Weekly Newsletter - July 20, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Reference Section:

Article

Exposure Drafts:

SEBI Draft

IFRS Draft

Useful Forms:

Income Tax Forms

IBBI Forms

DGFT Forms

From the ICAI:

ICAI Announcement

ICAI Exposure Drafts

ICAI Publications

ICAI FAQs

Legal Updates:

Income Tax

GST

MCA

CCI

SEBI

IRDAI

DGFT

Customs

Central Excise

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News Update:

Indian News:

18% GST to be charged on battery charging for EVs: Karnataka AAR

PAN-trading account freeze extended to all listed firms, says Sebi

Professionals registered on MCA21 portal to have single ID

ITR filing 2023: Over three crore income tax returns filed so far, says income tax department

Pearls Group Scam: Vigilance Bureau arrests CA Dang for verifying fake documents

NRIs can still file income tax return even if their PAN becomes inoperative

NRIs asked to approach tax officers with residential status proof for PAN

PFRDA to allow funds to invest in sovereign green bonds: Chairman Mohanty

New accounting standard for insurance soon

Govt Eases Norms For Exporters To Avail Benefits Under Advance Authorisation Scheme

FSB calls for disclosures, regulatory framework for crypto assets

RBI to issue SOP for banks to expedite rupee trade

GST directorate seeks tax on corporate guarantees

Govt can support exporters by addressing existing gaps, ambiguity in GST regulations

₹1.08-lakh crore AUM of debt mutual funds under stress

India, OECD to combat financial crimes: FM

PSBs stepping up recovery of bad loans to meet FinMin's 40% target: Report

Government forms new panel to review all official data

File ITR soon as govt not contemplating deadline extension: Revenue secy

India-UAE agree to pursue local currency trade and promote domestic payment networks

MCA to withdraw 7,338 pending prosecutions in second round of a special drive to cut litigations

SEZs out of gold import restrictions, govt clarifies

Online gaming companies seek more clarity on GST

FM says no income tax up to Rs 7.27 lakh per annum under new tax regime

No GST on replacement of parts during warranty period, says council

India taking tough road to ESG reporting - KPMG global audit head

Indians will be able to make payments in rupees via UPI in France: PM Modi

Filing ITR for crypto gains: Here's your guide on taxation for VDAs

Sebi mandates listed companies to disclose family pacts

Will last date of ITR e-filing extend?

NFRA to clarify on past audit jurisdiction soon

Amendment for online gaming, casinos, horse racing not retrospective, just clarificatory: Revenue Secretary

Want to pay lower GST? Don’t buy popcorn with movie ticket

Centre imposes import restrictions on certain gold jewellery, articles

  

International News:

UK businesses plan to expand to India, says Grant Thornton

Accounting firms accused of missing climate risks in company audits

15% global minimum tax to come into effect next year: OECD

Deloitte Just Admitted to Misusing Government Information à la PwC Tax Scandal

PCAOB Criticizes PwC for Not Fixing Quality Control Deficiency

ISSB standards provide a ‘real purpose’ for young people to join accountancy profession

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Reference Section:

Article:

Quality management standards: How to identify risks and design responses

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Exposure Drafts:

SEBI Draft:

Consultation paper on ‘Prudential norms for exposure of Clearing Corporations’
[Last date for Comments: August 10, 2023] 

  

IFRS Draft:

Post-implementation Review
IFRS 15 - Revenue from Contracts with Customers
[Last date for Comments: October 27, 2023] 

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Useful Forms:

Income Tax Forms:

Income Tax eFiling Utilities [Updated]
Includes Offline Utility for E-filing of Tax Audit Report Form 3CA-3CD and 3CB-3CD for AY 2023-24

Income Tax Return Forms: Latest Versions of Offline Utilities for ITR 5 and ITR 6

  

IBBI Forms:

IBBI Forms

  

DGFT Forms:

DGFT Forms

  

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From the ICAI:

ICAI Announcement:

Further deferment of second phase of Peer Review Mandate

  

ICAI Exposure Drafts:

