Daily Newsletter - June 23, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

From the ICAI:

ICAI Announcement

Reference Section:

CA's Referencer

Legal Updates:

Income Tax

MCA

RBI

SEBI

DGFT

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News Update:

Indian News:

CBDT Introduces Form 10-IEA For Business Owners, Professionals To Continue With Old Tax Regime

Indians' funds in Swiss banks down 11% to ₹30,000 cr. on dip in customer deposits

MCA21 continues to misfire even as businesses bear the brunt of persistent glitches

Tax raids on gold traders in Delhi, Kolkata, UP over illegal transactions

Two arrested for input tax credit racket

'Byju's auditor Deloitte resigns mid term, three board members step down'

Centre rubbishes media report on possible tweak in pension system, says no conclusion reached

Zee Entertainment settles insider trading breach case with Sebi, pays Rs 7 lakh

Sebi proposes standard format on trading preference for different exchanges

SEBI introduces stricter framework for disposal of undertaking by a listed entity

  

International News:

KPMG’s Big Four Dominance on Bank Audits Shaken by Failures

Advisory Panel Discusses Ideas to Increase Transparency of Audit and PCAOB Inspection

SEC Charges Audit Firm Marcum LLP for Widespread Quality Control Deficiencies

Bank of England hikes rates to 5% to tackle inflation, highest since 2008

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From the ICAI:

ICAI Announcement:

Restricting revocation of the UDINs within 48 hours

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Reference Section:

CA's Referencer:

Income Tax Rates - AY 2024-25 and 2023-24

Income Tax - Depreciation Rates [Updated]

Income Tax - Withholding tax rates [Updated]

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Legal Updates:

Income Tax:

The Income-tax (Tenth Amendment) Rules, 2023 - Amendments to Income Tax Rules relating to section 115BAC of Income Tax Act [No.43]

  

MCA:

Relaxation in paying additional fees in case of delay in filing DPT-3 for Financial Year ended on 31st March 2023 up to 31st July 2023 [Circular No.6]

  

RBI:

Status of MIFOR as a Significant Benchmark

Remittances for 'studies abroad' to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS)

  

SEBI:

Master Circular for Issue of Capital and Disclosure Requirements

Standardised approach to valuation of investment portfolio of Alternative Investment Funds (AIFs)

Modalities for launching Liquidation Scheme and for distributing the investments of Alternative Investment Funds (AIFs) in-specie

Issuance of units of AIFs in dematerialised form

  

DGFT:

Procedure for applying for Amnesty scheme for one-time settlement of default in export obligation by Advance and EPCG authorization holders in manual mode [Circular No.2]

Amendments in Category 5B of Appendix 3 (SCOMET Items) to Schedule-2 of ITC (HS) Classification of Export and Import items [Notification No.14]

Amendment in Export policy of HS Code 2610 [Notification No.13]

Amendments in Category 5B of the Appendix 3 (SCOMET LIST) to Handbook of Procedures 2023 [Public Notice No.19]

Amendment under Appendix 2T (List of Export Promotion Councils/Commodity Boards/Export Development Authorities) of Appendices and ANFs of FTP 2023 - Regarding [Public Notice No.18]

Amendment in procedure for import of Copper products and Zinc Oxide under the Revised India Nepal Treaty of Trade [Public Notice No.17]

Process for EOP extension and issuance of EODC for Advance Authorisation for Annual Requirement [Trade Notice No.11]

Fixation/ Review of Norms of advance authorization by Norms Commitee (NC-7) from new online Norms Fixation IT module [Trade Notice No.10]

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