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CAalley Newsletter for the week ending February 15, 2023

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Latest additions to CAalley:


Indian News

Budget News

International News

Indian Exposure Drafts:

Finance Ministry Draft

SEBI Draft

International Exposure Drafts:

GASB Exposure Draft

UK Exposure Draft

Acts & Regulations:

SEBI Regulations

Useful Forms:

Income Tax Return Forms

From the ICAI:

ICAI Announcement

Legal Updates:

Income Tax




Central Excise



News Update:

Indian News:

Early availability of ITR forms to enable return filing from April 1: CBDT

FM Sitharaman exhorts exporters to 'foresee' impact of global slowdown, engage with govt

Several banks open special vostro accounts for overseas trade in rupee

States offer tax incentives for scrapping old vehicles

SEBI okay with regulated short selling, probing Hindenburg allegations against Adani

Reserve Bank announces second global hackathon, winner to get Rs 40 lakh

Will use property tax data, electricity bill to increase GST base: CBIC Chairman

Latest ITR forms have new section for cryptocurrency income: These details will be needed when filing

MCA21 glitches: Sitharaman reviews matter; directs setting up special team to address grievances

Loans on debit cards to be governed by digital lending guidelines: RBI

CBDT releases ITR forms for FY 2022-23 (AY 2023-24)

Centre open to a panel review of investor protection regime

PSBs write off Rs 29,000 cr in Q3FY23 as part of a clean-up exercise

Too early to gauge spillovers of central bank digital currency: Sitharaman

Crypto, web3 sectors need global ties for effective regulation: FM

CBIC says won't object to taxpayers going to HC in absence of GSTAT

GST compensation to some States delayed due to lack of AG certificate: Sitharaman

Why has SEBI proposed tightening responsibilities of mutual funds trustees?

RBI rejects RTI seeking information on its correspondence with govt

MCA likely to include tech experts in digital competition law panel

SEBI plans forensic audit of mutual funds

Sebi issues consultation paper on role, obligations of mutual fund trustees

RBI to share whitelist of digital loan apps soon

RBI updates 'Alert List' of entities not authorised to deal in forex trade

Unbranded namkeen products to attract 12% GST, not 5%, rules Gujarat AAR

No updated tax returns after facing searches by I-T department

Over 10,000 e-gamers get I-T notices

GST Council will decide on cement tax rate after expert study, says CBIC

New tax regime sops may cut donations

Govt asks blocked lending apps to submit documents proving legality

No rationalisation of GST structure for now: Revenue Secretary

Sebi eyes new rules for listed bonds

FM Nirmala Sitharaman urges IMF to develop globally coordinated approach to crypto asset regulations

RBI to frame guidelines on penal charges for default in loan servicing

Reserve Bank announces guidelines on climate risk, sustainable finance

Govt asks Irdai, insurance firms to address issues to reduce pending cases

India’s audits are increasingly focusing on cyber security: CAG

Auditing of local bodies key as India aims to touch $5 trn economy: CAG


Budget News:

Govt mulls modified valuation norms for taxing foreign investments in cos


International News:

New SEC Rules Target Corporate Insider Trading

Audit Committees are Increasingly Tasked with Additional Areas of Oversight, Survey Finds

FASB to Issue One New Accounting Standard and Three Proposals This Quarter

AICPA’s Auditing Standards Board Votes to Finalize Proposed Group Audits Standard

KPMG Canada falls short in audit inspection report from US audit watchdog

Indian Exposure Drafts:

Finance Ministry Draft:

Settlement of Contractual Disputes
Last date for Comments: March 8, 2023]


SEBI Draft:

Consultation Paper on Review of Role and Obligations of Mutual Fund Trustees
Last date for Comments: February 24, 2023]


International Exposure Drafts:

GASB Exposure Draft:

Additional Proposal for Implementation Guidance Update—2023
Last date for Comments: March 10, 2023]


UK Exposure Draft:

Future financial services regulatory regime for cryptoassets - Consultation and call for evidence
Last date for Comments: April 30, 2023 to be sent to This email address is being protected from spambots. You need JavaScript enabled to view it.]


Acts & Regulations:

SEBI Regulations:

Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2023

Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2023

Useful Forms:

Income Tax Return Forms:

ITRs for AY 2023-24

ICAI Announcement:

A Primer on the Concept of Social Stock Exchange

Legal Updates:

Income Tax:

The Income-tax (Second Amendment) Rules, 2023 - ITR 7 notified [No.5]

The Income-tax (First Amendment) Rules, 2023 - ITR Forms notified [No.4]



Issuance of PPIs to Foreign Nationals / Non-Resident Indians (NRIs) visiting India



Introduction of Issue Summary Document (ISD) and dissemination of issue advertisements

Clarification in respect of the compliance by the first-time issuers of debt securities under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 with Regulation 23(6)



Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.9(NT)]

Instruction regarding Compliance of Bureau of Indian Standards (BIS) standards for toys or parts of toys during import [Instruction No.6]


Central Excise:

Re-assignment of 185 Appeal cases pending in Thiruvananthapuram zone [Order No.1]

Click Here to view Annexure



Amendment in Export Policy of Biomass [No.58]

Amendment in import policy and policy condition of ITC (HS) Code 080280 of Chapter-08 and ITC (HS) Code 2106 90 30 of Chapter-21 of ITC (HS), 2022, Schedule-I (Import Policy) [No.57]

Procedure for allocation of quota, for year 2023-24, for import of (i) Calcined Pet Coke for Aluminium Industry and (ii) Raw Pet Coke for CPC manufacturing industry [Public Notice No.57]

Enlistment of PSIA under Para 2.55 of Handbook of Procedure 2015-2020 [Public Notice No.56]



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