Weekly Newsletter - October 23, 2024

Weekly Newsletter - October 23, 2024

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Latest additions to CAalley:

News Update:

Exposure Drafts:

Useful Forms:

ITR eFiling Utilities for AY 2024-25

Acts & Regulations:

RBI Master Directions

From the ICAI:

ICAI Announcement

ICAI Publications

International Content:

IFAC Reference Material

PCAOB Reference Material

Legal Updates:

News Update:

Indian News:

SEBI chief Madhabi Buch cleared in govt-led probe, to complete tenure till February: Report

Allianz 'actively considering' exiting Bajaj Insurance JVs

Companies to now report overseas staff exercising stock options

RBI action on 4 NBFCs: Microfinance SRO makes a pitch for 4% cap on RoA

Sebi issues framework on associations b/w mkt intermediaries, unauthorised financial advisors

HC: Courts can’t rewrite contract between parties

Irdai engaging with select insurance firms for public listing: Chairman

RBI's platform bridges India’s $600 billion gap for smaller firms

RBI updates list of unauthorised forex trading platforms; check the full list here, how to check authorised list

NFRA set to release first annual audit firm reports, focuses on compliance and transparency

Softy ice-cream mix attracts higher GST: It’s mainly sugar not milk holds GST-AAR

New rules allow early retirement for central government employees under NPS

Big Four affiliates catch the poll fever again, line up for ICAI posts

Hackers target India’s biggest brands: How major firms like Tata and Reliance are strengthening cyber defences

GST rate rationalisation recommendations may yield Rs 22,000 cr surplus

GoM bats for exemption of life insurance premium from GST: Report

Govt considering tighter import restrictions on laptops, PCs, tablets from Jan 1

Irdai asks insurers to check vulnerabilities in IT systems, take measures

Supreme Court recalls ruling striking down Benami Property Act provisions

SAT admits Anil Ambani plea in RHFL case, directs 50% deposit of penalty

Sebi clarifies on 3-in-1 accounts usage for online public issue application

Panels on GST rationalisation, cutting tax on insurance to meet on Oct 19

Company hacked after accidentally hiring North Korean cyber criminal as remote IT worker

It's collective responsibility to improve corporate governance, follow global standards: NFRA Chief

RBI cracks down on shadow banks over high-interest loans, rule violations

Scheme for gig workers’ social security by January

Relief against income tax offences: New compounding guidelines issued by CBDT to help taxpayers in preventing prosecution

Insurance benefits for EPFO members extended retrospectively from April 28

GST on Corporate-Guarantee from overseas group entity payable only one-time, not periodically: Rajasthan’s AAR

GoM on GST compensation cess holds first meeting: No new levies until future is decided

Foreigners unwinding Indian bond derivatives holdings draws RBI attention

ICAI’s new standards legally void: NFRA

New form to reduce TDS from salary: CBDT issues Form 12BAA to tell employer about other taxes paid by you

Panel discusses merger of GST compensation cess into taxes

Banks can claim deductions for broken period interest: Supreme Court

Irdai extends IFRS 17 deadline to FY27; aims to give ample time to cos

International News:

[US] EY, PwC voice cautious support for 120-credit hour CPA licensure

SEC's evolving stance on climate disclosures has implications for auditors

Exposure Drafts:

SEBI Draft:

Consultation Paper on recognition as specified digital platform
[Last date for Comments: November 12, 2024]

IPSAS Drafts:

Proposed International Public Sector Accounting Standard
Limited-scope Updates to First-time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSAS)
(Amendments to IPSAS 33)
[Last date for Comments: December 13, 2024]

Proposed International Public Sector Accounting Standard
Amendments to IPSAS as a Result of the Application of IPSAS 46, Measurement
[Last date for Comments: November 29, 2024]

Useful Forms:

ITR eFiling Utilities for AY 2024-25:

ITR 3 - Excel Utility has been updated

Acts & Regulations:

RBI Master Directions:

Reserve Bank of India (Access Criteria for NDS-OM) Directions, 2024 [Published on October 18, 2024]

