Weekly Newsletter - July 3, 2024
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Latest additions to CAalley:
News Update:
Indian News
International News
Exposure Drafts:
RBI Drafts
SEBI Drafts
Acts & Regulations:
SEBI Regulations
SEBI Master Circular
Useful Forms:
ITR eFiling Utilities
MCA eForms
Legal Updates:
Income Tax
GST
IBBI
IFSCA
SEBI
RBI
DGFT
Customs
Central Excise
News Update:
Indian News:
Hindenburg says Sebi seeking to silence whistle-blowers, Adani shares ignore row
Sebi sends Hindenburg notice on Adani report 'manipulation'
Nine NBFCs including Fino Finance surrender certificate of registration
Our decisions affect nation's economy: New CBDT chief to I-T officials
RBI proposes rationalising regulations on export, import transactions
'Women's share on boards rises faster than in top jobs'
Accounting standards for banking, insurance sectors soon: MCA secretary
It's taxing times for electoral bond buyers after Supreme Court's Feb verdict
RBI appoints Arnab Kumar Chowdhury as new ED with effect from June 3
Bank of Baroda receives ₹1,068 crore demand order from IT Dept
Incomplete transmission could delay rate reversal by RBI
Govt to launch campaign for redressal of family pensioners' grievances
GST wing reaches out to traders to help clear dues
GST raids on restaurants unearth massive tax evasion
Banks put on alert! RBI warns banks of ‘credible threat intelligence’ regarding cyberattacks
Sebi for mandatory disclosure of risk-adjusted return by MFs
IRS officer Ravi Agrawal appointed new CBDT chief, to succeed Nitin Gupta
PFRDA to begin same-day settlement for NPS subscribers from July 1
EPF withdrawal benefits extended to members with under 6 months of service
Sebi raises basic demat account limit to Rs 10 lakh to boost participation
India, US extend 2% digital tax on e-commerce supplies till June 30: FinMin
RBI imposes Rs 29.6 lakh penalty on HSBC
Govt keeps small savings schemes' interest rates unchanged for Q2FY25
Government employee to get more salary as EPFO discontinues GIS
Financial Action Task Force's thumbs-up places India in select group with only four other G20 countries
Is your finfluencer trustworthy? Sebi's new rules will help you decide
Sebi approves stricter norms for inclusion of individual stocks for derivative trading
NFRA second inspection of Big five firms shows signs of improvement
CBIC to launch automated currency exchange rate publishing system on July 4
RBI red flags NBFC consumer credit, calls for close monitoring of a few
Major GST relief for foreign holding cos in intra-loan transactions
CBIC clarifies on taxability of salvage value in motor insurance claims
RBI revises framework for currency swap arrangements with Saarc countries
Sebi announces norms to restrict finance influencers' recommendations
ESOPs by foreign cos to employees of India unit not to attract GST: CBIC
GST suppliers giving discounts must ensure undertaking from client: CBIC
Big 4’s management consulting arms gain muscle
Sebi considers sweeping changes to disclosure, listing requirements
Sebi eases trading norms for company insiders
SEBI may revamp merger norms for companies
International News:
More companies seek assurance over ESG info from audit firms
Center for Audit Quality Asks PCAOB to Reduce Burdens on Small Accounting Firms
IFC and IFRS Foundation announce partnership to improve sustainability reporting in emerging markets
[US] Companies Will Have to Disclose Spending on Worker Pay for the First Time
Exposure Drafts:
RBI Drafts:
Draft - Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2024
[Last date for Comments: September 1, 2024 to be sent to This email address is being protected from spambots. You need JavaScript enabled to view it.]
Draft - Export and Import of Goods and Services
[Last date for Comments: September 1, 2024 to be sent to This email address is being protected from spambots. You need JavaScript enabled to view it.]
