Weekly Newsletter - October 18, 2023

Weekly Newsletter - October 18, 2023

Go to Newsletter Archives

Latest additions to CAalley:

News Update:

Useful Forms:

Income Tax eFiling Utilities

Acts & Regulations:

RBI Master Direction

SEBI Master Circulars

From the ICAI:

Legal Updates:

News Update:

Indian News:

Audit committees, independent directors should ask questions to auditors and CFOs: NFRA Chair

Large banks preparing for maturity of RBI's $5 billion forex swap

MNCs sent tax notices over expat employees' allowances from foreign parent companies

Mutual funds seek SEBI support for dedicated REITs/InvITs schemes

I-T dept may raise tax demand retrospectively from telcos: Analysts

Adopt risk-based approach for periodic updation of KYC: RBI asks banks

I-T moves HC against tribunal for favouring LIC in Rs 5K cr tax cases

CCI approves merger of IDFC Ltd with IDFC FIRST Bank

RBI imposes penalty on ICICI Bank, Kotak Mahindra Bank for violation of norms

Dabur receives GST demand notice of Rs 320.60 cr, firm to challenge matter

India's top regulators investigating alternate investment funds: Report

Soon, send up to Rs 5 lakh with mobile no., bank name; no need to add beneficiary, account, IFSC

More entities get RBI's in-principle nod to operate as payment aggregator

Foreign giants on notice: Govt expects ₹2,000 crore revenue surge from GST compliance

Indian Railways looks for ways to dodge proposed GST on Dedicated Freight Corridor payouts

New angel tax regime: No scrutiny of recognised startups, says CBDT

RBI Governor awared for 'A+' ranking in Global Finance Central Banker Report 2023

Ahmedabad: One held for Rs 20cr tax evasion via GST fraud

Finance Minister Nirmala Sitharaman urges corporates to come forward and support SDGs

No penalty on non-disclosure of interest on tax refund: ITAT

Police nab kingpin of multi-crore GST scam from Delhi

Govt looking at eligibility criteria for direct overseas listing of firms

MCA probes accounts of Adani Enterprises' Mumbai, Navi Mumbai airports

RBI slaps monetary penalties on RBL Bank, Union Bank, and Bajaj Finance

RBI's Shaktikanta Das says US should rethink currency manipulator list

I-T pegs tax evasion by insurance companies, intermediaries at ₹30,000 cr

Keep boards in the loop of those whistleblower reports

RBI imposes Rs 5.39 crore penalty on Paytm Payments Bank

Higher interest rate puts pressure on CASA deposits, shows survey

Banks assess carbon risk of loan book amid investor, RBI push: Reports

ITAT holds Singapore’s tax residency certificate as proof for tax treaty eligibility

"Gangajal is exempted from GST", clarifies government after Congress mounts attack

Sebi extends time for investment advisers to comply with qualification rule

Countries working to resolve differences over Global tax deal: OECD draft

DPIIT revises white goods PLI scheme: Beneficiary must get cost certificate for sales

International News:

ICEAW: Ethics: how much do people trust accountants?

FRC to strengthen auditor reporting requirements of breaches of laws and regulations

Basel publishes crypto exposure proposal

PCAOB says 42% of auditors botched quality reviews

PCAOB: Audit deficiencies rising, despite quality reviews

UK: Sanctions against KPMG LLP, KPMG Audit plc and two former partners

FASB tightens draft environmental credit rule’s scope

Deloitte expands as PwC Maldives, Sri Lanka network firms exit

Useful Forms:

MCA Forms:

Recently updated Forms:

Memorandum of Appeal

Form for furnishing half yearly return with the registrar in respect of outstanding payments to MSME

Income Tax Forms:

2 New and 1 Updated Income Tax Forms

Income Tax eFiling Utilities:

eFiling Utility for Income Tax Form No.10B has been updated

Acts & Regulations:

RBI Master Direction:

Master Direction - Know Your Customer (KYC) Direction, 2016
[Updated as on October 17, 2023]

SEBI Master Circulars:

