Weekly Newsletter - December 6, 2023
Latest additions to CAalley:
News Update:
Exposure Draft:
Reference Section:
From the ICAI:
International Content:
Legal Updates:
News Update:
'Sebi, RBI share concern about some credit funds masking bad loans'
CBIC issues 33,000 notices for GST return discrepancies in FY18, FY19
Govt likely to mandate e-invoice for B2C transactions in 2-3 years
Grievances Redressal by Cooperative Societies
Banks write off Rs 10.5 trn in 5 yrs, NPA recovery worth Rs 7.1 trn: FinMin
GST appeals pile up as new filings near 3,000 till Oct.
RBI reins in peer-to-peer lending practices after finding rule violations
Is a legal notice sent through WhatsApp, email valid?
Govt to create 'admission benches' in NCLT to expedite CIRP applications
71 show cause notices issued to online gaming firms involving GST: FinMin
Lenders again move RBI on wilful defaulter tag for non-performing accounts
How to find and correct errors on your credit report
What is professional tax: These employees might have to pay it if working from home
SAT raps Sebi for 'lackadaisical approach' in Kirloskar Industries matter
28 crypto, VDA platforms register with FIU-India to comply with PMLA norms
NFRA has retrospective jurisdiction over offences by delinquent CAs: NCLAT
NCLAT upholds NFRA penalty on DHFL auditors
LIC amends norms for inclusion of shareholders' directors on its board
Sebi asks Satyam promoters to repay 1,747 crore
Centre says over 120,000 new companies incorporated during Apr-Nov
Sebi slaps fine of Rs 3 lakh on India Ratings and Research for lapses
Rs 2,000 notes totalling Rs 9,760 cr still with public: RBI
Vivad se Vishwas: Govt settles over 43k MSME claims; refunds Rs 700 cr
RBI, Bank of England sign agreement to exchange information on CCIL
NPS subscribers can now choose preferred fund managers for 3 asset classes
To whom do the new Senior Citizen Savings Scheme (SCSS), PPF rules apply? Govt clarifies
RBI imposes penalty on HDFC Bank, Bank of America for violating FEMA norms
Sebi bans 9 entities from securities market for 2-years for flouting investment advisory rules
GIFT city gears up for direct listings, re-insurance
EY's innovative use of AI in detecting audit frauds sparks debate
EY to cut a further 150 UK jobs as Big Four firms grapple with waning demand
EY claims success in using AI to find audit frauds
PwC affiliates, Chinese firm to pay $7.9 mln for US audit failures
Global US Taxpayers Must Plan Carefully to Comply With FBAR
Only 70% of Large-Company Internal Audits Assess Cyber Risks
Exposure Draft:
Financial Instruments with Characteristics of Equity
Proposed amendments to IAS 32, IFRS 7 and IAS 1
[Last date for Comments: March 29, 2024]
Reference Section:
GST Act and Rules - Bare Law
(Published by ICAI in October 2023)
Utility to Generate Audit Engagement Letters
Form for Disclosue of Fees Received by CA Firm as per Reporting Requirements under Code of Ethics
From the ICAI:
Technical Guide on GST Reconciliation Statement (Form GSTR 9C) [November 2023]
International Content:
Small Business Sustainability Checklist
Legal Updates:
Advisory: Two-factor Authentication for Taxpayers
The Companies (Incorporation) Third Amendment Rules, 2023
SEBI Circulars: Revised framework for computation of Net Distributable Cash Flow by InvITs / REITs
Export of Food commodities through National Cooperative Exports Limited (NCEL) [Notification No.46]
Notification to exempt deposits into ECL till 19th January 2024 [Notification No.87(NT)]