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Weekly Newsletter - November 9, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

ICAI Draft

IBBI Drafts

Useful Forms:

ITR eFiling Utilities

From the ICAI:

ICAI Publications - GST

Acts & Regulations:

RBI Master Direction

Legal Updates:

Income Tax








News Update:

Indian News:

SC holds IBC cannot be held to be operating in retroactive manner

Insurance ombudsman disposes of 92% of complaints in FY23

HC orders tax refund of Rs 1,128 cr to Vodafone Idea; pulls up I-T dept

GST exemptions disrupt input tax credit chain, will complex GST: CBIC chief

Sebi eases access to unclaimed funds in REITs, InvITs, debt securities

GST authorities to start sending advisories to non-complaint businesses

RBI body raises concern over rise in bank borrowing by NBFCs

Get ‘taxonomy’ right first then seek investors in green sector: Ajay Tyagi

Cyber fraud: Chartered accountant from Pune arrested for cheating people through 'task' fraud

IBBI proposes smooth registration of occupied flats in insolvent realty projects

Regulated entities to follow new IT framework from April 2024: RBI

FinMin focuses on bringing all business establishments under GST net

Cash component in realty deals rising, reveals demonetisation anniversary eve survey

IBBI suggests project-based insolvency, excludes allotted property

Will not accept unfair taxes on steel, aluminum industry: Piyush Goyal

CBIC clarifies on GST implications for electricity charges

Punjab govt gives Diwali gift to over 60,000 traders by introducing OTS of pre-GST arrears

Auditors questioning companies is a good sign: NFRA Chief

Stage set for rollout of legally mandated accounting standards for LLPs

Ahead of FATF review, Centre takes multiple measures to implement recommendations

Bid for transparency: India's corporate affairs ministry calls for regular general meetings of companies

Sebi exploring non-disruptive approach to instant equity trade settlement

The taxman wants to know if Indians are taking the FPI route to mask investments

Centre may allow CAs to cater to non-financial services clients from GIFT IFSC

Indore: Business And Tax Consultants Demand Revised Returns In GST

REITs, InvITs collect Rs 18,658 cr in Apr-Sep on robust infra demand

RBI imposes penalty on PNB, Federal Bank, 2 other entities

FinMin launches amnesty scheme for filing appeals against GST demand orders

Are Indian GST revenues really as buoyant as they appear to be?

Self-regulation does not work well in preventing frauds, says Sebi WTM

Govt weighs local tax options to avoid EU carbon levy: Piyush Goyal

ED officer arrested in Jaipur by Rajasthan Anti-Corruption Bureau

One step forward, two steps backwards? Lenders fret on new SC ruling on IBC

SEBI unveils new format for MFs’ SID

IRDAI constitutes taskforce to review existing Bancassurance framework

RBI launches two key surveys which will provide inputs for monetary policy


International News:

PCAOB chief chides auditors for blaming failures on talent shortage

UK ditches much of corporate governance revamp to focus on being competitive

EY Eyes Giving More Power to Partners in Wake of Failed Split

PwC plans to cut around 600 UK jobs

Australia: Smaller firms slam accounting regime as ‘useless’

AI bot capable of insider trading and lying, say researchers

Can ChatGPT Pass the CFA Exam? AI Researchers Tried to Find Out

FRC calls for a ‘better, not more’ approach to annual reports

Canada: Deloitte Auditors Got Caught Changing Their Computer Clocks to Backdate Workpapers

Exposure Drafts:

ICAI Draft:

Exposure Draft of Lack of Exchangeability - Amendments to Ind AS 21
[Last date for Comments: December 1, 2023] 


IBBI Drafts:

Discussion Paper - Real-Estate Related Proposals - CIRP & Liquidation
[Last date for Comments: November 28, 2023] 

Discussion Paper on amendments to CIRP Regulations
[Last date for Comments: November 22, 2023] 

Useful Forms:

ITR eFiling Utilities:

ITR 7 Excel Utility updated

From the ICAI:

ICAI Publications - GST:

Guide to CA Certificates in GST

Handbook on TDS Provisions under GST

Technical Guide on GST Annual Return (Form GSTR 9)

Acts & Regulations:

RBI Master Direction:

Master Direction on Information Technology Governance, Risk, Controls and Assurance Practices

Legal Updates:

Income Tax:

Notification u/s 90 of the Income tax Act 1961 with Saint Vincent and The Grenadines [Notification No.96]



Advisory for Pilot Project of Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Gujarat and Puducherry

Condonation of delay in filing appeals against order passed u/s 73 or 74 [CGST Notification No.53]



‘Fully Accessible Route’ for Investment by Non-residents in Government Securities – Inclusion of Sovereign Green Bonds



Procedural framework for dealing with unclaimed amounts lying with Real Estate Investment Trusts (REITs) and manner of claiming such amounts by unitholders

Procedural framework for dealing with unclaimed amounts lying with Infrastructure Investment Trusts (InvITs) and manner of claiming such amounts by unitholders

Procedural framework for dealing with unclaimed amounts lying with entities having listed non-convertible securities and manner of claiming such amounts by investors Mutual Fund

Simplification and streamlining of Offer Documents of Mutual Fund Schemes



Participation in Account Aggregator Framework as Financial Information User



Introduction of Centralized Video Conference Facility at DGFT Headquarters [Trade Notice No.32]



Allowing advance assessment of Courier Shipping Bills [Circular No.28]

Exchange Rate Notification No. 81/2023-Cus (NT) dated 02.11.2023 [Notification No.81(NT)]

Appointment of Common Adjudicating Authority i.r.o. M/s Jubilant Ingrevia Ltd. Pune, Maharashtra [Notification No.80(NT)]

Authorization of Booking Post Offices and their corresponding Foreign Post Offices in terms of the Postal Export (Electronic Declaration and Processing) Regulations, 2022 [Circular No.27]



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