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Weekly Newsletter - September 27, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Useful Forms:

ITR eFiling Utilities

Income Tax eFiling Utilities

MCA eForms

Exposure Draft:

RBI Exposure Draft

Acts & Regulations:

IBBI Regulations

SEBI Master Circular

RBI Master Direction

Legal Updates:

Income Tax









News Update:

Indian News:

Not disclosing foreign shares, investments, assets in your ITR can lead to penalty of Rs 10 lakh

Dream11 challenges ₹40,000 Cr GST evasion notice in Bombay High Court: Report

Centre extends RoDTEP scheme till June 30 amid faltering exports

Nominee rule changed for trading accounts; demat account nomination deadline extended

52nd meeting of GST Council to be held on October 7 at Vigyan Bhawan

CBDT extends safe harbour option to convertible preference shares

DGGI raises Rs 55,000-crore tax demand from Dream11, other online gaming companies

Income-tax appellate tribunal relief for TCS over use of 'Tata' brand name

FCRA registered NGOs will have to give details of assets created using foreign funds

Fraud tag on small trades: Sebi moves SC

NFRA says biggest focus is to ensure that auditors do their job properly

Banks must not classify customer complaints as queries, says RBI

RBI imposes monetary penalty on SBI, Punjab & Sind Bank and Indian Bank

RBI not comfortable with NPAs in UCBs, asks lenders to focus on governance

RBI found excessive dominance by 1-2 board members even in banks: Guv Das

NSE on its way to extend trading hours for F&O, awaiting Sebi nod

RBI may let wilful defaulters shed label after settlement

Govt considers financial creditor status for insurers issuing surety bond

PCAOB offers forum for auditors; SEC releases several updates

IESBA revises ethics handbook for accountants

Respond to intimation of past tax demands for faster refund: I-T dept

Creditors get more time to file insolvency claims

Govt to make IT hardware import authorisation process online, seeks data

Alleged GST evasion by online gaming companies seen at nearly Rs 31,000 crore

SEBI eases norms for large corporates tapping debt market

RBI proposes lenders identify 'wilful defaulters' within six months

Liquidity deficit in banks hits ₹1.5L crore

India regulator firms 'corporate group' definition amid offshore funds scrutiny

Wealthy individuals get I-T summons over non-resident status

Sebi slaps Rs 6 cr fine on DHFL's former promoters for disclosure lapses

200 taxmen, 28 locations: I-T raids 5 realtors, finds 'Rs 400cr tax evasion'


International News:

75% of companies unprepared for coming ESG audits: KPMG

PCAOB fines BDO USA $2M over audit violations

KPMG could face ‘record’ fines over Carillion audits

US Federal Reserve leaves key interest rate unchanged, sees hike by year-end

FASB weighs software capitalization threshold

US Federal Reserve leaves key interest rate unchanged, sees hike by year-end

FASB weighs software capitalization threshold

UK risks losing its global reputation for best practice in corporate governance, ICAEW warns

Useful Forms:

ITR eFiling Utilities:

ITR eFiling Utilities have been updated


Income Tax eFiling Utilities:

Updated: Common Offline Utilities for filing Statutory Income-tax Form 3CA-3CD & 3CB-3CD


MCA eForms:

MCA eForms [Updated as on September 27, 2023]

Exposure Draft:

RBI Exposure Draft:

Draft Master Direction on Treatment of Wilful Defaulters and Large Defaulters
[Last date for Comments: October 31, 2023] 

Acts & Regulations:

IBBI Regulations:

IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Amended upto 18.09.2023)

IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (amended upto 18-09-2023)


SEBI Master Circular:

Master Circular for Merchant Bankers [Issued on September 26, 2023]


RBI Master Direction:

Master Direction - RBI (Prudential Regulations on Basel III Capital Framework, Exposure Norms, Significant Investments, Classification, Valuation and Operation of Investment Portfolio Norms and Resource Raising Norms for All India Financial Institutions) Directions, 2023

Legal Updates:

Income Tax:

Procedure, format and standards for filling an application for grant of certificate under sub-rule (4) and its proviso of Rule 28AA of Income Tax Rules, 1962, for deduction of Income-tax at any lower rate or no deduction of Income-tax under sub-section (I) of section 197 of the Income-tax Act, 1961 through TRACES [Notification No.2/2023]

The Income-tax (Twenty first Amendment), Rules, 2023 - Amendment to Rule 11UA(2) - Safe Harbour Rules and computation of Fair Market Value [Notification No.81]

Classes of NBFCs u/s 43B(da) notified [Notification No.80]

Classes of NBFCs u/s 43D notified [Notification No.79]



Advisory: Temporary /Short Period Pause in e-Invoice Auto Population into GSTR-1

Seeks to amend notification No. 10/2017- Integrated Tax (Rate) dated 28.06.2017 to implement decisions of the 50th GST Council [Notification No.13/2023- Integrated Tax (Rate)]

Seeks to amend notification No. 09/2017- Integrated Tax (Rate) dated 28.06.2017 to implement decisions of the 50th GST Council [Notification No.12/2023- Integrated Tax (Rate)]

Seeks to amend notification No. 8/2017- Integrated Tax (Rate) dated 28.06.2017 to implement decisions of the 50th GST Council [Notification No.11/2023- Integrated Tax (Rate)]

Seeks to amend Notification No. 30/2023-CT dated 31st July, 2023 (special procedure to be followed by a registered person engaged in manufacturing of certain goods) [CGST Notification No.47]



Clarification on holding of Annual General Meeting (AGM) and EGM through Video Conferencc (VC) or Other Audio Visual Means (OAVM) and passing of Ordinary and Special resolutions by the companies under the Companies Act, 2013 read with rules made thereunder - Extension of timeline [Circular No.9]



IBBI Explainer - IBBI (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023



Display of information - Secured assets possessed under the SARFAESI Act, 2002

Data Quality Index for Commercial and Microfinance Segments by Credit Information Companies



Extension of timelines (i) for nomination in eligible demat accounts and (ii) for submission of PAN, Nomination and KYC details by physical security holders; and voluntary nomination for trading accounts

SEBI (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2023

Redressal of investor grievances through the SEBI Complaint Redressal (SCORES) Platform and linking it to Online Dispute Resolution platform



Extension of RoDTEP scheme for exports made from 01.10.2023 [Notification No.33]

Export of Non-Basmati White Rice (under HS Code 10063090) to UAE through National Cooperative Exports Limited (NCEL) [Notification No.32]

Implementation of the Trade Notice No. 07/2023-24 dated 08.06.2023 in reference to the pre-import condition under Advance Authorisation Scheme [Trade Notice No.27]

De-listing of agencies authorized to issue Certificates of Origin-(Non Preferential) from Appendix 2E of FTP, 2023 [Public Notice No.31]



Exchange Rate Notification dated 21.09.2023 [Notification No.68(NT)]



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