Weekly Newsletter - April 26, 2023
Latest additions to CAalley:
News Update:
Reference Section:
Useful Forms:
Acts & Regulations:
Legal Updates:
News Update:
Eligibility standards may be prescribed: Govt mulls size threshold for auditors of large firms
Mattresses supplied to school hostels not exempt from GST: Tamil Nadu AAR
High-balance bank accounts without updated KYC under govt's radar
Sebi bars brokers from creating bank guarantees with client funds
Sebi asks AMCs to file final offer documents digitally
RBI imposes Rs 44 lakh penalty on 4 co-operative banks for violation
Personal income tax to GDP ratio surges, indicating rise in taxpayer base
Incriminating material must for any addition to taxable income: SC
RBI's wider NDF access may require foreign exposure proof: Bankers
Sebi recommends cancelling registration of eight AIFs
Governors must assent or send back bills ‘as soon as possible’: Supreme Court
Allow foreign currency transactions in country via RBI: Consultants & service providers urge govt
I-T dept cracks down on Bajaj Allianz, ICICI Prudential amid wider probe
UIDAI, NPCI to set up eKYC aggregator, fin entities to gain
Starting this FY, companies must maintain audit trail
GST evasion: Taxmen using data analytics to identify 'missing link' in supply chain
Competition law changes: CCI to start public consultations on Regulations
RBI looks askance at co-lending arrangements
No proposal to regulate finfluencers, clampdown on ponzi apps in works: FM
HC can decide on transfer pricing litigation, rules SC
India Inc should prepare for a national carbon market
Sebi plans to allow mutual funds with performance-based fees
New customs interface “moving towards normalcy”, claims CBIC
Sebi bans Care Ratings' former MD & CEO Rajesh Mokashi for manipulating rating process
Audit intricacy, access to talent make splitting audit-non-audit biz tough
ICAI focuses on enhancing audit quality
New ICAI president says emphasis on blending new age thinking with traditional approach
ICAI to widen peer review process for auditors: Talati
Auditors Not Expected To Look At Every Single Invoice, Transaction: ICAI President
Tax treaty rate cannot override dividend distribution tax rate: I-T tribunal
RBI to meet board members of PSU banks to address ethics issues on May 22
Asked to tally funds in A/Cs to filings: Closer scrutiny on tax filings of NRIs
GST evasion detection nearly doubles to Rs 1.01 lakh cr in FY23
Corporate failures: Auditors are soft targets for blame
RBI to come up with new rules on classification of accounts as fraudulent
Is interest income earned on Mahila Samman Savings Certificate tax free?
India plans to open logistics hub for Indian companies in Panama: Jaishankar
EY Leaders Are Pressured to Rebuild Trust After Failure of Split
Study Finds Negative Impact on Audit Partners who Give Adverse Internal Control Opinions
AI assisted sustainability assurance can address market capacity shortage
SVB collapse was apparent if you read the footnotes
KPMG Australia turns to AI to improve its audits
UAE allows corporate tax exemptions for public benefit entities
ESG reporting standard setter extends reach
How Financial Stability Relates To ESG Disclosure
Reference Section:
Detecting AML is not just a tick-box exercise for accountants
[Author: ICAEW Insights]
Useful Forms:
Income Tax Return eFiling Utilities for ITR 1
Income Tax Return eFiling Utilities for ITR 4
Acts & Regulations:
Master Circular- Prudential Norms on Capital Adequacy - Primary (Urban) Co-operative Banks (UCBs)
Legal Updates:
GST Advisory: Advisory on Bank Account Validation
MCA Advisory regarding Form STK-2
Modifications in the requirement of filing of Offer Documents by Mutual Funds
Bank Guarantees (BGs) created out of clients’ funds
Procedure for seeking prior approval for change in control of Vault Managers
Issue of Master Circular by Stock Exchanges, Clearing Corporations and Depositories
IRDAI Information and Cyber Security Guidelines, 2023
Master Circular on Registration of Indian Insurance Company, 2023
General Credit Card (GCC) Facility – Review
General Credit Card (GCC) Facility – Review
Appendices & Aayat Niryat Forms of Foreign Trade Policy, 2023 [Public Notice No.10]
Amendment in Para 4.12 (vi) of the Handbook of Procedures, 2023 [Public Notice No.9]
Amendment under Interest Equalisation Scheme in respect of UIN [Trade Notice No.4]
Amendments under Interest Equalisation Scheme in respect of UIN [Trade Notice No.3]
Exchange rate Notification No. 29/2023-Cus (NT) dated 20.04.2023 [No.29(NT)]