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Daily Newsletter - May 24, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Reference Section:


Exposure Draft:

SEBI Draft

Legal Updates:

Income Tax





News Update:

Indian News:

ED raids foreign-registered online gaming portals; says Rs 4,000cr funds sent abroad illegally

Forceful seizure of vehicles by recovery agents is illegal: Patna high court

Consumer Commission directs Reliance Life Insurance to pay ₹60 lakh with interest to widow of policyholder

Banks, lenders wary as RBI tags centralised KYC as high risk

Traders condemn GST Department's verification drive

Changes to angel tax will provide relief to small businesses, startups: Experts

TDS rules: Online gaming bonus, incentives taxable if withdrawn, says CBDT


International News:

UK companies watchdog proposes tougher disclosures on internal controls

FRC minimum standard for audit committees ‘a step in the right direction’

IASB amends tax accounting requirements to help companies respond to international tax reform

FRC publishes minimum standard for audit committees

Reference Section:


A Guide to GAAP
[Submitted by CA S. Ramaswamy,
Kochi, Kerala]
May 21, 2023

Exposure Draft:

SEBI Draft:

Consultation paper on proposal with respect to pro-rata and pari-passu rights of investors of Alternative Investment Funds (AIFs)
[Last date for Comments: June 4, 2023] 

Legal Updates:

Income Tax:

Clarification regarding provisions relating to charitable and religious trusts [Circular No.6]

The Income-tax (Fifth Amendment) Rules, 2023 - Calculations of Net Winnings from Online Games [No.28]

Guidelines for compulsory selection of returns for Complete Scrutiny during the FY 2023-24



Revision in computation of Core Settlement Guarantee Fund in Commodity Derivatives Segment



Amendment in Export Policy of Broken Rice under HS Code [No.7]

Amendment in Export Policy of Cough Syrup [No.6]



Foreign Trade Policy 2023 [Circular No.12]

Seeks to amend Australia FTA notification to make changes in tariff preference given to Coking Coal and Raw Cotton arising out of Finance Act, 2023 [No.38]

Requirement of EPR registration certificate for import of battery as well as equipment containing battery [Instruction No.17]

E-waste (Management) Rules 2022 - regarding release of imported consignments of producers of 85 EEEs items (ITEW 17 to ITEW 27, CEEW 6 to CEEW 19, LSEEW 1 to LSEEW 34, EETW 1 to EETW 8, TLSEW 1 to TLSEW6, MDW 1 to MDW 10 and LIW1 to LIW 2) [Instruction No.16]



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