Weekly Newsletter - August 9, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Reference Section:

SEBI FAQs

Article

Acts & Regulations:

SEBI Master Circular

Exposure Drafts:

FRC Draft

IAASB Drafts

Useful Forms:

ITR Utilities

Legal Updates:

Income Tax

GST

MCA

SEBI

IRDAI

DGFT

Customs

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News Update:

Indian News:

PwC resigns as auditor of Paytm amidst ‘changes’ in holding company's auditors

Sebi slaps Rs 20 lakh fine on 4 individuals for non-genuine trades

Govt now selective in levying dumping duty

CAG asks FinMin to put in place online Customs refund system for efficiency

Exporters seek amnesty scheme on IGST refund issues

Niti Aayog looking at tax related issues of engineering, leather, textile industry

Post Supreme Court ruling, banks turn wary of declaring accounts as 'wilful default'

Companies Act: Kolkata leads in withdrawal of cases

NFRA Chief Stresses On Audit Documentation

Sebi considers more disclosures for conglomerates, unlisted entity transactions

Why moonlighting professionals have come under Income Tax Department’s scanner

14,277 GST appeals pending against disputed tax demands by authorities

Lok Sabha passes Digital Personal Data Protection Bill, 2023

Sebi mandates FPIs to carry 10% of corporate bonds trades via RFQ platform

Corporate guarantees given to subsidiaries land many Indian holding companies in a GST pickle

Banks write off Rs 14.56 trn NPAs in last nine financial years: Centre

Leaking consumer contact info may make biz entities liable to Rupees 250 crore fine

Five-day work week in banks soon as industry demand gets nod from IBA

85% taxpayers opt for old regime, 55% fully utilise 80C benefit: survey

Young-professionals to be hired by I-T department to help in tax litigation

CBIC mulling organisational restructuring to make it more effective, do away with overlapping

EPFO to appoint actuary to get consultancy for insurance, pension scheme

Gujarat: Tax evasion of 5.7cr detected

DGGI finds 8k fraud ITC claim cases

Sebi provides clarity on online resolution of disputes framework

Govt to extend date of import restrictions on laptops and computers

Audit unreliable, invalid if files not submitted: NFRA

NFRA debars auditor of Bartronics India for 10 years

Carbon credit export may be allowed, framework with Japan in offing

Sebi reduces time limit for AIFs, VCs to invest overseas to 4 months

ICAI refers edtech firm Byju's matter to its disciplinary committee

India insurance regulator allows exemptions for holdings in merged HDFC Bank

Work on to reduce bond issuance cost, says Sebi's Ashwani Bhatia

Six years of GST: Compensation cess still needs to be sorted out

Govt lists principles of e-comm policy, industry still not satisfied

Sebi allows OFS for units of private listed InvITs via stock exchange mechanism

India's major banks remain unprepared to confront climate risks: Report

Sebi lays down new norms for portfolio managers’ audit

NFRA urges Delhi HC to lift stay on 2020 orders against IFIN ex-auditors

  

International News:

Auditors of Crypto Assets Struggle to Satisfy PCAOB

Business groups oppose PCAOB's NOCLAR standard

Accounting Firms Are Messing Up on Audits at an Unacceptable Rate, Says PCAOB Chair

FRC consults on revisions to Ethical Standard for auditors

Panama Papers law firm outsourced offshore deals to accountant in India, new reporting shows

US: Proposed Changes to Auditing Standards Will Increase Cost and Complexity to Businesses and Investors

PCAOB Standards Amendments Could Increase Auditor Responsibilities

US: New Definition of ‘Fraud’ Wipes Out High-Profile Prosecutions

PCAOB Issues Five Inspection Reports, Including Grant Thornton’s

US seeks to set aside convictions in KPMG audit scandal

IAASB proposes rules for auditing company climate disclosures

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Reference Section:

SEBI FAQs:

FAQs on SEBI Registered Investment Advisers

  

Article:

Peer review findings in audits of not-for-profits: What auditors need to know

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Acts & Regulations:

