caalley logo

The alley for Indian Chartered Accountants

CAalley Newsletter for the week ending April 12, 2023

Go to Newsletter Archives

Latest additions to CAalley:

News Update:

Indian News

International News

From the ICAI:

ICAI Announcements

Exposure Draft:

RBI Draft

Acts & Regulations:

RBI Master Direction/Circular

Legal Updates:

Income Tax






News Update:

Indian News:

Competition law amendment bill gets President's assent

Sebi imposes fine worth ₹15 lakh on 3 individuals for non-genuine trades

SC axes judge for giving verdicts without dictating full judgments

Irdai chief urges insurers to increase their capital for faster growth

Cyprus-based betting website under scanner for GST evasion

RBI issues framework for acceptance of green deposits by banks, NBFCs

Search and seizure action by Income Tax Department in Karnataka

India cenbank puts in place framework for acceptance of green deposits

Exchanges to set common equilibrium price for listing day post IPO: SEBI

I-T dept notifies Cost Inflation Index for current fiscal

Tax heat on offshore online gaming companies

RBI simplifies CIC application form, prunes list of documents required

RoCs set to crack the whip on company law violators

Liquidated damages in certain cases to draw 18% GST, rules Andhra AAR

CVC asks banks, government departments to send factual report on corruption complaints in one month

GPF rate stays 7.1% for April-June 2023 quarter

Govt to set up 16th Finance Comm in 2023 for Centre-state tax devolution

Govt extends sops for chip, electronics gear by a year

Tax refund scheme for exports may be extended beyond September

Unauthorised investment advisory services: Sebi bans 4 entities from securities markets for 6 months

AAR: Lower 12% GST for services linked to flat construction

Customs waives demurrage, interest as technical glitch leads to clearance delays

Sebi asks investment advisers to display info prominently in advertisements

Sebi clarifies on shareholders' approval for directors appointment on listed PSUs boards

Centre notifies committee on pension schemes for govt employees

GSTN performance improved steadily over time: Report

EY India services to firm's overseas entities not liable to tax, rules Delhi High Court

Residency proof enough for Mauritius treaty benefit: HC

RBI allows rupee non-deliverable forex derivative contracts to residents

Your PPF, NSC, other post office investments will be frozen if Aadhaar is not given by this date

Finance minister Sitharaman defends imposing fine for not linking PAN with Aadhaar

‘Faceless’ income-tax asks Madhya Pradesh youth to pay Rs 113 crore as tax

RBI proposes expanding UPI digital payments system to allow credit

RBI to set up portal to search across multiple banks for unclaimed deposits

No change: MPC presses 'pause' after hiking rate by 250 bps since May 2022

Credit Information firms to compensate for delayed updations: RBI

Employers must seek employees preferred tax regime for deducting TDS: CBDT

Sebi issues code for ads to rein in 'finfluencers'

RBI should prioritise inflation over growth, say FinMin officials


International News:

EY calls off plan to split audit, consulting units as talks fail

IASB confirms temporary relief from deferred tax accounting following OECD Pillar Two tax reform

Auditors Didn’t Flag Risks Building Up in Banks

UK: Professional bodies challenge government on tax simplification

FASAB issues statement to clarify lease terms

PCAOB Advisers Say Auditors May not be Fully Complying with Expanded Reporting Rule

Banks Face Tough Accounting Questions as Second Quarter Dawns

Int'l banking system is headed for more trouble, says Raghuram Rajan

FASB chooses single software accounting model

From the ICAI:

ICAI Announcements:

ICAI: Acceptance of certain assignments by the Concurrent Auditor of Bank Branches

FAQs relating to professional ethics of members pertaining to Bank Assignments

Technical Guide on Disclosure and Reporting of Key Performance Indicators (KPIs) in Offer Documents

Exposure Draft:

RBI Draft:

Draft Circular on Fair Lending Practice - Penal Charges in Loan Accounts
[Last date for Comments: May 15, 2023] 

Acts & Regulations:

RBI Master Direction/Circular:

Master Circular - Housing Finance for UCBs

Master Direction on Outsourcing of Information Technology Services

Legal Updates:

Income Tax:

Cost of Inflation Index for FY 2023-24 notified [No.21]

Amendments to Jurisdiction u/s 114F [No.17]

Clarification regarding Employee's Preferred Tax Regime before TDS under section 192 read with section 115BAC(IA) of the Income-tax Act, 1961 [Circular No.4]



Authorised Dealers Category-II - Online submission of Form A2

Framework for acceptance of Green Deposits

APConnect - Online application for Full Fledged Money Changers and non-bank Authorised Dealers Category-II



Formulation of price bands for the first day of trading pursuant to Initial Public Offering (IPO), re-listing etc. in normal trading session

Direct plan for schemes of Alternative Investment Funds (AIFs) and trail model for distribution commission in AIFs

Guidelines with respect to excusing or excluding an investor from an investment of AIF

Usage of brand name/trade name by Investment Advisers (IA) and Research Analysts (RA)



Seeks to amend notification No. 55/2022- Customs, dated 31.10.2022, in order to exempt Rice in the husk (paddy or rough), of seed quality, from export duty of 20% [No.30]

Seeks to impose definitive anti-dumping duty on imports of "Ursodeoxycholic Acid (UDCA)" originating in or exported from China PR and Korea RP for a period of 5 Years [No.4(ADD)]

Online filing of AEO-LO application [Circular No.10]

Customs (Waiver of Interest) Second Order, 2023 [Order No.2]

Exchange rate Notification No. 26/2023-Cus (NT) dated 06.04.2023 [No.26(NT)]

Seeks to extend levy of ADD on Fishing Net originating in or exported from China PR [No.3(ADD)]

Customs (Waiver of Interest) Order, 2023 [Order No.1]



Extension of Validity of ANFs and Appendices issued under FTP (2015-20) [Public Notice No.5]

Procedure for obtaining Registration Certificate for import of Isopropyl Alcohol (IPA) subject to Country-wise Quantitative Restrictions (QR) for the year 2023-24 [Public Notice No.4]

Streamlining of Halal Certification Process for Meat and Meat Products [No.3]

Issuance of EODC for AA and EPCG process from DGFT portal [No.1]


Read more on:
Don't miss an update!
Subscribe to our newsletter