Weekly Newsletter - November 7, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

IBBI Draft

CCI Draft

IRDAI Drafts

SEBI Drafts

Reference Section:

Useful Forms

ITR eFiling Utilities for AY 2024-25

Legal Updates:

Income Tax

GST

IBBI

IFSCA

RBI

SEBI

DGFT

Customs

 

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News Update:

Indian News:

No input tax credit if e-invoice not uploaded in GST portal within 30 days: New rule soon

SC rules in favour of DRI authority; clears recovery of Rs 20,000 cr tax

ED Uncovers ₹42 Crore Financial Scam in Bhopal: Chartered Accountant's Residence Raided

Sebi issues Rs 129 cr demand notices to RHFL, others in fund diversion case

Irdai proposes changes to IAC meeting frequency, notice period, structure

RBI makes six amendments to know-your-customer (KYC) rules; check details

GST tax demand not settled despite payment? New online form notified to help taxpayers adjust tax demand amount; here's how to do it

RBI's 'cease and desist' directive on NBFCs not arbitrary: Shaktikanta Das

CBI arrests five senior CGST officers in ₹50 lakh bribery case

Tax notices issued to wealthy Indians over undeclared Dubai properties

IBBI proposes mediation mechanism for operational creditors in IBC

Tax fraud: ₹25,000 crore GST evasion by 18,000 bogus companies uncovered

CBDT allows tax officials to waive or reduce interest due from taxpayers

Stress building again six years after India’s shadow-banking sector blew up

NFRA may take up revision of 35 audit standards next week

FinMin seeks comments from sponsor banks on proposed RRB amalgamation

Income tax dept receives 6,500 suggestions on review of income tax act

Sebi allows MFs to invest in foreign funds with Indian securities exposure

Daughters' names to stay in family records for pension after retirement

Sebi's new rules for Securitisation explained: What Investors need to know

Sebi proposes interest rate derivatives for hedging by REITs and InvITs

Can ICAI set quality rules for audit firms?

PSBs, financial institutions monetise Rs 4.5 crore through scrap disposal

 

International News:

PCAOB Chair Williams Criticizes Restatements as Indicator of Audit Quality

KPMG to Lay Off 4% of U.S. Audit Workforce to Counter Fewer Voluntary Exits

Internal auditors, CFOs should share the AI disruption risk: IIA CEO

FASB issues new, long-anticipated income statement expense rules

FASB proposes guidance on business combinations

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Exposure Drafts:

IBBI Draft:

Discussion paper on Mediation by the Operational Creditors before approaching Adjudicating Authority for filing Section 9 application
[Last date for Comments: November 24, 2024] 

 

CCI Draft:

Consultation on the draft amendments to the Competition Commission of India (Manner of Recovery of Monetary Penalty) Regulations, 2011
[Last date for Comments: December 6, 2024] 

 

IRDAI Drafts:

IRDAI (Insurance Advisory Committee) (Amendment) Regulations, 2024
[Last date for Comments: November 26, 2024] 

IRDAI (Meetings) Amendment Regulations, 2024
[Last date for Comments: November 26, 2024] 

IRDAI (Re-insurance Advisory Committee) (Amendment) Regulations, 2024
[Last date for Comments: November 26, 2024] 

IRDAI (Regulatory Sandbox) (Amendment) Regulations
[Last date for Comments: November 25, 2024] 

IRDAI (Maintenance of Information by the Regulated Entities and Sharing of information by the Authority), Regulations, 2024
[Last date for Comments: November 20, 2024] 

 

SEBI Drafts:

Consultation paper on review of requirements of alignment of interest of the Designated Employees of the AMC with the interest of the unitholders
[Last date for Comments: November 21, 2024] 

Consultation paper on modifying the requirement of uploading initial draft Scheme Information Documents (SIDs) on SEBI website
[Last date for Comments: November 20, 2024] 

Consultation paper on specifying timelines for deployment of funds collected by Asset Management Companies (AMCs) in New Fund Offer (NFO) as per asset allocation of the scheme
[Last date for Comments: November 20, 2024] 

Consultation Paper on Measures for Reforms to Debenture Trustees Regulations including towards Ease of Doing Business
[Last date for Comments: November 18, 2024] 

Consultation paper on review of SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008
[Last date for Comments: November 16, 2024] 

