Weekly Newsletter - June 5, 2024
Latest additions to CAalley:
News Update:
Exposure Drafts:
Acts & Regulations:
Useful Forms:
Legal Updates:
News Update:
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
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
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:
Proposed New Model of Networking - LLP Firm Network Model
[Last date for comments: June 6, 2024]
Draft ‘Central Excise Bill, 2024’
[Last date for comments: June 26, 2024]
Proposed IFRS Taxonomy Update
Accounting Taxonomy 2024 — Update 1
[Last date for Comments: Spetember 3, 2024]
Acts & Regulations:
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:
Check out the ITR Utilities that have been released or updated recently
The following MCA eForms have been updated:
Form BEN-2
Return to the Registrar in respect of declaration under section 90
Form I-XBRL
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:
The Income-tax (Sixth Amendment) Rules, 2024 - Amendment in Form 27Q [Notification No.48]
Amendments regarding inclusions in specified districts [CGST Notification No.11]
Amendments regarding inclusion of districts under specified cities [CGST Notification No.10]
Disclosures of Material Changes and Other Obligations for Foreign Portfolio Investors
SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2024
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 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]
Disbursal of Drawback amounts into the exporters accounts through PFMS [Instruction No.15]
Reduction of Special Additional Excise Duty on production of Petroleum Crude [Notification No.15]
