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Weekly Newsletter - April 9, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Draft:

SEBI Draft

Reference Section:

Acts & Regulations

From the ICAI:

ICAI Publication - GST

Useful Forms:

Income Tax eFiling Utilities

MCA eForms

Legal Updates:

Income Tax







Central Excise



News Update:

Indian News:

RBI launches manufacturing cos survey, a key input for policy formulation

CJI seeks timely verdicts, judges opt to give up cases

ESG reporting witnesses increase in global variance

Mismatch in HRA claims: No drive launched to reopen cases, clarifies CBDT

Sebi proposes direct reporting of AIFs' PPM changes to cut compliance cost

After tax searches, FDI questions, BBC hives off newsroom in India as separate company

RBI widens door for foreign participation in green bonds: What this means

Keep taxpayers in the loop before you act: Court to Income Tax dept

AI can drive efficiency, raises mkt concentration concerns: CCI chief Kaur

SEBI directs finfluencer to deposit Rs 12 crore 'unlawful gains'

RBI to offer CBDC-R accessible to non-bank payments system operators

SC transfers to itself 27 pleas challenging 28% GST levy on online gaming

RBI turns down request to remove 'small finance' tag from bank name

RBI to release final framework for fintech SROs by April-end: Governor Das

RBI reiterates FX exposure must for rupee exchange derivative transactions

RBI to launch mobile app for investing in gov securities

Govt to broaden e-rupee distribution beyond banks to boost retail use: RBI

RBI to permit investment, trading of Sovereign Green Bonds at Gujarat IFSC

UPI's new feature: Soon, you can deposit cash at ATMs through UPI, says RBI

RBI monetary policy: Why Shaktikanta Das said 'the elephant has gone out for a walk'

Audit fees growth lags corporate expansion in India

RBI defers implementing rules on exchange-traded forex derivatives to May 3

CBDT enables ITR filing for FY 24; 23,000 returns filed in 4 days

How to validate digital signature in e-Aadhaar


International News:

IRS changes how tax pros receive transcripts

IPEF to organise clean economy investor forum in Singapore in June

FRC fines Grant Thornton £40,000 for pension fund audit

Companies fall short on curbing cybersecurity risks from vendors: Moody’s

FASB Selects 11 Professionals to Sit on Emerging Issues Task Force

Deploying AI in accounting poses 12 audit risks: CAQ study

Australia: Head of audit at William Buck Victoria pays $20,625 penalty for audit rotation issues

PwC Hit With $2.75 Million Fine By PCAOB For Running Afoul of Independence Rules

Exposure Draft:

SEBI Draft:

Draft Circular - Relaxation in requirement of intimation of changes in the terms of Private Placement Memorandum of Alternative Investment Funds through Merchant Banker
[Last date for Comments: April 26, 2024] 

Reference Section:

Acts & Regulations:

The Delegation of Financial Powers Rules, 2024

From the ICAI:

ICAI Publication - GST:

Compliances of GST in Banking Sector [Revised upto February 2024]

Useful Forms:

Income Tax eFiling Utilities:

Common offline utility for Form 3CA-3CD and 3CB-3CD [Updated as on April 4, 2024]


MCA eForms:

Form for furnishing half yearly return with the registrar in respect of outstanding payments to Micro or Small Enterprise
[Updated as on April 5, 2024]

Legal Updates:

Income Tax:

CBDT clarification on media reports claiming special drive to reopen cases w.r.t. HRA claims [Press Release]

Corrigendum to Notification No.2 of 2024 dated 31.03.2024



Advisory: Auto-populate the HSN-wise summary from e-Invoices into Table 12 of GSTR-1

Advisory on Reset and Re-filing of GSTR-3B of some taxpayers

Seeks to provide waiver of interest for specified registered persons for specified tax periods [CGST Notification No.7]



Ease of doing business - Filing of Schemes or funds under IFSCA (Fund Management) Regulations 2022

The IFSCA Banking Handbook PRU Directions v5.0

The IFSCA Banking Handbook COB Directions v6.0

The IFSCA Banking Handbook GEN Directions v5.0

Amendments and additions/deletions to the IFSCA Banking Handbook

Remote Trading Participants on Stock Exchanges in the IFSC



Entities allowed to use e-KYC Aadhaar Authentication services of UIDAI in Securities Market as sub-KUA



IRDAI (Corporate Governance for Insurers) Regulations, 2024

IRDAI (Protection of Policyholder's Interests, operations and allied matters of insurers) Regulations, 2024

IRDAI (Actuarial, Finance and Investment Functions of Insurers) Reg 2024

IRDAI (Insurance Products) Regulations, 2024

IRDAI (Registration, capital structure, transfer of shares and amalgamation of insurers) Regulations, 2024

De-Notification of All Tariffs

IRDAI (Registration and operations of Foreign Reinsurers Branches and Lloyd's India) Regulations, 2024

IRDAI (Bima Sugam- Insurance Electronic Marketplace) Regulations, 2024

IRDAI (Rural, social sector and Motor third party obligations) Regulations, 2024



Implementation of Melon Seeds Import Monitoring System (MS-IMS) [Public Notice No.2]

Modification of SION E-124 for export of refined Sunflower Oil (Edible Grade) [Public Notice No.1]

Amendment in Import Policy Condition for Melon Seeds under ITC (HS) Code 1207 70 90 of Chapter-12 of ITC (HS), 2022, Schedule-I (Import Policy) [Notification No.5]

Extension in import period for Yellow Peas under ITC (HS) Code 07131010 of Chapter 07 of ITC (HS), 2022, Schedule –I (Import Policy) [Notification No.4]

Supply of essential commodities to the Republic of Maldives during 2024-25 [Notification No.3]



Exemption for import of High End and High Value used Medical Equipment other than critical care medical equipment Hazardous and Other under Wastes (Management and Transboundary Movement) Second Amendment Rules, 2022 dt 23rd December, 2022 [Instruction No.8]

Seeks to amend No. 64/2023-Customs, dated the 7th december, 2023 in order to allow duty free imports of yellow peas with bill of lading issued on or before 30.06.2024 [Notification No.23]

Exchange Rate Notification No. 27/2024-Cus (NT) dated 04.04.2024 [Notification No.27(NT)]

Seeks to amend Sea Cargo Manifest and Transhipment Regulations 2018 [Notification No.26(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.25(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.11]



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