Daily Newsletter - November 20, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

IBBI Drafts

SEBI Draft

FASB Draft

IFRS Drafts

International Content:

FRC Reference Material

Legal Updates:

Income Tax

GST

IFSCA

 

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News Update:

Indian News:

Income Tax Department reduces time allowed to apply for old income tax refunds; check the new time limit

Attracting and retaining talent remains key concern in banking: KPMG Report

Centre-RBI disagreement deepens over inflation and rates cuts

GST audit report in Maharashtra will be issued offline; know what steps to take to avoid future litigation

Sebi considers overhauling SME listing regulations amid rising concerns

Majority of corporates want government to enable real-time reporting for audit: Deloitte

PSU stocks: New rules for share buyback, bonus issue, stock split and dividend

Govt planning to sell stakes in 4 state-run banks to comply with Sebi norms

Govt appoints K Sanjay Murthy as next Comptroller and Auditor General

Govt to surpass Rs 22.07 trn direct tax collection target: CBDT chief

IT Ministry finalising voluntary code of conduct, ethics for AI companies

CCI slaps penalty of Rs 213 crore on Meta for abusing dominant position

GST Appellate Tribunal to start operations by the end of FY25: Revenue Secy

Sebi asks CRAs to verify issuers' funds availability, escrow payments in certain cases

Sebi directs 4 entities to cease and desist from offering unlisted debentures

 

International News:

FASB proposes guidance on accounting for government grants

Audit committees expand oversight to ESG, cybersecurity, AI: EY

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Exposure Drafts:

IBBI Drafts:

Discussion Paper Monitoring Committee under CIRP
[Last date for Comments: December 9, 2024] 

Discussion Paper on Review of Grievance Redressal and Enforcement Framework and Rationalisation of Timelines Regarding Authorisation for Assignment
[Last date for Comments: December 10, 2024] 

Discussion Paper – Liquidation and Voluntary Liquidation Process
[Last date for Comments: December 9, 2024] 

 

SEBI Draft:

Consultation paper on Review of SME segment framework under SEBI (ICDR) Regulations, 2018, and applicability of corporate governance provisions under SEBI (LODR) Regulations, 2015 on SME companies to strengthen pre-listing and post-listing SME provisions
[Last date for Comments: December 4, 2024] 

 

FASB Draft:

Proposed Accounting Standards Update
Interim Reporting (Topic 270)
[Last date for Comments: March 31, 2025] 

 

IFRS Drafts:

Exposure Draft: IFRS Accounting Standard
Provisions—Targeted Improvements
Proposed amendments to IAS 37

Proposed amendments to Guidance on implementing IAS 37

Basis for Conclusions on Provisions — Targeted Improvements - Proposed amendments to IAS 37
[Last date for Comments: March 12, 2025] 

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International Content:

FRC Reference Material:

Technical Actuarial Guidance (technical guide regarding use of AI)
Models
[October 2024]

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Legal Updates:

Income Tax:

Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC or Form No. 10-ID for Assessment Years 2020-21, 2021-22 and 2022-23 [Circular No.17]

 

GST:

Extension of due date for filing of return in FORM GSTR-3B for the month of October, 2024 for the persons registered in the state of Maharashtra and Jharkhand [Notification No.26]

 

IFSCA:

Procedure for implementation of Section 51A of the Unlawful Activities (Prevention) Act, 1967- Change in the details of the Central [Designated] Nodal Officer

Exempting certain entities/activities from the applicability of International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022

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