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Weekly Newsletter - June 26, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Useful Forms:

Income Tax eForms

Income Tax Return eFiling Utilities

MCA eForms

Acts & Regulations:

SEBI Master Circular

IRDAI Master Circular

Exposure Draft:

IFAC Draft

International Content:

IFRS Reference Material

Legal Updates:







News Update:

Indian News:

General insurance sector gets Rs 18,000 crore GST bonanza

Makeover likely to give faceless I-T assessment a friendlier face

Waiver from income tax demand notice: How to know if it got extinguished or not?

Banks seek clarification on RBI's credit card network choice guidelines

Sebi revises norms for exchanges

Banks in a GST fix over RBI's directive to levy penal charges

MP ministers to now pay Income Tax as cabinet revokes 52-year-old rule

Sebi weighs tighter checks for stocks at F&O entry gate

Beware... 800 online financial frauds a day

Quant Mutual Fund faces Sebi probe in front-running case, issues clarification

Demerger norm for CA firms to be relaxed

India, Bangladesh decides to boost Himalayan-Bay of Bengal connectivity

Mumbai: ED seizes Rs 37-cr worth deposits, cash in Ponzi case

ICAI, MCA secretary discuss road map to create big Indian companies

GST Council's tax norm tweaks may ease burden on general insurers

DGFT, Revenue dept working on dedicated hubs to boost e-commerce exports

Taxpayers can now amend sales return form GSTR-1 before GST payment

No GST on hostels, rail platform ticket, waiting room, ESOPs

New GST era set to start with end of anti-profiteering clause

GST Council waives interest, penalty on tax demands between FY18 and FY20

Recommendations of 53rd GST Council meeting [Press Release issued by Ministry of Finance]

Budget 2024: Sitharaman underlines Centre's support to states via timely tax devolution, GST compensation arrears

RBI revises priority sector lending norms

PFRDA to allow subscribers to keep 50% investment in equity upto 45 yrs age

IBBI to strengthen creditors’ rights on personal guarantors

GST rate rationalisation panel reconstituted, Bihar dy CM named convenor

NBFCs need to focus on compliance, risk and liquidity, says RBI ED R Lakshmi Kanth Rao

Millionaires on the move: Where are the world's rich migrating to in 2024?

Sebi tightens norms for IPO price discovery to curb manipulation

Sebi issues guidelines for system audit of professional clearing members

Sebi confirms interim direction; bans JM Financial from managing debt public issues till Mar 2025

IRDAI bars unit-linked policies from being advertised as investment product

IBBI proposes amendments to insolvency rules; seeks public comments

Corporate bond ticket size slashed: What does it mean for retail investors?

Growth is important, but not at cost of unacceptable risks: RBI governor

Centre seeks exemption for sovereign funds from RBI's AIF rules, sources say

US inheritance tax threatens HNI investors: Can GIFT City be a solution?


International News:

Failure to Keep Pace with Technology is Biggest Risk for Accounting Pros

Canadian Audit Firm Fined $60,000 By the PCAOB for Quality Control Failures

PCAOB Busts Two Audit Firms for Not Complying With Reporting Rules

[US] Auditors Pan Bid to Report Their Own Financials as Too Rigid

Useful Forms:

Income Tax eForms:

Schema have changed for the following Income Tax eFiling Utilities:

Form 3CEB
Form 29B
Form 29C


Income Tax Return eFiling Utilities:

The following eFiling utilities have been updated:

ITR 3 Excel Utility
ITR 5 Excel Utility

New Releases:

ITR 7 eFiling Utilty


MCA eForms:

The following MCA eForms have been updated:

Form GNL-1
Applications made to Registrar of Companies

Refund Form
Application for requesting refund of fees paid

Form 23D
Information by cost auditor to Central Government

Acts & Regulations:

SEBI Master Circular:

Master Circular for Electronic Gold Receipts (EGRs)


IRDAI Master Circular:

Master Circular on Operations and Allied Matters of Insurers

Exposure Draft:

IFAC Draft:

Proposed Revisions to IES 2, 3, and 4 – Sustainability
[Last date for Comments: July 24, 2024] 

International Content:

IFRS Reference Material:

ESRS–ISSB Standards - Interoperability Guidance
[Published jointly by IFRS Foundation and EFRAG]

Legal Updates:


Priority Sector Lending – Amendments to the Master Directions



SEBI (Prohibition of Insider Trading) (Second Amendment) Regulations, 2024

Statutory Committees at Market Infrastructure Institutions (MIIs)

System Audit of Professional Clearing Members (PCMs)

Introduction of a special call auction mechanism for price discovery of scrips of listed Investment Companies (ICs) and listed Investment Holding Companies (IHCs)

Modification in duration for Call auction in pre-open session for Initial Public Offer (IPO) and Relisted scrips

Contribution to Core Settlement Guarantee Fund and Default Waterfall for Limited Purpose Clearing Corporation (PLCC)



Amendment in Para 2.57 and 2.58 of the Handbook of Procedures [Public Notice No.13]

Addition of area of operation of PSIAs in terms of Para 2.52 (c) of HBP 2023 in Appendix-2G [Public Notice No.12]

Enlistment of PSIAs in terms of Para 2.52 (c) of HBP 2023 in Appendix-2G [Public Notice No.11]



Launch of Exchange rate Automation Module (ERAM) [Circular No.7]

MOOWR- Transfer of Goods from one Section 65 Unit to another [Instruction No.16]

Exchange Rate Notification No. 45/2024-Cus (NT) dated 20.06.2024 [Notification No.45(NT)]

Appointment of Common Adjudicating Authority for the purpose of finalization of Provisional Assessment in SVB case w.r.t. M/s Cognex Sensors lndia Pvt Ltd [Notification No.44(NT)]



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