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CAalley Newsletter dated November 23, 2022

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Latest additions to CAalley:

News:

Indian News

Budget News

International News

Exposure Drafts:

IRDA Drafts

IFRS Draft

PCAOB Draft

FASB Draft

Legal Updates:

GST

MCA

SEBI

RBI


  

News:

Indian News:

GSTN now part of AA network to facilitate cash flow lending to MSMEs: RBI

DTAA amendment by Australia likely to come into force from April 1

Bank boards can decide on waiving penalty on minimum balance: Karad

Centre likely to raise EPFO wage threshold

Interest subvention on KCC crop loan to continue in FY23 & FY24: RBI

Sebi bans fresh inflows into AIF schemes making 'priority distribution'

Financial regulators designed in socialist era, must change: Amitabh Kant

T+1 settlement cycle for all F&O stocks from January: Stock exchanges

Banks' overnight SDF balances eligible for LCR computation: RBI

Irdai draft norms do away with specific caps on commissions to agents

CBIC not to file review petition in SC for restoring IGST on ocean freight

CBI arrests I-T official for accepting bribe of Rs 5 lakh in Mandsaur

ITR filing: What is the co-browsing feature on Income Tax website for taxpayers?

India's digital personal-data protection bill puts privacy at risk

Sebi extends deadline for settlement scheme on illiquid stock options cases to Jan 21

Fake certificates of CAs used to ‘set up’ industry, units in Sonepat

Bihar Income Tax Detects ₹ 100 Crore "Unaccounted Income" In 5 Cities

No takers for 6% GST rebate on apple cartons

Supreme Court to set up separate special Bench to hear tax matters

28% GST on online gaming likely; Council to take a final call on valuation

IBBI expected to introduce two key changes to the Insolvency Law: Report

Jeevan Pramaan: Information required to generate digital life certificate

Govt should rethink several clauses of draft data bill: Justice Srikrishna

Google Pay, PhonePe, other UPI payment apps may impose transaction limit

  

Budget News:

Union Budget 2023: Tax collection to exceed budget estimate by nearly Rs 4 lakh crore, says revenue secretary

Why income tax charged on earnings above Rs 2.5 lakh when EWS is fixed at Rs 8 lakh? asks plea in Madras HC

New roadmap likely for capital gains taxation in Budget 2023-24

Lifting ban on farm exports, cost rationalisation in commodities trading among top pre-budget demands

Regulating NBFCs like banks to impair lending model: FIDC to FM Sitharaman

  

International News:

New year, new challenges: Preparing for sustainability disclosures

IFRS Foundation proposes taxonomy changes to enhance data and improve usability

PCAOB Proposes a New Quality Control Standard

  


Exposure Drafts:

IRDA Drafts:

IRDAI (EOM of Insurers Transacting Health & General Insurance Business) Regulations, 2022
[Last date for Comments: December 14, 2022 to be sent to This email address is being protected from spambots. You need JavaScript enabled to view it. ]
 

IRDAI (EOM of Insurers Transacting Life Ins Business) Regulations, 2022
[Last date for Comments: December 14, 2022 to be sent to This email address is being protected from spambots. You need JavaScript enabled to view it. with a copy to This email address is being protected from spambots. You need JavaScript enabled to view it. ]
 

IRDAI (Payment of Commission) Regulations, 2022
[Last date for Comments: December 14, 2022 to be sent to This email address is being protected from spambots. You need JavaScript enabled to view it. with a copy to This email address is being protected from spambots. You need JavaScript enabled to view it.]
 

  

IFRS Draft:

IFRS® Accounting Taxonomy 2022
Proposed Update 1
General Improvements and Common Practice
[Last date for Comments: December 16, 2022]

 

  

PCAOB Draft:

A Firm's System of Quality Control and Other Proposed Amendments to PCAOB Standards, Rules, and Forms
Last date for Comments: February 1, 2023]

 

  

FASB Draft:

Proposed Statement of Financial Accounting Concepts
Concepts Statement No. 8, Conceptual Framework for Financial Reporting
Chapter 5: Recognition and Derecognition
[Last date for Comments: February 21, 2023]

 

  


Legal Updates:

GST:

The Central Goods and Services Tax (Fourth Amendment) Rules, 2022 [No.24]

Seeks to empower the CCI to handle anti-profiteering cases under CGST Act, 2017 [No.23]

  

MCA:

The Companies (Registered Valuers and Valuation) Amendment Rules, 2022

  

SEBI:

Schemes of AIFs which have adopted priority in distribution among investors

  

RBI:

Basel III Framework on Liquidity Standards – Standing Deposit Facility

Inclusion of Goods and Service Tax Network (GSTN) as a Financial Information Provider under Account Aggregator Framework

Modified Interest Subvention Scheme for Short Term Loans for Agriculture and Allied Activities availed through Kisan Credit Card (KCC) during the financial years 2022-23 and 2023-24