CAalley Newsletter dated November 2, 2022

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Latest additions to CAalley:

News:

Indian News

International News

From the ICAI:

ICAI Announcement

Exposure Drafts:

CBDT Exposure Draft

Legal Updates:

Income Tax

MCA

IBBI

SEBI

Customs

Central Excise

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News:

Indian News:

Sebi pegs dues worth Rs 67,228 crore as 'difficult to recover'

Missed inflation target, but acting early would have exerted costs: RBI Guv

RBI's retail e-rupee pilot to start this month itself: RBI governor

Not in a hurry to launch CBDC; have to proceed carefully: RBI Guv Das

Glitches in MCA portal: CAs, CS seek extension in annual filing deadline

Centre slashes windfall tax on domestic crude oil, increases on ATF export

ITR filing: CBDT proposes to introduce one common ITR form for all taxpayers; know details

DGCI To Reward Those Who Share Information About Tax Evaders

India seeks info from crypto exchanges as it mulls GST on asset class: report

Reserve Bank starts pilot digital currency program for select banks

SEBI slaps ₹21 cr fine on 52 entities in Religare Finvest fund diversion case

Sebi issues Rs 1.05 cr fines to 21 entities for manipulating share price of Sunstar Realty Development

GST revenues cross ₹1.51 lakh crore in October

'If export proceeds not realised, you need to surrender RoDTEP benefit'

RBI Central Board reviews current economic situation

EPFO relaxes withdrawal of accumulations norms for EPS-95 subscribers

Pre-deposit to appeal under old excise, service tax laws to be only in cash: CBIC

  

International News:

Auditor exodus at embattled China property firms triggers governance concerns

A stringent patent rule is latest hurdle for India-UK free trade agreement

New carbon accounting standards crucial in matching changing climate investment landscape

IASB calls time on pensions, fair value disclosure project

Our Audits Sucked Because the Auditors Are Exhausted, Says Deloitte Australia

CFOs with a data-savvy eye improve compliance

IASB amends accounting standard for financial statement information

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From the ICAI:

ICAI Announcement:

Quality Review Board (QRB) Report on Audit Quality Review

 

  

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Exposure Drafts:

CBDT Exposure Draft:

Common Income Tax Return
[Last date for Comments: December 15, 2022] 

  

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Legal Updates:

Income Tax:

Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No.10A [Circular No.22]

  

MCA:

Extension of time for filing e-form DIR-3-KYC and web-form DIR-3-KYC-WEB without fee [Circular No.9]

  

IBBI:

Annual Compliance Certificate for Insolvency Professional Agencies

IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Second Amendment) Regulations, 2022

  

SEBI:

Review of provisions pertaining to specifications related to International Securities Identification Number (ISIN) for debt securities issued on private placement basis – Modification to Chapter VIII of Operational Circular dated August 10, 2021

Standardisation of Rating Scales Used by Credit Rating Agencies (CRAs)

Addendum to SEBI Circular on Development of Passive Funds

  

Customs:

Seeks to amend notification No. 50/2017-Customs, dated the 30th June, 2017 to amend sl. no. 404 of the said notification [No.56]

Seeks to provide export duty exemption to specified varieties of Rice subject to the prescribed condition(s) [No.55]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.91(NT)]

Procedure for identification of parboiled rice varieties during export [Instruction No.29]

Acceptance of Electronic Certificate of Origin (e-CoO) issued under India-UAE CEPA [Instruction No.28]

  

Central Excise:

Seeks to increase the Special Additional Excise Duty on Diesel [No.37]

Seeks to reduce the Special Additional Excise Duty on production of Petroleum Crude and increase Special Additional Excise Duty export of Aviation Turbine Fuel [No.36]

Mechanism for implementation of additional basic excise duty levied on sale of unblended motor spirit (commonly known as petrol) [Circular No.1085]

Pre-deposit payment method for cases pertaining to Central Excise and Service Tax