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Check out the latest additions to CAalley ...

Updates were in the following categories:

Indian News

International News

Union Budget 2017

AICPA Exposure Drafts

GST Draft Rules

CBDT Draft

ICAI Announcement

ITFG Clarification

Income Tax Return Forms for A.Y.2017-18

GST FAQs

Legal Updates

  • Income Tax
  • Black Money Tax
  • MCA
  • IBBI
  • SEBI
  • IRDA
  • RBI
  • Customs

 


Indian News:

Revenue department extends enrolment of dealers with GSTN till April

CAG to audit UN Secretariat in New York

GST: Great achievement, but weaknesses remain, says CEA Arvind Subramanian

Pay STT or capital gains tax, says CBDT

All I-T communication between Assessing Officer and taxpayer now online

A single window clearance system for industry under Yogi govt in UP

Filing I-T return? Don't forget to claim benefits on reimbursements

New GST rule on higher tax for exchange offers leaves retailers in a fix

Companies can avail up to 40 per cent GST Credit for excise already paid on stocks

Sebi asks despositories to add capacity to tackle volume surge

Sebi to soon get access to internet, call records from abroad

GST: Tax evasion over Rs 5cr a non-bailable offence

Tax dispute scheme gets tepid response, garners Rs 1,200 cr

FinMin places 8 set of GST rules in public domain applicable once it is implemented from July 1, seeks comments

Education, healthcare to be out of GST

GST will be implemented from July 1: Meghwal

NPAs biggest challenge facing economy; RBI needs to step in: Assocham

RBI increases FPI limits in govt bonds by Rs 170 billion for April-June

Kochi: Income Tax official arrested by CBI for accepting bribe

Nationwide ED crackdown on 300 shell companies

I-T Dept launches e-filing facility for 2 ITRs

Post-merger, SBI joins global league of top 50 banks

Direct selling companies seek protection under Consumer Protection Act

Fighting Black Money: IDS-2 disappoints as declarations a trickle of Rs 13,000 crore

Sebi eases disclosure norms for rating agencies

New ITR form: Taxman seeks details of deposits made during demonetisation

GST Council clears 5 rules; 4 more get tentative nod

Tax rates will not fluctuate under GST: Hasmukh Adhia

CBDT says Form 1 can be filed by Apr 10, if deposit made under the PMGKY by today

Old notes: RBI closes window for Indians abroad; NRIs can exchange till June 30

RBI-authorised entities can alone issue PSI wallets

Aadhaar can be hacked, data leaked, Modi government finally admits

Govt lowers interest rate on small savings schemes by 0.1%

Govt notifies simplified ITR; e-filing to start from Saturday

No discussion on extending GST roll-out beyond July 1, says Finance Ministry

GST anti-profiteering clause has companies worried

GST: Service providers face compliance woes

 

International News:

Bill Would Make PCAOB Disciplinary Hearings Public

FASB updates accounting for callable debt securities

 

Union Budget 2017:

Finance Bill gets presidential assent, takes effect from today

Parliament passes Finance Bill, Rajya Sabha amendments rejected

Rajya Sabha forces 5 amendments to Finance Bill

 


AICPA Exposure Drafts:

11 new Working Drafts on Revenue Recognition Guidance for Airline, Gaming, Hospitality and Time Share industries
[Last date for comments: June 1, 2017]

 

GST Draft Rules:

[Last date for comments: April 10, 2017 to be sent to This email address is being protected from spambots. You need JavaScript enabled to view it.]

 

CBDT Draft:

Exemption from Capital Gains Tax u/s 10(38) where STT has been paid
[Last date for comments: April 11, 2017]

 


ICAI Announcement:

Revised Effective Date of SA 701 and Revised SAs 700, 705, 706

 

ITFG Clarification:

ITFG Clarification Bulletin 7

 


Income Tax Return Forms for A.Y.2017-18:

All new ITRs published. eFiling Utilities for ITR 1 & ITR 4 have also been published.


GST FAQs:

FAQs on GST (2nd edition) [As on March 31, 2017]

FAQs on Migration to GST

 


Legal Updates

Income Tax:

Procedure, Formats and Standards for ensuring secured transmission of electronic communication - Introduction of E-Proceeding for communication between the Income Tax Department and Assessee [No.4]

New Form 3CFA - For Opting for Taxation of Income by way of Royalty in respect of Patent [No.25]

The Income-tax (Fourth Amendment) Rules, 2017 [No.21]

New Income Tax Return Forms notified

 

Black Money Tax:

Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 [Circular No.12]

 

MCA:

The Companies (Meetings of Board and its Powers) (Amendment) Rules, 2017

The Companies (Audit and Auditors) Amendment Rules, 2017

Amendment in Schedule III to the Companies Act, 2013.

Designation of Special Court for the state of Telangana and Andhra Pradesh

Substitution of ICSI and ICAI nominee on NACAS

 

IBBI:

Insolvency and Bankruptcy Board of India( Information Utilities) Regulations, 2017

Insolvency and Bankruptcy Board of India (Voluntary Liquidation process) Regulations, 2017

Insolvency and Bankruptcy Board of India( Advisory Committee) Regulations, 2017

Insolvency and Bankruptcy Board of India( Procedure For Governing Boards Meetings) Regulations, 2017

Insolvency and Bankruptcy Board of India(Engagement Of Research Associates And Consultants) Regulations, 2017

 

SEBI:

Investments by FPIs in Government Securities

Capacity Planning Framework for the Depositories

Enhanced Standards for Credit Rating Agencies (CRAs) - Clarifications

SEBI (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2017

 

IRDA:

Information to be submitted as part of the Annual Actuarial Valuation and related reports submission

Clarification regarding payment of commission, remuneration or reward to agents / intermediaries

 

RBI:

Investment by Foreign Portfolio Investors in Government Securities

Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions – Continuance of Special Measures

Purchase of foreign exchange from foreign citizens and others

 

Customs:

Clarification regarding legislative changes relating to Customs Act,1962 proposed in the Finance Bill, 2017 [Circular No.12]

Clarification regarding amendment in Special Economic Zone Rules, 2006 in Rule 47, after sub-rule (4) dated 05.08.2016 [Circular No.11]

Seeks to amend Notification No.69/2011-Customs, dated 29th July, 2011 [No.11]

Seeks to notify Foreign Post Offices [No.31(NT)]

Seeks to further amend notification No. 63/94-Customs (N.T), dated the 21st November, 1994 [No.30(NT)]

Regarding the Deferred Payment of Import Duty (Amendment) Rules, 2017 [No.28(NT)]

Regarding the Bill of Entry (Forms) Amendment Regulations, 2017 [No.27(NT)]

Regarding the Bill of Entry (Electronic Integrated Declaration) Amendment Regulations, 2017 [No.26(NT)]

Regarding amendment to Notification No. 40/2012-Customs (N.T.), dated the 2nd May, 2012 [No.25(NT)]

The Handling of Cargo in Customs Areas (Amendment) Regulations, 2017 [No.24(NT)]

Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver [No.23(NT)]

Export of carpet under duty drawback - examination of carpets for composition, price determination etc. [Circular No.10]

Disposal of seized/confiscated cigarettes of foreign origin vis-a-vis provisions of the cigarettes and other tobacco products (Packaging and Labelling) Rules, 2008 [Circular No.9]