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The alley for Indian Chartered Accountants

 Weekly Newsletter - December 6, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Draft:

IFRS Draft

Reference Section:

Acts & Regulations

CA's Referencer

From the ICAI:

ICAI Publication

International Content:

IFAC Reference Material

Legal Updates:






Central Excise


News Update:

Indian News:

'Sebi, RBI share concern about some credit funds masking bad loans'

CBIC issues 33,000 notices for GST return discrepancies in FY18, FY19

Govt likely to mandate e-invoice for B2C transactions in 2-3 years

Grievances Redressal by Cooperative Societies

Banks write off Rs 10.5 trn in 5 yrs, NPA recovery worth Rs 7.1 trn: FinMin

21,791 fake GST registrations, suspected tax evasion of Rs 24,000 crore detected in special drive: FM

GST appeals pile up as new filings near 3,000 till Oct.

RBI reins in peer-to-peer lending practices after finding rule violations

Is a legal notice sent through WhatsApp, email valid?

Govt to create 'admission benches' in NCLT to expedite CIRP applications

71 show cause notices issued to online gaming firms involving GST: FinMin

Lenders again move RBI on wilful defaulter tag for non-performing accounts

How to find and correct errors on your credit report

What is professional tax: These employees might have to pay it if working from home

SAT raps Sebi for 'lackadaisical approach' in Kirloskar Industries matter

28 crypto, VDA platforms register with FIU-India to comply with PMLA norms

NFRA has retrospective jurisdiction over offences by delinquent CAs: NCLAT

NCLAT upholds NFRA penalty on DHFL auditors

LIC amends norms for inclusion of shareholders' directors on its board

Sebi asks Satyam promoters to repay 1,747 crore

Centre says over 120,000 new companies incorporated during Apr-Nov

Sebi slaps fine of Rs 3 lakh on India Ratings and Research for lapses

Rs 2,000 notes totalling Rs 9,760 cr still with public: RBI

Vivad se Vishwas: Govt settles over 43k MSME claims; refunds Rs 700 cr

RBI, Bank of England sign agreement to exchange information on CCIL

NPS subscribers can now choose preferred fund managers for 3 asset classes

To whom do the new Senior Citizen Savings Scheme (SCSS), PPF rules apply? Govt clarifies

RBI imposes penalty on HDFC Bank, Bank of America for violating FEMA norms

Sebi bans 9 entities from securities market for 2-years for flouting investment advisory rules

GIFT city gears up for direct listings, re-insurance


International News:

EY's innovative use of AI in detecting audit frauds sparks debate

EY to cut a further 150 UK jobs as Big Four firms grapple with waning demand

EY claims success in using AI to find audit frauds

PwC affiliates, Chinese firm to pay $7.9 mln for US audit failures

Global US Taxpayers Must Plan Carefully to Comply With FBAR

Only 70% of Large-Company Internal Audits Assess Cyber Risks

Exposure Draft:

IFRS Draft:

Financial Instruments with Characteristics of Equity
Proposed amendments to IAS 32, IFRS 7 and IAS 1

[Last date for Comments: March 29, 2024] 

Reference Section:

Acts & Regulations:

GST Act and Rules - Bare Law
(Published by ICAI in October 2023)


CA's Referencer:

Utility to Generate Audit Engagement Letters

Form for Disclosue of Fees Received by CA Firm as per Reporting Requirements under Code of Ethics

From the ICAI:

ICAI Publication:

Technical Guide on GST Reconciliation Statement (Form GSTR 9C) [November 2023]

International Content:

IFAC Reference Material:

Small Business Sustainability Checklist

Legal Updates:


Advisory: Two-factor Authentication for Taxpayers

Advisory for Pilot Project of Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Andhra Pradesh



The Companies (Incorporation) Third Amendment Rules, 2023



SEBI Circulars: Revised framework for computation of Net Distributable Cash Flow by InvITs / REITs

Extension of timeline for implementation of provisions of circular SEBI/HO/OIAE/IGRD/CIR/P/2023/156 dated September 20, 2023 on Redressal of investor grievances through the SEBI Complaint Redressal (SCORES) Platform and linking it to Online Dispute Resolution platform



Amnesty Scheme - Closure of cases of default in Export Obligation under Advance Authorisation and EPCG Schemes where applications have been filed with PRC/EPCG Committee for relaxation in policy/procedure on grounds of genuine hardship/adverse impact on trade [Trade Notice No.35]

Export of Food commodities through National Cooperative Exports Limited (NCEL) [Notification No.46]



Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.89(NT)]

Seeks to amend notification No. 22/2022-Customs, dated the 30th April, 2022, in order to align it with changes introduced vide notification No. 72/2023-Customs (N.T.), dated 30.09.2023 [Notification No.63]

Exemption of deposits from the provisions of Section 51 of Customs Act, 1962 [Notification No.88(NT)]

Notification to exempt deposits into ECL till 19th January 2024 [Notification No.87(NT)]


Central Excise:

Seeks to further amend notification No. 18/2022 - Central Excise in order to revise the SAED rate on petroleum crude [No.40]



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