Master Circular for Stock Exchanges and Clearing Corporations
[Issued on October 16, 2023]

Master Circular on Know Your Client (KYC) norms for the securities market
[Issued on October 12, 2023]

From the ICAI:

ICAI Announcement:

Sensitization of Companies to abide the provisions of Section 90 of the Companies Act, 2013 read with Rules thereunder relating to Significant Beneficial Ownership

ICAI Technical Guide:

Technical Guide on Internal Audit of Pharmaceutical Industry
(September 2023 edition)

ICAI Publication:

Manual on Concurrent Audit of Banks
[2023 edition]

Legal Updates:

Income Tax:

The Income-tax Amendment (Twenty-fifth Amendment), Rules, 2023 - Amendment to Rule 37BB & New Form 15CD [Notification No.89]

GST:

Advisory: Person supplying of Online Money Gaming services or OIDAR or Both– Form GST REG-10 and Form GSTR-5A

Facility of enrolment for supply of goods through e-commerce operators by GST un-registered suppliers

Facility for the e- commerce operators through whom unregistered suppliers of goods can supply goods

CCI:

Amendment in CCI Service Rules - The CCI (Number of Additional, Joint, Deputy or Assistant Director-General, other officers and employees, their manner of appointment, qualification, salary, allowances and other terms and conditions of service) Second Amendment Rules, 2023

RBI:

Amendment to the Master Direction on KYC

Reverse Repo transactions - Reporting in Form ‘A’ Return

SEBI:

Amendment to the Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money-Laundering Act, 2002 and Rules framed there under

IRDAI:

Mandating of coverage, payment of premium under IMT-29 compulsory as an inbuilt coverage in a private car policy

Trade Credit Insurance Guidelines, 2021 - Modification to Guideline 5.3A – allowing “reverse factoring” on TReDS platforms

DGFT:

Export of Non-Basmati White Rice (under HS Code 10063090) to Nepal, Cameroon, Cote d' Ivore, Republic of Guinea, Malaysia, Philippines and Seychelles [Notification No.37]

Extension of date for restriction on export of Sugar beyond 31st October, 2023 [Notification No.36]

Clarification regarding subsequent re-import of unsold jewellery exported under Para 4.79 & 4.92 of Handbook of Procedure 2023 [Circular No.5]

Amendment in import policy condition of silver covered under Chapter-71 of Schedule-I (Import Policy) of ITC (HS), 2022 [Notification No.35]

Amendments in Para 4.10 (i) of the Handbook of Procedures, 2023 [Public Notice No.34]

Suspension of SION E-125 for export product Shea Stearine [Public Notice No.33]

Automatic System based issue of Status Holder Certificate (e-SHC) with no requirement of filling any application by the exporter [Public Notice No.32]

EODC Camp in RAs w.e.f 13th November 2023 to 24th November 2023 [Trade Notice No.29]

Automatic System based issue of Status Holder Certificate (e-SHC) with no requirement of filling any application by the exporter [Trade Notice No.28]

Customs:

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.75(NT)]

Amendment to Notification No. 100/2017-Customs (N.T.) dated 27.10.2017 - Notification of AFS at Village Khajod, Taluka Majura, Distt. Surat [Notification No.74(NT)]

Seeks to amend notification No. 55/2022-Customs, dated 31.10.2022, in order to extend the currently applicable export duty of 20% on Parboiled rice up to 31.03.2024 [Notification No.59]

Seeks to impose Anti-dumping duty on imports of flax yarn of below 70 lea count originating in or exported from China PR [Notification No.10(ADD)]

Seeks to amend notification no. 152/2009-Customs, dated 31.12.2009 in order to implement Bilateral Safeguard measure on imports of "Ferro Molybdenum" from the Republic of Korea under India-Korea Comprehensive Economic Partnership Agreement (Bilateral Safeguard Measures) Rules, 2017 on the basis of DGTR recommendation [Notification No.58]

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.35]

Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude and reduce the Special Additional Excise Duty on export of ATF [Notification No.34]

Read more on:

Newsletter

Important Updates