SEBI Draft:
Consultation Paper for introduction of Mutual Funds Lite Regulations (MF LITE) for passively managed Mutual Funds Schemes
[Last date for Comments: July 22, 2024]
Consultation Paper on disclosure of Risk Adjusted Return by Mutual Funds
[Last date for Comments: July 19, 2024]
Consultation Paper on 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: July 17, 2024]
Acts & Regulations:
SEBI Regulations:
SEBI (Prohibition of Insider Trading) Regulations, 2015
(as amended on June 26, 2024)
SEBI Master Circular:
Master Circular for Mutual Funds
[Published on June 27, 2024]
Useful Forms:
ITR eFiling Utilities:
The following ITR eFiling Utility has been released:
ITR 7 Excel Utility
The following ITR eFiling Utilities have been updated:
ITR 1 - Excel Utility
ITR 2 - Excel Utility
ITR 4 - Excel Utility
MCA eForms:
The following MCA eForms have been updated:
Form ADT-2
Application for removal of auditor(s) from his/their office before expiry of term
Form AOC-4
Form for filing financial statement and other documents with the Registrar
Form-23AC (XBRL)
Form for filing XBRL document in respect of balance sheet and other documents with the Registrar
Form-23ACA (XBRL)
Form for filing XBRL document in respect of Profit and Loss account and other documents with the Registrar
Legal Updates:
Income Tax:
Specifying Forms to be furnished electronically u/s 131(1) and 131(2) prescribed in Appendix-II of the Income Tax Rules 1962 [Notification No.1/2024-25]
GST:
Time of supply in respect of supply of allotment of Spectrum to Telecom companies in cases where an option is given to the Telecom Companies for payment of licence fee and Spectrum usage charges in instalments in addition to an option of upfront payment [Circular No. 222]
Time of supply on Annuity Payments under HAM Projects [Circular No. 221]
Clarification on place of supply applicable for custodial services provided by banks to Foreign Portfolio Investors [Circular No. 220]
Clarification on availability of input tax credit on ducts and manholes used in network of optical fiber cables (OFCs) in terms of section 17(5) of the CGST Act, 2017 [Circular No. 219]
Clarification regarding taxability of the transaction of providing loan by an overseas affiliate to its Indian affiliate or by a person to a related person [Circular No. 218]
Entitlement of ITC by the insurance companies on the expenses incurred for repair of motor vehicles in case of reimbursement mode of insurance claim settlement [Circular No. 217]
Clarification in respect of GST liability and input tax credit (ITC) availability in cases involving Warranty/ Extended Warranty, in furtherance to Circular No. 195/07/2023-GST dated 17.07.2023 [Circular No. 216]
Clarification on taxability of wreck and salvage values in motor insurance claims [Circular No. 215]
Clarification on the requirement of reversal of input tax credit in respect of the portion of the premium for life insurance policies which is not included in taxable value [Circular No. 214]
Seeking clarity on taxability of re-imbursement of securities/shares as SOP/ESPP/RSU provided by a company to its employees [Circular No. 213]
Clarification on mechanism for providing evidence of compliance of conditions of Section 15(3)(b)(ii) of the CGST Act, 2017 by the suppliers [Circular No. 212]
Clarification on time limit under Section 16(4) of CGST Act, 2017 in respect of RCM supplies received from unregistered persons [Circular No. 211]
Clarification on valuation of supply of import of services by a related person where recipient is eligible to full input tax credit [Circular No. 210]
Clarification on the provisions of clause (ca) of Section 10(1) of the Integrated Goods and Service Tax Act, 2017 relating to place of supply [Circular No. 209]
Clarifications on various issues pertaining to special procedure for the manufacturers of the specified commodities [Circular No. 208]
Reduction of Government Litigation – fixing monetary limits for filing appeals or applications by the Department before GSTAT, High Courts and Supreme Court [Circular No. 207]
IBBI:
Filing Forms to monitor Voluntary liquidation processes under the Insolvency and Bankruptcy Code, 2016, and the regulations made thereunder
Filing Forms to monitor liquidation processes under the Insolvency and Bankruptcy Code, 2016, and the regulations made thereunder
IFSCA:
Form and Manner for seeking registration and other requirements under International Financial Services Centres Authority (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024
Permission to offer OTC derivatives on Gold and Silver: Amendment to OTDE Module (Module no. 13) of IFSCA Banking Handbook COB Directions v6.0
SEBI:
SEBI (Mutual Funds) (Amendment) Regulations, 2024
Dispatch of Consolidated Account Statement (CAS) for all securities assets
Charges levied by Market Infrastructure Institutions – True to Label
SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Amendment) Regulations, 2024
SEBI (Stock Brokers) (Amendment) Regulations, 2024
Facility for Basic Services Demat Account (BSDA) for Financial Inclusion and Ease of Investing
Participation by Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and Resident Indian (RI) individuals in SEBI registered FPIs based in International Financial Services Centres in India
SEBI (Foreign Portfolio Investors) (Second Amendment) Regulations, 2024
RBI:
Exclusion of “Nagar Urban Co-operative Bank Limited” from the Second Schedule of the Reserve Bank of India Act, 1934
DGFT:
Extenstion of Interest Equalisation Scheme(IES) for Pre and Post shipment Rupee Export Credfit for two months beyond 30th June 2024 [Trade Notice No.7]
Customs:
Implementation of the Sea Cargo Manifest and Transshipment Regulations (SCMTR) [Circular No.8]
Sea Cargo Manifest and Transhipment (Second Amendment) Regulations, 2024 [Notification No.47(NT)]
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.46(NT)]
Seeks to extend the exemption provied to imports of specified defence equipments for a further period of 5 years [Notification No.26]
Seeks to impose provisional anti-dumping duty on Telescopic Channel Drawer Slider, originating in or imported from China PR [Notification No.13(ADD)]
Seeks to impose anti-dumping duty on Easy open ends of tin plate, including electrolytic tin plate (ETP), measuring 401 diameter (99MM) and 300 Diameter (73 MM) in dimension, originating in or imported from China PR [Notification No.12(ADD)]
Seeks to impose anti-dumping duty on alloy steel chisel/tool and hydraulic rock breaker in fully assembled condition, originating in or imported from China PR and Korea RP [Notification No.11(ADD)]
Seeks to impose Anti-dumping duty on imports of Sodium Cyanide originating in or exported from China PR, European Union, Japan and Korea RP [Notification No.10(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 [No.17]
