caalley logo

The alley for Indian Chartered Accountants

Weekly Newsletter - May 24, 2023

Go to Newsletter Archives

Latest additions to CAalley:

News Update:

Indian News

International News

Reference Section:


Exposure Drafts:

SEBI Drafts

Legal Updates:

Income Tax







News Update:

Indian News:

ED raids foreign-registered online gaming portals; says Rs 4,000cr funds sent abroad illegally

Forceful seizure of vehicles by recovery agents is illegal: Patna high court

Consumer Commission directs Reliance Life Insurance to pay ₹60 lakh with interest to widow of policyholder

Banks, lenders wary as RBI tags centralised KYC as high risk

Traders condemn GST Department's verification drive

Changes to angel tax will provide relief to small businesses, startups: Experts

TDS rules: Online gaming bonus, incentives taxable if withdrawn, says CBDT

SC ruling on user development fee provides guidance for GST, tax on royalty

I-T officials too face hurdles in Gameskraft case

Customs to introduce additional disclosures for export-import of medicinal products from June 1

GSTN to go live on Account Aggregator ecosystem before July 1

RBI asks banks to keep daily data on exchange, deposit of Rs 2,000 notes

Sebi proposes measures to contain price volatility on shares in derivative segment

Intimation of arrest through SMS is invalid: Madras HC

President’s name in a contract is no immunity against the application of law to test its conditions, SC holds

ITAT quashes taxing Swiss a/c funds in hands of NRI

AAAR: Flat buyers will face 18% GST on open car parks’ sale

NFRA imposes five-year ban, Rs 5 lakh penalty on auditor for lapses

Sebi proposes to cut down IPO listing timeline to 3 days from 6 days

SEBI proposes institutional mechanism for AMCs for deterrence of possible market abuse, fraudulent transaction

CBDT proposes changes to Rule 11UA in respect of Angel Tax - Also proposes to notify Excluded Entities

GST E-invoicing: A new era of efficiency and accountability in Indian taxation

No TCS on overseas payment via international credit, debit cards upto Rs. 7 lakhs: FinMin

RBI may cancel licence of asset reconstruction companies after I-T report

RBI planning strict rules for firms offering payments via PoS machines

SEBI proposes changes in mutual funds' Total Expense Ratio to curb mis-selling

SEBI proposes new framework for AIFs to strengthen corporate governance rules

SEBI probe into Adani drew a blank: Supreme Court-appointed panel

Cracking the whip: Stricter rules against suspicious trading on cards

Reserve Bank of India to withdraw Rs 2,000 currency notes from circulation

Paytm partners with SBI Card, NPCI to launch co-branded RuPay credit cards

FinMin applies amnesty scheme for traders failing to meet export obligation

Travelling abroad? Limit personal expenses to $250K on intnl credit cards

Your credit card payments overseas will attract a 20% TCS from July 1

DPIIT takes up startup taxation issue with finance ministry: Secretary

Irdai forms task force to facilitate ease of doing KYC using Aadhaar


International News:

UK companies watchdog proposes tougher disclosures on internal controls

FRC minimum standard for audit committees ‘a step in the right direction’

IASB amends tax accounting requirements to help companies respond to international tax reform

FRC publishes minimum standard for audit committees

PwC turns to AI for audit transformation

IFAC issues anti-corruption tool for accountancy organisations

Angry lawmakers accuse Fed of inaction in insider trading investigation

PCAOB Moves Project on Audit Quality Indicators to Standard-Setting Agenda

Reference Section:


A Guide to GAAP
[Submitted by CA S. Ramaswamy,
Kochi, Kerala]
May 21, 2023

Exposure Drafts:

SEBI Drafts:

Consultation paper on proposal with respect to pro-rata and pari-passu rights of investors of Alternative Investment Funds (AIFs)
[Last date for Comments: June 4, 2023] 

Consultation Paper on Price Band formulation for scrips in Equity Derivatives segment to strengthen volatility management and minimise information asymmetry
[Last date for Comments: June 5, 2023] 

Consultation paper on reduction of timeline for listing of shares in Public Issue from existing T+6 days to T+3 days
[Last date for Comments: June 3, 2023] 

Consultation paper on Institutional Mechanism for Asset Management Companies for deterrence of possible market abuse and fraudulent transactions
[Last date for Comments: June 3, 2023] 

