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Daily Newsletter - June 12, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

ICAI Exposure Draft

IBBI Draft

Useful Forms:

Income Tax Return eFiling Utilities

MCA eForms

Acts & Regulations:

IRDAI Master Circulars

Legal Updates:






News Update:

Indian News:

Policy loan now mandatory in all life insurance savings products: Irdai

Technical glitch halts RBI's liquidity management system: Explained

Blanket 5% infra provisions to hurt both lenders and project viability: Banks to RBI

Insurance companies can't reject claims for lack of documents: Irdai

Sebi bans former TV anchor Pandya, 7 others from securities market for 5 years, slaps fine

Govt restricts import of gold jewellery and parts amid unusual surge

I-T department set to complete 170,000 reassessments by next March

EU-STYLE LAW: Govt calls key meeting on draft digital competition law

Is the Centre planning to decriminalise minor I-T offences in 100 days?

IBBI proposes reducing compliance burden, simplifying forms for RPs

Demat accounts, MF portfolios won't be frozen in absence of nomination

Insurers cannot deny claims for non-disclosure after issuing policy

India's proposed EU-like antitrust law to pose new challenge for tech firms

Telangana High Court’s landmark decision: GAAR ruling impacts taxpayers

Infant milk formula attracts GST at 18% rules AAR

Tax tribunals in Delhi and Mumbai allow deductions for CSR donation

Modi 3.0: Nirmala Sitharaman set to present seventh Budget in a row


International News:

PCAOB sanctions Florida firm over audit violations

Exposure Drafts:

ICAI Exposure Draft:

Draft "Implementation Guide with respect to Changes in Form No. 3CD and Form No. 3CEB vide Notifications issued in March 2024"
[Last date for comments: June 17, 2024] 


IBBI Draft:

Discussion paper on Reducing Compliance by Review of CIRP Forms submitted by Insolvency Professionals (IPs) to IBBI
[Last date for comments: July 1, 2024] 

Useful Forms:

Income Tax Return eFiling Utilities:

ITR 5 Excel Utility has been released


MCA eForms:

The following MCA eForms have been updated:

Form AOC-4(CFS)
Form for filing consolidated financial statements and other documents with the Registrar

Form AOC-4 NBFC (Ind AS)
Form for filing financial statement and other documents with the Registrar for NBFCs

Acts & Regulations:

IRDAI Master Circulars:

Master Circular on Life Insurance Products

Master Circular on General Insurance Business

Legal Updates:


International Trade Settlement in Indian Rupees (INR) – Opening of additional Current Account for settlement of trade transactions



Restriction on Import of gold jewellery from UAE [Notification No.17]

Corrigendum to Notification No. 16/ 2024-25 dated 06.06.2024 on enabling provisions for import of inputs that are subjected to mandatory Quality Control Orders (QCOs) by Advance Authorisation holders, EOU and SEZ

Issuance of RCMC for Medical Devices [Trade Notice No.5]

Corrigendum to Public Notice No.10/ 2024-25 dated 06th June, 2024 on enabling provisions for import of inputs that are subjected to mandatory Quality Control Orders (QCOs) by Advance holders, EOU and SEZ



Appointment of Common Adjudicating Authority for the purpose of finalization of Provisional Assessment in SVB case w.r.t. M/s Tyco Safety Products lndia Pvt Ltd [Notification No.41(NT)]



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