Daily Newsletter - September 30, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

IFSCA Draft

FASB Draft

From the ICAI:

ICAI Announcement

ICAI Publications

Legal Updates:

Income Tax

GST

DGFT

Customs

 

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News Update:

Indian News:

Income tax simplification hopes rise as feedback process nears rollout; Budget 2025 may bring big news on direct tax laws

ICAI establishes group to address stress management following EY employee’s death

After Sebi, Parliament committee to conduct CCI's performance review

I-T raids on loan agent raise kickback concerns

Govt considering foreign investment regulatory mechanism for FDI supervision

GST relief: No need to pay interest and penalty on GST tax demand; conditional waiver from November 1, 2024

Sebi plans half-yearly disclosures for direct plan mutual fund schemes

SFBs should be vigilant, proactive to mitigate risks: RBI deputy guv

All GST apex tribunals by November-end

 

International News:

SEC charges 12 companies with flawed record-keeping, imposes $88M in fines

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Exposure Drafts:

IFSCA Draft:

Consultation Paper on Principle-Based Guidelines on Cyber Security and Cyber Resilience for all Regulated Entities (REs) in IFSC
[Last date for Comments: October 19, 2024] 
  

 

FASB Draft:

Proposed Accounting Standards Update
Derivatives and Hedging (Topic 815)
Hedge Accounting Improvements
[Last date for Comments: November 25, 2024] 

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From the ICAI:

ICAI Announcement:

Extension of last date for payment of Membership /COP fee for the year 2024-25 to 31st December, 2024

  

ICAI Publications:

Insolvency & Bankruptcy [New addition]

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Legal Updates:

Income Tax:

Corrigendum to Notification No.104/2024 - The Direct Tax Vivad se Vishwas Rules, 2024 [Notification No.105]

Extension of timelines for filing of various reports of audit for the Assessment Year 2024-25 [Circular No.10]

 

GST:

Seeks to notify the provisions of Finance (No. 2) Act, 2024 - Conditional Waiver Scheme notified [CGST Notification No.17]

Advisory: Restoration of GST Returns data on Portal

 

DGFT:

Amendment in Export Policy of Non-Basmati White rice under HS Code 1006 30 90 [Notification No.31]

Allocation of quantity 5841 MT of Sugar by EU for export from India under TRQ for the year 2024-25 (October 2024 to September 2025) [Public Notice No.25]

 

Customs:

Seeks to amend Export Duty on Certain Varieties of rice [Notification No.44]

Seeks to impose definitive anti dumping duty on the imports of “Isobutylene-Isoprene Rubber (‘IIR’)” originating in, or exported from People’s Republic of China, Russia, Saudi Arabia, Singapore and United States of America and imported into India for a period of five years [Notification No.17(ADD)]

Seeks to impose anti-dumping duty on imports of “Anodized Aluminium Frames for Solar Panels/Modules” originating in or exported from China PR [Notification No.16(ADD)]

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