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Check out the latest additions to CAalley ...

Updates were in the following categories:

Indian News

International News

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

MCA eForms

RBI Drafts

ICAI Announcements

ICAI ITFG Clarification

Legal Updates

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

 


Indian News:

RBI raises provisioning on telecom loans

Sebi provides clarity on Interest Rate Future requirements

70% of India’s small, mid-sized firms yet to start GST preparations

Relief to consumers, under GST, tax rates for most goods to fall

'Services need to gear up for Industrial Revolution 4.0'

Panama Paper leak: Centre to inform SC as whether to form new SIT

Govt considers payment gateway before widening Google Tax net

E-commerce definition too wide in GST dispensation: Assocham

GST: Government looking to keep single rate for each product group to avoid complexity

Sebi set to block P-Note route for NRIs to prevent laundering of black money

Govt may soon allow 100% FDI in cash, ATM management cos

Email id for black money information receives over 38,000 mails

IFSCs may permit trading in equity derivatives: Sebi

GST: CBEC suggests e-way bill for moving goods over Rs.50,000

I-T dept to probe over 60,000 'high risk' people under 'Operation Clean Money-II'

Gold imports up since demonetisation: Black money turned white, then yellow

RBI tightens screws on banks with stricter PCA guidelines

RBI likely to soak more liquidity from system

BSE mandates filing of financial results through XBRL format

Shell companies: CA body assures swift disciplinary action against erring members

RBI tightens screws on banks to ease bad debt

Relief as taxman assures that seafarers salary not taxable

Service tax to move up from 15% to 18% under GST, says Hasmukh Adhia

GST Bills get President’s nod

Rent receipts not enough to prove House Rent Allowance claim

RBI proposes simplified forex hedging facility

Finance Ministry rejects Apple demands on tax; firm’s manufacturing line this year

Tax rates under GST to stay close to present levels

EPFO extends deadline for submitting Aadhaar to April 30

No 2nd chance for start-ups that did not get tax sops

Andhra Pradesh to push for same benefits under GST for VAT exempted goods

GST should be rolled out in October not July 1: P Chidambaram

FERA violation case: Fresh non-bailable warrant against Vijay Mallya

IFSC banking units get RBI boost

'Tax payers to get foolproof security on their data under GST'

 

International News:

IPSASB calls for comment on ‘heritage’ reporting

KPMG shakes up audit team for inside info on PCAOB inspections

 


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

Excel & Java Utilities and Instructions published till date


MCA eForms:

Updated as on April 18, 2017

 


RBI Drafts:

RBI announces draft guidelines of Simplified Hedging Facility for Residents and Non-Residents
[Last date for comments: May 5, 2017 to be sent to This email address is being protected from spambots. You need JavaScript enabled to view it. ]

RBI announces Draft Framework on introduction of Tri-Party Repo
[Last date for comments: May 5, 2017 to be sent to This email address is being protected from spambots. You need JavaScript enabled to view it. ]

 


ICAI Announcements:

FAQ on treatment of Securities Premium Account under Ind AS on the date of transition [Published on April 17, 2017]

Implementation Guide on Auditor’s Report under Rule 11(d) of Companies (Audit and Auditors) Amendment Rules, 2017 and Amendment to Schedule III to Companies Act, 2013 [Published on April 15, 2017]

 

ICAI ITFG Clarification:

ITFG Clarification Bulletin 5 (revised)
[Published on April 17, 2017]

 


Legal Updates

Income Tax:

Clarification regarding liability to income-tax in India for a non-resident seafarer receiving remuneration in NRE account [Circular No.13]

 

Service Tax:

The Service Tax (Third Amendment) Rules, 2017 [No.16]

Seeks to amend notification No. 30/2012-ST dated 20.06.2012 so as to specify the importer as defined under section 2(26) of the Customs Act, 1962 [No.15]

The Point of Taxation (Amendment) Rules, 2017 [No.14]

Issues related to levy of service tax on the services provided by a person located in non-taxable territory to a person located in non-taxable territory by way of transportation of goods by a vessel from a place outside India to the customs station in India [Circular No.206]

The Service Tax (Settlement of Cases) Amendment Rules, 2017 [No.13]

 

MCA:

Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2017

Commencement of section 234 of Companies Act 2013

The Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2017

 

SEBI:

Review of the framework of position limits for Interest Rate Futures contracts

Inclusion of "Derivatives on Equity shares" - IFSC

 

RBI:

Disclosure in the “Notes to Accounts” to the Financial Statements- Divergence in the asset classification and provisioning

Additional Provisions For Standard Advances At Higher Than The Prescribed Rates

Guidelines on compliance with Accounting Standard (AS) 11 [The Effects of Changes in Foreign Exchange Rates] by banks - Clarification

Prudential Guidelines – Banks’ investment in units of REITs and InvITs

Revised Prompt Corrective Action (PCA) framework for banks

Financial Literacy Week

Security Substitution Facility for term repos conducted by Reserve Bank of India under the Liquidity Adjustment Facility

 

Central Excise:

The CENVAT Credit (Second Amendment) Rules, 2017 [No.10(NT)]

The Central Excise (Settlement of Cases) Amendment Rules, 2017 [No.9(NT)]

The Central Excise (Advance Rulings) Amendment, Rules 2017 [No.8(NT)]

 

Customs:

Amendment to Notification No.41/1999-Cus to align the said notification with para 4.36 of FTP 2015-20 by omitting the word 'for export' in the proviso to the notification [No.14]

Seeks to further amend notification No.12/2012-Customs, dated 17.03.2012 [No.13]

Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver [No.39(NT)]

Amendment to notification no.78/2014-Customs (N.T.) dated 16.09.2014 [No.38(NT)]

The Customs (Settlement of Cases) Amendment Rules, 2017 [No.37(NT)]

Delayed, incomplete or incorrect filing of Import manifest [Circular No.14]

Seeks to levy definitive anti-dumping duty on import of 'Flexible Slabstock Polyol' originating in or exported from Thailand [No.13(ADD)]

Seeks to levy anti-dumping duty on the imports of 'Linear Alkyl Benzene' originating in or exported from Iran, Qatar and China [No.12(ADD)]

The Levy of Fees (Customs Documents) Amendment Regulations, 2017 [No.36(NT)]

Amendments in Notification No.40/2012-Customs (N.T.) dated 2nd May, 2012 [No.35(NT)]

DTA clearance of goods procured by EOUs/EHTP/STP units from indigenous sources - charging of Duty [Circular No.13]

Rate of exchange w.e.f. April 7, 2017 [No.33(NT)]

Rate of exchange w.e.f. April 6, 2017 [No.32(NT)]

Seeks to amend Notification No.12/2012-Customs, dated the 17th March, 2012 [No.12]

Amendments in Notification No.1/2017-Customs (ADD) dated 5th of January, 2017 [No.11(ADD)]