Weekly Newsletter - November 14, 2024
Latest additions to CAalley:
News Update:
Exposure Drafts:
Acts & Regulations:
Useful Forms:
ITR eFiling Utilities for AY 2024-25
Reference Section:
From the ICAI:
Legal Updates:
News Update:
How TReDS is revolutionising payments for MSMEs in India
Banking on tech: Lenders keep an eagle 'AI' on mule accounts
CCI seeks SC intervention to streamline Amazon, Flipkart antitrust cases
ICAI to seek review of NFRA move on audit standards
Severe action to be taken for causing harassment to taxpayers: Sitharaman
MFIs reduce lending rates as RBI voices concerns
FPI-FDI transition to give overseas funds more elbow room, say experts
Sebi mulls raising investment limit by angel fund in startup to Rs 25 cr
SBI, HDFC Bank, ICICI Bank continue to be systemically important: RBI
NFRA board proposes new audit regime in India from April 2026
Sebi simplifies registration of certain categories of FPIs
RBI: Customers can submit online self-declaration for Re-KYC if no changes
Insider trading curbs on all material events is unnecessary
NFRA recommends revision of the SCQ1, SQM1 and SQM2 on the lines of the global Standards
Plans afoot to put LLPs and cos on par in accounting
India may lift tariffs if it doesn't harm domestic industry: FM Sitharaman
Sitharaman to meet state FMs for pre-Budget, GST Council meet on Dec 21-22
New trading options for investors: UPI block mechanism and 3-in-1 accounts
Non-disclosure of foreign property in ITR invites Rs 10L penalty per year
Simplify T&Cs in insurance policies to cut complaints: Irdai panel member
RBI, Sebi issue framework for FPI to FDI investment reclassification
PSBs explore new route to home loan evaluation
Tax appeals pending, recovery halted
Soon, collateral-free loan for MSMEs: FM
Sebi looks to expand scope of unpublished price-sensitive information
GST, customs, excise case hearings to be virtual by default now: Expert views on pros and cons
Lokpal seeks SEBI chief’s response on conflict of interest charges
CBIC introduces relaxations for Customs Cargo Service Providers
Market regulator Sebi may water down skin-in-game rules for MF executives
RBI imposes penalty on South Indian Bank
RBI includes spot deals to expand forex transactions reporting requirements
ED searches premises linked to vendors of top e-tailers in 4 states
CII asks for more reforms in tax code, sustaining capex in FY26 Budget
Irdai to amend regulatory sandbox norms after committee recommendation
FASB seeks comments on newly proposed interim reporting guidance
PCAOB offers guidance on auditor responsibilities for detecting, reporting illegal acts
IASB proposes targeted improvements to requirements for provisions
PCAOB Publishes Extra Guidance on Remediation Process
Federal Reserve cuts key interest rate by 25 bps to support economy
Bank of England cuts rates but sees higher inflation after Reeves' budget
Exposure Drafts:
Discussion Paper on issues related to Real Estate
[Last date for Comments: November 27, 2024]
Proposed amendments with respect to assigning responsibility for the use of artificial intelligence tools by Market Infrastructure Institutions, Registered Intermediaries and other persons regulated by SEBI
[Last date for Comments: November 28, 2024]
Consultation paper on review of regulatory framework for Angel Funds in AIF Regulations
[Last date for Comments: November 28, 2024]
Consultation paper on Review of SEBI (Custodian) Regulations, 1996
[Last date for Comments: November 28, 2024]
Consultation Paper on “Procedure for seeking waiver or reduction of interest in respect of recovery proceedings initiated for failure to pay penalty”
[Last date for Comments: December 2, 2024]
Consultation Paper on proposed review of the definition of Unpublished Price Sensitive Information under SEBI (Prohibition of Insider Trading) Regulations, 2015 to bring regulatory clarity, certainty and uniformity of compliance in the ecosystem
[Last date for Comments: November 30, 2024]
Proposed Accounting Standards Update
Business Combinations (Topic 805) and Consolidation (Topic 810)
Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity
[Last date for Comments: December 16, ]
Acts & Regulations:
Master Direction - Know Your Customer (KYC) Direction, 2016 (Updated as on November 06, 2024)
Useful Forms:
ITR eFiling Utilities for AY 2024-25:
ITR 5 - MAC Utility has been updated
Reference Section:
Depreciation Rates (for Income Tax)
[As amended by Finance (No. 2) Act, 2024]
Withholding Tax Rates
[As amended by Finance (No. 2) Act, 2024]
Income Tax Rates - AY 2025-26 and 2024-25
From the ICAI:
Legal Updates:
Advisory on IMS on Supplier View
Advisory regarding IMS during initial phase of its implementation
Advisory For Waiver Scheme u/s 128A
Advisory related to ‘Other Territory’ applications
Consolidated IFSCA (Registration of Insurance Business) Regulations, 2021
Reporting of Foreign Exchange Transactions to Trade Repository
Simplified registration for Foreign Portfolio Investors (FPIs)
Trading supported by Blocked Amount in Secondary Market
Procedure for reclassification of FPI investment to FDI
Fixation of SION at A-3682 under Chemical & Allied Product [Public Notice No.33]
Amendment in Para 4.71 of Handbook of Procedures, 2023 [Public Notice No.32]
Seeks to amend condition 48 of Notification 50/2017-Customs [Notification No.47]
Classification of Clear Float Glass [Circular No.23]
De-Notification of ICD Pimpri, Maharashtra [Notification No.76(NT)]