All RBI Master Directions for 2024-25 have been Updated as on October 21, 2024

From the ICAI:

ICAI Announcement:

Clarification for Members Regarding requirement to register as Investment Adviser (IA) with SEBI [By Ethical Standards Board]

ICAI Publications:

[Published in September 2024]

Beyond the Numbers: Work-Life Balance for Chartered Accountants

Entrepreneurship Skills (The Journey from Idea to Execution)

Unlocking Value : The Art of Negotiation

Critical Thinking and Decision Making Skills Professional

Active Listening: The Art of Understanding and Connection

Building Emotional Intelligence for Finance Professionals

“From Words to Impact : The Art of Public Speaking”

International Content:

IFAC Reference Material:

Quality Management Series:

Installment Three: Monitoring and Remediation

PCAOB Reference Material:

Spotlight (Report)
Bank Financial Reporting Audits
[September 2024]

Legal Updates:

Income Tax:

Notification u/s 92C(2) of the Income tax Act 1961 - Regarding Variations in Transfer Pricing [Notification No.116]

CBDT issues Revised Guidelines for compounding offences under the Income- tax Act, 1961 [Press Release]

CBDT Notifies Amendments in Income-tax Rules for Ease in Claiming Credit for TCS Collected/TDS Deducted for Salaried Employees and Enabling claiming TCS Credit of Minors in the Hands of Parents [Press Release]

GST:

Corrigendum to Notification No.09/2024-CT(R) - To read any immovable property for any property

Corrigendum to Notification No.09/2024-IT(R) - To read any immovable property for any property

Corrigendum to Notification No.09/2024-UT(R) - To read any immovable property for any property

Advisory - Reg 07

Attention: Validation of bank account details while adding bank account as Non Core amendment

Additional FAQs on IMS

Attention – Hard - Locking of auto-populated liability in GSTR-3B

IFSCA:

Listing of Commercial Paper and Certificates of Deposit on the recognised stock exchanges in the IFSC

RBI:

RBI (Access Criteria for NDS-OM) Directions, 2024

SEBI:

Modification in Annexure to Common Application Form (CAF)

Association of persons regulated by the Board and their agents with certain persons

Inclusion of Mutual Fund units in the SEBI (Prohibition of Insider Trading) Regulations, 2015

Clarification with regard to usage of 3 – in – 1 type accounts for making an application in public issue of securities

DGFT:

Electronic Submission of Appendix 4H Certificates [Trade Notice No.21]

Customs:

Seeks to amend Export Duty on Certain Varieties of rice [Notification No.46]

The Passenger Name Record Information (First Amendment) Regulations 2024 [Notification No.68(NT)]

Seeks to impose ADD on Isopropyl Alcohol imported from China PR for 5 years, pursuant to final findings of DGTR [Notification No.22(ADD)]

Seeks to impose ADD on Sulphur Black imported from China PR for 5 years pursuant to final findings of DGTR [Notification No.21(ADD)]

Seeks to impose ADD on Cellophane Transparent Film imported from China PR for 5 years pursuant to final findings of DGTR [Notification No.20(ADD)]

Seeks to impose ADD on Thermoplastic Polyurethane (TPU) imported from China PR for 5 years pursuant to final findings of DGTR [Notification No.19(ADD)]

Seeks to impose anti-dumping duty on imports of "Unframed glass mirror" falling under tariff item 7009 91 00 originating in or exported from China PR for a period of 5 years [Notification No.18(ADD)]

Issuance of Equipment Type Approval (ETA) for License-Exempt Wireless Equipment Devices [Instruction No.24]

Clarification on certain aspects of origin procedures under free trade agreements (FTAs) [Instruction No.23]

Implementation of "Agreement" signed between FSSAI, Ministry of Health and Family Welfare, Government of India and Bhutan Food and Drug Authority (BFDA) [Instruction No.22]

Retrospective issuance of certificates of origin under India-UAE CEPA [Instruction No.21]

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