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CAalley Newsletter for the week ending March 22, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

From the ICAI:

Guidance Note

Exposure Draft

International Content:

Financial Reporting Council (UK)

Reference Section:


Acts & Regulations:


Useful Forms:

Income Tax Forms

Legal Updates:





Central Excise



News Update:

Indian News:

HSN Code Reporting in e-Invoice on IRPs Portal” in GST

RBI to start new data centre, governor stresses on tech, cybersecurity role

RBI report on sticky inflation raises possibility of rate hike

FinMin agencies attach immovable properties worth Rs 1.11 trn in 6 years

Tax demands on black money parked abroad cross ₹15,000 crore

RBI directs all banks to keep branches open till Mar 31 for annual closing

Advisory for the taxpayer wishing to register as “One Person Company” in GST

Indian banks can endure global banking turmoil fallout: S&P Global Ratings

GST ITC restriction on CSR spend: Why businesses are worried about potential challenges

DPIIT to set up task force for formulating logistics cost framework

Insurers to link property cover rates to past claims

RBI fines RBL Bank Rs 2.27 cr for failure on internal ombudsman scheme

Sebi, investment bankers turn cautious as IPO market faces uncertainty

GST dept to scrutinise I-T, MCA data to identify entities not paying taxes

Foreign lawyers, law firms cannot appear in courts, judicial forum: BCI

RBI governor: Need system to redress plaints tied to digital payments

Sebi takes stricter approach in IPO clearance; returns draft paper of 6 cos

Annual transparency reports by large firms’ auditors from FY23

80,000 cases pending before CESTAT; Govt to set up committee to suggest steps to reduce litigation

New age firms in payment space reluctant to comply with rules at times: Das

Sebi comes out with requirement to process investors' service requests

Income tax return mismatches: E-verification scheme introduced

Govt. sets accounting norm to recognise past errors

RBI guv Das cautions banks against any build-up of asset-liability mismatches

Sebi's tough norms for FPIs: Mandatory to disclose any material changes

Sebi looking for ways to plug gaps allowing founders to own stock options

Crypto under PMLA: CoinDCX registers itself as reporting entity with FIU


International News:

US: IRS issues NFT tax guidance

Canadian accountants take note as SEC reminds accounting firms of the rules involving other auditors

KPMG’s 29-year SVB stint stirs independence debate

FASAB issues bulletin on reimbursable work agreements

Deloitte Hit by Record China Fine, Suspension Over Huarong

From the ICAI:

Guidance Note:

Guidance Note on Audit of Banks (2023 Edition)

Exposure Draft:

Guidance Note on Transfer of Capital Reserve
[Last date for Comments: April 20, 2023]

International Content:

Financial Reporting Council (UK):

Technical Actuarial Standard 100: General Actuarial Standards
Version 2.0 [Published in March 2023]

Reference Section:


Responsibilities of Lead Auditors to Conduct High-Quality Audits When Involving Other Auditors [Published by US Securities and Exchange Commission (SEC)]

Acts & Regulations:

SEBI Regulations:

Master Circular for Portfolio Managers [Issued on March 20, 2023]

Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2023 [Published on March 14, 2023]

Useful Forms:

Income Tax Forms:

Form 10B
Audit report under section 12A(b) of the Income-tax Act, 1961, in the case of charitable or religious trusts or institutions

Form 10BB
Audit report under section 10(23C) of the Income-tax Act, 1961, in the case of any fund or trust or institution or any university or other educational institution or any hospital or other medical institution

Legal Updates:


IEPF Order for Rejection Under Rule 7(3) & 7(7) dated 16th March 2023



Common and simplified norms for processing investor’s service requests by RTAs and norms for furnishing PAN, KYC details and Nomination



Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2022-23)



Prevention of Money-Laundering (Maintenance of Records) Amendment Rules, 2023


Central Excise:

Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to increase the Special Additional Excise Duty on Diesel [No.14]

Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude [No.13]



Amendments in Export Policy of Bio-fuels under Chapter 27 of Schedule 2 (Export Policy) ITC (HS) classification of Export and Import [No.62]

Amendment in import policy condition of Urea [Exim Code 31021000] in the ITC (HS) 2022, Schedule – I (Import Policy) [No.61]

Procedure for Registration Certificate for import of marble and Fresh (green) Areca Nut from Bhutan without Minimum Import Price condition [Public Notice No.61]


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