Weekly Newsletter - August 7, 2024

Weekly Newsletter - August 7, 2024

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Latest additions to CAalley:

News Update:

Exposure Drafts:

Useful Forms:

ITR eFiling Utilities

Legal Updates:

News Update:

Indian News:

Banks to offer equal benefits for RuPay Credit card on UPI transactions

Companies with multi-state presence to register as ISD with GST authorities

RBI asks top banks to refrain from large trading bets against rupee

Sebi mulls overhaul of investment advisor and research analyst rules

Banks write off loans worth Rs 9.90 trillion in last 5 years: Govt in RS

India will not relax its tax demand on Infosys, source says

Taxpayers have no say in how money is to be spent, says Bombay HC

Cyber frauds cost India Rs 177 crore in FY24: How to protect yourself

Regulator proposes faster credit and trading of bonus shares

‘Health, reinsurance premia fetched ₹24,500 cr in GST over 3 years till FY24’

RBI proposes regulatory principles for managing model risks in credit

Mkt regulator Sebi notifies mutual fund norms to prevent market abuse

EPFO issues new rules for inoperative, inactive EPF accounts to stop frauds

Google Pay, PhonePe, and Amazon Pay seek entry into RBI's digital rupee

Deloitte India aims to be first Big 4 firm to hit ₹20,000 crore revenue by 2027, says South Asia CEO

After GST notice for FY18-22 to Infosys, DGGI withdraws demand of Rs 3,898 crore

FinMin asks state-owned general insurers to focus on profitable businesses

Govt committed to fairness, simplicity, equity in tax system: Revenue secy

Supreme Court upholds NFRA's 10-year ban and Rs 20 lakh fine for auditor Anil Chauhan over Seya Industries' misconduct

Sebi says it's considering 'demystified filing' to speed up IPO approvals

The tax issue: Karnataka withdraws Infosys notice, Centre may go for review

Irdai levies Rs 2 cr penalty on HDFC Life Insurance for violating norms

Homebuyers empowered by MahaRERA against builders' cheating: Sale agreement to include all these mandatory details

New FASTag regulations from August 1: Update KYC, link to vehicle, and more

RBI issues two-factor check norms

RBI releases draft rules for Aadhaar based payment operators to avert fraud

UPI, IMPS, retail payments of some banks temporarily unavailable due to ransomware attack on tech-provider

Most fintech, banking apps tap into users' location, other information

1 in 2 Indians reject bank, credit card applications over complex ID checks

3.4L GST registrations cancelled over 3 years

Rapido liable to pay GST for cab services: Karnataka AAR

International News:

IASB proposes amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures

UK regulator calls out BDO and Forvis Mazars over audit quality

Budget 2024 News:

Compute tax either at 12.5% without indexation or 20% with indexation on realty transactions: Govt proposes amendment

New Budget 2024 rule: Why Income Tax Department is likely to issue a huge number of tax notices this month

Budget 2024: Why crypto F&O investors are happy - No STT, no TDS, no 30% tax

Exposure Drafts:

IFSCA Draft:

Consultation Paper on Review of IFSCA (Fund Management) Regulations, 2022
[Last date for Comments: August 26, 2024]

RBI Drafts:

Draft circular on ‘Regulatory Principles for Management of Model Risks in Credit’
[Last date for Comments: September 4, 2024]

Draft Framework on Alternative Authentication Mechanisms for Digital Payment Transactions
[Last date for Comments: September 15, 2024]

Aadhaar Enabled Payment System (AePS) – Due Diligence of Touchpoint Operators – Draft Directions
[Last date for Comments: August 31, 2024]

SEBI Drafts:

Consultation Paper on investment by Foreign Investors through Segregated Portfolios/ P-notes/ Offshore Derivative Instruments
[Last date for Comments: August 27, 2024]

Consultation Paper on Review of Regulatory Framework for Investment Advisers and Research Analysts
[Last date for Comments: August 26, 2024]

Consultation Paper on Streamlining the process and reduction in timelines of Bonus Issue (enabling T+2 trading of shares post record date where T being record date)
[Last date for Comments: August 26, 2024]

Useful Forms:

ITR eFiling Utilities:

The following utilities have been updated:

Common Offline Utility (ITR 1 to ITR 4) - Windows Utility

Common Offline Utility (ITR 1 to ITR 4) - MAC Utility

ITR 4 - Excel Utility

Legal Updates:

Income Tax:

Non-applicability of higher rate of TDS/TCS as per provisions of section 206AA/206CC of the Income-tax Act, 1961, in the event of death of deductee/collectee before linkage of PAN and Aadhaar [Circular No.8]

GST:

Compulsory Input Service Distributor (ISD) Registration notified [CGST Notification No.16]

Advisory in respect of Changes in GSTR 8

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Jammu & Kashmir and West Bengal

Advisory: Detailed Manual and FAQs on filing of GSTR-1A

MCA:

The Companies (Adjudication of Penalties) Amendment Rules, 2024

The Limited Liability Partnership (Amendment) Rules, 2024

IBBI:

Guidelines for Committee of Creditors

RBI:

Modified Interest Subvention Scheme for Short Term Loans for Agriculture and Allied Activities availed through Kisan Credit Card (KCC) during the financial year 2024-25

Prudential Treatment of Bad and Doubtful Debt Reserve by Co-operative Banks

SEBI:

Amendment to Master Circular for Real Estate Investment Trusts (REITs) dated May 15, 2024 – Board nomination rights to unitholders of REITs

Amendment to Master Circular for Infrastructure Investment Trusts (InvITs) dated May 15, 2024 - Board nomination rights to unitholders of InvITs

Valuation of Additional Tier- 1 Bonds

Institutional mechanism by Asset Management Companies for identification and deterrence of potential market abuse including front-running and fraudulent transactions in securities

Amendment to Circular for mandating additional disclosures by FPIs that fulfil certain objective criteria

DGFT:

Harmonisation of Chapters 40 to 98 of Schedule-II (Export Policy) to ITC(HS) codes [Trade Notice No.11]

Inclusion of Kandla and Vishakhapatnam Sea Ports for Export of Essential Commodities to Maldives during FY 2024-25 [Notification No.22]

Customs:

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.53(NT)]

Seeks to amend notification No. 50/2017- Customs, dated 30.06.2017, in order to prescribe conditional BCD rate of 10% on Laboratory Chemicals [excluding undenatured ethyl alcohol of any alcoholic strength], falling under HS 9802 00 00, for specified use [Notification No.41]

Appointment of Common Adjudicating Authority for the purpose of finalization of Provisional Assessment in SVB case w.r.t. M/s lan Macleod Distillers lndia Pvt. Ltd. [Notification No.52(NT)]

Central Excise:

Seeks to amend No. 19/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude [Notification No.19]

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