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The alley for Indian Chartered Accountants

Daily Newsletter - May 12, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Useful Forms:

Income Tax Return Form

Acts & Regulations:

RBI Master Circular

Exposure Drafts:

SEBI Draft

IFRS Exposure Draft

FASB Exposure Draft

Legal Updates:







News Update:

Indian News:

RBI asks banks to complete transition away from LIBOR from July 1

Mumbai: Tax officer & CA acquitted in Rs 2 lakhs bribe demand case

24 big importers found evading Rs 11,000 crore IGST

In win for e­-gaming companies, HC quashes Rs 21k crore GST notice

India set to announce compliance details of carbon trading market in June

MCA tightens norms for closure of firms

How will the Reserve Bank of India's new locker norms impact you?

Man arrested for cheating a CA of ₹2 crore

57% of all scams in India are platform frauds, says PwC

CAs flag concerns about glitches in MCA portal

CBIC rolls out module for automated scrutiny of GST returns: FinMin

Pensioners to get 3 months to give consent for diverting additional dues

EPFO issues circular for subscribers to calculate dues and interest rates

New MCA forms for financial statements by July: Govt

IL&FS case: ED searches Deloitte, KPMG’s premises

E-invoicing mandatory from August for B2B supplies by firms with ₹5 cr turnover

EPFO issues FAQs on higher EPS pension, but no clarity on computation

Company slapped with ₹1 Cr penalty for failure to utilise CSR funds

SEBI allows direct access for FPIs in commodity derivatives


International News:

FASB Seeks to Add Guidance on Profits Interest Awards

China says willing to work with U.S. on audit deal as challenges loom

What US Audit Inspections Mean for Big Four China: Explained

China audits littered with deficiencies, US accounting watchdog finds

New ICAEW hub aims to provide clarity on good professional judgement

Useful Forms:

Income Tax Return Form:

Income Tax Return eFiling Utilities for ITR 2

Acts & Regulations:

RBI Master Circular:

Master Circular – Basel III Capital Regulations

Exposure Drafts:

SEBI Draft:

Regulatory Framework for Micro, Small and Medium REITs (MSM REITs)
[Last date for Comments: May 27, 2023] 


IFRS Exposure Draft:

IFRS Sustainability Disclosure Standard
Methodology for Enhancing the International Applicability of the SASB Standards and SASB Standards Taxonomy Updates
[Last date for Comments: August 9, 2023] 


FASB Exposure Draft:

Proposed Accounting Standards Update
Compensation—Stock Compensation (Topic 718)
Scope Application of Profits Interest Awards
[Last date for Comments: July 10, 2023] 

Legal Updates:


Seeks to implement e-invoicing for the taxpayers having aggregate turnover exceeding Rs. 5 Cr from 01 st August 2023 [No.10 - Central Tax]



The Companies (Removal of Names of Companies from the Register of Companies) Second Amendment Rules, 2023



Investment in units of Mutual Funds in the name of minor through guardian



LIBOR Transition



Seeks to allow imports of Crude Soya-bean Oil and Crude Sunflower Oil at zero Basic Customs Duty and zero Agriculture Infrastructure and Development Cess for TRQ license holders for FY 2022-23 up to the 30th June, 2023 [No.37]



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