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Weekly Newsletter - June 5, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

ICAI Exposure Draft

CBIC Draft

IFRS Draft

Acts & Regulations:

SEBI Master Circulars

Useful Forms:

ITR Utilities for AY 2024-25

MCA eForms

Legal Updates:

Income Tax




IRDAI [Master Circulars]



Central Excise



News Update:

Indian News:

Sebi mandates process of securities payout directly to client accounts

CBIC unveils new draft, set to replace 8-decade old central excise regime

AI in finance: How algorithms are shaping personal wealth management

GST appeal process to be fully digitised

New EPF account rules in May: EPFO made these four major changes to the EPF account, claims process in May 2024

Sebi seeks additional IPO disclosures to speed up clearance process

Sebi introduces 'Saarthi 2.0' mobile app on personal finance for investors

Want to change/update your PF details online: EPFO has made it easier

TDS on property is 20% if you have not linked PAN with Aadhaar by May 31

Sebi's rumour verification rule and its implications

Income tax department imposes penalty of over Rs 4.68 crore on L&T

Initiate quicker GST recovery in special cases, officers told

SEBI Bars Two Individuals From Markets For Front-Running Trades

'Audit committees should learn from past lapses flagged by NFRA'

Audit panels of companies can’t escape blame by citing auditors’ failure: NFRA chief

Auditors Should Scrutinise Management For Financial Integrity: NFRA Chief

You can now know why your ITR has been shortlisted for scrutiny by taxmen

‘IBC resolved as many cases in 7 yrs as BIFR did in 30 yrs’

RBI going Hi-tech in regulation, risk management

RBI to allow opening of rupee account outside India to boost currency use

RBI unveils final guidelines for fintech SRO; PCI wants to apply

Ease of Doing Business: Still a job half-done

Sebi issues guidelines for inspection of warehouses by clearing corporations

Sebi directs depository participants to take swift action against any fraud

S&P raises outlook for India to positive, affirms rating at BBB-

RBI liquidity operations to match monetary policy stance: Annual report

Health insurance claim rule change: Cashless claims must be cleared in 3 hours

Irdai mandates health insurers to decide on cashless claims within 1 hour

FPIs may lose exemption benefits as Sebi issues updated SOPs for custodians

Some ARCs bypassing regulations, lack transparency: RBI deputy governor

Meet India's Insolvency professionals: Male, chartered accountants and not so young

RBI bars Edelweiss ARC from acquiring financial asset with immediate effect


International News:

ChatGPT scores 60% accuracy on financial statement analysis

FASB Proposes Rule on How Companies Account for Government Grants

Understanding the PCAOB's stricter quality control rules

11 crypto exchanges in Hong Kong to get licences soon

IASB issues amendments to IFRS 9

ISSB releases jurisdictional guide to sustainability standards

ICAEW hits back at claims of declining audit quality

GASB Issues Guidance to Improve Components of Government Financial Reports

Exposure Drafts:

ICAI Exposure Draft:

Proposed New Model of Networking - LLP Firm Network Model
[Last date for comments: June 6, 2024] 


CBIC Draft:

Draft ‘Central Excise Bill, 2024’
[Last date for comments: June 26, 2024] 


IFRS Draft:

Proposed IFRS Taxonomy Update
Accounting Taxonomy 2024 — Update 1

[Last date for Comments: Spetember 3, 2024] 

Acts & Regulations:

SEBI Master Circulars:

Master Circular for Bankers to an Issue
[Published on June 3, 2024]

Master Circular for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors
[Published on May 30, 2024]

Useful Forms:

ITR Utilities for AY 2024-25:

Check out the ITR Utilities that have been released or updated recently


MCA eForms:

The following MCA eForms have been updated:

Form BEN-2
Return to the Registrar in respect of declaration under section 90

Form for filing XBRL document in respect of cost audit report and other documents with the Central Government

Form ADJ
Memorandum of Appeal

Form AOC-4(XBRL)
Form for filing XBRL document in respect of financial statement and other documents with the Registrar

Legal Updates:

Income Tax:

The Income-tax (Sixth Amendment) Rules, 2024 - Amendment in Form 27Q [Notification No.48]



Guidelines for initiation of recovery proceedings before three months from the date of service of demand order [Instruction No.1]

Amendments regarding inclusions in specified districts [CGST Notification No.11]

Amendments regarding inclusion of districts under specified cities [CGST Notification No.10]



The Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2024



Enhancement of operational efficiency and Risk Reduction - Pay-out of securities directly to client demat account

Disclosures of Material Changes and Other Obligations for Foreign Portfolio Investors

SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2024

Comprehensive guidelines for Investor Protection Fund (IPF) and Investor Services Fund (ISF) for Stock Exchanges having commodity derivatives segment

Ease of Doing Business – Internet Based Trading for Stock Brokers

Revision of eligibility criteria for launching commodity futures contracts

Investor Charter for Depositories and Depository Participants

Investor Charter for Stock Exchanges

Modification in requirement of inspection of accredited warehouses by Clearing Corporations

Norms for acceptable collaterals and exposure of Clearing Corporations



Master Circular on Reinsurance

Master Circular on Health Insurance Business



Amendment in item description of 'Glufosinate Technical' covered under HS Code 38089390 of Chapter 38 of Schedule –I (Import Policy) of ITC (HS) 2022 [Notification No.14]

Relaxation in the provision of submission of "Bill of Export" as evidence of export obligation discharge for supplies made to SEZ units in case of Advance Authorisation [Circular No.4]

Amendment in Appendix - 6B of FTP/HBP, 2023 [Public Notice No.8]

Clarification of Para 4.17 of HBP-2023 - Addendum to Policy Circular No 03/2024

Clarification of Para 4.17 of Hand Book of Procedures-2023 [Circular No.3]

Modification of SION E-125 for export of Shea Stearine [Public Notice No.7]



Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.38(NT)]

Disbursal of Drawback amounts into the exporters accounts through PFMS [Instruction No.15]

Seeks to amend notification No. 2/2019-Customs (CVD) dated 30th August, 2019 in order to extend the levy of Countervailing Duty on 'Saccharin in all its forms' imported from China PR upto and inclusive of the 28th February, 2025 [Notification No.2(CVD)]


Central Excise:

Reduction of Special Additional Excise Duty on production of Petroleum Crude [Notification No.15]



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