Weekly Newsletter - April 24, 2024

Weekly Newsletter - April 24, 2024

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Latest additions to CAalley:

News Update:

Exposure Drafts:

Useful Forms:

ITR eFiling Utilities

MCA eForms

Acts & Regulations:

RBI Master Circulars / Directions

From the ICAI:

Legal Updates:

News Update:

Indian News:

New mutual fund KYC rules: Is your KYC validated, verified, registered or on hold? Find out

PayU receives RBI's in-principle approval for payment aggregator role

SEZ units exempt from IGST on certain services from DTA players: AAR ruling

RBI asks Kotak Mahindra Bank to stop issuing fresh credit cards, onboarding new customers via online channels

RBI's compiled master direction on ARCs to be effective from April 24

IIFL Finance's RBI-directed audit starts after March gold loan ban

Sebi finds Adani offshore investors in disclosure rules violation: Report

Income Tax Act amendment on cards on tax treatment of MSME dues

CCI to study impact of AI on competition, efficiency and innovation

PAN misused for HRA fraud? Need to worry

IRDAI removes age limit on health insurance policies

Zomato gets Rs 11.82 crore tax demand notice

In fight against online frauds, banks moot syncing systems with MHA’s cybercrime portal

Iris scan for senior citizens soon? Banks look at options for verifying transactions

EPFO considers higher minimum wage cap 10 years after last hike

Sebi comes out with standard reporting format for AIF PPM audit report

EPFO raises auto withdrawal limit under 68J from Rs 50,000 to Rs 1,00,000

RBI mandates offline payment aggregators to verify KYC for merchants

RBI to banks: Can't charge extra without mention in key fact statement

CBDT signs record deals with businesses to avoid tax disputes

EPFO revamp on the cards

NFRA slaps fine of Rs 4.5 cr on auditors for Reliance Capital audit lapses

Amended India-Mauritius tax treaty protocol yet to be notified: I-T dept

International News:

BoE tells lenders to get data on private equity or risk 'large loss'

EY Is the Busiest Among the Public Company Audit Firms

“Shadow Trading” is Insider Trading: Jury Establishes Liability in Historic Shadow Trading Case

PwC US announces major reversal in tax division strategy

Panama Papers: From Singapore to Switzerland, which are the top tax havens?

PCAOB finds auditor evaluation deficiencies

Why UK's proposed tax changes will make it less attractive for wealthy NRIs

FASB to Re-Expose Proposal on Interim Disclosure Rules for Public Comment

PCAOB levies record $25M fine on KPMG Netherlands for exam cheating

IFAC highlights key areas for sustainability upskilling

PCAOB crackdown shifting to focus on firms

New IFRS standard aims to improve corporate reporting

PCAOB Proposes Turnover Metrics and Other New Disclosures for Audit Firms

Exposure Drafts:

RBI Drafts:

Draft Regulation of Payment Aggregators (PAs) – Draft Directions
[Last date for Comments: May 31, 2024]

Draft Regulation of Payment Aggregators – Physical Point of Sale
[Last date for Comments: May 31, 2024]

SEBI Draft:

Consultation Paper on Framework for Price Discovery of Shares of listed Investment Companies & listed Investment Holding Companies
[Last date for Comments: May 10, 2024]

PCAOB Drafts:

Firm and Engagement Metrics
[Last date for Comments: June 7, 2024]

Firm Reporting
[Last date for Comments: June 7, 2024]

Useful Forms:

ITR eFiling Utilities:

ITR 2 JSON Schema has been updated and Schema Change Document Released

MCA eForms:

MCA eForms have been updated

Acts & Regulations:

RBI Master Circulars / Directions:

Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 2024

Master Circular – Deendayal Antyodaya Yojana - National Rural Livelihoods Mission (DAY-NRLM)

Master Circular - Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs)

From the ICAI:

ICAI Announcement:

Expert Panel for addressing queries related to Statutory Audit pertaining to auditing aspects

Legal Updates:

Income Tax:

Partial modification of Circular No. 3 of 2023 dated 28.03.2023 regarding consequences of PAN becoming inoperative as per rule 114AAA of the Income-tax Rules, 1962 [Circular No.6]

Amendments in Notification No. S.O.2692 (E), dated the 10th June, 2022, read with Corrigendum Notification No. S.O.3044(E) dated 4th July,2022 [(Jurisdictional) Notification No.39]

GST:

Seeks to extend the due date for filing of FORM GSTR-1, for the month of March 2024 [CGST Notification No.9]

Seeks to extend the timeline for implementation of Notification No. 04/2024-CT dated 05.01.2024 from 1st April, 2024 to 15th May, 2024 [CGST Notification No.8]

Advisory: Extension of Due date of GSTR-1 for the period March 24

Advisory: Extension of GSTR-1 due date to 12th April 2024

IBBI:

Partial modification to the circular no. IBBI/LIQ/61/2023 dated 28th September 2023 titled ‘Clarification w.r.t. Liquidators’ fee under clause (b) of sub-regulation (2) of Regulation 4 of IBBI (Liquidation Process) Regulations, 2016

IFSCA:

Consolidated IFSCA (Payment Services) Regulations, 2024

Internet banking services to clients of IBUs

Import of gold and silver by Indian Banks through India International Bullion Exchange IFSC Limited (IIBX)

IFSCA (Payment Services) (Amendment) Regulations, 2024

SEBI:

Cross Margin benefits for offsetting positions having different expiry dates

Standardization of the Private Placement Memorandum (PPM) Audit Report

RBI:

Unauthorised foreign exchange transactions

Dealing in Rupee Interest Rate Derivative products - Small Finance Banks

Key Facts Statement (KFS) for Loans & Advances

Hedging of Gold Price Risk in Overseas Markets

CIMS Project Implementation - Submission of Statutory Returns (Form A, Form VIII and Form IX) on CIMS Portal

DGFT:

Clarification on discharge of export obligation of Advance Authorisation (AA) bearing Customs Notification No.18/2015-Customs as amended and Customs Notification No.21/2015-Customs as amended both dated 01.04.2015 by making physical exports or by making domestic supplies [Circular No.1]

Streamlining of Halal Certification Process for Meat and Meat Products [Notification No.8]

Export of Onions (under HS Code 07031019) to Sri Lanka and UAE [Notification No.7]

Imposition of Port restrictions on supply of Prohibited/Restricted essential commodities to the Republic of Maldives during 2024-25 [Notification No.6]

Discontinuation of Safeguard measures on import of Isopropyl alcohol (IPA), under Chapter 29 of ITC (HS) 2022, Schedule -1 (Import Policy) [Trade Notice No.2]

Customs:

Extension period for 3 months to Ortho-phosphoric Acid which is used for manufacturing of Fertilizers from applicability of BIS standard IS 798:2020 implemented through QCO dated 13.05.2022 [Instruction No.9]

Exchange Rate Notification No. 30/2024-Cus (NT) dated 18.04.2024 [Notification No.30(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver (April 15, 2024) [Notification No.29(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver (April 9, 2024) [Notification No.28(NT)]

Central Excise:

Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty on production of Petroleum Crude [Notification No.12]

Important Updates