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Weekly Newsletter - July 24, 2024

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Latest additions to CAalley:

News Update:

Indian News

Economic Survey 2024

Budget 2024 News

International News

Exposure Drafts:

SEBI Exposure Drafts

Useful Forms:

ITR eFiling Utilities

Acts & Regulations:

RBI Master Directions

Legal Updates:

Income Tax

GST

MCA

IFSCA

RBI

SEBI

IRDAI

DGFT

Customs

 


  

News Update:

Indian News:

SEBI study finds that 7 out of 10 individual intraday traders in equity cash segment make losses

Sebi ready with speed gun on IPO Street

July 24: Celebrating Income Tax Day 2024: A Journey of Transformation

Economic Survey primer: Here are short notes on key economic policy issues

Threshold-based relief for MSMEs must have sunset clauses: Economic Survey

Eco survey advocates traditional climate plan and 3Rs for net-zero target

Economic Survey: DPI brings down KYC costs to Rs 6 from about Rs 1,000

ITR deadline extended to August 31? Beware of fake news, warns Income Tax Department

Corporate profits nearly quadrupled, but employee salaries didn't: Economic Survey urges firms to raise compensation

Economic Survey highlights AI's potential and challenges to future of work in India

Economic Survey 2023-24: Why India’s march to ‘Viksit Bharat’ will be more difficult than China’s rise

Economic Survey says need for 'viable, cost-effective' housing in India

Cashless travel made easy: UPI One World available to all foreign tourists

Third-party dependency in digital lending has risks: RBI dy governor

AI has arrived; harnessing it in a big way in public auditing space, says CAG Murmu

PMS & AIFs could lose investors to new asset class: Experts

GST registration new rules: How businesses can comply with mandatory Biometric Aadhaar authentication

Kerala HC directive to complete selection process for GST Tribunal in four months

CBDT extends tax relief for SWFs, pension funds to March 31, 2025

No plans to allow business houses to promote banks: RBI Governor Das

EY-Assocham report advocates raising e-commerce export ceiling to $50,000

What is the International Centre for Audit of Local Governance, which the CAG inaugurated in Gujarat?

Biggest Indian crypto exchange WazirX hacked, $230 million funds stolen funds

Disclose details of all payments, dues to MSMEs: Govt tells cos

CBIC exempts these businesses from filing GSTR-9 annual return for FY 2023-24

These 10 transactions will be reported as fraud to RBI, as per new rules

 

Economic Survey 2024:

Economic Survey 2023-24

 

Budget 2024 News:

Big GST relief in budget 2024: No need to pay interest and penalty for these GST notices

Soon, unique nos for plots: Bhu-Aadhaar

Budget 2024: Wait for tax refund may irk you more

Budget 2024: No mention of Railways in FM’s speech but Budget document shows allocation for new lines, gauge conversion and more

Budget 2024: These cancer medicines get custom duty exemption – What does this exactly means

No more reopening, re-assessment of old ITR beyond 3 years if escaped income is below Rs 50 lakh

FM announces EPFO-Linked schemes: Boost jobs & reward first-timers employee

Budget 2024: Loan up to Rs 10 lakh for students' higher education, says FM

Govt proposes to set up e-commerce hubs to promote exports in PPP mode

Budget 2024: FM announces Rs 1,000 crore fund to back spacetech startups

Budget 2024: From solar to thermal power, Sitharaman announces many measures for energy sector

Energy audit of MSMEs in 60 clusters to be facilitated, sops for clusters to shift to clean energy: FM Sitharaman

Budget 2024: FM Sitharaman reduces fiscal deficit for FY25 to 4.9% of GDP

India Budget 2024: Government to roll out next phase of rural road scheme

FM proposes easier credit access for MSMEs, doubles Mudra loan limit

Budget 2024: Sitharaman proposes to slash import tax on gold, silver to 6% to curtail smuggling

NRI to pay higher TDS on these capital gains on assets such as listed equities

Budget 2024: Securities transaction tax (STT) on F&O hiked to 0.02% and 0.1%

Budget 2024 reduces TDS on life insurance policy payout from 5% to 2%, Now get a higher payout on these case

TCS paid on foreign remittances, purchase of car can be used to lower TDS on salary

Budget 2024 abolishes angel tax on startups for all classes of investors

Indexation benefit on sale of property removed; new LTCG rate of 12.5% announced for capital gains on sale of property

Budget 2024 for ‘Common Man’: Complete list of what’s cheaper & dearer with Modi 3.0’s first Union Budget

What FM gave and took away from you in Budget 2024 impacting your money and taxes

Budget 2024: Standard deduction limit in new tax regime raised to Rs 75,000

Union Budget 2024: Here are the key highlights from FM Sitharaman's speech

Budget 2024: Budget Highlights (Key Features)

Budget 2024: Key to Budget Documents, 2024

Budget 2024: Memorandum Explaining the Provisions in the Financial Bill

Budget 2024: Finance Bill

Budget 2024: Budget at a Glance

Budget 2024 Documents

 

International News:

How Auditors Are Currently Using Generative AI

FASB Aims to Improve Derivative Accounting


Exposure Drafts:

SEBI Exposure Drafts:

