Daily Newsletter - October 2, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Useful Forms:

ITR eFiling Utilities

Legal Updates:

Income Tax

GST

MCA

IFSCA

FEMA

SEBI

RBI

DGFT

Customs

 

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News Update:

Indian News:

Mere issuance of SCN not enough to cancel GST registration, rules Delhi HC

Explained: New rules for same-day stock settlement and impact on investors

NCLT president seeks more manpower to speed up bankruptcy cases

Govt notifies Apr 1, 2025, as sunset date for GST anti-profiteering

Market regulator Sebi rolls out 6 measures to rein in F&O speculation

Govt announces 3 new external members ahead of key RBI MPC meet

TDS deposit rules for employers relaxed from Oct 1, 2024: Does this put employee's TDS credit at risk?

No new anti-profiteering investigations under GST from April 1, 2025

Life cover policyholders stand to gain as new surrender value norms kick in from Oct 1

Sebi slaps Rs 12 lakh fine on NSE Data And Analytics

Small savings rates unchanged for Oct-Dec quarter: PPF gives 7.1 % interest

RBI urges gold loan firms to monitor portfolios following lapses

Sebi board gives approval for new asset class, MF Lite regulations

 

International News:

PCAOB inspectors offer advice in areas of risk

SEC amended PCAOB Rule 3502 to raise the bar on ethics rules

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Useful Forms:

ITR eFiling Utilities:

Excel Utilities for ITR 1 to ITR 7 have been updated

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Legal Updates:

Income Tax:

Order authorizing Income-tax authorities to admit an application or claim for refund and carry forward of loss and set off thereof under section 119(2)(b) of the Income-tax Act, 1961 [Circular No.11]

Procedure for making declaration and furnishing undertaking in Form-1 under Rule 4 of The Direct Tax Vivad Se Vishwas Rules, 2024 [Notification No.4/2024]

 

GST:

Advisory: GSTN e-Services App to Replace e-Invoice QR Code Verifier App Shortly

Notification under Section 171 of CGST Act to provide for the sunset date. [CGST Notification No.19]

Seeks to notify Principal Bench of GST Appellate Tribunal to hear cases of anti-profiteering [CGST Notification No.18]

 

MCA:

The Companies (Indian Accounting Standards) Third Amendment Rules, 2024 - Indian Accounting Standard (Ind AS) 104 - Insurance Contracts

 

IFSCA:

Master Circular for Credit Rating Agencies

Single Window IT System inter-alia for registration and approval from IFSCA, SEZ authorities, GSTN, RBI, SEBI and IRDAI.

 

FEMA:

Directions - Compounding of Contraventions under FEMA, 1999

 

SEBI:

Review of Stress Testing Framework for Equity Derivatives segment for determining the corpus of Core Settlement Guarantee Fund

Measures to Strengthen Equity Index Derivatives Framework for Increased Investor Protection and Market Stability

 

RBI:

Gold loans - Irregular practices observed in grant of loans against pledge of gold ornaments and jewellery

 

DGFT:

Streamlining of Halal Certification Process for Meat and Meat Products [Notification No.34]

Imposition of Minimum Import Price on Synthetic Knitted Fabrics up to 31st December 2024 [Notification No.33]

Extension of RoDTEP scheme for exports made from DTA Units and AA/EOU/SEZ Units [Notification No.32]

Extension of Interest Equalisation Scheme (IES) for Pre and Post shipment Rupee Export Credit for three months beyond 30th September, 2024 [Trade Notice No.18]

 

Customs:

Seeks to amend the various Customs notifications in order to align the HS Codes of the said notifications with the Finance Act, 2024, w.e.f. 01.10.2024 [Notification No.45]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.64(NT)]

Digitization of Customs Bonded Warehouse procedures relating to obtaining Warehouse License, Bond to Bond Movement of warehoused goods, and uploading of Monthly Returns [Circular No.19]

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