Consultation paper on review of provisions of LODR Regulations pertaining to corporate governance norms for High Value Debt Listed entities (HVDLEs)
[Last date for Comments: November 15, 2024] 

Consultation Paper on Proposals for Ease of Doing Business by ESG Rating Providers (ERPs)
[Last date for Comments: November 15, 2024] 

Consultation Paper on Proposals for REITs and InvITs
[Last date for Comments: November 13, 2024] 

Consultation paper on introduction of regulatory framework for Restricted return InvITs
[Last date for Comments: November 13, 2024] 

Consultation paper on Ease of Doing Business for Small and Medium REITs
[Last date for Comments: November 13, 2024] 

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Reference Section:

Useful Forms:

This section has been updated recently. Kindly find below the relevant links:

Income Tax Forms

GST Forms

IBBI Forms

CCI Forms

DGFT Forms

Customs Forms

Central Excise Forms

 

ITR eFiling Utilities for AY 2024-25:

The following eFiling utilities have been updated:

Common Offline Utility (ITR 1 to ITR 4) - Windows & MAC
ITR 5 Utility - Windows
ITR 6 Utility - Windows & MAC
ITR 7 Utility - Windows & MAC & Validations

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Legal Updates:

Income Tax:

Specifying Forms Prescribed in Appendix-II of the Income Tax Rules 1962, to be furnished electronically under sub-rule(1) and sub-rule (2) of Rule 131 of the Income Tax Rules, 1962 [Notification No.5/2024]

Order under section 119(1) of the IT Act, 1961 fixing the monetary limits of the Income-tax authorities in respect of reduction or waiver of interest paid or payable under section 220(2) of the IT Act [Circular No.15]

Condonation of delay under clause (b) of sub-section (2) of section 119 of the Income-tax Act, 1961 for returns of income claiming deduction u/s 80P of the Act for Assessment Year 2023-24 [Circular No.14]

 

GST:

Advisory for Form GST DRC-03A

Advisory: Time Limit for Reporting e-Invoice on the IRP Portal – Lowering of Threshold to AATO 10 Crores and Above

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Ladakh

 

IBBI:

Centralized Electronic Listing and Auction Platform for the Sale of Assets under Liquidation Process

 

IFSCA:

IFSCA (Market Infrastructure Institutions) (Amendment) Regulations, 2024

Framework for ESG Ratings and Data Products Providers in the IFSC

Framework for Aircraft Lease' updated as on October 30, 2024

Amendment to the ‘Framework for Aircraft Lease’ with regard to transactions with person (s) resident in India

 

RBI:

Amendment to the Master Direction - Know Your Customer (KYC) Direction, 2016

Note Sorting Machines: Standards issued by the Bureau of Indian Standards

 

SEBI:

Disclosure of expenses, half yearly returns, yield and risk-o-meter of schemes of Mutual Funds

Investments in Overseas Mutual Funds/ Unit Trusts by Indian Mutual Funds

Advisory on unauthorized virtual trading / gaming platforms

 

DGFT:

Enabling provisions for import of inputs that are subjected to mandatory Quality Control Orders (QCOs) by Advance Authorisation holders, EOU and SEZ [Public Notice No.31]

Amendment in 4.59 of Handbook of Procedures, 2023 and modification in Standard Input Output (SION) M-1 to M-8 for export of jewellery [Public Notice No.30]

Further abeyance of Public Notice No 05/2024 dated 27.05.2024 until 31.12.2024 [Public Notice No.29]

 

Customs:

Sea Cargo Manifest and Transhipment (Fourth Amendment) Regulations, 2024 [Notification No.74(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.73(NT)]

Appointment of Adjudicating Authority as Commissioner of Customs (Adjudication), Mumbai Customs Zone-I for the cases to be assigned by CBIC [Notification No.72(NT)]

Seeks to impose ADD on Welded-Stainless Steel Pipes and Tubes from Thailand and Vietnam [Notification No.23(ADD)]

Mandatory additional qualifiers in import/export declarations in respect of Synthetic or Reconstructed Diamonds w.e.f 01.12.2024 [Circular No.21]

Guidelines for Customs field formations in maintaining ease of doing business while engaging in investigation into tax evasion cases in import or export [Instruction No.27]

Disposal of gold - revised mapping of Customs jurisdictions to Focal Customs Commissionerate (FCC) and India Government (IG) Mints [Instruction No.26]

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