Consultation Paper on the proposal to review Qualified Institutional Buyer status of Alternative Investment Funds, Venture Capital Funds and Foreign Venture Capital Investors
[Last date for Comments: June 1, 2023] 

Consultation Paper on Strengthening of Investor Grievance handling mechanism through SCORES and linking to the Online Dispute Resolution mechanism approved by SEBI
[Last date for Comments: May 29, 2023] 

Consultation paper on proposal enabling direct participation by clients/ participants in the Limited Purpose Clearing Corporation - tri-party repo for corporate bonds
[Last date for Comments: May 29, 2023] 

Consultation Paper on Review of Total Expense Ratio charged by Asset Management Companies (AMCs) to unitholders of schemes of Mutual Funds to facilitate greater transparency and accrual of benefits of economies of scale to investors
[Last date for Comments: June 1, 2023] 

Consultation paper on streamlining regulatory framework for registration of Foreign Venture Capital Investors (FVCIs)
[Last date for Comments: May 31, 2023] 

Consultation paper on proposed amendment to SEBI (Alternative Investment Funds) Regulations, 2012 to strengthen governance mechanisms of Alternative Investment Funds (AIFs)
[Last date for Comments: May 31, 2023] 

Consultation paper on draft SEBI (Prohibition of Unexplained Suspicious Trading Activities in the Securities Market) Regulations, 2023
[Last date for Comments: June 2, 2023] 

Consultation Paper on proposed review of the definition of Unpublished Price Sensitive Information (UPSI) under SEBI (Prohibition of Insider Trading) Regulations, 2015 to bring greater clarity and uniformity of compliance in the ecosystem
[Last date for Comments: June 2, 2023] 

Legal Updates:

Income Tax:

Clarification regarding provisions relating to charitable and religious trusts [Circular No.6]

The Income-tax (Fifth Amendment) Rules, 2023 - Calculations of Net Winnings from Online Games [No.28]

Guidelines for compulsory selection of returns for Complete Scrutiny during the FY 2023-24

Guidelines for removal of difficulties u/s 194BA(3) of the Income-tax Act, 1961 [Circular No.5]

Mahila Samman Savings Certificate, 2023 notified [No.27]



Revision in computation of Core Settlement Guarantee Fund in Commodity Derivatives Segment

Dematerialization of securities of Hold Cos and SPVs held by Infrastructure Investment Trusts (InvITs)

Dematerialization of securities of Hold Cos and SPVs held by Real Estate Investment Trusts (REITs)

Master Circular for Mutual Funds

Risk disclosure with respect to trading by individual traders in Equity Futures & Options Segment



₹2000 Denomination Banknotes – Maintaining Daily Data

₹2000 Denomination Banknotes – Withdrawal from Circulation; Will continue as Legal Tender [Press Release]



Dedicated email IDs as single Point(s) of correspondence for the applicants seeking NOC, CoR OR for other related communication



Amendment in Export Policy of Broken Rice under HS Code [No.7]

Amendment in Export Policy of Cough Syrup [No.6]



Foreign Trade Policy 2023 [Circular No.12]

Seeks to amend Australia FTA notification to make changes in tariff preference given to Coking Coal and Raw Cotton arising out of Finance Act, 2023 [No.38]

Requirement of EPR registration certificate for import of battery as well as equipment containing battery [Instruction No.17]

E-waste (Management) Rules 2022 - regarding release of imported consignments of producers of 85 EEEs items (ITEW 17 to ITEW 27, CEEW 6 to CEEW 19, LSEEW 1 to LSEEW 34, EETW 1 to EETW 8, TLSEW 1 to TLSEW6, MDW 1 to MDW 10 and LIW1 to LIW 2) [Instruction No.16]

Notification in relation to the rail link route connecting Bathnaha-Indian Customs Yard, Jogbani in Inda, and Nepal Customs Yard, Biratnagar in Nepal by amendment of Principal Notification No. 63/1994-Customs (N.T.) dated 21st November, 1994 [No.37(NT)]

Exchange rate Notification No. 36/2023-Cus (NT) dated 18.05.2023 [No.36(NT)]

Corrigendum to notification No. 35/2023-Customs dated 29.04.2023



Read more on:
Don't miss an update!
Subscribe to our newsletter