Weekly Newsletter - December 24, 2024
Latest additions to CAalley:
News Update:
Exposure Drafts:
Reference Section:
From the ICAI:
International Content:
IFRS Sustainability Reference Material
Legal Updates:
News Update:
NFRA slaps a penalty of Rs 2 crore on Deloitte Haskins for ZEEL audit
Finance ministry weighs phasing out customs duty exemptions in Budget 2025
FIEO plans strategy to boost US exports amid Trump's tariff threats
Budget 2025 To Be Presented On Saturday, Stock Markets To Remain Open For Trading
Indian Bank fined ₹5.85 lakh by Central Bank of Sri Lanka for non-compliance
Finmin likely to peg fiscal deficit below 4.5 per cent for FY26
Year in review: 5 important regulatory changes by Indian govt in 2024
NFRA’s move on “SQM” norms needless: ICAI
ICAI expects to finalise int'l networking guidelines for CA firms this FY
ICAI prez: Disciplinary committee probing Byju's auditing 'lapses'
Over Rs 20k cr of unclaimed amounts lie with life insurers at end of FY24
How to tax popcorn? FM's formula sparks outrage against GST system
SC ruling decoded: Banks can charge you more for late credit card payments
Banks lobby RBI to approve new benchmark for overnight indexed swaps
Govt considering flexibility for SEZ services sector units in tax exemption
Unique ID to be deployed to check GST evasion in select commodities
RBI denies banks more time to tag defaulters
CAG audit unveils systemic failures ...
Director not liable if company cheque dishonoured: SC
Switzerland MFN withdrawal: Pay 10% tax on dividend income from January 1, 2025
What gets cheaper, what is costlier after GST Council meet? Details here
GST Council ups tax on sale of used cars by businesses
States not in favour of bringing aviation turbine fuel under GST: FM
GST Council issues clarification on proposal of taxation on popcorn
55th GST Council takes key decisions, defers rate cuts on insurance premium
Recommendations of the 55th Meeting of the GST Council
Digital Competition Law unlikely before second half of FY26
Front-running: Sebi bars stock dealer, 8 others
Sebi eases rules for AMCs' scheme documents, cuts upload time to 8 days
Sebi directs MIIs to adopt uniform policy on data sharing for research
PIL in Bombay HC seeks action against 'Mutual Fund Sahi Hai' ads by Amfi
RBI imposes Rs 27.30 lakh penalty on IndusInd Bank
India begins safeguard probe for steel imports
India raises barriers issue faced by domestic industry with European Union
New Bill proposes jail, stiff fine for unregulated lending
20% of India's super-rich are under 40, fuelled by start-ups, fintech, IPOs
India's grand weddings face tax raids over Rs 7,500 crore unaccounted cash
Key Supreme Court ruling comes in case involving capping of charges on late credit card bill payment
Sebi introduces new measures to curb misleading investment return claims
GST Council may provide exporter status to intermediaries for tax relief
States' freebies crowd out resources needed for development: RBI report
Sitharaman to hold pre-Budget talks with state finance ministers on Friday
Think beyond masked Aadhaar: Mandatory masking of all KYC identifiers to prevent CKYC data fraud
Sebi board meeting: 10 key changes approved by the regulator that you need to know
India’s record gold import said to be due to calculation error
Sebi cracks down on YouTuber for illegal investment advisory services
Expecting 20% recovery or Rs 6,000 cr dues under GST amnesty: Ajit Pawar
Supreme Court rules coconut oil as edible, lowering GST rates
CAG report raises red flags over income tax department's handling of arrears and outstanding demands
Sebi tightens regulations for SME listing, widens UPSI definition
Accounting firms fear discrimination claims under US exam reform plan
AICPA asks SEC to reject PCAOB rules that pose 'significant challenges'
Audit fees poised to rise further after 6.4% hike in latest cycle, report says
CFOs scramble for new AI talent amid fierce competition, report says
Bank of Japan keeps interest rates steady at 0.25%
Fed cuts key interest rates by 0.25%; reverse repo rate lowered to 4.25%
Exposure Drafts:
Recognition of Intangibles
[Last date for Comments: May 30, 2025]
Proposed Accounting Standards Update (ASU)
Environmental Credits and Environmental Credit Obligations (Topic 818)
[Last date for Comments: April 15, 2025]
Reference Section:
AI in Finance - US Report
[Source: KPMG]
The following Acts have been added recently:
The Companies Act, 2013
[Updated upto April 1, 2021]
The Limited Liability Partnership Act, 2008
The Societies Registration Act, 1860
The Cost and Works Accountants Act, 1959
The Company Secretaries Act, 1980
[As amended by The Company Secretaries (Amendment) Act, 2006]
From the ICAI:
Technical Guide on GST Annual Return (Form GSTR 9)
[Second Edition : December 2024]
Technical Guide on Departmental GST Audit of Entities with Multiple GSTINs
[December 2024]
Some useful WIRC - ICAI publications have been uploaded
International Content:
Annual Audit Quality Inspection Findings 2023-24
Tier 2 and Tier 3 Audit Firms
Audit Quality Inspection and Supervision
[December 2024]
Review of Corporate Governance Reporting
[November 2024]
IFRS Sustainability Reference Material:
Sustainability-related risks and opportunities and the disclosure of material information
[Educational material - November 2024]
International Standard on Sustainability Assurance 5000
ISSA 5000
Legal Updates:
Advisory for Entry of Receipt Numbers Pertaining to Leased Wagons in the E-Way Bill System
Guidelines on setting up and operation of International Trade Finance Service Platform
Review of IFSCA (Fund Management) Regulations, 2022 [Press Release]
Upload of Draft Scheme Information Documents
Industry Standards on Reporting of BRSR Core
Policy for Sharing Data for the Purpose of Research / Analysis
Import of Menthol under Advance Authorisation/DFIA [Public Notice No.35]
Rescheduling of Launch Date for Preferential eCoO 2.0 System [Trade Notice No.24]
Enabling Voluntary Payment electronically on ICEGATE e-payment Platform [Circular No.27]
