Daily Newsletter - October 18, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Useful Forms:

Income Tax Forms

Income Tax eFiling Utilities

Acts & Regulations:

RBI Master Direction

From the ICAI:

ICAI Announcement

Legal Updates:

Income Tax

GST

RBI

IRDAI

DGFT

Central Excise

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News Update:

Indian News:

Audit committees, independent directors should ask questions to auditors and CFOs: NFRA Chair

Large banks preparing for maturity of RBI's $5 billion forex swap

MNCs sent tax notices over expat employees' allowances from foreign parent companies

Mutual funds seek SEBI support for dedicated REITs/InvITs schemes

I-T dept may raise tax demand retrospectively from telcos: Analysts

Adopt risk-based approach for periodic updation of KYC: RBI asks banks

I-T moves HC against tribunal for favouring LIC in Rs 5K cr tax cases

CCI approves merger of IDFC Ltd with IDFC FIRST Bank

RBI imposes penalty on ICICI Bank, Kotak Mahindra Bank for violation of norms

Dabur receives GST demand notice of Rs 320.60 cr, firm to challenge matter

India's top regulators investigating alternate investment funds: Report

Soon, send up to Rs 5 lakh with mobile no., bank name; no need to add beneficiary, account, IFSC

More entities get RBI's in-principle nod to operate as payment aggregator

  

International News:

ICEAW: Ethics: how much do people trust accountants?

FRC to strengthen auditor reporting requirements of breaches of laws and regulations

Basel publishes crypto exposure proposal

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Useful Forms:

Income Tax Forms:

2 New and 1 Updated Income Tax Forms

  

Income Tax eFiling Utilities:

eFiling Utility for Income Tax Form No.10B has been updated

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Acts & Regulations:

RBI Master Direction:

Master Direction - Know Your Customer (KYC) Direction, 2016
(Updated as on October 17, 2023)

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From the ICAI:

ICAI Announcement:

Sensitization of Companies to abide the provisions of Section 90 of the Companies Act, 2013 read with Rules thereunder relating to Significant Beneficial Ownership

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Legal Updates:

Income Tax:

The Income-tax Amendment (Twenty-fifth Amendment), Rules, 2023 - Amendment to Rule 37BB & New Form 15CD [Notification No.89]

  

GST:

Advisory: Person supplying of Online Money Gaming services or OIDAR or Both– Form GST REG-10 and Form GSTR-5A

  

RBI:

Amendment to the Master Direction on KYC

  

IRDAI:

Mandating of coverage, payment of premium under IMT-29 compulsory as an inbuilt coverage in a private car policy

  

DGFT:

Export of Non-Basmati White Rice (under HS Code 10063090) to Nepal, Cameroon, Cote d' Ivore, Republic of Guinea, Malaysia, Philippines and Seychelles [Notification No.37]

Extension of date for restriction on export of Sugar beyond 31st October, 2023 [Notification No.36]

  

Central Excise:

Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022, to reduce the Special Additional Excise Duty on export of Diesel [Notification No.35]

Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude and reduce the Special Additional Excise Duty on export of ATF [Notification No.34]

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