Weekly Newsletter - April 24, 2024
Latest additions to CAalley:
News Update:
Exposure Drafts:
Useful Forms:
Acts & Regulations:
RBI Master Circulars / Directions
From the ICAI:
Legal Updates:
News Update:
New mutual fund KYC rules: Is your KYC validated, verified, registered or on hold? Find out
PayU receives RBI's in-principle approval for payment aggregator role
SEZ units exempt from IGST on certain services from DTA players: AAR ruling
RBI's compiled master direction on ARCs to be effective from April 24
IIFL Finance's RBI-directed audit starts after March gold loan ban
Sebi finds Adani offshore investors in disclosure rules violation: Report
Income Tax Act amendment on cards on tax treatment of MSME dues
CCI to study impact of AI on competition, efficiency and innovation
PAN misused for HRA fraud? Need to worry
IRDAI removes age limit on health insurance policies
Zomato gets Rs 11.82 crore tax demand notice
In fight against online frauds, banks moot syncing systems with MHA’s cybercrime portal
Iris scan for senior citizens soon? Banks look at options for verifying transactions
EPFO considers higher minimum wage cap 10 years after last hike
Sebi comes out with standard reporting format for AIF PPM audit report
EPFO raises auto withdrawal limit under 68J from Rs 50,000 to Rs 1,00,000
RBI mandates offline payment aggregators to verify KYC for merchants
RBI to banks: Can't charge extra without mention in key fact statement
CBDT signs record deals with businesses to avoid tax disputes
NFRA slaps fine of Rs 4.5 cr on auditors for Reliance Capital audit lapses
Amended India-Mauritius tax treaty protocol yet to be notified: I-T dept
BoE tells lenders to get data on private equity or risk 'large loss'
EY Is the Busiest Among the Public Company Audit Firms
“Shadow Trading” is Insider Trading: Jury Establishes Liability in Historic Shadow Trading Case
PwC US announces major reversal in tax division strategy
Panama Papers: From Singapore to Switzerland, which are the top tax havens?
PCAOB finds auditor evaluation deficiencies
Why UK's proposed tax changes will make it less attractive for wealthy NRIs
FASB to Re-Expose Proposal on Interim Disclosure Rules for Public Comment
PCAOB levies record $25M fine on KPMG Netherlands for exam cheating
IFAC highlights key areas for sustainability upskilling
PCAOB crackdown shifting to focus on firms
New IFRS standard aims to improve corporate reporting
PCAOB Proposes Turnover Metrics and Other New Disclosures for Audit Firms
Exposure Drafts:
Draft Regulation of Payment Aggregators (PAs) – Draft Directions
[Last date for Comments: May 31, 2024]
Draft Regulation of Payment Aggregators – Physical Point of Sale
[Last date for Comments: May 31, 2024]
Consultation Paper on Framework for Price Discovery of Shares of listed Investment Companies & listed Investment Holding Companies
[Last date for Comments: May 10, 2024]
Firm and Engagement Metrics
[Last date for Comments: June 7, 2024]
Firm Reporting
[Last date for Comments: June 7, 2024]
Useful Forms:
ITR 2 JSON Schema has been updated and Schema Change Document Released
Acts & Regulations:
RBI Master Circulars / Directions:
Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024
Master Circular – Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM)
Master Circular - Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs)
From the ICAI:
Expert Panel for addressing queries related to Statutory Audit pertaining to auditing aspects
Legal Updates:
Advisory: Extension of Due date of GSTR-1 for the period March 24
Advisory: Extension of GSTR-1 due date to 12th April 2024
Consolidated IFSCA (Payment Services) Regulations, 2024
Internet banking services to clients of IBUs
IFSCA (Payment Services) (Amendment) Regulations, 2024
Cross Margin benefits for offsetting positions having different expiry dates
Standardization of the Private Placement Memorandum (PPM) Audit Report
Unauthorised foreign exchange transactions
Dealing in Rupee Interest Rate Derivative products - Small Finance Banks
Key Facts Statement (KFS) for Loans & Advances
Hedging of Gold Price Risk in Overseas Markets
Streamlining of Halal Certification Process for Meat and Meat Products [Notification No.8]
Export of Onions (under HS Code 07031019) to Sri Lanka and UAE [Notification No.7]
Exchange Rate Notification No. 30/2024-Cus (NT) dated 18.04.2024 [Notification No.30(NT)]