may discuss tax rate on gold at Udaipur meet

Demonetisation: RBI proposes to drastically cut MDR charges on debit card payments

RBI allows multilateral FIs to invest in masala bonds

RBI to reimburse banks MDR charges effective January 1

No need for a separate regulator, says ICAI chief

How Sebi can control 'tips' on social media

RBI signs info exchange pact with Bank of Zambia

RBI wants banks to create common pool of forensic audit firms

Now, 60 offices in India have online I-T grievance redressal facility

Get PAN within minutes; pay taxes via mobile app


International News:

PCAOB updates guidance for new audit participant form

FASB business definition guidance will aid some companies, but not all

FASB goodwill impairment simplification proves to be popular


Union Budget 2017:

Soon, pay 1% tax at source to buy jewellery worth over Rs 2 lakh in cash


RBI Draft:

Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions
[Last date for comments: February 28, 2017]


SEBI Draft:

Consultative Paper on the proposed amendments to SEBI (Debenture Trustee) Regulations, 1993
[Last date for comments: March 8, 2017]


MCA eForms:

Updated on February 21, 2017


Legal Updates

Income Tax:

Standard Operating Procedure to be followed by AO in verification of Cash Transactions relating to Demonetisation

Amendment to section 138(1) [No.12]

Modifications to instructions for engagement of Special Public Prosecutors to represent IT department before Courts

DTAA with Israel [No.10]


Service Tax:

Non-levy of service tax on services of the operators of Common Effluent Treatment Plant [No.8]

Periodicity of CAS-4 certificates [Instruction]

Applicability of service tax on transportation services by a vessel from a place outside India to customs station on India [Circular No.204]

Mentioning of Minor Head Code for accounting of Refund [Circular No.203]



Participation in derivatives market by Mutual Funds

Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2017

SEBI (Depositories and Participants) (Amendment) Regulations, 2017

SEBI (Mutual Funds) (Amendment) Regulations, 2017

SEBI (Issue and Listing of Debt Securities by Municipalities) (Amendment) Regulations, 2017



Policy of Foreign Investment in Indian Stock Exchanges [Press Note No.1]



Issuance of Rupee denominated bonds overseas – Multilateral and Regional Financial Institutions as Investors

Forward Rate Agreement (FRA) and Interest Rate Swap (IRS) - Withdrawal of Fortnightly return

Inclusion of “Capital Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934

Inclusion of “Equitas Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934

Repayment of Gold Loan

Reimbursement of Merchant Discount Rate

Formation of twenty one new districts in the State of Telangana - Assignment of Lead Bank Responsibility



Levy of definitive anti-dumping duty on Seamless tubes, pipes and hollow profiles of iron, alloy or non-alloysteel (other than cast iron and stainless steel) originating in,or exported from China [No.7(ADD)]

Expansion of 24x7 Customs clearance and clarification of levy of MOT charges in CFSs attached to 24x7 ports [Circular No.4]

Rate of exchange w.e.f. February 17, 2017 [No.12(NT)]

Tariff value Notification in respect of Fixation of tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver [No.11(NT)]

Regarding passing of order under Section 110 of the Customs Act, 1962 [Instruction No.1]



Amendment in Chapter 2 of the Handbook of Procedure (2015-20) [Public Notice No.59]

Amendment in the list of Military Stores requiring NOC for export purpose [No.38]