Indian News

• India will not merge GST tax rates in 2023-24: Revenue Secretary Malhotra
• Markets regulator seeks beneficial ownership details of foreign investors: Report
• Linking PAN with Aadhaar: CBDT chairperson says 48 crore linked so far
• IRDAI should set up a committee to review its regulations: Experts
• Govt not to impose import duty on cars brought in for testing: Minister
• Insurance companies under scanner for rampant tax evasion
• India, France, UAE unveil plans for co-operation under trilateral framework
• Introduction of Insolvency and Bankruptcy Code helped improve ‘ease of doing business’ ranking: Justice Kaul
• Sebi proposes measures to curb mis-selling in alternate investment funds
• Centre working on implementing new Foreign Trade Policy from April 1, 2023
• Sebi provides additional methods to comply with minimum public shareholding requirement; rationalises existing ones
• SEBI tweaks operational framework on credit rating agencies
• GST Council chaired by FM Nirmala Sitharaman to meet on Feb 18
• Sebi tweaks framework on credit rating agencies, asks for detailed policy
• Banking sector remains resilient and stable: RBI
• No extension to lower withholding tax triggers concern among FPIs: Report
• Will bring scheme for disposal of small appeals: CBDT chairperson

Click here for complete Indian News Listings

Budget News

Highlights of Finance Bill -- As Published by IT Dept

Notes on Clauses - Direct & Indirect Taxes -- As Published by IT Dept

• Sending money abroad, foreign investment to cost more: How remittances will be taxed from July 1, 2023
• Govt reduces customs duty on number of products for marine sector
• EPF withdrawals will be less taxing now. All about the big budget announcement
• India Inc braces for CSR cost blow
• No angel tax on past foreign investments in startups
• Increase in TCS under LRS is to target discretionary spending: Revenue Secy
• Scope widens for GST levy on online database services
• ITC cannot be claimed on goods/services used for CSR activities: Budget
• Six Questions For Indian Startups, Tech & Digital India
• Budget pitches for green credits to incentivize environmentally responsive action by individuals and companies
• Article: Analysis of Indirect Tax Updates in Finance Bill 2023
• Tax reins tightened, charitable trusts have no margin of error
• I-T, TDS to cover cash ‘benefits’

Budget 2023-24 Documents

Budget 2023 Highlights

Economic Survey 2022-2023 - As presented by Finance Ministry

ICAI's Pre-budget Memorandum 2023

Click here for complete Budget News

International News

• Audit committee job creep taking its toll
• UK sets out plan to regulate cryptoassets
• FASB Crypto Proposal Coming by End of March amid Slight Sector Rebound from Lows
• PCAOB offers new guidance for quality control remediation
• OECD releases technical guidance for implementation of the global minimum tax
• Central banks should stick to 'higher for longer' interest rate approach: IMF
• BOE Raises Key Rate to 4% Saying More Hikes May Be Needed
• Fed raises rates a quarter point, expects ‘ongoing’ increases
• The Most-Fined Big 4 Firm in the UK is Raising Audit Fees, Knows Clients Will Complain About It
• Here Are the IFRS Updates That Became Effective This January
• AICPA Digital Asset Reporting Guide Punts on Lending Transactions
• U.S. watchdog should step up oversight of crypto auditors, say Democratic senators
• Auditors dialed back mandated disclosures: study
• Deloitte Cited For Not Disclosing Auditor Financial Ties
• Taxpayers reminded about digital asset question and income reporting
• Complying with the SEC’s insider trading reforms
• U.S. accounting watchdog faces lawsuit over its 'secretive' disciplinary process
• FASB mulls two new software accounting options

Click here for complete International News Listings

Legal Updates

• SEBI Update - Feb.6, 2023
• Central Excise Update - Feb.6, 2023
• SEBI Update - February 3, 2023
• Customs Update - February 3, 2023
• Income Tax FAQs on e-Verification Scheme 2021
• SEBI notification for AIFs
• DGFT Public Notice No.55
• SEBI notification regarding changes in Verification Framework
• Budget Notifications - Customs
• Budget Notification - Excise
• IRDAI: 2 new notifications
• DGFT: Public Notice No.54
• MCA: Registration Offices and Fees Amendment Rules
• Customs Update - Jan.28, 2023

Reference Updates

• ICAI: Framework for Social Audit Standards
• SEBI Master Circular - Issued on February 3, 2023
• SEBI Regulations for Issue and Listing of NCS
• Customs Manual 2023
• Article: How can auditors define material fraud?
• Article: Analysis of Profit and Loss of Individual Traders dealing in Equity F&O Segment
• MCA eForms updated as on Jan.23, 2023
• Acts & Regulations - DGFT
• Acts & Regulations - IBBI
• RBI Master Direction
• Article: Simplifying your job search
• ICAI: Technical Guide on Digital Assurance

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Exposure Drafts

• SEBI Draft for AIFs to carry forward unliquidated investments
• SEBI Draft for REITs and InvITs to issue Depository Receipts
• IAASB Draft: Audits of Group Financial Statements
• RBI Discussion Paper on SSAF
• IBBI Draft: Proposed changes in IBC, 2016
• NFRA Draft: Annual Transparency Reports
• SEBI Draft: Blocking of Funds for Trading
• RBI Draft: Expected Loss-based Approach for loan loss provisioning
• IFRS Draft: Proposed amendments to IAS 12
• IEPF Consultation Paper

Go to the "Exposure Drafts" listings to access all Exposure Drafts

Important Notification / Circulars

Income Tax:

TDS on Income from Salaries u/s 192 during FY 2022-23​ [Circular No. 24]

Explanatory Notes to the provisions of the Finance Act, 2022​ [Circular No. 23]

MCA:
The Companies (Registered Valuers and Valuation) Amendment Rules, 2022

Customs:
Faceless Assessment - Anonymized Escalation Mechanism & extension of Standard Examination Orders through RMS (Phase 1, Part 2) [Circular No.23]

Income Tax FAQs:

Co-Browser FAQs

IAASB Fact Sheet:

ISA 220 (Revised)
Quality Management and Group Audits: Highlighting Certain Aspects of Interaction - Between ISA 220 (Revised) and ISA 600

Financial Reporting Council, UK

Documentation: 
General principles for considering the public interest in our work

Drafts:
Consultation Document - Audit Committee Standard (November 2022)
[Last date for Comments: February 8, 2023]

Draft Minimum Standard for Audit Committees (November 2022)
[Last date for Comments: February 8, 2023]