CAalley Newsletter for the week ending March 22, 2023
Latest additions to CAalley:
News Update:
From the ICAI:
International Content:
Financial Reporting Council (UK)
Reference Section:
Acts & Regulations:
Useful Forms:
Legal Updates:
News Update:
HSN Code Reporting in e-Invoice on IRPs Portal” in GST
RBI to start new data centre, governor stresses on tech, cybersecurity role
RBI report on sticky inflation raises possibility of rate hike
FinMin agencies attach immovable properties worth Rs 1.11 trn in 6 years
Tax demands on black money parked abroad cross ₹15,000 crore
RBI directs all banks to keep branches open till Mar 31 for annual closing
Advisory for the taxpayer wishing to register as “One Person Company” in GST
Indian banks can endure global banking turmoil fallout: S&P Global Ratings
GST ITC restriction on CSR spend: Why businesses are worried about potential challenges
DPIIT to set up task force for formulating logistics cost framework
Insurers to link property cover rates to past claims
RBI fines RBL Bank Rs 2.27 cr for failure on internal ombudsman scheme
Sebi, investment bankers turn cautious as IPO market faces uncertainty
GST dept to scrutinise I-T, MCA data to identify entities not paying taxes
Foreign lawyers, law firms cannot appear in courts, judicial forum: BCI
RBI governor: Need system to redress plaints tied to digital payments
Sebi takes stricter approach in IPO clearance; returns draft paper of 6 cos
Annual transparency reports by large firms’ auditors from FY23
80,000 cases pending before CESTAT; Govt to set up committee to suggest steps to reduce litigation
New age firms in payment space reluctant to comply with rules at times: Das
Sebi comes out with requirement to process investors' service requests
Income tax return mismatches: E-verification scheme introduced
Govt. sets accounting norm to recognise past errors
RBI guv Das cautions banks against any build-up of asset-liability mismatches
Sebi's tough norms for FPIs: Mandatory to disclose any material changes
Sebi looking for ways to plug gaps allowing founders to own stock options
Crypto under PMLA: CoinDCX registers itself as reporting entity with FIU
US: IRS issues NFT tax guidance
Canadian accountants take note as SEC reminds accounting firms of the rules involving other auditors
KPMG’s 29-year SVB stint stirs independence debate
FASAB issues bulletin on reimbursable work agreements
Deloitte Hit by Record China Fine, Suspension Over Huarong
From the ICAI:
Guidance Note on Audit of Banks (2023 Edition)
Guidance Note on Transfer of Capital Reserve
[Last date for Comments: April 20, 2023]
International Content:
Financial Reporting Council (UK):
Technical Actuarial Standard 100: General Actuarial Standards
Version 2.0 [Published in March 2023]
Reference Section:
Acts & Regulations:
Master Circular for Portfolio Managers [Issued on March 20, 2023]
Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2023 [Published on March 14, 2023]
Useful Forms:
Legal Updates:
IEPF Order for Rejection Under Rule 7(3) & 7(7) dated 16th March 2023
Prevention of Money-Laundering (Maintenance of Records) Amendment Rules, 2023