Weekly Newsletter - June 7, 2023
Latest additions to CAalley:
News Update:
Exposure Drafts:
Reference Section:
Useful Forms:
Legal Updates:
News Update:
Farmer gets notice to pay 4.9Cr for GST as his PAN is misused
HC upholds GST rules on taxing intermediary services for clients abroad
NPS withdrawal rule set to change: Soon you can opt for periodic withdrawal instead of lump sum
Minimum assured return scheme in works; to be launched soon: PFRDA Chairman
Public sector banks, ICAI to set up common platform for balance confirmations
Work underway on non-IBC resolution formats
RBI permits banking units at IFSC to settle NDDCs in rupee
E-invoice enabled for businesses with annual turnover of Rs 5 crore
BBC ‘accepts’ it paid lower taxes in India
Centre directs banks to ensure nominees for all accounts and lockers
RBI-appointed panel suggests host of customer-centric initiatives for banks
Bank boards must hold mgmts accountable for their actions: RBI Dy Guv Rao
Banks’ digital payments frauds nearly double in FY23
Companies can file CSR report for FY23 by March next year: MCA
Excellent results from tech in detecting tax evasion: CBDT Chief
RBI may consider changing CRR computation timing
Fake companies and eway bills to spin Rs 10,000-crore GST fraud
Filings on MCA portal surge since Jan revamp
RBI imposes Rs 2.2 crore penalty on Indian Overseas Bank for non-compliance
IRDAI directs SBI Life to take over Sahara India Life Insurance business
RBI releases draft on cyber resilience, digital payment security controls
CBIC reorganizes National Assessment Centre
Angel tax-hit venture funds reach out to CBDT for relief
Digital transactions in India highest in world but why is cash still king?
New TER structure to pose challenge for smaller AMCs
Uttar Pradesh govt launches 15-day mega registration drive for MSMEs
Irdai issues Bima Vahaks draft to establish channel at Gram Panchayat level
SEBI cancels Certificate of Registration of Karvy Stock Broking
Sebi to auction properties of 7 business groups on June 28 to recover investors' money
Prioritise depositors over shareholders: RBI deputy governor M K Jain
I-T dept to keep open SFT returns filing portal for FY'23 for 'couple days'
NFRA slaps Rs 1.10 cr fine, imposes ban on two auditors, one audit firm
Bringing electricity under GST is likely to take 5-10 years: Sushil Kumar Modi
PCAOB Proposes Revised Audit Requirements for Non-Compliance with Laws and Regulations
Banks' reliance on AI to handle customer service worries consumer watchdog
IPSASB updates revenue transaction and transfer expense standards
ESG an “immense” market for mid-tier accounting firms to tap into
SEC’s Top Accountant Emphasizes Auditor’s Role in Detecting Corporate Fraud
Elon Musk is accused of insider trading by investors in Dogecoin lawsuit
FASB tax disclosure plan draws fire
Kill the Audit Industry, Says Ex-Auditor
FASAB committee proposes changes to guidance on leases
Exposure Drafts:
Draft Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators
[Last date for Comments: June 30, 2023]
Bima Vahak Guidelines
[Last date for comments: June 22, 2023]
Leases Implementation Guidance - Amendments to Technical Release 20
[Last date for Comments: June 30, 2023]
IFRS Sustainability Disclosure Standards - Consultation on Agenda Priorities
[Last date for Comments: September 1, 2023]
International Tax Reform—Pillar Two Model Rules - Proposed amendments to the IFRS for SMEs Standard
[Last date for Comments: July 17, 2023]
Proposed International Standard on Auditing (UK) 505 (Revised)
External Confirmations
[Last date for Comments: September 1, 2023]
Reference Section:
Indian Accounting Standards (Ind AS): Disclosures Checklist
(Revised November 2022)
Useful Forms:
Income Tax Form No.16 (updated)
Certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source from income chargeable under the head "Salaries"
Income Tax Form No.35 (updated)
Appeal to the Commissioner of Income-tax (Appeals)
Legal Updates:
The Income-tax (8th Amendment) Rules, 2023 - Amendment to Rule 11UAC [No.35]
The Limited Liability Partnership (Amendment) Rules, 2023 - New Form No.3
The Companies (Accounts) Second Amendment Rules, 2023 - Filing of Form CSR-2
Notification regarding Establishment of regional offices of the Competition Commission of India
Transactions in corporate bonds through Request for Quote platform by Stock Brokers (SBs)
Master Circular on Electronic Gold Receipts (EGR)
Expanding the Scope of Trade Receivables Discounting System
Risk Management and Inter-Bank Dealings - Non-deliverable derivative contracts (NDDCs)
Exposure Limits for Investments in National Bank for Financing Infrastructure and Development
Amended Exchange Rate Notification dated June 7, 2023 [No.40(NT)]
Exchange rate Notification dated June 1, 2023 [No.39(NT)]
