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Weekly Newsletter - September 13, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

International Content:

FASB Reference Material

Exposure Draft:

IFRS Exposure Draft

Useful Forms:

ITR eFiling Utilities

Acts & Regulations:

RBI Master Direction

Legal Updates:

Income Tax







News Update:

Indian News:

Govt exempts investment trusts, ETFs from capital gains tax in GIFT City

Charitable trusts having a tough time under new regulations, seek more time

Lenders should release property docs within 30 days of loan repayments: RBI

RBI issues revised norms for classification, valuation of investment by banks

India imposes anti-dumping duty on some Chinese steel for 5 years

Auditors independence: No need for clarification on management services, says NFRA Chair Ajay Bhushan Pandey

If joint audit is to be brought in, there should be complete clarity on auditors’ responsibilities: NFRA Chair

Goods in transit can't be seized under GST law without inquiry: HC

Govt may relook at allowing Indian companies to list overseas: FM

Bankers flag risks in new voice-enabled payment feature on India's UPI

RBI, banks plan new feature to popularise digital currency transactions

RBI likely to start digital rupee pilot in call money market by October

Assessee company needs to prove investor credentials: Income Tax dept

Banks can't use LOC as measure to recover money: Delhi High Court

All 33k entities in a money laundering case face probe

RBI to discontinue incremental cash reserve ratio in a phased manner

GST rules for casinos, e-games notified

SEBI implements online payment system for Investor Protection and Education Fund replacing payment via demand drafts

“SEBI’s job is to remove ignorance from markets and not stupidity.” Read what Sandeep Parekh, Nithin Kamath say

Crypto assets should not be legal tender, but a ban is not an easy option

FinMin tightens PMLA rules, brings partners with 10% stake under purview

CCI issues draft norms on combinations under amended competition law

IRDAI Chairman bats for more players in segment to cater India's population

RBI Governor urges fintech players to set up self regulatory organisation


International News:

Audit profession must ‘face up’ to common issues causing accounts delays, experts say

'No appetite for action’: ASIC response to audit breaches under fire

Australia: BDO audit partner banned until 2024 after botched financial report

PCAOB fines Canadian audit firm and its sole partner

PwC to curtail consulting work for US audit clients to reduce conflict risk

Auditing and Accounting Boards Should Work Together to Have Common Going Concern Standard, Former PCAOB Chief Auditor Says

FASB finalizes new fair value crypto accounting

International Content:

FASB Reference Material:

FASB Statement of Financial Accounting Concepts No. 8
Conceptual Framework for Financial Reporting
Chapter 2, The Reporting Entity

[June 2023]

Exposure Draft:

IFRS Exposure Draft:

Annual Improvements — Volume 11
[Last date for Comments: December 11, 2023] 

Useful Forms:

ITR eFiling Utilities:

ITR 7 Excel Utility updated

Acts & Regulations:

RBI Master Direction:

Master Direction - Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2023

Legal Updates:

Income Tax:

Notification under section 47 of Income tax Act 1961 [Notification No.71]



Advisory: Time limit for Reporting Invoices on the IRP Portal

The Central Goods and Services Tax (Third Amendment) Rules, 2023 [Notification No.45-Central Tax]



Responsible Lending Conduct – Release of Movable / Immovable Property Documents on Repayment/ Settlement of Personal Loans

RBI Act, 1934 - Section 42(1A)- Requirement for maintaining additional CRR



Board nomination rights to unitholders of Real Estate Investment Trusts (REITs)

Board nomination rights to unitholders of Infrastructure Investment Trusts (InvITs)

Mechanism for Sharing of Information by Credit Rating Agencies (CRAs) to Debenture Trustees (DTs)

Change in mode of payment w.r.t. SEBI Investor Protection and Education Fund Bank A/c

New format of Abridged Prospectus for public issues of Non-Convertible Debt Securities and/or Non-convertible Redeemable Preference Shares



Amendment in Export Policy of Food Supplements containing botanicals [Notification No.31]



Corrigendum to Notification No.33/2022-Customs (ADD) dated 30.12.2022

Seeks to impose ADD on imports of " Flat base steel wheels" originating in and exported from China PR for a period of 5 years [Notification No.9(ADD)]

Notification in relation to new Land Customs Station Nischintpur Railway Station in West Tripura District, Tripura with route Nischintpur (India) to Gangasagar (Bangladesh) Railway line by amendment of Principal Notification No. 63/1994-Customs (N.T.) dated 21st November, 1994 [Notification No.65(NT)]

Exchange Rate Notification No. 64/2023-Cus (NT) dated 06.09.2023 [Notification No.64(NT)]



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