Weekly Newsletter - May 15, 2024
Latest additions to CAalley:
News Update:
Exposure Drafts:
Acts & Regulations:
Useful Forms:
From the ICAI:
Reference Section:
Legal Updates:
News Update:
SEBI grants LIC extra 3 years to achieve minimum public shareholding
Amid surge in biz, RBI asks gold loan NBFCs to strictly comply with norms
Pune GST Intelligence busts multi-state fake input tax credit scam worth Rs 145 crore
Big relief for mutual fund investors: Sebi eases Aadhaar-PAN KYC rules
Why Indian HNIs invested in blank-cheque shell cos are facing tax scrutiny
SEBI relaxes KYC norms to simplify risk management framework
GST on corporate guarantees: Taxmen believe clarity will emerge only in SC
Paytm UPI Lite allows Rs 500 per transaction without PIN: Details here
Sebi plans tighter rules for listing small biz after complaints of misuse
EPFO introduces auto claim settlement for education, marriage, housing
AIFs must comply with certification requirement by May 2025: Sebi
Five states show interest in implementing Aadhaar-based authentication for GST registration
Capital gains tax applicable on gifted shares? Here’s what Bombay High Court ruling says
SC issues notice to centre over petition on imposition of GST on JDA
Taxpayers can now see if feedback is acted upon by reporting entities: Govt
SBI becomes the first bank as trading, clearing member of IIBX
Supreme Court admits petition on imposition of GST on joint development pacts
Irdai asks insurers to compulsorily meet rural, social sector obligations
Non-residents allowed to open margin accounts for derivative contracts
Arrest under GST Act should not be based on mere suspicion, says SC
Sebi cuts lot size of private-placed InvITs to Rs 25 lakh
Sebi mandates Investment advisors to share social media details twice a yr
Sebi mulls direct payout of securities to client's account mandatory
NPCI to delay payments market cap by two years, helping PhonePe, Google Pay
Front-running, insider trading: Amfi rulebook to curb misconduct in a month
SEBI increases scrutiny on disclosure of KPIs by startups planning IPOs: Exclusive
SC asks Centre to not use "threat and coercion" in GST recovery operations
HNI investors in offshore ‘blank cheque’ companies receive income tax notices
SC holds bank employees' interest-free loans taxable as fringe benefits
RBI governor discusses ways to scale up UPI ecosystem with stakeholders
Sebi comes out with stringent rules to tackle misconduct, corrupt practices by employees
Could AI be universally adopted within audit in the next three years?
PCAOB OKs auditor responsibility and quality control standards
[IFRS 18] New IFRS Accounting Standard to aid analysis of financial performance
New IFRS Accounting Standard Eases Financial Reporting for Subsidiaries
US: Firms Starting to Field Questions on New Crypto Accounting Rules, Panel Says
Exposure Drafts:
Consultation paper on the IFSCA (Board for Regulation and Supervision of Payment and Settlement Systems) Regulations, 2024
[Last date for Comments: May 30, 2024]
Draft - Enhancement of operational efficiency and Risk Reduction - Pay-out of securities directly to client demat account
[Last date for Comments: May 30, 2024]
Consultation Paper on measures towards Ease Of Doing Business for REITs and InvITs
[Last date for Comments: May 30, 2024]
Consultation paper on measures towards Ease of Doing Business for Non-Convertible securities
[Last date for Comments: May 30, 2024]
Acts & Regulations:
Master Circular for Infrastructure Investment Trusts (InvITs)
[Published on May 15, 2024]
Master Circular for Real Estate Investment Trusts (REITs)
[Published on May 15, 2024]
Master Circular for Custodians
[Published on May 10, 2024]
Master Circular for Alternative Investment Funds (AIFs)
[Published on May 7, 2024]
Master Direction – RBI (Margining for Non-Centrally Cleared OTC Derivatives) Directions, 2024
Useful Forms:
New Release:
ITR 3 - Excel Utility & JSON Schema
Updated: Common Offline Utility (ITR 1 to ITR 4)
MCA eForms updated as on May 13, 2024
From the ICAI:
Guidance on Non-Compliances Observed by Quality Review Board During Quality Reviews (Volume 1)
Reference Section:
Goal Setting – a good place to start?
[Submitted by CA Madhukar N Hiregange,
Bengaluru, Karnataka]
Legal Updates:
CBDT releases new functionality in AIS [Press Release]
The Competition Commission of India (General) Amendment Regulations, 2024
Uploading of judicial orders related to insolvency proceedings by Insolvency Professionals
FAQ on KYC Norms for the Securities Market
Review of validation of KYC records by KRAs under Risk Management Framework
Certification requirement for key investment team of manager of AIF
Master Circular on Rural, Social Sector and Motor Third Party Obligations
Applicability of Notification No. 71/2023 dated 11.03.2024 [Trade Notice No.3]
