Weekly Newsletter - November 1, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Useful Forms:

ITR eFiling Utilities

Exposure Drafts:

ICAI Draft

RBI Draft

Legal Updates:

Income Tax

GST

MCA

RBI

SEBI

IRDAI

DGFT

Customs

Central Excise

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News Update:

Indian News:

ED attaches Rs 503 cr assets of Jet founder Goyal, others in London, Dubai

SEBI confirms market ban against 22 entities in Sadhna Broadcast stock manipulation case

GIFT taps RBI, finance ministry on family funds

RBI to regulate entities facilitating cross border payment transactions

Attrition high in private banks, they need to build core team: RBI's Das

MCA enforces provision for foreign listing of Indian public companies

Tech is critical, but banks won't like to be tech companies: Citi India CEO

Colgate Palmolive gets Rs 170 crore Transfer Pricing Order from Income Tax authorities

Tax authorities probing Raymond's consumer care business sale to Godrej: GST in focus

Maharashtra GST personnel stage protest demanding restructuring of dept

RBI allows DCCBs to wind-up branches without prior notice to central bank

Insurers to provide details of basic features to customers from Jan 1

Govt asks private companies to dematerialise securities by Sept 2024

Finolex Cables case: NCLAT bench wilfully defied our order, says Supreme Court

NPCI stepping in to stop AePS frauds, suggests ways to banks

SBI, Kolkata Police warn about Aadhaar fraud: How to protect yourself

CA firm staff not covered by ESI: Gujarat High Court

Govt asks states not to impose tax/duty on power generation from any source

Bank fraud: ED arrests 2 promoters, CA of Parabolic Drugs in money laundering case

SEBI extends ban on select agri-commodity derivatives trading by 1 year

Sebi slaps Rs 33 crore fine on 13 entities earlier related to Sharepro Services

Banks offer 5-day work week, offer 15% wage hike

Irdai excludes retail sector of insurance industry from arbitration clause

SEBI's instant settlement plan faces foreign investor pushback

Finance ministry notifies prospective levy of GST on corporate guarantees

Irdai sets up 12-member committee to simplify insurance policy wordings

Sebi proposes new type of high-risk mutual fund to compete with PMS

ITR filing by individuals grows 90 per cent to 6.37 crore in AY 2021-22

CRA to replace pension funds as FIP in account aggregator ecosystem

Lenders and CIC to pay Rs 100 per day for record update delay: RBI

Premature withdrawal to be allowed on all bank FDs of up to Rs 1 crore: RBI hikes limit of non-callable FDs

Sebi finalises SOP to stop promoter misuse of foreign cos for shareholding

If alerted promptly, bank must compensate for cyber fraud: Consumer court

CBDC can play important role in cross-border payment, says RBI Guv

Sebi bars finfluencer from securities market, asks to disgorge Rs 17 cr

  

International News:

EY U.K. Cuts Partner Payouts by £40,000 as Big Four Accounting Firms Face Slowdown

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Useful Forms:

ITR eFiling Utilities:

Tutorial for ITR 5 & 6

ITR 7 FAQs

ITR 6 Excel Utility updated
&
ITR 7 Windows and MAC setup Utilities updated

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Exposure Drafts:

ICAI Draft:

Exposure Draft on Accounting Standards for Limited Liability Partnerships
[Last date for Comments: November 27, 2023] 

  

RBI Draft:

Draft Master Direction on Managing Risks and Code of Conduct in Outsourcing of Financial Services
[Last date for Comments: November 28, 2023] 

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Legal Updates:

Income Tax:

The Income-tax (Twenty-Seventh Amendment) Rules, 2023 - Changes in Form ITR 7 [Notification No.94]

  

GST:

Clarifications regarding applicability of GST on certain services [Circular No.206/18/2023]

Clarification regarding GST rate on imitation zari thread or yarn based on the recommendation of the GST Council in its 52ndmeeting held on 7th October, 2023 [Circular No.205/17/2023]

Clarification on issues pertaining to taxability of personal guarantee and corporate guarantee in GST [Circular No.204/16/2023]

Clarification regarding determination of place of supply in various cases [Circular No.203/15/2023]

Clarification relating to export of services u/s 2(6)(iv) of the IGST Act 2017 [Circular No.202/14/2023]

Advisory related to changes in GSTR-5A

The Goods and Services Tax Appellate Tribunal (Appointment and Conditions of Service of President and Members) Rules 2023

The Central Goods and Services Tax (Fourth Amendment) Rules, 2023 [CGST Notification No.52]

IGST notification giving effect to GST Council recommendations regarding refunds [IGST Notification No.5]

  

MCA:

Commencement of Section 5 [Companies (Amendment) Act, 2020] (29 of 2020)

The Limited Liability Partnership (Third Amendment) Rules, 2023 - New Rules 22A & 22B - Register of Partners

The Companies (Prospectus and Allotment of Securities) Second Amendment Rules 2023

The Companies (Management and Administration) Second Amendment Rules, 2023

  

RBI:

Regulation of Payment Aggregator – Cross Border (PA - Cross Border)

Banking Regulation (Amendment) Act 2020 - Change in Name of Co-operative Banks

Clarification regarding Shifting of Branches/Offices/Extension Counters within the same city, town or village by District Central Co-operative Banks (DCCBs) and Guidelines on Closure of Branches and Extension Counters by DCCBs

Joining the Account Aggregator Ecosystem as Financial Information User

Review of Financial Information Provider (FIP) under Account Aggregator Framework

Non-Callable Deposits - Master Direction on Interest Rate on Deposits

Review of Instructions on Bulk Deposits for Regional Rural Banks (RRBs)

Framework for compensation to customers for delayed updation/ rectification of credit information

Strengthening of customer service rendered by Credit Information Companies and Credit Institutions

  

SEBI:

Revision in manner of achieving minimum public unitholding requirement – Infrastructure Investment Trusts (InvITs)

  

IRDAI:

Revision of Customer Information Sheet

Amendment of Arbitration Clause in General Insurance policies

  

DGFT:

Imposition of Minimum Export Price on export of Onions [Notification No.42]

Streamlining of Halal Certification Process for Meat and Meat Products [Notification No.41]

Amendment in Policy Condition 1 of Chapter 15 of ITC (HS), 2022, Schedule – I (Import Policy) [Notification No.40]

  

Customs:

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.79(NT)]

Seeks to amend notification No. 27/2011-Customs, dated the 1st March, 2011, in order to exempt currently applicable export duty on exports of Onions w.e.f. 29.10.2023 [Notification No.62]

Seeks to rescind notification No. 48/2023-Customs dated 19.08.2023 [Notification No.61]

Revised All Industry Rates of Duty Drawback [Circular No.26]

Amendment in Circular No 11/2013 dated 06.03.2013 for inclusion of Surat, under jurisdiction of Commissioner of Customs, Ahmedabad [Circular No.25]

  

Central Excise:

Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022, to reduce the Special Additional Excise Duty on export of Diesel [Notification No.37]

Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty on production of Petroleum Crude and reduce the Special Additional Excise Duty on export of ATF [Notification No.36]

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