Check out the latest additions to CAalley ...

Updates were in the following categories:

Indian News

International News

MCA eForms

SEBI Draft

CBEC Draft

ICAI Exposure Draft

Legal Updates

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


Indian News:

CBDT enters into seven Advance Pricing Agreements

EPFO allows withdrawals from pension account without Aadhaar

States agree to roll out GST by July: Shaktikanta Das

India’s revised tax treaty with Singapore takes effect

India should cut corporate tax, go for inheritance levy: OECD

Sebi 'harsh' with defaulters and I don't regret that: Sinha

Sebi permits FPIs to invest in unlisted corporate bonds

Foreign regulators check on health of Indian banks

Sebi looking to imposing a bigger penalty for misuse of high-speed algo trades

96% traders enrol to migrate to Goods and Services Tax

Sebi for overhaul of board governance at listed firms

RBI to frame standard procedure for FDI approvals post FIPB

IRS officers seek PM’s intervention for smooth roll-out of GST

CBEC seeks exporters' feedback on drawback rates post GST

Democracy liberal enough in UK for defaulters to stay: Jaitley

120 fake accounts linked for VAT fraud

Cos with annual turnover of less than Rs.50 crore exempt from POEM: CBDT

Sebi's new grievance redressal method

Narendra Modi govt to launch 7th tranche of sovereign gold bonds on Monday

Income tax dept notifies amendments for sharing taxpayer information

Taxman scans companies with sudden rise in cash sales

Cash withdrawals to biz money: How taxmen will crosscheck deposit claims

Sebi eases norms for debt MF investment in housing finance companies

Five associate banks to merge with SBI from April 1

Oriental Insurance, National Insurance and United India Insurance likely to be merged to fetch better valuations

Bankers don't want a new NPA resolution plan

Sebi issues consultation paper to review stock exchanges norms

Tax Dept to go easy on deposits of up to Rs 5 lakh by those over 70 years

Taxman to scrutinise loan deposits under Operation Clean Money

Review tax on cash deals: Assocham

No amnesty for bank deposits linked to money laundering: CBDT

I-T dept sends prosecution showcause notices to 859 deductors

CSR spending helps rural masses to double their income, says Arun Jaitley

Expect a visit from taxman if you've ignored I-T dept's email


International News:

FASB updates accounting standards for employee benefit plans

Banks worried about FASB changes on credit losses

FASB Defines ‘In-Substance Non-financial Asset’ in New Standard

AICPA changes going concern audit standard

FASB updates standard on gains and losses from derecognizing nonfinancial assets


MCA eForms:

Updated on February 28, 2017


SEBI Draft:

Consultation Paper for Review of Regulations and Relevant Circulars pertaining to Market Infrastructure Institutions (MIIs) viz., Stock Exchanges, Depositories and Clearing Corporations
[Last date for comments: March 31, 2017]


CBEC Draft:

Suggestions from EPCs /Commodity Boards/ Trade & Industry Associations/ Chambers of Commerce on AIRs of duty drawback under GST
[Last date for comments: March 15, 2017]


ICAI Exposure Draft:

Guidance Note on Audit of Banks (2017 edition) [Published on February 27, 2017, 2016]


Legal Updates

Income Tax:

Standard Operating Procedure for handling Court matters in service litigation including vigilance related matters

Clarification for determination of Place of Effective Management (POEM) of a Company, other than an Indian Company [Circular No.8]


Service Tax:

Service Tax payable by way of admission to a museum [No.9]



Section 391(2) closure of place of business by a Foreign Company [Circular No.1]



Investments by FPIs in corporate debt securities

Circular on Mutual Funds

SEBI (Foreign Portfolio Investors) (Second Amendment) Regulations, 2017

SEBI (Settlement of Administrative and Civil Proceedings) (Amendment) Regulations, 2017

Amendment pursuant to comprehensive review of Investor Grievance Redressal Mechanism

Prudential limits in sector exposure for Housing Finance Companies (HFCs)



Master Direction – Money Transfer Service Scheme

Sovereign Gold Bonds, 2016-17 – Series IV - Operational Guidelines

Sovereign Gold Bonds 2016-17 – Series IV (Revised)


Central Excise:

Classification of articles of paper and printing industry [Circular No.1052]



Acceptance of e-BRC of DGFT towards proof of realization of sale proceeds for exports with LEO date upto 31.03.2014 under drawback scheme [Circular No.6]

Exemption from drawal of samples for the purpose of grant of drawback to the AEO certificate holders [Circular No.5]

Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver [No.13(NT)]



Amendment in Paragraph 4.34(i) of Chapter 4 of the Foreign Trade Policy (FTP) 2015-2020 [No.40]

Amendment in Para 4.44 of Chapte 4 of the Foreign Trade Policy(FTP) 2015-20 [No.39]