Weekly Newsletter - July 17, 2024
Latest additions to CAalley:
News Update:
Exposure Drafts:
Useful Forms:
Acts & Regulations:
From the ICAI:
Legal Updates:
News Update:
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
Delhi High Court orders income tax exemption for Noida
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
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:
Exposure Draft - Audit Quality Maturity Model (AQMM) version 2.0
[Last date for comments: August 2, 2024]
Public Consultation on proposed amendments to IFSCA (Registration of Insurance Business) Regulations, 2021
[Last date for Comments: July 30, 2024]
Useful Forms:
The following ITR eFiling utilities have been updated:
Common Offline Utility (ITR 1 to ITR 4)
Windows Utility
MAC Utility
The following MCA eForm has been updated:
Form SCP
Serious Complaint Form
Acts & Regulations:
From the ICAI:
Guidance Note on Reports of Audit under Section 12A/10(23C) of the Income-tax Act, 1961
[Published in July 2024]
Legal Updates:
Advisory: Integrated Services from NIC-IRP e-invoice-1 and e-invoice-2 Portals
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]
Seeks to amend Notification No. 52/2018-Central Tax, dated 20.09.2018 [CGST Notification No.15]
Seeks to rescind Notification no. 27/2022-Central Tax dated 26.12.2022 [CGST Notification No.13]
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. 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)]
The Companies (Incorporation) Amendment Rules, 2024
The Companies (Management and Administration) Amendment Rules, 2024
The Companies (Significant Beneficial Owners) Amendment Rules, 2024
IFSCA (Banking) (Amendment) Regulations, 2024
Permission to participate in the synthetic securitisation program of Parent bank
CAR Section 2 - Airworthiness Series - F Part VII Issue II regarding Special Flight Permits
Withdrawal of Circulars – Internal Review