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The alley for Indian Chartered Accountants

CAalley Newsletter dated September 13, 2022

Latest additions to CAalley:


Indian News

International News

From the ICAI:

New Announcement

Exposure Drafts:

ICAI Exposure Draft

IFRS Exposure Draft

Legal Updates:

Income Tax





Indian News:

Irdai reduces number of returns to be filed for health insurance

No need to submit separate form to buy annuity from NPS at retirement

ITAT comes to rescue of taxpayer over filing error

Sebi has no business to suggest IPO pricing of new-age tech firms: Madhabi Puri Buch

Centre considering 100% WFH across all SEZ units, says Piyush Goyal

Many countries interested in bilateral rupee trade: FM

India is not defending rupee, it can take care of itself: CEA Nageswaran

India could grow at about 7% annually this decade: CEA Anantha Nageswaran

Finance Minister Sitharaman nudges India Inc to clear unpaid dues of MSMEs

Soft landing for India means fast, if not fastest, growth

RBI Sept monetary policy review: Another 35-50 bps repo rate hike on cards

Shift in economy calls for review of tax framework

Did India err by walking out of IPEF's trade pillar?

'No Double Lives': Infosys email warns employees against moonlighting

6-year jail term for Income Tax officer for Rs 15,000 bribe 23 years ago

NFRA debars auditor for lapses

Data monetisation should have consumer consent: RBI deputy governor

Disclosing end-use of goods must while claiming concessional import duties

Businesses will be able to claim pre-GST tax credits from October 1: Report

SEBI's tricky search for startup valuation

EPFO likely to set up offices in Latin America, Africa soon: Report

RBI deputy governor pitches for data law to protect customers' privacy

Discussion underway to extend PLI scheme to more sectors: Official

Drop in India's forex reserves worrisome as inflows slow down: Economists



International News:

How companies can improve earnings-per-share disclosure

Significant risk revised: Concept changes under SAS No. 145



From the ICAI:

ICAI Announcement:

Mandatory Evaluation of The Audit Quality Maturity of The Firms using Revised Audit Quality Maturity Model (AQMM Rev v1.0)



Exposure Drafts:

ICAI Exposure Draft:

Standard on Sustainability Assurance Engagements (SSAE) 3000
Assurance Engagements on Sustainability Information

[Last date for comments: October 3, 2022]


IFRS Exposure Draft:

Third edition of the IFRS for SMEs Accounting Standard
[Last date for Comments: March 7, 2023]




Legal Updates:

Income Tax:

​Additional Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act, 1961 [Circular No.18]




Master Circular on Surveillance of Securities Market




Revision of Health Insurance Regulatory Returns

Clarification on Circular on Appointment or Continuation of Common Director

Ease of living to Senior Citizens

Immediate Annuity Products



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