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Daily Newsletter - June 7, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

IFRS Exposure Draft

FRC Exposure Draft

Useful Forms:

Income Tax Forms

Legal Updates:

Income Tax






News Update:

Indian News:

Farmer gets notice to pay 4.9Cr for GST as his PAN is misused

HC upholds GST rules on taxing intermediary services for clients abroad

NPS withdrawal rule set to change: Soon you can opt for periodic withdrawal instead of lump sum

Minimum assured return scheme in works; to be launched soon: PFRDA Chairman

Public sector banks, ICAI to set up common platform for balance confirmations

Work underway on non-IBC resolution formats

RBI permits banking units at IFSC to settle NDDCs in rupee

E-invoice enabled for businesses with annual turnover of Rs 5 crore

BBC ‘accepts’ it paid lower taxes in India

Centre directs banks to ensure nominees for all accounts and lockers


International News:

PCAOB Proposes Revised Audit Requirements for Non-Compliance with Laws and Regulations

Banks' reliance on AI to handle customer service worries consumer watchdog

IPSASB updates revenue transaction and transfer expense standards

ESG an “immense” market for mid-tier accounting firms to tap into

SEC’s Top Accountant Emphasizes Auditor’s Role in Detecting Corporate Fraud

Exposure Drafts:

IFRS Exposure Draft:

IFRS Sustainability Disclosure Standards - Consultation on Agenda Priorities
[Last date for Comments: September 1, 2023] 


FRC Exposure Draft:

Proposed International Standard on Auditing (UK) 505 (Revised)
External Confirmations

[Last date for Comments: September 1, 2023] 

Useful Forms:

Income Tax Forms:

Income Tax Form No.16 (updated)
Certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source from income chargeable under the head "Salaries"

Income Tax Form No.35 (updated)
Appeal to the Commissioner of Income-tax (Appeals)

Legal Updates:

Income Tax:

​Revision of exceptions to monetary limits for filing appeals deferred under provisions of Section 158AB​ [Circular No.8]



Notification regarding Establishment of regional offices of the Competition Commission of India



Expanding the Scope of Trade Receivables Discounting System

Risk Management and Inter-Bank Dealings - Non-deliverable derivative contracts (NDDCs)



Amendment in Import Policy Condition 6 (Pet Coke) under Chapter 27 of Schedule –I (Import Policy) of ITC (HS) 2022 [No.10]



Amended Exchange Rate Notification dated June 7, 2023 [No.40(NT)]

Implementation of Honourable Supreme Court direction in judgement dated 28.04.2023 in matter of Civil Appeal No. 290 of 2023 relating to pre-import condition [Circular No.16]

Mandatory additional qualifiers in import/export declarations in respect of certain products wef 1.7.2023 [Circular No.15]



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