Weekly Newsletter - July 5, 2023
Latest additions to CAalley:
News Update:
Reference Section:
From the ICAI:
Exposure Drafts:
Acts & Regulations:
Useful Forms:
Legal Updates:
News Update:
SEBI issues consultation paper on cyber security, resilience framework for regulated entities
50-60 reporting entities for non-compliance under Income-tax department’s scanner
No ITC claim if vendors of suppliers of company don't pay GST: Punjab AAR
Missed PAN-Aadhaar deadline? All the transactions that you can't do now
CAG focuses on AI to uncover fake claims, conduct performance audits
Fix glitches by July 10: Govt tells LTIMindtree
Ecommerce operators face problem in GST drive to check fake registration
CFOs hail six years of GST, but seek more simplification on tax regime
India mulls bilateral deals for green hydrogen-linked carbon credits
GST fraud of ₹175 cr. unearthed, mastermind nabbed at Bengaluru airport
Digital Competition Law Committee finalising report as last date nears
CBIC plans tighter GST regulation norms using geo-tagging, biometrics
Centre to soon notify rules for setting up GST appellate tribunals
Soon, you may be able to use the same QR codes for e-Rupee and UPI payments
Impact of CSR funds ‘not widely felt’ despite jump in spending: MCA
CSR plans should be self-sustaining: MCA
Over 12k fake entities in GST; CBIC plans biometric authentication
Chartered accountant arrested for GST fraud worth 83 crore
Rs 7 lakh combined threshold for calculating TCS: Finance ministry
GST officers bust 304 syndicates involving Rs 25k cr fake ITC claims
PSBs should focus on robust asset-liability & risk management: Sitharaman
CBDT issues clarification on PAN-Aadhaar linking
IRDAI norms on pay to private insurers’ top brass extended to KMPs
Consumer affairs dept asks online platforms to not use 'dark patterns'
I-T Department Conducts Verification of Reporting Entities
Out-of-court settlement does not attract GST: AAR
Bank giant bigger than Morgan Stanley arises from HDFC Bank, HDFC Ltd merger
SEBI to strengthen investor grievance handling mechanism
Input tax credit not available for GST paid on CSR work expenses: UP AAR
Sebi tightens disclosure rules for FPIs with 50% in 1 business group
Sebi finalising draft discussion paper over guidelines for 'finfluencers'
ESOPs to board changes: Advocacy by institutional shareholders surges 44%
Rs 40 crore I-T refund scam busted in Hyderabad, 8 consultants under scanner
I-T dept issues notices to 15 social media influencers over low tax payment
GST officers bust nexus of 30 fake firms for passing Rs 50 cr ITC
Tax hike on international transactions to come into effect from Oct 1
IRDAI lists steps to closely monitor insurers’ exposure to AIFs
KPMG cuts about 1,900 more US jobs
Reference Section:
Audit Working Paper Templates [Issued by ICAI in June 2023]
Multiple Choice Questions (MCQs) on Engagement and Quality Control Standards
Ready Referencer on Engagement and Quality Control Standards
From the ICAI:
Changing of cut-off date for the Bank Branch Auditors Panel
Additions to ICAI Guidance Notes
New Addition: ICAI Technical Guides
Exposure Drafts:
Draft Circular on Arrangements with Card Networks for issue of Debit, Credit and Prepaid Cards
[Last date for Comments: August 4, 2023]
Consultation Paper on Consolidated Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities
[Last date for Comments: July 25, 2023]
Acts & Regulations:
SEBI (Credit Rating Agencies) (Amendment) Regulations, 2023 [Published on July 3, 2023]
SEBI (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023 [Published on July 3, 2023]
SEBI (Ombudsman) (Repeal) Regulations, 2023 [Published on July 3, 2023]
Useful Forms:
Income Tax Forms: 1 New & 6 Updated Forms
Legal Updates:
Extension of time limits for submission of certain TDS/TCS Statements [Circular No.9]
Advisory: Online Compliance Pertaining to Liability / Difference Appearing in R1 - R3B (DRC-01B)
NCLT Advisory - Regarding Go Air Ticket Holder- Refund Claims
Appointment of Chairperson of Competition Commission of India
Appointment of Director nominated by the Debenture Trustee on boards of issuers
Master Circular for Credit Rating Agencies
Guidelines on Remuneration of Directors and Key Managerial Persons of Insurers
Seeks to amend the First Schedule of the Customs Tariff Act [No.43]
Seeks to increase the standard tariff for LPG in 1st Schedule of Customs Tariff Act, 1975 [No.40]
Amendment of Notification No.18/2023 Customs (NT) dated 30.03.2023 [No.49(NT)]
Amendment of Notification No.19/2022 Customs (NT) dated 30.03.2022 [No.48(NT)]
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.47(NT)]