Consultation Paper on Proposed Legal Provisions for Summary Proceedings
[Last date for Comments: August 6, 2024] 

Consultation paper on Introduction of New Asset Class/ Product Category
[Last date for Comments: August 6, 2024] 


Useful Forms:

ITR eFiling Utilities:

The following ITR eFiling Utilities have been updated:

ITR 2 - Excel Utility

ITR 5 - Excel Utility

ITR 6 - Windows Utility

ITR 7 - Windows Utility


Acts & Regulations:

RBI Master Directions:

All RBI Master Directions have been uploaded


Legal Updates:

Income Tax:

Extension to exemption u/s 10(23FE) [No.65]

Extension to exemption u/s 10(23FE) [No.64]

Extension to exemption u/s 10(23FE) [No.63]

Extension to exemption u/s 10(23FE) [No.62]

Extension to exemption u/s 10(23FE) [No.61]

Extension to exemption u/s 10(23FE) [No.60]

Extension to exemption u/s 10(23FE) [No.59]

Extension to exemption u/s 10(23FE) [No.58]

Extension to exemption u/s 10(23FE) [No.57]

Extension to exemption u/s 10(23FE) [No.56]

Extension to exemption u/s 10(23FE) [No.55]

Extension to exemption u/s 10(23FE) [No.54]

 

GST:

Advisory: Refund of tax paid on Inward supply of goods by Canteen Store Department (FORM GST RFD 10A)

 

MCA:

The Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2024

The Companies (Appointment and Qualification of Directors) Amendment Rules, 2024

The Nidhi (Amendment) Rules, 2024

Merger of Forms IEPF-3 With IEPF-4 and IEPF-7 with IEPF-1 along with change in payment process thereof in MCA Version 3 [Circular No.7]

Filing under Section 124 and Section 125 of the Companies Act, 2013 read with IEPFA (Accounting, Audit, Transfer and Refund) Rules 2016 in view of transition from from MCA21 version 2 to version 3 [Circular No.6]

 

IFSCA:

Report of the Expert Committee for Drafting Institutional Arbitral Rules for the Proposed International Arbitration Centre at GIFT IFSC

Report of the Expert Committee on Development of Pension Products at GIFT IFSC

Report on Transition Finance by the Expert Committee on Climate Finance

 

RBI:

Domestic Money Transfer – Review of Framework

  

SEBI:

SEBI (AIF) (Third Amendment) Regulations, 2024

Enabling ESG Rating Providers (ERPs) to undertake ESG rating activities under IFSCA

Enabling Credit Rating Agencies (CRAs) to undertake rating activities under IFSCA

 

IRDAI:

Repealing of Circular IRDA/INT/CIR/Comm/139/08/2018 dated 29/08/2018

 

DGFT:

Verification of authenticity of Licences, Authorisations, Scrips, Certificates, Instruments etc. issued by DGFT using the UDIN [Trade Notice No.9]

Amendment in Para 4.49 (b) of the Handbook of Procedures, 2023 [Public Notice No.14]

 

Customs:

Provisional attachment of bank account(s) - Section 110 (5) of Customs Act, 1962 [Instruction No.19]

Seeks to amend Customs Tariff (Identification, Assessment and Collection Countervailing Duty on Subsidized Articles and for Determination of Injury) Rules, 1995 to provide for New Shippers Review [Notification No.51(NT)]

Seeks to amend notification No. 45/2017-Customs dated 30th June, 2017 in order to extend the time period of re-import [Notification No.39]

Seeks to amend 32 notifications in order to extend their validity to a further period and amend notification No. 153/94-Customs to extend the time period for re-export of certain foreign origin goods when imported for maintenance, repair and overhaul [Notification No.38]

Seeks to amend notification no. 27/2011-Customs dated 1st March, 2011 in order to amend the export duty on specified items of raw hides, skins and leather [Notification No.37]

Seeks to provide exemption/concessional rate of BCD and SWS to critical minerals [Notification No.36]

Seeks to amend notification No. 8/2020-Customs dated 1st February, 2020 in order to revise Health Cess on certain items [Notification No.35]

Seeks to amend notification related to electronics including Nos.25/1999-Customs, 25/2002-Customs and 57/2017- Customs [Notification No.34]

Seeks to amend notification No. 57/2000-Customs dated 8th May 2000, which provides concessional rate for gold, silver and platinum imported under specified schemes [Notification No.33]

Seeks to amend notification No. 11/2021-Customs dated 1st February, 2021 so as to revise AIDC applicable on certain items [Notification No.32]

Seeks to amend notification No. 22/2022-Customs dated 30th April, 2022 to revise rates under India-UAE CEPA [Notification No.31]

Seeks to further amend notification No. 50/2017-Customsdated the 30th June, 2017, so as to notify BCD related changes [Notification No.30]

Seeks to amend notification No. 154/94-Customs dated the 13th July, 1994 which provides for duty free import of commercial samples [Notification No.29]

Amendment to Notification No. 24/2023-Customs (N.T.) dated 01.04.2023 - Extension of RoDTEP support to exports by unit in SEZ [Notification No.50(NT)]

Seeks to impose countervailing duty on imports of Pneumatic Radial Tyre for buses & lorries imported from China PR for a period of 5 years [Notification No.3(CVD)]


  

  

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