SEBI Master Circular:

Master Circular for Commodity Derivatives Segment
[Issued on August 4, 2023]

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Exposure Drafts:

FRC Draft:

Ethical Standard 2023
Key changes
[Last date for Comments: October 31, 2023] 

  

IAASB Drafts:

Proposed International Standard on Sustainability Assurance 5000
General Requirements for Sustainability Assurance Engagements
and
Proposed Conforming and Consequential Amendments to Other IAASB Standards
[Last date for Comments: December 1, 2023] 

Explanatory Memorandum for Proposed International Standard on Sustainability AssuranceTM (ISSA) 5000
General Requirements for Sustainability Assurance Engagements
[Last date for Comments: December 1, 2023] 

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Useful Forms:

ITR Utilities:

ITR 6 - eFiling Utilities for Windows and Mac

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Legal Updates:

Income Tax:

The Income-tax (Fifteenth Amendment) Rules, 2023 [Notification No.58]

  

GST:

The Central Goods and Services Tax (Second Amendment) Rules, 2023 [No.38]

Seeks to notify special procedure to be followed by the electronic commerce operators in respect of supplies of goods through them by unregistered persons [No.37]

Seeks to notify special procedure to be followed by the electronic commerce operators in respect of supplies of goods through them by composition taxpayers [No.36]

Advisory on E-Invoice - Services Offered by the Four New IRPs

  

MCA:

The Companies (Incorporation) Second Amendment Rules, 2023 - Form No. RD-1

  

SEBI:

Reduction of timeline for listing of shares in Public Issue from existing T+6 days to T+3 days

Facility to remedy erroneous transfers in demat accounts

Transactions in Corporate Bonds through Request for Quote (RFQ) platform by FPIs

Validity period of approval granted by SEBI to Alternative Investment Funds (AIFs) and Venture Capital Funds (VCFs) for overseas investment

Corrigendum cum Amendment to Circular dated July 31, 2023 on Online Resolution of Disputes in the Indian Securities Market

Offer for Sale framework for sale of units of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs)

  

IRDAI:

Circular - Relaxation for insurers’ investments in HDFC Ltd. post merger with HDFC Bank Ltd

  

DGFT:

Amendments to Notification No. 23/2023 dated 03.08.2023 [Notification No.26]

Amendment in Export Policy of Red Sanders wood exclusively sourced from cultivation origin obtained from private land (including Pattaland) and Confiscated source [Notification No.25]

Regularization of RoDTEP for 18 HS Codes under Heading 5208 w.e.f 01.01.2021 [Notification No.24]

Amendment in Import Policy of Items under HSN 8471 of Chapter 84 of Schedule-I (Import Policy) of ITC (HS), 2022 [Notification No.23]

Implementation of the Track and Trace system for export of Pharmaceuticals and drug consignments along with maintaining the Parent-Child relationship in the levels of packaging and their movement in supply chain - Extension of date of implementation regarding [Public Notice No.26]

Amendments in conditions of the Standard Input Output Norms (SION) at E-136 for export of Wheat Flour [Public Notice No.25]

Amendment in Para 4.73 (15) of Handbook of Procedures, 2023 [Public Notice No.24]

  

Customs:

Appointment of Common Adjudicating Authority for the purpose of adjudication of finalization of Provisional Assessment in SVB case w.r.t. M/s Mageba Bridge Products Pvt. Ltd, Kolkata [No.59(NT)]

Authorization of Booking Post Offices and their corresponding Foreign Post Offices in terms of the Postal Export (Electronic Declaration and Processing) Regulations, 2022 [Circular No.20]

Seeks to impose ADD on Dispersion Unshifted Single Mode Optical Fiber (SMOF) originating in or exported from China PR, Indonesia and Korea RP [Notification No.7(ADD)]

Deferred Payment of Import Duty (Amendment) Rules, 2023 [Notification No.58(NT)]

Exchange Rate Notification No. 57/2023-Cus (NT) dated 03.08.2023 [Notification No.57(NT)]

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