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CAalley Newsletter for the week ending March 8, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Acts & Regulations:

SEBI Master Circular & Regulations

Useful Forms:

MCA Forms

From the ICAI:

Standards of Auditing - SA 580

International Content:

International Ethics Standards Board for Accountants [IESBA]

Legal Updates:

Income Tax

Service Tax






Central Excise


News Update:

Indian News:

India imposes money laundering provisions on cryptocurrency sector

Sebi gives more time to submit applications for empanelment of forensic auditors for MFs, AMCs, trustees

Govt issues guidelines to hold influencers responsible; safeguard consumers

SEBI seeks to step up sway over boards of bourses, clearing corporations

Sebi framework for cloud services adoption

Sebi frowns on assured returns, asks MFs to remove related ads, brochures

ITAT: Cultivate agricultural land for capital gains tax sop

Online gaming cos move CBDT, PMO to oppose tax rules

Govt to bring retail trade policy to promote ease of doing biz: Official

RBI launches mission to make every citizen a user of digital payment

Government to come up with 58 quality control orders in next 6 months to stop imports of sub-standard goods

Govt removes basic customs duty of 10% on whole tur to check local prices

No sale of gold jewellery without hallmark from April 1

SEBI stops incentive of mutual funds for selling beyond top 30 cities

Govt not in 'crazy rush' to sell everything: FM Sitharaman

Goods and services exports may cross $750 bn-mark this fiscal: Piyush Goyal

Cos add mental care to health covers globally

Govt slashes windfall tax on diesel to Rs 0.50 per litre, nil on ATF

EPFO clause makes opting for higher pension nearly impossible

ED raids 12 places in Nagpur, quizzes top chartered accountants

Implementation of certain norms could perpetuate existing market dominance: CEA

RBI slaps Rs 3.06 cr penalty on Amazon Pay (India) for violation of norms

‘Entities working in India must comply with relevant laws’: Jaishankar tells UK foreign secy on BBC tax issue

Not very satisfied with present performance of fast track special courts: Rijiju

Credit rated Indian banks can move over to IFRS 9: S&P Global Ratings

RBI launches 2 surveys to gather 'useful inputs' for monetary policy


International News:

UK: Sanctions against PwC and two former audit partners

IASB retains impairment-only goodwill model in M&A

New standard provides risk-based approach to group audits

KPMG working on tackling decarbonisation goals

Seven key takeaways from the IFRS Sustainability Symposium

ESG reporting muddled by jumble of standards: IFAC

EU auditors: Time to simplify the complex EU financial landscape

Canadian audit regulator issues enforcement action against US accounting firm

FASB studies AI use in financial data analysis

FRC announces revisions to Technical Actuarial Standard 100

U.S. Accounting Rulemakers Studying How Investors Use Artificial Intelligence to Consume Financial Data

IESBA releases final code revisions to group audits

CFOs struggle to move past ‘transactional’ responsibilities

Acts & Regulations:

SEBI Master Circular & Regulations:

Master Circular for Foreign Venture Capital Investors (FVCIs)

SEBI (Depositories and Participants) (Amendment) Regulations, 2023

Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2023

Useful Forms:

MCA Forms:

MCA Forms [Updated as on March 2, 2023]

From the ICAI:

Standards of Auditing:

Implementation Guide to SA 580, Written Representations

International Content:

International Ethics Standards Board for Accountants [IESBA]:

[Published in February 2023]

Revisions to the Code Relating to the Definition of Engagement Team and Group Audits

Basis for Conclusions

Legal Updates:

Income Tax:

Corrigendum: Changes in Income Tax Forms [No.11]

Amendments to Income Tax Forms [No.8]


Service Tax:

Appointment of Additional Assistant Director as Central Excise Officer of the rank of Superintendent [No.1]



MCA Announcement for CA and CS

IEPF Public Notice related to company issues



Serving of copy of applications to the Board, as mandated under Rules 4, 6 and 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016

Exemption under Section 10 of the Income-tax Act, 1961



Operational Guidance - Amendment to SEBI (Buy-back of Securities) Regulations, 2018

Linking of PAN with Aadhaar to be done by March 31, 2023 [Press Release]

Framework for Adoption of Cloud Services by SEBI Regulated Entities (REs)



Remuneration payable to Statutory Central Auditors (SCAs) and Statutory Branch Auditors (SBAs) of Nationalised Banks from FY 2022-23



Boarding functions – Improving transparency using boarding Jacket fitted with Body Worn Camera (BWC) having video/audio recording facility by Boarding Officer [Circular No.7]

Rectifiable labelling information for imported food consignments [Instruction No.9]

Seeks to amend notification No. 50/2017- Customs, dated 30.06.2017, in order to reduce the BCD on Tur Whole to Nil [No.16]

Seeks to amend notification No. 30/2022- Customs, dated 24.05.2022, in order to discontinue the specified TRQ rate after the 31st March 2023 [No.15]

Exchange rate Notification No. 12/2023-Cus (NT) dated 02.03.2023 [No.12(NT)]

Extension of Requirement of Health Certificate to be accompanied with the import of food consignments [Instruction No.8]


Central Excise:

Seeks to further amend No. 10/2022-Central Excise, dated the 30th June, 2022 , to reduce the Road and Infrastructure Cess on Diesel [No.12]

Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to reduce the Special Additional Excise Duty on Diesel [No.11]

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 and reduce SAED on export of Aviation turbine Fuel [No.10]

Appointment of Additional Assistant Director as Central Excise Officer of the rank of Superintendent [No. 1(NT)]


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