Weekly Newsletter - April 3, 2024
Latest additions to CAalley:
News Update:
Useful Forms:
Income Tax Return Forms and eFiling Utilities
Acts & Regulations:
RBI Master Circulars / Directions for 2024-25
Exposure Draft:
Legal Updates:
News Update:
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
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
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
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 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:
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:
Time limit for verification of return of income after uploading [Notification No.2]
Advisory: Self Enablement For e-Invoicing
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]
