CAalley Newsletter for the week ending February 1, 2023
Latest additions to CAalley:
News:
Acts & Regulations:
Reference Section:
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
Moody's withdraws IDBI Bank's credit ratings for business reasons
Govt agrees to allow settlement scheme for cartels in Competition Bill
RBI governor says current account deficit manageable
Govt recommends imposing anti-dumping duty on vinyl tiles frm China, Taiwan
Govt rejects panel push for effect-based test in Competition Amendment Bill
9 out of 10 individual traders in F&O segment making losses: Sebi
Securitisation of stressed assets: RBI floats paper on regulatory purview
Winnings from online games to be taxed at flat 30%, on par with cryptos, proposes Budget 2023
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
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
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
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
Union Budget likely to test govt's fiscal resolve ahead of 2024 elections
Budget 2023-24: Centre to target higher capex but lower fiscal deficit
The Most-Fined Big 4 Firm in the UK is Raising Audit Fees, Knows Clients Will Complain About It
Here Are the IFRS Updates That Became Effective This January
AICPA Digital Asset Reporting Guide Punts on Lending Transactions
U.S. watchdog should step up oversight of crypto auditors, say Democratic senators
Auditors dialed back mandated disclosures: study
Acts & Regulations:
Reference Section:
How can auditors define material fraud?
[By ICAEW Insights,
January 27, 2023]
Letter of Undertaking Format for export of goods or services without payment of integrated tax
Audit Quality Maturity Model – Revised Version 1.0
(AQMM Rev v1.0)
[Issued on September 6, 2022]
Legal Updates:
The Companies (Registration Offices and Fees) Amendment Rules, 2023
Clarification to Miscellaneous matters relating to Investments
Profit Related Commission to Non-Executive Director(s)
Seeks to exempt COVID -19 vaccines from basic Custom duty till 31st March, 2023 [No.1]