Weekly Newsletter - December 4, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Draft:

SEBI Draft

Acts & Regulations:

SEBI Master Circular

IFSCA Regulations & Guidelines [New addition]

Useful Forms:

IRDAI Forms [New addition]

International Content:

ICAEW Reference Material

Legal Updates:

Income Tax

GST

IBBI

RBI

FEMA [New addition]

SEBI

IFSCA

DGFT

Customs

Central Excise

 

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News Update:

Indian News:

SEBI Press Release: Clarification on Specified Digital Platforms

RBI increases UPI Lite per transaction limit to Rs 1000, up from Rs 500

Keep interest of economy before revenue in tax notices: Revenue secy

SBI urges RBI to include non-financial transactions for account status

Simplify ITR forms, get 'one rate one section' for TDS: Deloitte survey

Lok Sabha clears Banking Bill, to strengthen governance

Sebi tackles tech glitches with new online monitoring mechanism for system audits of brokers

Insurers may get to diversify operations beyond core business

35% GST slab in the works? A look at GST bands and how they are decided

Government not considering PSU bank merger: MoS Finance

Banking Laws (Amendment) Bill to strengthen governance, enhance customer convenience: Nirmala Sitharaman

EPFO claim rejected or 'returned': Know why and how to fix errors

Sebi orders finfluencer 'Baap of Chart' to refund fee collected from investors

India's weak Q2 growth widens divide between government, Reserve Bank priorities

Authorities book 17 crypto platforms for GST evasion of Rs 824.14 cr

Up to 75 pc of GST revenue comes from 18 pc slab: MoS Finance

EPFO update: Aadhaar not mandatory for claims; see full list of new rules

How to get a PAN card digitally on your email? A step-by-step guide

RBI to weigh growth slowdown, inflation at its MPC meeting this December

India bracing for Trump’s tariff storm by weighing duty cut options

Auditing of companies has improved in last 3-4 years: NFRA Chairperson

Central Board of Trustees of EPFO gave its go ahead to the Amnesty Scheme 2024

EPFO Board approves reinvesting 50% ETF redemption proceeds into equity

Govt does away with compulsory registration to import electronic integrated circuits

CBDT extends income tax return filing deadline for FY24 to Dec 15

Govt mulls change in base year to 2022-23 from 2011-12 for GDP computation

EPFO 3.0 coming soon? Flexible savings, ATM PF withdrawals in the pipeline

I-T dept probes 500 Dubai property cases, Rs 700 cr evasion found in Delhi

'Organised nexus of CAs and crypto traders': What ED officials found during raid at Delhi farmhouse

ED arrests CA Amber Dalal accused of investment fraud in Mumbai

FinMin proposes to raise insurance FDI to 100%, composite licence provision

CCI orders probe against Google, affiliates for unfair biz in gaming apps

Sebi announces interoperability for stock exchanges from 1 April 2025

Decoded: Flat buyers can't be penalized for builder's failures, rules HC

EPFO: Activate UAN, link Aadhaar with bank a/cs to get ELI scheme benefits

New PAN 2.0 system can catch duplicate PANs easily: Check and surrender duplicate PAN soon as Rs 10,000 penalty may apply

Your OTP could get delayed after December 1 as TRAI’s new traceability guidelines to kick in

Supreme Court’s recall of benami transaction law sparks revival of 4,800 cases worth ₹12,000 crore

India lost over ₹11,000 crore to cyber scams in first 9 months of 2024: Report

 

International News:

How to not lose sleep over NOCLAR

FASB updates convertible debt rules

AI boss: You could soon be reporting to an artificial CEO

FRC releases 2024 review of UK corporate governance

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Exposure Draft:

SEBI Draft:

Consultation Paper on Online Monitoring of System Audit of Stock Brokers
[Last date for Comments: December 26, 2024] 

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Acts & Regulations:

SEBI Master Circular:

Master Circular for Depositories

 

IFSCA Regulations

IFSCA Guidelines

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Useful Forms:

IRDAI Forms

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International Content:

ICAEW Reference Material:

Practising Auditor Competency Framework 2024

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Legal Updates:

Income Tax:

The Income-tax (Tenth Amendment) Rules, 2024 - Amendments in Safe Harbour Rules [Notification No.124]

Extension of due date for furnishing return of income in the case of an assessee who is required to furnish a report referred to in section 92E for the AY 2024-25 [Circular No.18]

Income Tax exemption for approved Foreign Representatives and Diplomats from section 194N [Notification No.123]

 

GST:

Amendment to Circular No. 31/05/2018-GST, dated 9th February, 2018 on 'Proper officer u/s 73 and 74 of the CGST Act, 2017 and under IGST Act, 2017' [Circular No. 239]

Advisory: E-Invoice Glossary and Steps

Due Date Extension for furnishing Form GSTR-3B for October, 2024 in Manipur [Notification No.29]

Seeks to appoint common adjudicating authority for Show cause notices issued by DGGI [Notification No.28]

 

IBBI:

The Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2024

Extension of time for filing Forms to monitor liquidation and voluntary liquidation processes under the Insolvency and Bankruptcy Code, 2016, and the regulations made thereunder

 

RBI:

Amendment to Framework for Facilitating Small Value Digital Payments in Offline Mode

Inoperative Accounts / Unclaimed Deposits in banks

 

FEMA:

FEMA Notitifications - 2024

 

SEBI:

SEBI (Depositories and Participants) (Third Amendment) Regulations, 2024

SMS and E-mail alerts to investors by stock exchanges

SEBI (Merchant Bankers) (Amendment) Regulations, 2024

SEBI (Attestation of Documents) (Amendment) Regulations, 2024

Business Continuity for Interoperable Segments of Stock Exchanges

 

IFSCA:

IFSCA (Informal Guidance) Scheme, 2024

Complaint Handling and Grievance Redressal by Regulated Entities in the IFSC

 

DGFT:

Amendment in Import Policy Condition of ITC HS Codes 85423100, 85423900, 85423200, 85429000 and 85423300 covered under Chapter 85 of ITC (HS), 2022, Schedule-1(Import Policy) [Notification No.41]

 

Customs:

Seeks to rescind Notification No. 32/2022-Customs dated 30th June, 2022 [Notification No.48]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.84(NT)]

 

Central Excise:

Seeks to rescind Notification No. 08/2022-Central Excise dated 30th June, 2022 [Notification No.31]

Seeks to withdraw Road and Infrastructure Cess (RIC) on export of motor spirit, commonly known as petrol, and high speed diesel oil [Notification No.30]

Seeks to withdraw Special Additional Excise Duty (SAED) on production of Petroleum Crude and on export of Aviation Turbine Fuel, motor spirit, commonly known as petrol, and high speed diesel oil [Notification No.29]

Seeks to amend Rule 18 and Rule 19 of the Central Excise Rules, 2017 [Notification No.1(NT)]

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