Weekly Newsletter - February 7, 2024

Weekly Newsletter - February 7, 2024

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Latest additions to CAalley:

News Update:

Exposure Drafts:

Useful Forms:

Income Tax Return Forms

From the ICAI:

ICAI Standards of Auditing

Legal Updates:

News Update:

Indian News:

China extends anti-dumping duties on Indian chemical for five years

NCLT issues notice to Byju’s in insolvency case filed by a BPO service provider

Sebi issues guidelines for returning draft document of public issues

Fintechs parse KYC processes as Paytm bank saga plays out

BharatPe gets fresh notice from MCA

India to remain on alert for 'hot money' after bond index inclusion

RBI cancels licence of Jai Prakash Narayan Nagari Sahakari Bank

RBI allows HDFC Bank group to buy up to 9.5% stakes in ICICI Bank, 5 others

Govt to review tax on online gaming after March: Revenue Secy Malhotra

All eyes on directions to be passed on Feb 8, as regards GST anti-profiteering

SEBI may tighten rules for algo trading

Income Tax notice coming your way? CBDT says some taxpayers will get notices soon for not filing their ITRs

ED, GST authority flagged several violations by Paytm earlier

Indian businesses fear higher taxes over unsettled dues to small vendors as March 31 deadline inches closer

IBBI allows same RP for company and personal guarantor insolvency

Existing taxation structure for corporates very reasonable: Revenue secy

PLI is initial support, industry must face competition: Piyush Goyal

‘Expect GST Appellate Tribunals by around July or August’

Irdai proposes changes in listing requirements of insurance companies

I-T dept collects over Rs 1,260 cr in TDS from online gaming, crypto trade

GST Council may consider pan-India rollout of biometric-based authentication for registration: CBIC

Sebi panel suggests abolishing security deposit requirement in public issues

SEBI mulls revamping nominations framework to reduce unclaimed assets in securities market

UPI in France: Indians can now pay in rupees at Eiffel Tower

RBI slaps Rs 5 lakh fine on Bajaj Housing Finance for violating provisions

I-T dept will erase petty tax demands on its own, says CBDT chairman

ITR-2, ITR-3 for FY 2023-24 notified by CBDT; More details required from certain taxpayers

Provide coverage for AYUSH in health insurance policies: Irdai to insurers

Govt extends export incentive scheme for apparel, garment till March 2026

Budget 2024: Green fuel gets boost, FM presents scheme for biomanufacturing

Front-running case: Sebi bans 7 cos from securities market for up to 3 yrs

Sebi bans individual from securities markets for unregistered PMS business

Budget 2024 Documents

All outstanding personal tax demands up to Rs 25,000 withdrawn till FY 2014-15 in Budget 2024

Budget 2024 highlights: Key income tax, personal finance announcements

Budget 2024-25 - Key Highlights

Your Paytm FASTag likely to become inoperative after Feb 29; here’s what you should do

FM will present Budget with 'disha nirdeshak baatein', says PM Modi

RBI asks REs to review internal compliance tracking, monitoring processes

International News:

Australian Accounting body tells members to make annual pledge to be ethical

Australia to allow workers to ignore after-hours calls from bosses

AICPA’s member insurer to cover BOI work for accounting firms

IAASB proposes to increase auditors' responsibility to spot fraud

FRC seeks to break down barriers to competition in UK audit market

SEC wins legal victory against former tech CFO in accounting fraud case

Exposure Drafts:

SEBI Drafts:

Consultation Paper to revise and revamp nomination facilities in the Indian Securities Market
[Last date for Comments: March 8, 2024]

Consultation paper on flexibility to Category I and II AIFs to create encumbrance on their holding of equity in infrastructure sector investee companies to facilitate raising of debt by such investee companies
[Last date for Comments: February 23, 2024]

Addendum to Consultation Paper on Interim Recommendations of the Expert Committee for facilitating ease of doing business and harmonization of the provisions of ICDR and LODR Regulations
[Last date for Comments: February 9, 2024]

IRDAI Drafts:

IRDAI (Corporate Governance) Regulations, 2024
[Last date for Comments: February 23, 2024]

IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Indian Insurance Companies) Regulations, 2024
[Last date for Comments: February 23, 2024]

IESBA Draft:

Proposed International Ethics Standards for Sustainability Assurance (including International Independence Standards) (IESSA) and Other Revisions to the Code Relating to Sustainability Assurance and Reporting – Clean Version
[Last date for Comments: May 10, 2024]

Useful Forms:

Income Tax Return Forms:

Income Tax Return Forms for AY 2024-25

From the ICAI:

ICAI Standards of Auditing:

SA 800 (Revised),
Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks

SA 805 (Revised),
Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement

SA 810 (Revised),
Engagements to Report on Summary Financial Statements

ICAI Publication:

Background Material on GST Demands & Appellate Remedies
[November 2023]

Legal Updates:

Income Tax:

Notification under Section 118 of the Income Tax Act, 1961 - Control of specified Principal CCITs [Notification No.20]

The Income-tax (Amendment) Rules, 2024 - Changes in the ITR Forms 2, 3 and 5 [Notification No.19]

IFSC:

The International Financial Services Centres Authority (Payment Services) Regulations, 2024

MCA:

Establishment of Central Processing Centre in Gurgaon

IEPF:

Notice under Rule 7(3) or 7(7) of IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 referred to as IEPFA (AATR) Rules

IBBI:

IBBI (Bankruptcy Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2024

IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2024

IBBI (Voluntary Liquidation Process) (Amendment) Regulations, 2024

IBBI (Insolvency Professionals) (Amendment) Regulations, 2024

Measures for rationalisation of the regulatory framework of Insolvency Professional Entities

Measures for facilitating efficient conduct of the processes by the Insolvency Professionals

SEBI:

Guidelines for returning of draft offer document and its resubmission

RBI:

Action against Paytm Payments Bank Ltd under Section 35A of the Banking Regulation Act, 1949 [Press Release]

IRDAI:

Guidelines on providing AYUSH coverage in Health Insurance policies

Modification in Product for Persons with Disabilities(PWD), Persons afflicted with HIV/AIDS, and those suffering from Mental Illness

DGFT:

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 [Public Notice No.39]

Customs:

Exchange Rate Notification No. 10/2024-Cus (NT) dated 01.02.2024 [Notification No.10(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.1]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.9(NT)]

Central Excise:

Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty on production of Petroleum Crude [Notification No.5]

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