Weekly Newsletter - July 17, 2024

Weekly Newsletter - July 17, 2024

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Latest additions to CAalley:

News Update:

Exposure Drafts:

Useful Forms:

ITR eFiling Utilities

MCA eForms

Acts & Regulations:

RBI Master Directions

From the ICAI:

Legal Updates:

News Update:

Indian News:

Take KYC seriously: RBI’s clear message to fintechs

Sebi proposes new asset class for risk takers

Fraud detection framework: Quant MF affair triggers rush to apply new rules

Irdai imposes penalty of Rs 2 crore on Bajaj Finance, Aegon Life Insurance

Banks look to form their own self-regulatory body for fintechs

Govt implements uniform 5% tax for all aircraft, aircraft engine parts

Defaulting borrowers should be heard before being declared 'fraud': RBI

Irdai may consider implementing risk-based supervision model: Keki Mistry

Increasing TDS/TCS entries irk taxpayers

Govt proposes mandatory labelling for bulk pre-packaged commodities

Tax authorities bowl a GST googly to AIFs

ICAI to establish Section 8 company for mediation, arbitration activities

CBIC issues fresh norm for recovery of GST dues

Can improve recovery rate under IBC to 40%: IBBI chairperson to RPs

CCI antitrust probe finds Apple abused position in apps market: Report

Sebi recognises BSE as supervisory body for research analysts, investment advisers

Audit panels of companies should step up engagement with auditors: NFRA chief Ajay Bhushan Prasad Pandey

Delhi High Court orders income tax exemption for Noida

ITR filing deadline should be permanently extended beyond July 31: Salaried get only 45 days to file tax returns

In a relief to companies, CBIC clarifies taxability on corporate guarantee

FinMin notifies GSTR-1A, allows taxpayers to amend outward supply form

NPCI to roll out credit line option on UPI

Residents can open foreign currency a/cs at GIFT City under LRS

Four PSU banks present dividend cheques worth Rs 6,481 cr to govt

International News:

Internal auditing to undergo major transformation, says IIA

KPMG takes lead in Q1 SEC audit clients

PwC weighs halving of China financial services audit staff, Reuters reports

Audit firms have hiring challenges — Is this where technology can help?

IAASB offers guidance on auditing less complex entities

GenAI spending frenzy shifts as revenue emerges as top ROI priority

Hong Kong regulator partially clears PwC of malpractice claim in Evergrande's fraud case

Exposure Drafts:

ICAI Exposure Draft:

Exposure Draft - Audit Quality Maturity Model (AQMM) version 2.0
[Last date for comments: August 2, 2024]

IFSCA Draft:

Public Consultation on proposed amendments to IFSCA (Registration of Insurance Business) Regulations, 2021
[Last date for Comments: July 30, 2024]

Useful Forms:

ITR eFiling Utilities:

The following ITR eFiling utilities have been updated:

Common Offline Utility (ITR 1 to ITR 4)
Windows Utility
MAC Utility

ITR 4 Excel Utility

ITR 5 Excel Utility

MCA eForms:

The following MCA eForm has been updated:

Form SCP
Serious Complaint Form

Acts & Regulations:

RBI Master Directions:

Master Directions on Fraud Risk Management in Non-Banking Financial Companies (NBFCs) (including Housing Finance Companies)

Master Directions on Fraud Risk Management in Urban Cooperative Banks (UCBs) / State Cooperative Banks (StCBs) / Central Cooperative Banks (CCBs)

Master Directions on Fraud Risk Management in Commercial Banks (including Regional Rural Banks) and All India Financial Institutions

From the ICAI:

ICAI Guidance Note:

Guidance Note on Reports of Audit under Section 12A/10(23C) of the Income-tax Act, 1961
[Published in July 2024]

Legal Updates:

GST:

Advisory: Integrated Services from NIC-IRP e-invoice-1 and e-invoice-2 Portals

Advisory: Refund of additional IGST paid on account of upward revision in prices of goods subsequent to exports

Seeks to provide exemption from Compensation Cess on supplies under heading 2202 by URCs to authorised customers [No.1/2024-Compensation Cess (Rate)]

Clarification regarding GST rates & classification (goods) based on the recommendations of the GST Council in its 53rd meeting held on 22nd June, 2024, at New Delhi [Circular No. 229]

Clarifications regarding applicability of GST on certain services [Circular No. 228]

