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The alley for Indian Chartered Accountants

Weekly Newsletter - April 3, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Useful Forms:

Income Tax Return Forms and eFiling Utilities

Income Tax eFiling Utilites

Acts & Regulations:

RBI Master Circulars / Directions for 2024-25

Exposure Draft:


Legal Updates:

Income Tax







News Update:

Indian News:

Mutual Fund KYC with bank statement, utility bill now invalid: Details here

Indirect tax collection for FY24 exceeds RE by handsome margin: CBIC chief

New EPFO rule for you: No need to request for PF transfer on changing jobs

'No change in RBI's stance on underlying exposure to forex derivatives'

Penal charge, interest on your loan? New RBI rules from April 1 - what borrowers should know

NPS has new login rules: here is the step-by-step process

Taxman puts some FPI assessments on hold for more information

Consultants urge govt to allow deals involving foreign currencies via RBI

SEBI Press Release: SCORES 2.0 New Technology to strengthen SEBI Complaint Redressal System for Investors

Bank of India receives Rs 1,128 cr tax demand order

E-insurance, FASTag, ITR filing, medicine prices: What changes from April 1

3k crore Ponzi scheme: CA surrenders in PMLA court

Zomato gets GST demand order of Rs 23.26 cr from Karnataka tax authorities

RBI to set up Digital India Trust Agency to check illegal lending apps

Tax department detects HRA fraud with illegal usage of PANs

CBIC issues SOP for officials to prevent taxpayer harassment

Sebi cancels merchant bank registration of Karvy Investor Services

LIC gets GST demand notice of Rs 178 crore

New ITR-V, ITR acknowledgement forms notified: Read updated instructions carefully or else penal consequences can apply

DGFT notifies policy for general authorisation for export of certain goods under SCOMET category

RBI provides breather on alternative investment fund investments

RBI releases MPC schedule for FY25, first interest rates decision on Apr 5

Fintech is making global payments its business

Noida CA arrested by Bengaluru police for cheating companies with Rs 168 crore fake bank guarantees

E-insurance now mandatory for all policyholders: What it means for you

Front-running case: Sebi bans two persons from securities market for 3 years; slaps Rs 77 lakh fine

CESAT classifies charter of aircraft as transport of passenger service


International News:

Concerns abound over NOCLAR proposal to widen auditor duties

PCAOB fines PwC US and Australia for violations

FASB fine-tunes proposed expense disclosure rule

ICAEW pushes for charity audit threshold consultation

Work-life balance worries are scaring people away from audit

How NOT To Go To Prison For Insider Trading While Working From Home: 5 Tips

PwC cover-up of tax leaks scandal ‘worsens the crime’: report

Audit Plan to Flag Illegal Acts Needs Do-Over, Critics Charge

Useful Forms:

Income Tax Return Forms and eFiling Utilities:

ITR eFiling Utilities for AY 2024-25 have been added


Income Tax eFiling Utilites:

Income Tax eFiling Utilites have been updated

Acts & Regulations:

RBI Master Circulars / Directions for 2024-25:

The following Master Circulars / Directions have been published by RBI:

Master Direction on Financial Statements - Presentation and Disclosures

Master Direction on Counterfeit Notes, 2024 - Detection, Reporting and Monitoring

Master Direction on Penal Provisions in reporting of transactions/ balances at Currency Chests

Master Direction on Framework of incentives for Currency Distribution & Exchange Scheme for bank branches including currency chests

Master Direction – Scheme of Penalties for bank branches and Currency Chests for deficiency in rendering customer service to the members of public

Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission

Master Circular - Disbursement of Government Pension by Agency Banks

Master Circular- Income Recognition, Asset Classification, Provisioning and Other Related Matters - UCBs

Master Circular - Housing Finance for UCBs

Master Circular - Prudential Norms on Capital Adequacy - Primary (Urban) Co-operative Banks (UCBs)

Master Circular on Board of Directors - UCBs

Master Circular - Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances

Master Circular – Housing Finance

Master Circular – Basel III Capital Regulations

Master Circular on SHG-Bank Linkage Programme

Master Circular – Lead Bank Scheme

Click here to go to the download the above RBI Master Circulars / Directions

Exposure Draft:

IFSCA Draft:

Consultation Paper on Draft IFSCA (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024
[Last date for Comments: April 16, 2024] 

Legal Updates:

Income Tax:

Time limit for verification of return of income after uploading [Notification No.2]

The Income-tax (Fifth Amendment) Rules, 2024 - Changes in ITR form V and Acknowlegement for A.Y 2024 25 [Notification No.37]



Advisory: Self Enablement For e-Invoicing

Guidelines for CGST field formations in maintaining ease of doing business while engaging in investigation with regular taxpayers [Instruction No.1]



Clarifications in relation to permissible activities undertaken by a lessor specified under “Clarification on Framework for ship leasing"

Amendment to the IFSCA (Vault Manager) Circular, 2021 dated August 25, 2021

Report of the Expert Committee for Developing GIFT IFSC as “Global Finance and Accounting Hub”



Investments in Alternative Investment Funds (AIFs)

Currency Chests (CCs) operations on March 31, 2024

Special Clearing Operations on March 30 & 31, 2024



​​​​​Export of Onions (under HS Code 07031019) to UAE [Notification No.2]

​​​​​Export of 1,000 MT of Kala Namak Rice under HS Code 10063090 [Notification No.1]

Directives regarding submission of digitized ANFs, Appendices etc. [Trade Notice No.1]

Amendment in Appendix 4B of Handbook of Procedures, 2023 [Public Notice No.54]

General Authorization for Export of Information Security items under SCOMET Category 8A5 Part 2 [Public Notice No.53]

​​​​​General Authorisation for export of Telecommunication-related items and Information Security items covered under category 8A5 of SCOMET [Notification No.82]

General Authorization for Export of Telecommunication-related items under SCOMET Category 8A5 Part 1 (GAET) [Public Notice No.52]



Seeks to fully exempt the applicable export duty on exports of Kalanamak rice not exceeding 1000 MTs subject to the specified conditions [Notification No.22]

Authorised Officers under Section 25 read with Section 47 (5) of Food Safety Standards (FSS) Act, 2006 and Regulation 13 (1) of FSS (Import) Regulation, 2017 [Instruction No.7]



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