Weekly Newsletter - November 20, 2024

Weekly Newsletter - November 20, 2024

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Latest additions to CAalley:

News Update:

Exposure Drafts:

Useful Forms:

ITR Utilities for AY 2024-25

Reference Section:

CA's Referencer - Income Tax

Acts & Regulations:

SEBI Master Circulars

International Content:

FRC Reference Material

Legal Updates:

News Update:

Indian News:

Income Tax Department reduces time allowed to apply for old income tax refunds; check the new time limit

Attracting and retaining talent remains key concern in banking: KPMG Report

Centre-RBI disagreement deepens over inflation and rates cuts

GST audit report in Maharashtra will be issued offline; know what steps to take to avoid future litigation

Sebi considers overhauling SME listing regulations amid rising concerns

Majority of corporates want government to enable real-time reporting for audit: Deloitte

PSU stocks: New rules for share buyback, bonus issue, stock split and dividend

Govt planning to sell stakes in 4 state-run banks to comply with Sebi norms

Govt appoints K Sanjay Murthy as next Comptroller and Auditor General

Govt to surpass Rs 22.07 trn direct tax collection target: CBDT chief

IT Ministry finalising voluntary code of conduct, ethics for AI companies

CCI slaps penalty of Rs 213 crore on Meta for abusing dominant position

GST Appellate Tribunal to start operations by the end of FY25: Revenue Secy

Sebi asks CRAs to verify issuers' funds availability, escrow payments in certain cases

Sebi directs 4 entities to cease and desist from offering unlisted debentures

ITR 2024: Declare foreign assets by Dec 31 or face Rs 10 lakh fine

RBI to take on Google, Microsoft with its first-ever cloud platform: Report

Rejig of income tax norms needs to ring in big-bang changes, say experts

Deadline for filing GSTR 3B extended for taxpayers in these poll bound states

India-focused offshore funds under ED scanner for rule violations

CBDT launches campaign to inform taxpayers on undeclared foreign assets

GST Council to take up tax on insurance, rate rejig of over 100 items

Angel funds see red in Sebi's new accredited investors-only proposal

Tax tracker on property owners with builder deals; I-T dept told to identify capital gains evaders

Karnataka HC restrains Bengaluru-based Institute of Chartered Tax Practitioners India from enrolling candidates for its courses

State Bank of India seeks $1.25 billion in India’s largest bank loan of 2024

Concerns about new audit norms misplaced: NFRA's Ajay Bhushan Pandey

NFRA’s revised norms could lead to audit market concentration: ICAI

Sebi study uncovers alarming trends in royalty payments at listed companies

International News:

FASB proposes guidance on accounting for government grants

Audit committees expand oversight to ESG, cybersecurity, AI: EY

PCAOB calls off NOCLAR standard for this year

Ex-BDO auditor banned for 20 years for faking signatures and documents

FASB wants feedback on financial KPIs

PCAOB amends rules on deregistering audit firms

PCAOB Debuts ‘Audit Focus’ Series for Auditors of Small Public Companies

Exposure Drafts:

IBBI Drafts:

Discussion Paper Monitoring Committee under CIRP
[Last date for Comments: December 9, 2024]

Discussion Paper on Review of Grievance Redressal and Enforcement Framework and Rationalisation of Timelines Regarding Authorisation for Assignment
[Last date for Comments: December 10, 2024]

Discussion Paper – Liquidation and Voluntary Liquidation Process
[Last date for Comments: December 9, 2024]

SEBI Draft:

Consultation paper on Review of SME segment framework under SEBI (ICDR) Regulations, 2018, and applicability of corporate governance provisions under SEBI (LODR) Regulations, 2015 on SME companies to strengthen pre-listing and post-listing SME provisions
[Last date for Comments: December 4, 2024]

DGFT Draft:

Harmonisation of Schedule-II (Export Policy), ITC(HS) 2022
[Last date for Comments: November 27, 2024]

FASB Draft:

Proposed Accounting Standards Update
Interim Reporting (Topic 270)
[Last date for Comments: March 31, 2025]

IFRS Drafts:

Exposure Draft: IFRS Accounting Standard
Provisions—Targeted Improvements
Proposed amendments to IAS 37

Proposed amendments to Guidance on implementing IAS 37

Basis for Conclusions on Provisions — Targeted Improvements - Proposed amendments to IAS 37
[Last date for Comments: March 12, 2025]

Useful Forms:

Income Tax Forms:

Form No.10A - Updated
Form No.:10AB - Updated
Form No.12BAA - New

ITR Utilities for AY 2024-25:

"ITR 6 - Excel Utility" has been updated

Reference Section:

CA's Referencer - Income Tax:

TDS on transfer of certain immovable property - AY 2025-26

Income Tax - Various Threshold Limits - AY 2025-26

Tax rates as per IT Act vis a vis Tax Treaties

Gold & Silver Rates

Income Tax - Periods of Limitation - AY 2025-26

Income Tax Penalities & Prosecution- AY 2025-26

Treatment of Income from Different Sources - For AY 2025-26

Income Tax Benefits Available to Salaried Persons - For AY 25-26

Income Tax Benefits Available Only To Individuals & HUFs - For AY 2025-26

Income Tax Benefits Available Exclusively to Resident Persons and Indian Companies - For AY 2025-26

Income Tax Benefits Available to Small Businessmen - For AY 2025-26

Income Tax Benefits Available to Non- Residents - For AY 2025-26

Acts & Regulations:

SEBI Master Circulars:

Master Circular for Issue of Capital and Disclosure Requirements

Master Circular for Compliance with the Provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 by Listed Entities

International Content:

FRC Reference Material:

Technical Actuarial Guidance (technical guide regarding use of AI)
Models
[October 2024]

Legal Updates:

Income Tax:

Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC or Form No. 10-ID for Assessment Years 2020-21, 2021-22 and 2022-23 [Circular No.17]

Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 9A/10/10B/10BB for Assessment Year 2018-19 and subsequent assessment years [Circular No.16]

Compliance-Cum-Awareness Campaign for AY 2024-25 [Press Release]

GST:

Extension of due date for filing of return in FORM GSTR-3B for the month of October, 2024 for the persons registered in the state of Maharashtra and Jharkhand [Notification No.26]

Important advisory on GSTR 2B and IMS

IFSCA:

Procedure for implementation of Section 51A of the Unlawful Activities (Prevention) Act, 1967- Change in the details of the Central [Designated] Nodal Officer

Exempting certain entities/activities from the applicability of International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022

SEBI:

Amendment to Para 15 of Master Circular for Credit Rating Agencies (CRAs) dated May 16, 2024

Customs:

Requirement of Registration of Foreign Manufacturing Facilities as per Food Safety and Standards (Import) First Amendment s Regulations, 2021, dated 03.11.2021 [Instruction No.29]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.80(NT)]

Order for extension of validity of CAVR Order No. 02/2023-Customs under the Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023 in respect of Stainless Steel of J3 grade classified under CTHs 72191200, 72191300, 72191400, 72192390, 72193290, 72193390, 72193490, 72193590, 72199012, 72199013, 72199090, 72202029, 72202090, 72209022, 72209029 & 72209090 [CAVR Order No.02/2024]

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