Weekly Newsletter - August 28, 2024
Latest additions to CAalley:
News Update:
Exposure Drafts:
Reference Section:
Useful Forms:
International Content:
Legal Updates:
News Update:
In a rare instance, Bombay HC imposes Rs 80 lakh fine on Sebi, NSE, BSE
CBI arrests principal commissioner of Income Tax in Rs 10 lakh bribery case
RBI plans to implement uniform licensing for online and offline payment aggregators
AMFI lays down roadmap to curb front running at AMCs
Tax notices leave a bitter taste for several chocolatiers, bakers
No NPS rollback; UPS an attempt to improve it: FM Nirmala Sitharaman
GST Council meet to discuss rate rationalisation on Sep 9, says FM
NFRA, Regulators, ICAI agree to align key auditing standard
Trade bodies demand simplification of GST Act and rules
RBI mulls softer rollout of infra financing norms amid lender pushback
Cognizant sues software rival Infosys over trade secrets
Tax demands over non-linked PANs leave firms in tight spot
No GST on fines, penalties, late fees collected by RBI, says Maha AAR
New platform to help auditors, banks verify key company information online
India sets out to close a critical auditing standard gap to align itself with global peers
GST payers with no valid bank account barred from filing GSTR-1 from Sept 1
What is the new Unified Pension scheme and how is it different from NPS?
RBI to launch Unified Lending Interface to transform lending space: Das
Foreign shipping companies granted Rs 3,000 crore GST exemption for FY18
Cases over Rs 1,000 crore make up 90% insolvency claim value
SEBI’s expenditure on investor protection and education at 10-year low in FY24
FM tells officers to effectively implement GST, keep positive attitude
Irdai forms task force to tackle challenges, boost growth of surety bonds
GST meeting: Group of Ministers agree on maintaining current tax slab but no word on online gaming
Sebi asks CAs to be extra careful while auditing cos listed on SME exchange
Anil Ambani banned from security market for 5 yrs, fined Rs 25 cr by Sebi
RBI alters rules to allow e-mandate for auto-replenishment of FASTag, NCMC
To ban or regulate? Govt's cryptocurrency paper likely by October 2024
Review of Income Tax Act to be completed in given timeframe: CBDT Chairman
Banks won't send pre-debit notifications for these two types of recurring payment e-mandates
CBDT forms committee to review I-T Act, 'sunset' clauses to be eliminated
Adopt supportive, empathetic approach towards MSMEs: RBI dy guv to lenders
Top audit firms concerned after hefty penalty on BSR & Associates
Infosys, foreign airlines and foreign shipping lines may get GST relief: Report
CCI warns staff over unauthorised media contacts, information disclosure
Over Rs 80,000 crore worth GST notices issued for assessment year 2018-22
Use simpler language in tax notices, don't instil fear: FM tells officials
Sebi's rights issue revamp may require tightrope walk
IBA to take up overseas banks' local data storage issue with RBI
Income tax dept processed about 40 mn ITRs for AY 2024-25 in 15 days
Bombay High Court quashes ₹2,237 crore GST demand against Larsen & Toubro
ITAT: No penalty for income concealed if taxpayer corrects error in revised return
Audit quality fight turns nasty
IAASB issues new guidance on auditing less complex entities
[US] Regulators hitting auditors hard in 2024
EY Sheds U.S. Audit Clients in Response to Shortfalls
PwC China faces 6-month business ban, large fine over Evergrande audit, sources say
Exposure Drafts:
Discussion Paper on MSME Registration and Disclosure Framework under CIRP
[Last date for Comments: September 12, 2024]
Consultation on draft CCI Recruitment Rules
[Last date for Comments: September 23, 2024]
Review of Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992
[Last date for Comments: September 18, 2024]
Consultation paper on Ease of Doing Business by Substituting the Requirement of Attestation of certain Documents by a Notary Public/Gazetted Officer
[Last date for Comments: September 6, 2024]
Reference Section:
Audit Quality Maturity Model version 2.0 (AQMM v 2.0)
[Version 2.0]
[Issued on August 22, 2024]
Saransh - Last Mile Referencer for Direct Tax Laws and International Taxation
[Published by ICAI in January 2024]
Background Material on GST - Volume 1 & 2
[Issued by ICAI - January 2024 edition]
Useful Forms:
FAQs on Prima Facie Adjustment (PFA) & Defective for ITR 1 to 6 for AY 24-25
ITR 6 - Excel Utility has been updated
International Content:
The jurisdictional journey towards globally comparable information for capital markets
[Published by IFRS in May 2024]
Legal Updates:
Advisory: Introduction of RCM Liability/ITC Statement
Advisory: Furnishing bank account details before filing GSTR-1/IFF
Processing of e-mandates for recurring transactions
Draft Modalities for Pilot Launch of E-Commerce Export Hubs (ECEH) [Trade Notice No.14]
