Weekly Newsletter - August 23, 2023

Weekly Newsletter - August 23, 2023

Go to Newsletter Archives

Latest additions to CAalley:

News Update:

Exposure Draft:

From the ICAI:

Useful Forms:

International Content:

International Financial Reporting Standards

Legal Updates:

News Update:

Indian News:

New tax regime likely to have attracted 5.5 crore taxpayers in FY24: Report

FinMin, MCA must strive for simplification of processes: Sitharaman

CBI books bank officers, GTIL in Rs 4,000-crore loan fraud case

Govt to launch 'Mera Bill Mera Adhikar' GST reward scheme in 6 states, UTs from September 1

Govt losing revenue due to GST, should be neutral with single rate: Debroy

Banking system's liquidity slips into deficit for first time in FY24

NFRA slaps Rs 1.10 crore fine on three entities in Coffee Day Enterprises subsidiary matter

Delhi HC seeks govt's stand on plea against inclusion of CAs under PMLA

Small GST taxpayers need to keep tabs on demand notices

In AI age, India Inc gets young on board as independent directors

GST reward scheme on anvil; customers can participate in lucky draw

Sebi plans to bring follow-on offer rules for REITs, InvITs

For many fintechs, NBFC tag may be elusive

Income Tax dept operationalises board for Advance Rulings in Delhi, Mumbai

CBDT notifies rules for valuing rent-free homes provided by employers

NFRA Chair says if CFOs and audit committees are careful, frauds can be prevented

Finfluencers Must Disclose Sebi Registration Number, Qualifications On Social Media And Other Platforms: ASCI

Sebi notifies rules to strengthen investor grievance redressal mechanism

Sebi notifies rule; gives board representation to REITs' unitholders

Companies will need to give report on inventory valuation in case of audit

83-yr-old woman, not liable to file tax returns, wins case against fine

RBI allows infra debt funds to raise money via foreign loan route

Infra debt fund NBFCs must have net owned fund of at least Rs 300 cr: RBI

Give fixed rate option on EMI-based loans while resetting rates: RBI

Lenders can impose penalty on defaults only as 'penal charges': RBI

ITAT: 'Carry forward losses if stake rejig is within grp'

Compliance executives face flak over insider trading norms

Finfluencers will require registration or licence from SEBI, IRDAI: ASCI

Familiarise with newer global areas: FM Nirmala Sitharaman to CAs

CBDT issues draft form for biz to report inventory valuation by accountants

RBI launches centralised web portal for searching unclaimed deposits- UDGAM

GSTN seeks firm to prepare roadmap for transitioning IT systems to GST 2.0

Life insurance payouts will be taxable if yearly premium exceeds Rs 5 lakh

Asci puts more onus on financial, health influencers in new ad guidelines

CBDT issues detailed guidelines on taxation of traditional policies

International News:

US: CFO recession fears ease: PwC

US regulators raise pressure on board members at competing companies

PCAOB permanently bars CPA firm

FASB to revisit accounting priorities

Audit Firms Must Equip Their Employees to Detect Financial Fraud

Audit scandals rendering profession ‘unattractive’ to newcomers

SEC settles with Crowe U.K. over botched audit claims

Exposure Draft:

CBDT Draft:

Draft Form No. 6C - Section 142(2A) regarding inventory valuation
[Last date for Comments: August 31, 2023]

SEBI Draft:

Consultation Paper on Recognition of Body Corporate for Administration and Supervision of Research Analysts
[Last date for Comments: September 12, 2023]

From the ICAI:

ICAI Announcement:

ICAI Announcement: Amendments to Preface to Auditing Standards and Clarification thereof

Guidance Notes:

Guidance Note on Financial Statements of Non-Corporate Entities

Guidance Note on Financial Statements of Limited Liability Partnerships

Useful Forms:

MCA eForms:

MCA Form for Refund of fees paid has been updated

International Content:

International Financial Reporting Standards:

International Financial Reporting Standards (IFRS)

Legal Updates:

Income Tax:

CBDT Press Release: Summary of Rule for determination of value of perquisite in respect of residential accommodation provided by employer

The Income tax (Eighteenth Amendment), Rules, 2023 - Amendment of Rule 3(1) of Income tax Rules, 1962 - Valuation of Residential Accommodation provided by Employer [Notification No.65]

The Income-tax (Seventeenth Amendment) Rules, 2023 - Rate of Exchange for the Purpose of TDS on Income Payable in Foreign Currency [Notification No.64]

The Income tax Amendment (Sixteenth Amendment), Rules, 2023 - New Rule 11UACA - Computation of Income Chargeable to Tax u/s 56(2)(xiii) for Amount Received under Life Insurance Policy [No.61]

Guidelines under clause (10D) of section 10 of the Income-tax Act, 1961 [Circular No.15]

GST:

The Integrated Goods and Services Tax (Amendment) Act, 2023

The Central Goods and Services Tax (Amendment) Act, 2023

Advisory: Steps for e-Invoicing

Advisory: Glossary for e-Invoicing

Seeks to appoint common adjudicating authority in respect of show cause notice issued in favour of M/s United Spirits Ltd [No.40]

Seeks to amend Notification No. 02/2017-Central Tax dated 19.06.2017 [No.39]

Customs:

Seeks to prescribe an effective export duty of 40% on onions till 31st December 2023 [Notification No.48]

Seeks to amend Second Schedule to the Customs Tariff Act to prescribe export duty on onions [Notification No.47]

Exchange Rate Notification No. 61/2023-Cus (NT) dated 17.08.2023 [Notification No.61(NT)]

RBI:

Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans

Review of Regulatory Framework for IDF-NBFCs

Fair Lending Practice - Penal Charges in Loan Accounts

SEBI:

SEBI (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023

DGFT:

Amendment in export policy of Non- Basmati White Rice (HS Code 1006 30 90) [Trade Notice No.23]

Amendment in Appendix 4B of Handbook of Procedures, 2023 [No.28]

Read more on:

Newsletter

Important Updates