Daily Newsletter - January 3, 2025

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Latest additions to CAalley:

News Update:

Indian News

International News

Acts & Regulations:

SEBI Master Circular

Useful Forms:

ITR eFiling Utilities for AY 2024-25

Legal Updates:

Income Tax

GST

MCA

RBI

FEMA

SEBI

DGFT

Customs

 

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News Update:

Indian News:

Now you can open Post Office Savings Account and carry out transactions through Aadhaar Biometric Authentication

Now it will be difficult to take multiple personal loans due to new RBI norms

Chartered accountants asked to report FCRA violations by NGOs

Still not packaged well: GST adds to manufacturing woes, calls for simplification grows

Desi companies cheer quality norms as mfg gets boost

Sebi bans Ketan Parekh, 2 others from markets in front-running scam, impounds Rs 65 crore

MCA asks cost auditors to tap AI to better detect inefficiency

Audit needs to be proper

CBIC clarifies rules, says no GST to apply on pre-paid gift vouchers, cards

Will Digiyatra data be used to crack down on tax evaders? taxmen clarify

EPS pensioners can now withdraw their pension from any bank in India

Now you can file rectification request online for incorrect ITR processing even if it’s with the AO

I-T dept set to enhance operations in 2025 by adopting PRUDENT approach

Govt retains interest rates on small savings schemes for Jan-Mar quarter

Health insurers reject claims worth Rs 15,100 crore in FY24: Irdai

As NPCI lifts limits, WhatsApp Pay can now extend UPI services to all users

NEFT, RTGS rule change: Verify beneficiary names easily with new account name lookup facility; when can you use it?

These bank accounts will close down from Jan 1. Check if yours is affected

RBI lifts curbs on Mumbai-based Sangli Sahakari Bank after 2.5 years

Government extends deadline for direct tax Vivad Se Vishwas Scheme

I-T Department extends belated, revised ITR filing deadline to Jan 15

ICAI can't notify audit quality norms, says SG Tushar Mehta

Stockbrokers can ask you to submit income tax returns (ITR) to check PMLA violation

EPF Update: Do EPS 95 pensioners need to submit Digital Life Certificate every six months? EPFO clarifies

RBI sets up 8-member panel to develop framework for ethical use of AI

RBI allows PPI holders to make UPI payment using third-party apps

A year where audit integrity took centre stage

CCI to intervene selectively, considering sector-specific dynamics

Centre appoints Arunish Chawla as new Revenue Secretary in FinMin

NFRA flags deficiencies in BSR & Co's audit of related party transactions

GST on caramel popcorn sold in theatres to stay at 5%, govt clarifies

 

International News:

SEC approves PCAOB rule change on deregistering firms

How do you audit crypto? It starts with understanding how to report on it.

Audit fee lowballing doesn't pay off

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Acts & Regulations:

SEBI Master Circular:

Master Circular for Stock Exchanges and Clearing Corporations

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Useful Forms:

ITR eFiling Utilities for AY 2024-25:

The following Utilities & Schemas have been updated for filing of updated return u/s 139(8A)

ITR 1
Excel Utility

ITR 4
Excel Utility

ITR 5
Excel Utility
Schema
Schema Change Document

ITR 6
Excel Utility
Schema
Schema Change Document

ITR 7
Excel Utility
Schema
Schema Change Document

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Legal Updates:

Income Tax:

​Extension of due date for furnishing belated/revised return of income for the Assessment Year 2024-25 in certain cases [Circular No.21]

​Extension of due date for determining amount payable as per column (3) of Table specified in section 90 of Direct Tax Vivad Se Vishwas Scheme, 2024​ [Circular No.20]

 

GST:

Clarification on various issues pertaining to GST treatment of vouchers [CGST Circular No. 243]

Clarification on place of supply of Online Services supplied by the suppliers of services to unregistered recipients [CGST Circular No. 242]

Clarification on availability of input tax credit as per section 16(2)(b) of the Central Goods and Services Tax Act, 2017 in respect of goods which have been delivered by the supplier at his place of business under Ex-Works Contract [CGST Circular No. 241]

Clarification in respect of input tax credit availed by electronic commerce operators where services specified under Section 9(5) of Central Goods and Services Tax Act, 2017 are supplied through their platform [CGST Circular No. 240]

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Arunachal Pradesh

Advisory for Waiver Scheme under Section 128A

 

MCA:

The Companies (Accounts) Second Amendment Rules, 2024

 

RBI:

Formation of new district in the State of Nagaland – Assignment of Lead Bank Responsibility

Participation of NaBFID as an AIFI in financial markets

Government Debt Relief Schemes (DRS)

Introduction of beneficiary bank account name look-up facility for Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) Systems

Reporting Platform for transactions undertaken to hedge price risk of gold

Unified Payments Interface (UPI) access for Prepaid Payment Instruments (PPIs) through third-party applications

 

FEMA:

Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Fourth Amendment) Regulations, 2024

 

SEBI:

Implementation of recommendations of the Expert Committee for facilitating ease of doing business for listed entities

Clarifications to Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs)

Introduction of a Mutual Funds Lite (MF Lite) framework for passively managed schemes of Mutual Funds

Clarifications on Insider Trading - Comprehensive FAQs on SEBI (PIT) Regulations, 2015

Allowing subscription to the issue of Non- Convertible Securities during trading window closure period

Prior approval for change in control: Transfer of shareholdings among immediate relatives and transmission of shareholdings and their effect on change in control

 

DGFT:

Amendment in Foreign Trade Policy 2023 to include Para 1.07A and 1.07B for consultation with stakeholders to seek views, suggestions, comments or feedback from relevant stakeholders, including importers/exporters/industry experts concerning the formulation or amendment of the Foreign Trade Policy [Notification No.47]

Imposition of Minimum Import Price (MIP) on import of Soda Ash covered under Chapter 28 of ITC (HS) 2022, Schedule –I (Import Policy) [Notification No.46]

Imposition of Minimum Export Price (MEP) on Export of Honey [Notification No.45]

Imposition of Quantitative Restriction on import of Low Ash Metallurgical coke under Chapter 27 of ITC (HS) 2022, Schedule-I (Import Policy) [Notification No.44]

Enlistment of PSIAs and Addition of area of operation of PSIAs in terms of Para 2.52 (c) of HBP 2023 in Appendix-2G [Public Notice No.36]

Standard Operating Procedure (SOP) for Export Authorisations for Restricted Seeds and Planting Materials [Trade Notice No.26]

Procedure for filing application for obtaining Import Authorisation for import of Low Ash Metallurgical Coke subject to Country-wise Quantitative Restrictions (QR) [Trade Notice No.25]

 

Customs:

Roll out of Automated Out of Charge for AEO T2 and T3 Clients [Circular No.1]

Fixation of Tariff Values of Edible Oils,Brass Scrap,Areca Nut,Gold and Silver [Notification No.88(NT)]

Seeks to give effect to the fourth tranche of tariff concessions under India-Australia ECTA [Notification No.50]

Seeks to amend Notification 64/2023-Customs to extend concessional duty on Yellow Peas till 28th February 2025 [Notification No.49]

Appointment of Common Adjudicating Authority for the purpose of finalization of Provisional Assessment in SVB case w.r.t. M/s HD Hyundai Construction Equipment India Pvt. Ltd. [Notification No.87(NT)]

Seeks to impose ADD on Digital Offset Printing Plates from China PR, Japan, Korea RP, Taiwan and Vietnam for 5 years, pursuant to final findings of DGTR [Notification No.28(ADD)]

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