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Weekly Newsletter - April 26, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Reference Section:


Useful Forms:

Income Tax Return Forms

Acts & Regulations:

RBI Master Circular

Legal Updates:









News Update:

Indian News:

Eligibility standards may be prescribed: Govt mulls size threshold for auditors of large firms

Mattresses supplied to school hostels not exempt from GST: Tamil Nadu AAR

High-balance bank accounts without updated KYC under govt's radar

Sebi bars brokers from creating bank guarantees with client funds

Sebi asks AMCs to file final offer documents digitally

SC’s decision on reassessment under I-T Act in absence of incriminating evidence is mixed bag: Experts

RBI imposes Rs 44 lakh penalty on 4 co-operative banks for violation

Government not against “flash sales,” but will not tolerate “cheating” on e-comm platforms: Piyush Goyal

Personal income tax to GDP ratio surges, indicating rise in taxpayer base

Incriminating material must for any addition to taxable income: SC

RBI's wider NDF access may require foreign exposure proof: Bankers

Sebi recommends cancelling registration of eight AIFs

Governors must assent or send back bills ‘as soon as possible’: Supreme Court

Allow foreign currency transactions in country via RBI: Consultants & service providers urge govt

Don’t account on ChatGPT

I-T dept cracks down on Bajaj Allianz, ICICI Prudential amid wider probe

UIDAI, NPCI to set up eKYC aggregator, fin entities to gain

Starting this FY, companies must maintain audit trail

GST evasion: Taxmen using data analytics to identify 'missing link' in supply chain

NFRA imposes fine, debars auditors for 3 yrs for professional misconduct, other lapses in audit of SRS Ltd

Competition law changes: CCI to start public consultations on Regulations

RBI looks askance at co-lending arrangements

No proposal to regulate finfluencers, clampdown on ponzi apps in works: FM

HC can decide on transfer pricing litigation, rules SC

India Inc should prepare for a national carbon market

Sebi plans to allow mutual funds with performance-based fees

New customs interface “moving towards normalcy”, claims CBIC

Sebi bans Care Ratings' former MD & CEO Rajesh Mokashi for manipulating rating process

Audit intricacy, access to talent make splitting audit-non-audit biz tough

ICAI focuses on enhancing audit quality

New ICAI president says emphasis on blending new age thinking with traditional approach

ICAI to widen peer review process for auditors: Talati

Auditors Not Expected To Look At Every Single Invoice, Transaction: ICAI President

Tax treaty rate cannot override dividend distribution tax rate: I-T tribunal

RBI to meet board members of PSU banks to address ethics issues on May 22

SC says no lawyer can go on strike or abstain from court work, asks high courts to set up panel for grievance redressal

Asked to tally funds in A/Cs to filings: Closer scrutiny on tax filings of NRIs

GST evasion detection nearly doubles to Rs 1.01 lakh cr in FY23

Standardising ESG reporting

Corporate failures: Auditors are soft targets for blame

RBI to come up with new rules on classification of accounts as fraudulent

Is interest income earned on Mahila Samman Savings Certificate tax free?


International News:

India plans to open logistics hub for Indian companies in Panama: Jaishankar

EY Leaders Are Pressured to Rebuild Trust After Failure of Split

Study Finds Negative Impact on Audit Partners who Give Adverse Internal Control Opinions

AI assisted sustainability assurance can address market capacity shortage

SVB collapse was apparent if you read the footnotes

KPMG Australia turns to AI to improve its audits

UAE allows corporate tax exemptions for public benefit entities

ESG reporting standard setter extends reach

How Financial Stability Relates To ESG Disclosure

Reference Section:


Detecting AML is not just a tick-box exercise for accountants
[Author: ICAEW Insights]

Useful Forms:

Income Tax Return Forms:

Income Tax Return eFiling Utilities for ITR 1

Income Tax Return eFiling Utilities for ITR 4

Acts & Regulations:

RBI Master Circular:

Master Circular- Prudential Norms on Capital Adequacy - Primary (Urban) Co-operative Banks (UCBs)

Legal Updates:


GST Advisory: Advisory on Bank Account Validation



MCA Advisory regarding Form STK-2



Procedure for implementation of Section 12A of the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005 – Directions to stock exchanges and registered intermediaries

Modifications in the requirement of filing of Offer Documents by Mutual Funds

Bank Guarantees (BGs) created out of clients’ funds

Procedure for seeking prior approval for change in control of Vault Managers

Issue of Master Circular by Stock Exchanges, Clearing Corporations and Depositories



IRDAI Information and Cyber Security Guidelines, 2023

Master Circular on Registration of Indian Insurance Company, 2023



Remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS)

Provisioning for standard assets by primary (Urban) co-operative banks – revised norms under four-tiered regulatory framework

General Credit Card (GCC) Facility – Review

Provisioning for standard assets by primary (Urban) co-operative banks – revised norms under four-tiered regulatory framework

General Credit Card (GCC) Facility – Review



Appendices & Aayat Niryat Forms of Foreign Trade Policy, 2023 [Public Notice No.10]

Amendment in Para 4.12 (vi) of the Handbook of Procedures, 2023 [Public Notice No.9]

Allocation of additional quantity of 2360 MT for export of raw cane sugar to USA under Tariff Rate Quota (TRQ) for the US Fiscal Year 2023 [Public Notice No.8]

Amendment under Interest Equalisation Scheme in respect of UIN [Trade Notice No.4]

Amendments under Interest Equalisation Scheme in respect of UIN [Trade Notice No.3]



Seeks to further amend notification No. 55/2022- Customs, dated 31.10.2022, in order to notify Nepalgunj road as an additional LCS against condition number 1 [No.31]

Exchange rate Notification No. 29/2023-Cus (NT) dated 20.04.2023 [No.29(NT)]

Seeks to levy ADD on imports of "Vinyl Tiles other than in roll or sheet form" originating in or exported from China PR, Taiwan and Vietnam [No.5(ADD)]


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