Daily Newsletter - October 18, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

IPSAS Drafts

International Content:

PCAOB Reference Material

Legal Updates:

Income Tax

GST

IFSCA

RBI

SEBI

DGFT

Customs

 

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News Update:

Indian News:

SAT admits Anil Ambani plea in RHFL case, directs 50% deposit of penalty

Sebi clarifies on 3-in-1 accounts usage for online public issue application

Panels on GST rationalisation, cutting tax on insurance to meet on Oct 19

Company hacked after accidentally hiring North Korean cyber criminal as remote IT worker

It's collective responsibility to improve corporate governance, follow global standards: NFRA Chief

RBI cracks down on shadow banks over high-interest loans, rule violations

Scheme for gig workers’ social security by January

Relief against income tax offences: New compounding guidelines issued by CBDT to help taxpayers in preventing prosecution

Insurance benefits for EPFO members extended retrospectively from April 28

GST on Corporate-Guarantee from overseas group entity payable only one-time, not periodically: Rajasthan’s AAR

GoM on GST compensation cess holds first meeting: No new levies until future is decided

Foreigners unwinding Indian bond derivatives holdings draws RBI attention

ICAI’s new standards legally void: NFRA

New form to reduce TDS from salary: CBDT issues Form 12BAA to tell employer about other taxes paid by you

Panel discusses merger of GST compensation cess into taxes

Banks can claim deductions for broken period interest: Supreme Court

Irdai extends IFRS 17 deadline to FY27; aims to give ample time to cos

 

International News:

SEC's evolving stance on climate disclosures has implications for auditors

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Exposure Drafts:

IPSAS Drafts:

Proposed International Public Sector Accounting Standard
Limited-scope Updates to First-time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSAS)
(Amendments to IPSAS 33)
[Last date for Comments: December 13, 2024] 

Proposed International Public Sector Accounting Standard
Amendments to IPSAS as a Result of the Application of IPSAS 46, Measurement
[Last date for Comments: November 29, 2024] 

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International Content:

PCAOB Reference Material:

Spotlight (Report)
Bank Financial Reporting Audits
[September 2024]

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Legal Updates:

Income Tax:

CBDT issues Revised Guidelines for compounding offences under the Income- tax Act, 1961 [Press Release]

CBDT Notifies Amendments in Income-tax Rules for Ease in Claiming Credit for TCS Collected/TDS Deducted for Salaried Employees and Enabling claiming TCS Credit of Minors in the Hands of Parents [Press Release]

 

GST:

Additional FAQs on IMS

Attention – Hard - Locking of auto-populated liability in GSTR-3B

 

IFSCA:

Listing of Commercial Paper and Certificates of Deposit on the recognised stock exchanges in the IFSC

 

RBI:

RBI (Access Criteria for NDS-OM) Directions, 2024

 

SEBI:

Clarification with regard to usage of 3 – in – 1 type accounts for making an application in public issue of securities

 

DGFT:

Electronic Submission of Appendix 4H Certificates [Trade Notice No.21]

 

Customs:

Implementation of "Agreement" signed between FSSAI, Ministry of Health and Family Welfare, Government of India and Bhutan Food and Drug Authority (BFDA) [Instruction No.22]

Retrospective issuance of certificates of origin under India-UAE CEPA [Instruction No.21]

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