Weekly Newsletter - October 25, 2023

Go to Newsletter Archives

Latest additions to CAalley:

Indian News

International News

Useful Forms:

ITR eFiling Utilities

Exposure Drafts:

IBBI Drafts

CCI Draft

Basel Committee Draft

Acts & Regulations:

RBI Master Direction

Legal Updates:

Income Tax

GST

MCA

PMLA

RBI

SEBI

DGFT

Customs

---

  

News Update:

Indian News:

Indian regulator probes Adani auditor EY

RBI mandates min 2 Whole Time Directors in private, foreign banks to bolster governance

Bombay high court quashes ITAT order on technical grounds, as the tribunal had gone beyond its scope

AIF trustees seek more powers to fulfil their obligations amid Sebi probe

GST Evasion: Government expecting ₹50,000 crore mop-up on recovery of dues, multiple notices sent

I-T commences 360 degree profiling of HNI tax evaders

CBDT extends date for domestic cos to gain 22% tax benefit under form 10-IC

Sebi empanels 12 entities to provide onsite digital forensic services

Allahabad high court: Entities must give toll, freight info for input tax credit claims

RBI rejigs 'too big to fail' tag for NBFCs

Sebi bans individual from securities markets for 5 years

Rs 263-crore fake GST invoice racket busted in Mumbai, one arrested

Delhi HC directs govt to refund Rs 7.12 crore IGST to Vodafone-Idea

Central Board of Indirect Taxes and Customs' special campaign 3.0 makes significant strides

Taxpayers slapped with unexpected notices for old tax demands

₹765 crore stopped from reaching hands of cyber frauds till September

File returns by due date: MCA to firms

RBI imposes Rs 2.50-cr penalty on L&T Finance for non-compliance of norms

RBI Governor Shaktikanta Das sticks to stand on crypto assets ban

GST to be paid on gold coins, white goods given as incentives, rules AAR

SC: There is no automatic application of MFN clause for lower withholding tax in India

Monetary policy ought to remain actively disinflationary: RBI Governor Das

NFRA penalises auditor for lapses in Sobha audit case

ICAI receives UN Award for its contribution to sustainability reporting

Sebi eases norms for borrowing for large corporates through debt securities

Banks disburse Rs 1,400 cr of loans under frictionless credit platform: RBI ED

Irdai mandates TP insurance to employees travelling in employer's vehicle

Illegal betting and gambling: Tax authorities losing Rs 2 lakh crore annually, says report

Govt to issue end-to-end digital authorisation for laptop, tablets' import

GST intelligence detects tax evasion of Rs 1.36 trillion so far in FY24

I-T dept may launch drive to quicken refunds

SC contempt notices to NCLAT members for defying its order

3-judge SC bench will decide if PMLA verdict needs relook

  

International News:

PCAOB fines Canadian firm $175K

Dissatisfied with Critical Audit Matter Disclosures, Advisers Recommend Changes to PCAOB to Improve Reporting

Ex-PwC partner at heart of Australia scandal gets eight-year ban

Looks Like PwC Australia Is Getting in Trouble With the PCAOB For Failing to Report an ‘Event’

Companies shifting disclosures in response to SEC cybersecurity rules

PCAOB Enforcement is Continuing to Flex its Muscles

---

Useful Forms:

ITR eFiling Utilities:

ITR 6 eFiling Utilities for Windows and MAC updated

Common Offline Utility (ITR 1 to ITR 4) for Windows & MAC has been updated

---

Exposure Drafts:

IBBI Drafts:

Discussion Paper – Strengthening the Liquidation Process
[Last date for Comments: November 10, 2023] 

Discussion Paper - Rationalisation of the Regulatory Framework for Enhancing the Effectiveness of Insolvency Professional Entities in Insolvency Resolution Process
[Last date for Comments: November 11, 2023] 

  

CCI Draft:

Draft ‘The Competition Commission of India (Lesser Penalty) Regulations, 2023’
Background Note
Draft Lesser Penalty Regulations
[Last date for Comments: November 6, 2023] 

  

Basel Committee Draft:

Consultative Document - Disclosure of cryptoasset exposures
[Last date for Comments: January 31, 2024] 

---

Acts & Regulations:

RBI Master Direction:

Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023

---

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 for Assessment Year 2021-22 [Circular No.19]

Extension of due date of filing report of accountant u/s 10AA(8) [Circular No.18]

The Income-tax (Twenty Sixth Amendment) Rules, 2023 -New Rule 16D - Form of report for claiming deduction under section 10AA [Notification No.91]

  

GST:

Latest GST Notifications dated Oct.19, 2023 giving effect to recommendations of GST Council

  

MCA:

The Companies (Incorporation) Third Amendment Rules, 2023

  

PMLA:

The Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2023

  

RBI:

Appointment of Whole-Time Director(s)

RBI (Financial Statements - Presentation and Disclosures) Directions, 2021: Presentation of unclaimed liabilities transferred to Depositor Education and Awareness (DEA) Fund

  

SEBI:

Guidelines for Business Continuity Plan (BCP) and Disaster Recovery (DR) of Qualified RTAs (QRTAs)

Ease of doing business and development of corporate bond markets – Revision in the framework for fund raising by issuance of debt securities by large corporates

  

DGFT:

Amendment of Import Policy Conditions for item under ITC(HS) Code 0511 99 99 of Chapter 05 of ITC(HS), 2022, Schedule –I (Import Policy) [Notification No.39]

Amendment in Policy Condition No. 4 of Chapter 84 of schedule 1 (import policy) of ITC (HS), 2022 [Notification No.38]

Implementation of Import Management Systems for IT Hardware [Circular No.6]

Discontinuation of Issuance of Physical copy of Restricted Import Authorisation with effect from 19.10.2023 [Trade Notice No.31]

Submission of data to RoDTEP Committee for review of RoDTEP rates [Trade Notice No.30]

  

Customs:

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.78(NT)]

Revised All Industry Rates of Duty Drawback [No.77(NT)]

Seeks to amend notification no. 50/2017-Customs in order to implement recommendations made by the GST Council during its 52nd Meeting with respect to GST rates on goods [Notification No.60]

Exchange Rate Notification No. 76/2023-Cus (NT) dated 19.10.2023 [Notification No.76(NT)]

---