CAalley Newsletter for the week ending April 12, 2023
Latest additions to CAalley:
News Update:
From the ICAI:
Exposure Draft:
Acts & Regulations:
Legal Updates:
News Update:
Competition law amendment bill gets President's assent
Sebi imposes fine worth ₹15 lakh on 3 individuals for non-genuine trades
SC axes judge for giving verdicts without dictating full judgments
Irdai chief urges insurers to increase their capital for faster growth
Cyprus-based betting website under scanner for GST evasion
RBI issues framework for acceptance of green deposits by banks, NBFCs
Search and seizure action by Income Tax Department in Karnataka
India cenbank puts in place framework for acceptance of green deposits
Exchanges to set common equilibrium price for listing day post IPO: SEBI
I-T dept notifies Cost Inflation Index for current fiscal
Tax heat on offshore online gaming companies
RBI simplifies CIC application form, prunes list of documents required
RoCs set to crack the whip on company law violators
Liquidated damages in certain cases to draw 18% GST, rules Andhra AAR
CVC asks banks, government departments to send factual report on corruption complaints in one month
GPF rate stays 7.1% for April-June 2023 quarter
Govt to set up 16th Finance Comm in 2023 for Centre-state tax devolution
Govt extends sops for chip, electronics gear by a year
Tax refund scheme for exports may be extended beyond September
Unauthorised investment advisory services: Sebi bans 4 entities from securities markets for 6 months
AAR: Lower 12% GST for services linked to flat construction
Customs waives demurrage, interest as technical glitch leads to clearance delays
Sebi asks investment advisers to display info prominently in advertisements
Sebi clarifies on shareholders' approval for directors appointment on listed PSUs boards
Centre notifies committee on pension schemes for govt employees
GSTN performance improved steadily over time: Report
EY India services to firm's overseas entities not liable to tax, rules Delhi High Court
Residency proof enough for Mauritius treaty benefit: HC
RBI allows rupee non-deliverable forex derivative contracts to residents
Your PPF, NSC, other post office investments will be frozen if Aadhaar is not given by this date
Finance minister Sitharaman defends imposing fine for not linking PAN with Aadhaar
‘Faceless’ income-tax asks Madhya Pradesh youth to pay Rs 113 crore as tax
RBI proposes expanding UPI digital payments system to allow credit
RBI to set up portal to search across multiple banks for unclaimed deposits
No change: MPC presses 'pause' after hiking rate by 250 bps since May 2022
Credit Information firms to compensate for delayed updations: RBI
Employers must seek employees preferred tax regime for deducting TDS: CBDT
Sebi issues code for ads to rein in 'finfluencers'
RBI should prioritise inflation over growth, say FinMin officials
EY calls off plan to split audit, consulting units as talks fail
IASB confirms temporary relief from deferred tax accounting following OECD Pillar Two tax reform
Auditors Didn’t Flag Risks Building Up in Banks
UK: Professional bodies challenge government on tax simplification
FASAB issues statement to clarify lease terms
PCAOB Advisers Say Auditors May not be Fully Complying with Expanded Reporting Rule
Banks Face Tough Accounting Questions as Second Quarter Dawns
Int'l banking system is headed for more trouble, says Raghuram Rajan
FASB chooses single software accounting model
From the ICAI:
ICAI: Acceptance of certain assignments by the Concurrent Auditor of Bank Branches
FAQs relating to professional ethics of members pertaining to Bank Assignments
Technical Guide on Disclosure and Reporting of Key Performance Indicators (KPIs) in Offer Documents
Exposure Draft:
Draft Circular on Fair Lending Practice - Penal Charges in Loan Accounts
[Last date for Comments: May 15, 2023]
Acts & Regulations:
RBI Master Direction/Circular:
Master Circular - Housing Finance for UCBs
Master Direction on Outsourcing of Information Technology Services
Legal Updates:
Cost of Inflation Index for FY 2023-24 notified [No.21]
Amendments to Jurisdiction u/s 114F [No.17]
Authorised Dealers Category-II - Online submission of Form A2
Framework for acceptance of Green Deposits
Guidelines with respect to excusing or excluding an investor from an investment of AIF
Usage of brand name/trade name by Investment Advisers (IA) and Research Analysts (RA)
Online filing of AEO-LO application [Circular No.10]
Customs (Waiver of Interest) Second Order, 2023 [Order No.2]
Exchange rate Notification No. 26/2023-Cus (NT) dated 06.04.2023 [No.26(NT)]
Seeks to extend levy of ADD on Fishing Net originating in or exported from China PR [No.3(ADD)]
Customs (Waiver of Interest) Order, 2023 [Order No.1]
Extension of Validity of ANFs and Appendices issued under FTP (2015-20) [Public Notice No.5]
Streamlining of Halal Certification Process for Meat and Meat Products [No.3]
Issuance of EODC for AA and EPCG process from DGFT portal [No.1]