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The alley for Indian Chartered Accountants

CAalley Newsletter for the week ending March 16, 2023

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Latest additions to CAalley:

News Update:

Indian News

Budget News

International News

Useful Forms:

Income Tax Return Forms

Reference Section:

SEBI Guidelines

CA's Referencer

Exposure Draft:

FASB Draft

Legal Updates:






News Update:

Indian News:

EPFO plans explainer to ‘demystify’ SC order on higher pensions

A four-member GST appellate tribunal likely in each state to streamline dispute resolution

Accounting audit trail mandatory from April; to make it easier to find financial irregularities

New foreign trade policy may be released by end of this month: Commerce Secretary

Industrialists seek relief from CGST dept

Realtors want govt to rationalise GST on under-construction properties in a bid to encourage sales

Jayant Sinha to introduce Competition (Amendment) Bill 2023 on Friday

RBI, UAE central bank sign MoU on interoperability of their CBDCs

Bar Council permits foreign law firms to practice in select fields in India

SEBI empowered to frame rules and update them as required: Govt tells Parliament

CAG wants Rajasthan govt not to abandon treasury system of accounting

RBI asks banks to review contracts with fintechs

CBIC has booked 106 cases on insurers for ₹7,581.8 cr. tax evasion: Minister

EPFO extends deadline to opt for higher pension

State-owned IREDA gets Infrastructure Finance Company status from RBI

Domestic aluminum players need to invest to meet net zero target: ICRA

Former RBI dy governor says pricing power of 'Big 5' driving core inflation

India said to bat for sovereign rating upgrade in review with global agencies

68,000 cases picked up for e-verification for income mismatch in AIS, ITR for FY 2019-20

E-rupee worth over Rs 130 crore in circulation: Nirmala Sitharaman

India to discourage foreign trade settlement in Chinese yuan: Sources

Addressing privacy fears, CAG says ethics a must for AI in audit

Angel tax relief likely for Sebi-enrolled FPIs; rules expected by April 15

Fraudsters disguise as market experts to dupe investors

Indian startups should resist pressure to move outside: Mohandas Pai

Govt to infuse more capital in public sector general insurers next year

Lenders to miss March-end deadline to resolve key insolvency cases

GST payers can submit intent to appeal to tribunal and halt recovery process

Three arrested for GST evasion of Rs 150 crore

Sebi resolves 2,672 complaints through SCORES platform in Feb

Government amends KYC to add non-profit organisations, ‘politically exposed persons’

RBI slams high fees on retail forex transactions

Self-regulation useful tool for setting rules for fintechs: RBI's M K Jain

New e-commerce rules may block inventory-based sales

Sebi announces reward mechanism for informants providing tips on defaulters

GST refunds on shopping for foreign tourists on the anvil

Sebi raises bar, sends back IPO documents

Competition Commission of India squeezed by staff vacancies, workload

SEBI asks investors to ensure PAN-Aadhaar link by March 31


Budget News:

India govt unlikely to roll back tax plan on high-value life insurance


International News:

IASB improves approach to developing disclosure requirements

ECB backs big rate hike despite bank chaos

FASB proposes enhancements to income tax disclosures

After SVB, cash is once again king, ex-CFO says

KPMG stands by audits of Silicon Valley Bank and Signature Bank

KPMG Under Pressure After Clean Audits of SVB, Signature Bank

SVB collapse: Moody's changes outlook on US banking system to 'negative'

Crypto Sector’s Reserve Reports Can’t Be Trusted, Says U.S. Audit Watchdog

USA: Big Companies Seeing Tax Benefits From Law Change Some of Them Fought

Useful Forms:

Income Tax Return Forms:

Download amended Income Tax Return Forms

Reference Section:

SEBI Guidelines:

SEBI (Grant of Reward to Informant under Recovery Proceedings) Guidelines, 2023


CA's Referencer:

IBBI: Format for Serving a Copy of Application for Initiation of CIRP

Exposure Draft:

FASB Draft:

Proposed Accounting Standards Update
Income Taxes (Topic 740)
Improvements to Income Tax Disclosures

[Last date for Comments: May 30, 2023]

Legal Updates:


Reporting and Accounting of Central Government transactions for March 2023



Clarification with respect to Qualified RTAs



Exchange rate dated 16.03.2023 [No.15(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.14(NT)]

Telecom equipment in the context of notification No. 02/2019- Customs dated 29-01-2019 amending notification No. 57/2017-Customs dated 30.06.3017 [Circular No.8]

Show Cause Notice issued under section 28 of the Customs Act, 1962 in the case of M/s Blue-Fin Frozen Foods Pvt. Ltd. - Section 28(9A)(c) [Instruction No.11]

Implementation of origin procedures under India-Australia ECTA [Instruction No.10]



Amendment in Policy Conditions under ITC HS code 2515 of Chapter 25 and 6802 of Chapter 68 of Schedule-I (Import Policy) of ITC (HS) 2022 [No.60]


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