Daily Newsletter - August 19, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Draft:

CBDT Draft

From the ICAI:

Guidance Notes

Legal Updates:

Income Tax

GST

Customs

RBI

SEBI

DGFT

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News Update:

Indian News:

83-yr-old woman, not liable to file tax returns, wins case against fine

RBI allows infra debt funds to raise money via foreign loan route

Infra debt fund NBFCs must have net owned fund of at least Rs 300 cr: RBI

Give fixed rate option on EMI-based loans while resetting rates: RBI

Lenders can impose penalty on defaults only as 'penal charges': RBI

ITAT: 'Carry forward losses if stake rejig is within grp'

Compliance executives face flak over insider trading norms

Finfluencers will require registration or licence from SEBI, IRDAI: ASCI

Familiarise with newer global areas: FM Nirmala Sitharaman to CAs

CBDT issues draft form for biz to report inventory valuation by accountants

RBI launches centralised web portal for searching unclaimed deposits- UDGAM

GSTN seeks firm to prepare roadmap for transitioning IT systems to GST 2.0

Life insurance payouts will be taxable if yearly premium exceeds Rs 5 lakh

Asci puts more onus on financial, health influencers in new ad guidelines

CBDT issues detailed guidelines on taxation of traditional policies

  

International News:

Audit Firms Must Equip Their Employees to Detect Financial Fraud

Audit scandals rendering profession ‘unattractive’ to newcomers

SEC settles with Crowe U.K. over botched audit claims

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Exposure Draft:

CBDT Draft:

Draft Form No. 6C - Section 142(2A) regarding inventory valuation
[Last date for Comments: August 31, 2023] 

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From the ICAI:

Guidance Notes:

Guidance Note on Financial Statements of Non-Corporate Entities

Guidance Note on Financial Statements of Limited Liability Partnerships

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Legal Updates:

Income Tax:

The Income tax (Eighteenth Amendment), Rules, 2023 - Amendment of Rule 3(1) of Income tax Rules, 1962 - Valuation of Residential Accommodation provided by Employer [Notification No.65]

The Income-tax (Seventeenth Amendment) Rules, 2023 - Rate of Exchange for the Purpose of TDS on Income Payable in Foreign Currency [Notification No.64]

The Income tax Amendment (Sixteenth Amendment), Rules, 2023 - New Rule 11UACA - Computation of Income Chargeable to Tax u/s 56(2)(xiii) for Amount Received under Life Insurance Policy [No.61]

Guidelines under clause (10D) of section 10 of the Income-tax Act, 1961​ [Circular No.15]

  

GST:

Advisory: Steps for e-Invoicing

Advisory: Glossary for e-Invoicing

Seeks to appoint common adjudicating authority in respect of show cause notice issued in favour of M/s United Spirits Ltd [No.40]

Seeks to amend Notification No. 02/2017-Central Tax dated 19.06.2017 [No.39]

  

Customs:

Exchange Rate Notification No. 61/2023-Cus (NT) dated 17.08.2023 [Notification No.61(NT)]

  

RBI:

Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans

Review of Regulatory Framework for IDF-NBFCs

Fair Lending Practice - Penal Charges in Loan Accounts

  

SEBI:

SEBI (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023

  

DGFT:

Amendment in Appendix 4B of Handbook of Procedures, 2023 [No.28]

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