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The alley for Indian Chartered Accountants

Weekly Newsletter - May 31, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Reference Section:

Legal FAQs - Income Tax


International Content:

IFAC Advocacy Workbook

Useful Forms:

Income Tax Return eFiling Utilities

Exposure Drafts:

CBDT Draft

SEBI Exposure Draft

FRC Exposure Draft

Legal Updates:

Income Tax








News Update:

Indian News:

Deloitte flags Adani Port transactions citing 'insufficient disclosures'

Sebi proposes enhanced disclosure requirements for high-risk FPIs

RBI Dy Guv calls for better risk management, governance at banks

Amfi to form ethics panel to curb misconduct in asset management companies

‘HTM bond sales to hurt banks, but not as badly as in U.S.’

Regulators step up scrutiny ahead of review by global money laundering watchdog

Income Tax department notifies e-appeals scheme to ensure electronic filing

RBI plans new payment system to safeguard essential payments against digital attack, natural calamities

‘Sebi fee review to make a big dent in MFs’ profits’

No penalty if GST no. not put up outside firms, bizmen told

MP: Two held for GST fraud of more than 12 cr in Indore

Organisations adopting sustainability reporting get competitive edge

"Individual directors should not have any conflict of interest," says RBI Governor

RBI governor warns bank boards against overaggressive growth, evergreening

RBI reviews bond value norms that shield banks

Sebi may soon ease compliance norms for PE, VC funds in India: Report

Angel tax: Startups await clarity on 'missed targets'

Angel tax: Experts seek 10% safe harbour for convertible preference shares

Now income proof mandatory for Rs 10 lakh investments in small savings schemes

CFOs to be blamed for most of frauds, says SEBI WTM Mohanty

Courts staying GST demands till tribunal is set up

Banks, CBI spar over nod for action on fraud loans

RBI imposes Rs 85 lakh penalty on Central Bank of India for non-compliance relating to frauds classification and reporting

NCLAT sets aside NCLT order on Zee-Sony merger

Sebi to issue mutual fund light regulations for passive funds; seeks to ease compliance burden

Govt. trying to link TCS on overseas spends to local TDS to smoothen cash flows: CEA

CBIC extends April GST return filing deadline for Manipur biz till May 31

Leave encashment limit for non-govt employees hiked to Rs 25 lakh: CBDT

Investment in start-ups from 21 nations will be exempt from angel tax

If you don't reply to income tax dept's queries, ITR likely to be picked for full scrutiny: CBDT

Tax dept to act on specific evasion data

SBI penalised for sending bills to man despite credit card's expiry

10,000 Fake GST Registrations Identified As Government Intensifies Crackdown On Tax Violators: Report

SEBI tightens reporting requirements for offshore funds

Sebi mulls prohibiting differential rights to AIF investors


International News:

IPSASB issues package of measurement-related pronouncements

IASB Issues Disclosure Rules to Boost Transparency around Terms of Supplier Finance Arrangements

FRC: Scalebox launched to promote competition and quality for smaller audit firms

ChatGPT aces CPA exam after prior version flunked

ICAEW: New risks revealed in the traditional banking model

Reference Section:

Legal FAQs - Income Tax:

Liberalised Remittance Scheme (LRS) FAQs



Regular visitors of the previous versions of CAalley have been asking us to upload the articles that were published at that time.
We have published a few handpicked ones which can be referred to even today conceptually.
Hope you all find it helpful.

To read articles, click here

International Content:

IFAC Advocacy Workbook:

Global Fight, Local Actions:
Anti-Corruption Advocacy Workbook for PAOs

Useful Forms:

Income Tax Return eFiling Utilities:

Validation Rules for ITR 1 to ITR 4

Income Tax Return eFiling Utilities for ITR 3

Exposure Drafts:

CBDT Draft:

Draft Rule 11UA regarding Method for Computation of Fair Market Value of Unquoted Equity Shares for the purposes of section 56(2)(viib) of the Income-Tax Act, 1961
[Last date for Comments: June 5, 2023] 


SEBI Exposure Draft:

Consultation Paper on Framework for mandating additional disclosures from FPIs that fulfil certain objective criteria
[Last date for Comments: June 20, 2023] 


FRC Exposure Draft:

Consultation Paper - Corporate Governance Code
[Last date for Comments: September 13, 2023]

Legal Updates:

Income Tax:

Income Tax Seventh Amendment Rules, 2023 - Amendment of Rule 11AA [No.34]

e-Appeals Scheme, 2023 [No.33]

Income Tax Sixth Amendment Rules, 2023 - Amendment to Form No.35 [No.32]

Leave encashment limit for non-govt employees notified [Notification No.31]

Conditional exemption from section 56(2)(viib) - Calculation of Fair Market Value of shares [Notification No.30]

Investment from 21 countries to be exempt from angel tax [Notification No.29]



Advisory on Filing of Declaration by GTA opting to pay tax under forward charge mechanism

Advisory on due date extension of GST Returns for the state of Manipur

Standard Operating Procedure for Scrutiny of Returns for FY 2019-20 onwards [Instruction No.2]

GST Due Date extension - 3 notifications for Manipur



NCLT Order regarding production of Information Utilities Record



Post Office Saving Schemes: Income Proof mandatory for Investments over Rs.10 lakhs



Comprehensive guidelines for Investor Protection Fund and Investor Services Fund at Stock Exchanges and Depositories

Model Tripartite Agreement between the Issuer Company, Existing Share Transfer Agent and New Share Transfer Agent as per Regulation 7(4) of SEBI (LODR) Regulation, 2015



Amendment in Policy condition of Sl. No. 55 & 57, Chapter 10 Schedule-2, ITC (HS) Export Policy, 2018 [No.9]

Syncing of ITC (HS), 2022- Schedule-1 (Import Policy) with Finance Act 2023 (No.8 of 2023) dated 31.03.2023 and Foreign Trade Policy, 2023 [No.8]

Amendment under Interest Equalisation Scheme [No.5]



Clarification on Classification of product DHA Algal Oil [Instruction No.18]



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