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CAalley Newsletter dated February 1, 2023

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Latest additions to CAalley:

News:

International News

Acts & Regulations:

Legal Updates:

News Update:

Adani Group plans independent audit of group companies

Taxman asks companies to reverse credit claimed on IPO expenses

Expecting slowdown in Indian economy to 6.1% in 2023 from 6.8% in 2022: IMF

CSR spend may cover skilling individuals

Budget News:

Winnings from online games to be taxed at flat 30%, on par with cryptos, proposes Budget 2023

Cooperatives that start manufacturing activities before March 31, 2024, to benefit from lower tax rate of 15%

Lab Grown Diamond segment gets leg up with duty cut, R&D support

MSME sector lauds revamped credit guarantee scheme, hails measures to revive the fund-starved sector

FM Sitharaman’s green growth push; to launch Atmanirbhar Clean Plant Programme at Rs 2,200 crore

Winners and losers from Union Budget 2023

Standard deduction introduced in new tax regime for salaried, pensioners

Investment in residential property for capital gains deduction capped at Rs 10 cr

TDS rate on EPF withdrawals reduced to 20% from 30% in Budget 2023 in these cases

No capital gains on gold to e-gold conversion

Ease of doing business: Union Budget 2023-24 makes PAN the common identifier for businesses

Govt doubles deposit limit for senior citizen savings scheme to Rs 30 lakh

What’s in the Budget for MSMEs? Here’s a quick guide

5 income tax rule changes announced in Budget 2023

Sitharaman enhances presumptive taxation limits for MSMEs, certain professionals

Insurance policies where premium is above Rs 5 lakh no more tax exempt

Cigarettes, gold and silver jewellery to get more expensive this year

FM announces savings scheme for women with 7.5% interest rate for 2 years

Income tax slabs revamped; rebate limit increased to ₹7 lakh under new tax regime

Boost for fintech innovation: Govt to expand scope of Digilocker, set up AI centers, streamline KYC, says FM

Big push for agri digital infra, co-ops, organic farming

Revamped MSME credit guarantee scheme to start on Apr 1

For jobs of the future, FM announces PMKVY 4.0 to boost skilling

No separate mention of disinvestment proceeds

Nirmala Sitharaman lists 7 priorities

Union Budget 2023-24 Highlights | Income tax rebate limit increased to ₹7 lakh; Railways accorded highest-ever capital outlay

Budget 2023 Highlights

Budget 2023-24 Documents

Rupee may remain under depreciation pressure, says Economic Survey

Rs 7.3 trn debt settled before initiating insolvency: Economic Survey

GNPA ratio of SCBs falls to seven-year low of 5.0%: Economic Survey

‘Smart recovery’ for MSMEs with GST payments crossing pre-Covid levels, Udyam registrations over 1-cr mark: Economic Survey

Services exports clock an all-time high of over $250 billion in FY22: Eco Survey

Global slowdown ‘reflecting’ in India’s merchandise export growth, says Economic Survey 2022-23

Indian factories growing larger, getting clustered: Economic Survey

Electronic vehicle market likely to cross 1 crore sales mark per annum by 2030: Economic Survey

Over 500 MSMEs helped build India’s flagship aircraft carrier INS Vikrant: Economic Survey 2022-23

End of multilateral trade negotiations? Economic Survey sees a rising preference for bilateral trade deals

India will grow 6.5% this year but CAD is expected to widen: All you need to know about Economic Survey 2023

Economic Survey 2022-2023

International News:

The Most-Fined Big 4 Firm in the UK is Raising Audit Fees, Knows Clients Will Complain About It

Acts & Regulations:

Customs:

Customs Manual 2023

Legal Updates:

SEBI:

Changes to the Framework to Enable Verification of Upfront Collection of Margins from Clients in Cash and Derivatives segments

IRDAI:

Clarification to Miscellaneous matters relating to Investments

Profit Related Commission to Non-Executive Director(s)

DGFT:

Amendment in conditions of the Standard Input Output Norms (SION) at E-136 for export of wheat flour (Atta) and amendment in para 4.05 (iii) under Handbook of Procedures 2015-20 [No.54]

Customs:

Seeks to amend 32 notifications in order to provide a specific end date for these notifications [Budget Notification No.12]

Seeks to amend the notification Nos. 90/2009-Customs, dated the 7th September, 2009, 33/2017-Customs, dated the 30th June, 2017, and 41/2017-Customs, dated the 30th June, 2017 to extend the validity of said notifications up to the 31st March, 2028 [Budget Notification No.11]

Seeks to further amend notification No. 146/94-Customs, dated the 13th July, 1994 to extend the exemption benefit to Warm blood horse for equestrian sports and extend the validity of said notification up to the 31st March, 2028 [Budget Notification No.10]

Seeks to further amend notification No. 57/2000-Customs which exempts gold, silver and platinum imported under specified schemes [Budget Notification No.9]

Seeks to further amend notification No. 22/2022-Customs regarding India-UAE Comprehensive Economic Partnership Agreement [Budget Notification No.8]

Seeks to further amend notification No. 230/86-Customs related to Project Import Regulations [Budget Notification No.7]

Seeks to further amend notification Nos. 25/1999-Customs, 25/2002-Customs and 57/2017-Customs related to certain electronic items [Budget Notification No.6]

Seeks to rescind notification Nos. 13/2021-Customs and 34/2022-Customs, related to Social Welfare Surcharge (SWS) [Budget Notification No.5]

Seeks to further amend notification No. 11/2018-Customs, dated 2nd February, 2018, to revise/provide Social Welfare Surcharge (SWS) exemption(s) on specified goods [Budget Notification No.4]

Seeks to further amend notification No. 11/2021-Customs dated 1st February, 2021, so as to levy/exempt Agriculture and Infrastructure Development Cess (AIDC) on certain items [Budget Notification No.3]

Seeks to further amend notification No. 50/2017-Customs, dated the 30th June, 2017, so as to revise/provide exemption(s) on the specified goods [Budget Notification No.2]

Seeks to exempt COVID -19 vaccines from basic Custom duty till 31st March, 2023 [No.1]

Central Excise:

Seeks to exempt Compressed Natural Gas (CNG) from so much of the duty of excise leviable on amount of GST paid on Biogas or Compressed Biogas which is blended with CNG [Budget Notification No.5]

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