7 ICAI Exposure Drafts on various Engagement and Quality Control Standards
[Last date for comments: August 25, 2023]

  

ICAI Publications:

ICAI Publications - Direct Taxation

ICAI Publications - International Taxation

  

ICAI FAQs:

FAQs issued by ICAI

  

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Legal Updates:

Income Tax:

The Income-tax (Thirteenth Amendment) Rules, 2023 - Amendment to Rule 11UAC [No.51]

The Income-tax (Twelvth Amendment) Rules, 2023 - Amendment to provisions regarding calculation of income from offshore derivative instruments [Notification No.50]

Amendment to defination of "Investment Fund" [Notification No.49]

  

GST:

9 GST Notifications dated July 17, 2023 extending various due dates

Clarification regarding taxability of services provided by an office of an organisation in one State to the office of that organisation in another State, both being distinct persons [Circular No.199]

Clarification on issue pertaining to e-invoice [Circular No.198]

Clarification on refund-related issues [Circular No.197]

Clarification on taxability of share capital held in subsidiary company by the parent company [Circular No.196]

Clarification on availability of ITC in respect of warranty replacement of parts and repair services during warranty period [Circular No.195]

Clarification on TCS liability under Sec 52 of the CGST Act, 2017 in case of multiple E-commerce Operators in one transaction [Circular No.194]

Clarification to deal with difference in Input Tax Credit (ITC) availed in FORM GSTR-3B as compared to that detailed in FORM GSTR-2A for the period 01.04.2019 to 31.12.2021 [Circular No.193]

Clarification on charging of interest under section 50(3) of the CGST Act, 2017, in cases of wrong availment of IGST credit and reversal thereof [Circular No.192]

  

MCA:

Merger of multiple user IDs in V2 Portal with new User ID in V3 and deactivation of old user ID in V2 Portal [Circular No.7]

  

CCI:

Exemption of RRBs from the certain provisions of Competition Act

  

SEBI:

New category of Mutual Fund schemes for Environmental, Social and Governance (“ESG”) Investing and related disclosures by Mutual Funds

Trading Window closure period – Extending framework for restricting trading by Designated Persons by freezing PAN at security level to all listed companies in a phased manner

Disclosure of material events / information by listed entities under Regulations 30 and 30A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

  

IRDAI:

Circular - Insurance claims relating to Floods in Himachal, Punjab, Haryana and Delhi regions

  

DGFT:

Amendment in Export Policy of Non-Basmati rice under HS code 1006 30 90 [Notification No.20]

Procedure for allocation of quota for export of broken rice on humanitarian and food security grounds, based on requests received from Governments of other countries [Trade Notice No.16]

Clarification granting exemption to SEZ from applicability of Notification No.19 dated 12.07.2023 [Circular No.3]

Introduction of a Searchable Database for Ad-hoc Norms fixed under Para 4.07 of HBP [Trade Notice No.15]

Amendment in import policy and policy condition of Gold Covered under HS code 71131911, 71131919 & 71141910 of Chapter 71 of Schedule –I (Import Policy) of ITC (HS) 2022 [Notification No.19]

Condonation of delay in submission of installation certificate under EPCG Scheme to promote Ease of doing Business [Public Notice No.22]

Curriculum for Skilling and Mentorship Obligation for Status Holders as per Para 1.30 of FTP 2023 [Trade Notice No.14]

  

Customs:

Exchange rate Notification dated July 20, 2023 [No.54(NT)]

Suspension of Licence of Customs Broker [Instruction No.24]

E-waste (Management) Rules, 2022-Regarding release of imported consignments of Producers of 106 EEEs items (ITEW1 to ITEW27, CEEW1 to CEEW19, LSEEW1 to LSEEW 34, EETW1 to EETW 8, TLSEW 1 to TLSEW6, MDW1 to MDW10 and LIW1 to LIW2) [Instruction No.23]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.53(NT)]

Exchange Rate Notification No.52/2023-Cus (NT) dated 13.07.2023 [No.52(NT)]

  

Central Excise:

Seeks to increase the Special Additional Excise Duty on production of Petroleum Crude [No.23]

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