Weekly Newsletter - October 29, 2024

Weekly Newsletter - October 29, 2024

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Latest additions to CAalley:

News Update:

Exposure Drafts:

Useful Forms:

ITR eFiling Utilities for AY 2024-25

Legal Updates:

News Update:

Indian News:

GST return filing time limit soon: No filing to be allowed after 3 years of due date, it's time to file any pending return

CBDT notifies Tolerance Range for Transfer Pricing for A.Y 2024-25 as per proviso to sub-rule (7) of rule 10CA of the Income-tax Rules, 1962

Top firms back NFRA’s new group audit rules

Indian law firms eye longer arms

RBI sets Rs 300 cr networth criteria for central counterparty authorisation

Rs 8,000 cr GST scam shocker: 246 fake companies, 13 states and a mastermind— How did they pull it off?

Tax experts call for quicker disposal of appeals, settlement

Shaktikanta Das receives A+ grade in the central bank report cards 2024

Need fair sovereign ratings for capital access: Sitharaman at IMF meeting

Cryptocurrencies huge risks to financial stability, says RBI Guv Das

Don’t harass traders: Punjab minister to officials

CGST official caught taking Rs 20,000 bribe in MP

Updated timeline of income tax notices released by income tax department; Know why and when you may get a tax notice

Govt should prioritise review of Income Tax Act, get it passed as money bill: SBI Research

NCLAT sets aside Travel Agents Association plea alleging ant-competitive practices by Govt

Govt extends ITR filing deadline for corporates by 15 days till November 15

Ex-GST officer ordered to return Rs 1.24 crore in corruption case, jailed and fined Rs 1 lakh along with wife

Through Industry 5.0, Indian manufacturers to focus on sustainability, target profitability: PwC

Meticulous planning behind Kerala GST's massive gold jewellery raids

Supreme Court: Aadhaar card cannot be authoritative date of birth proof

GST launches raid 67 jewellery manufacturing units, residences in Kerala

Issuing audit quality standards within our remit: ICAI writes to MCA amid ongoing tussle with NFRA

MoU signed between NFRA and IICA to collaborate on capacity building programs for professionals

Government will maintain checks on FDI in 'national interest': Finance minister

Govt imposes anti-dumping duty on five Chinese products for 5 years

International News:

ICAEW to launch next generation ACA qualification

Most finance leaders believe sustainability targets out of reach: EY

PCAOB Provides Three Resources For Auditors On the New Quality Control Rules

‘Muppets and miscreants’ don’t speak for auditors, FRC boss says

Exposure Drafts:

IRDAI Draft:

IRDAI (Insurance Fraud Monitoring Framework) Guidelines, 2024
[Last date for Comments: November 13, 2024]

SEBI Draft:

SMS and E-mail alerts to investors by Stock Exchanges
[Last date for Comments: November 18, 2024]

Valuation of repurchase (repo) transactions by Mutual Funds
[Last date for Comments: November 14, 2024]

Useful Forms:

ITR eFiling Utilities for AY 2024-25:

The following ITR eFiling Utilities have been updated:

Common Offline Utility (ITR 1 to ITR 4)
- Windows Utility
- MAC Utility

ITR 2 Excel Utility

ITR 5 Excel Utility

ITR 6 Excel Utility

ITR 7
- Windows Utility
- MAC Utility
- Excel Utility
- JSON Schema
- Schema Change Document

Legal Updates:

Income Tax:

Extension of due date for furnishing return of income for the Assessment Year 2024-25 [Circular No.13]

GST:

Advisory: Barring of GST Return on expiry of three years

Corrigendum to Circular No. 237/31/2024-GST - Refund of pre-deposit paid at the time of filing an appeal

IFSCA:

Clarifications in relation to Investment Restrictions on Retail Schemes set up in IFSCs

Format and manner of seeking authorisation to commence or carry on a Payment System in an International Financial Services Centre

RBI:

Directions for Central Counterparties (CCPs)

SEBI:

Annual Compliance Certificate for Client Level Segregation by Non-individual Investment Advisers and timeline for submission of periodic reports

Periodic Reporting format for Research Analysts and Proxy Advisers

Clarification with respect to advertisement code for Research Analysts (RAs)

DGFT:

Alignment of RoDTEP Schedule consequent to changes in the First Schedule of Customs Tariff Act w.e.f. 01.10.2024 [Notification No.39]

Modification of SION E-125 for export of Shea Stearine [Public Notice No.28]

Filing of Annual RoDTEP Return (ARR) [Public Notice No.27]

Procedure for export of sesame seeds to the United States of America (USA) [Notification No.38]

Amendment in Export Policy of Non-Basmati Rice under HS code 1006 30 90 [Notification No.37]

Customs:

Notifying Ultapani LCS route Road from Ultapani via Saralpara via Naharani (SSB Camp) to Sarpang District (Bhutan) by amendment of Principal Notification No. 63/1994-Customs (N.T.) dated 21st November, 1994 [Notification No.71(NT)]

Regarding revised list of High End and High Value used/refurbished Medical Equipment other than critical case medical equipment [Instruction No.25]

Notification under Section 28A of Customs Act, 1962 for Non-Levy of Customs Duty on the import of Simply Sawn Diamonds [Notification No.70(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.69(NT)]

Central Excise:

Seeks to amend No. 11/2017-Central Excise, dated the 30th June,2017 so as to align it with amended Fourth Schedule to Central Excise Act,1944 [Notification No.27]

Amendment in Fourth Schedule to Central Excise Act, 1944 [Notification No.26]

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