Processing of refund applications filed by Canteen Stores Department (CSD) [CGST Circular No. 227]

Mechanism for refund of additional Integrated Tax (IGST) paid on account of upward revision in price of the goods subsequent to export [CGST Circular No. 226]

Clarification on various issues pertaining to taxability and valuation of supply of services of providing corporate guarantee between related persons [CGST Circular No. 225]

Guidelines for recovery of outstanding dues, in cases wherein first appeal has been disposed of, till Appellate Tribunal comes into operation [CGST Circular No. 224]

Amendment in circular no. 1/1//2017 in respect of Proper officer for provisions relating to Registration and Composition levy under the Central Goods and Services Tax Act, 2017 or the rules made thereunder [CGST Circular No. 223]

Seeks to amend Notification No. 52/2018-Central Tax, dated 20.09.2018 [CGST Notification No.15]

Seeks to exempt the registered person whose aggregate turnover in FY 2023-24 is upto Rs. two crores, from filing annual return for the said financial year [CGST Notification No.14]

Seeks to rescind Notification no. 27/2022-Central Tax dated 26.12.2022 [CGST Notification No.13]

The Central Goods and Services Tax (Amendment) Rules, 2024 - Form GSTR 1A notified [CGST Notification No.12]

Seeks to amend Notification No. 02/2018-Integrated Tax, dated 20.09.2018 [https://www.caalley.com/legal-update-list/gst/igst-notification-no-1-seeks-to-amend-notification-no-02-2018-integrated-tax-dated-20-09-2018]

Seeks to amend Notification No. 12/2018-Union Territory Tax, dated 28.09.2018 [GST-UT Notification No.1]

Seeks to amend Notification No 12/2017- Central Tax (Rate) dated 28.06.2017 [No.4/2024-Central Tax (Rate)]

Seeks to amend notification No. 2/2017- Central Tax (Rate) [No.3/2024-Central Tax (Rate)]

Seeks to amend notification No. 1/2017- Central Tax (Rate) [No.2/2024-Central Tax (Rate)]

Seeks to amend Notification No 09/2017- Integrated Tax (Rate) dated 28.06.2017 [No.4/2024-Integrated Tax (Rate)]

Seeks to amend notification No. 2/2017- Integrated Tax (Rate) [No.3/2024-Integrated Tax (Rate)]

Seeks to amend notification No. 1/2017- Integrated Tax (Rate) [No.2/2024-Integrated Tax (Rate)]

Seeks to amend Notification No 12/2017- Union territory Tax (Rate) dated 28.06.2017 [No.4/2024-Union Territory Tax (Rate)]

Seeks to amend notification No. 2/2017- Union Territory Tax (Rate) [No.3/2024-Union Territory Tax (Rate)]

Seeks to amend notification No. 1/2017- Union Territory Tax (Rate) [No.2/2024-Union Territory Tax (Rate)]

MCA:

The Companies (Incorporation) Amendment Rules, 2024

The Companies (Management and Administration) Amendment Rules, 2024

The Specified Companies (Furnishing of information about payment to micro and small enterprise suppliers) Amendment Order, 2024

The Companies (Significant Beneficial Owners) Amendment Rules, 2024

IFSCA:

IFSCA (Banking) (Amendment) Regulations, 2024

Permission to participate in the synthetic securitisation program of Parent bank

Remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS)

CAR Section 2 - Airworthiness Series - F Part I Issue II regarding Registration/De-registration of aircraft

CAR Section 2 - Airworthiness Series - F Part VII Issue II regarding Special Flight Permits

RBI:

Withdrawal of Circulars – Internal Review

SEBI:

Recognition of BSE Limited as Research Analyst Administration and Supervisory Body (RAASB) and Investment Adviser Administration and Supervisory Body (IAASB)

Customs:

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.49(NT)]

Seeks to amend notification No. 50/2017-Customs to give effect to the recommendation of the 53rd GST Council meeting [Notification No.28]

Seeks to provide exemption from Compensation Cess leviable on imports by SEZ unit or developer for authorised operations [Notification No.27]

Seeks to amend notification No. 14/2020-Customs (ADD) dated 9th June, 2020 in order to change the name of the producer viz. “ Shell Eastern Petroleum (Pte) Ltd ” to “Shell Singapore Pte. Ltd.”, in pursuance of DGTR recommendation [Notification No.14(ADD)]

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.18]

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