Weekly Newsletter - July 31, 2024
Latest additions to CAalley:
News Update:
Exposure Drafts:
FAQs:
Acts & Regulations:
Useful Forms:
From the ICAI:
Legal Updates:
News Update:
Sebi begins crackdown on F&O mess, suggests 7 measures to save retail traders
Income Tax dept begins scrutiny in reassessment cases for AY-2018-19
RBI pulls up UCBs creating Dividend Equalisation Fund for payments
RBI's new norms on wilful defaulters to come into effect from Nov 1
RBI issues norms to improve safety of payment systems with fraud monitoring
Life Insurers to seek extension on implementing surrender value norms
Market regulator Sebi plans to widen net to curb insider trading
SEBI returns over 10 IPO papers citing omissions; strong signal to merchant bankers: Report
'Too big to fail' Big Techs pose risk profiling challenges: RBI report
RBI revokes unrestricted access for FPIs to new 14-year and 30-year bonds
CBDC retail pilot customers grow to 5 million till June 2024: RBI report
RBI plans five-episode web series to showcase its 90-yr journey, functions
Fake ITC claims detection by central GST officers up 51% at Rs 36,374 crore in FY24
Tax filings more challenging on surge in F&O, gaming app play
Banks told to speed up IBC resolutions
45-day payment rule: New fund will work with banks to help MSME units, says FM Sitharaman
PSU banks may get another 2-year extension to comply with Sebi's MPS norms
Sebi confirms order against 12 entities including V Marc India for fraud
RBI imposes fines on 3 payment system operators including Visa Worldwide
DGFT simplifies Export Promotion Capital Goods Scheme procedures to enhance Ease of Doing Business
RBI issues prompt corrective action framework for urban cooperative banks
Royalty is not tax: Supreme Court allows states to levy minerals cess
RBI issues draft liquidity coverage ratio norms
India won’t ink global corporate tax deal until its concerns are addressed
Sebi proposes guidelines for CRAs on detailed reasons for rating actions
“Three-slab GST very much a possibility”: CBIC Chairman
RBI tightens domestic transfer rules: KYC must for walk- in money transfer
Bigger investments, smaller costs: New Demat account rules explained
I-T returns filing: CBDT engaging closely with service providers for proper functioning of portal
Tax portal glitches galore: 49% of India's taxpayers yet to file ITR
No change in LTCG in medium term: Revenue secretary Sanjay Malhotra
Property owners will now have to pay more tax as Budget 2024 plugs loophole
Tax certificate not mandatory for all travelling abroad: Finance Ministry
Angel Tax scrapped: FM Sitharaman explains the rationale behind removing the decade-old tax
Budget 2024: Govt mulls stringent norms for clearance certificate needed for residents leaving India
1% TDS on property purchase over Rs 50 lakh even in case of multiple buyers or sellers
First draft of revised direct tax code in 6 months: Revenue secretary
How Budget proposes to change the tax structure & rules for 'gifts'
I-T breather to help loss-making firms conserve working capital
Budget 2024: "Notes on Clauses" issued by Income Tax Department
FAQs issued by CBDT on the new capital gains tax regime proposed in the Union Budget 2024-25
Rollover benefits to continue on capital gains up to Rs 10 cr: Revenue secy
I-T dept says changes in capital gains tax to promote ease of compliance
Taxpayers can opt for 'Vivad se Vishwas' scheme from Dec 31: CBDT chairman
Crypto Sector Slow to Adopt New Accounting Rules Despite Years of Advocacy
Exposure Drafts:
Exposure Draft of Standard on Auditing for Audits of Financial Statements of Less Complex Entities (SA for LCE)
[Last date for Comments: September 9, 2024]
Draft Circular on Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR) – Review of Haircuts on High Quality Liquid Assets (HQLA) and Run-off Rates on Certain Categories of Deposits
[Last date for Comments: August 31, 2024]
Consultation Paper on Measures to strengthen index derivatives framework for increased Investor protection and Market stability
[Last date for Comments: August 20, 2024]
Consultation paper on proposal to improve ease of doing business with respect to the additional disclosure framework for large FPIs
[Last date for Comments: August 20, 2024]
Consultation Paper on Proposed amendments to the SEBI (Prohibition of Insider Trading) Regulations, 2015
[Last date for Comments: August 18, 2024]
Consultation on Draft Circular - Amendment to Para 15 of Master Circular for Credit Rating Agencies (CRAs) dated May 16, 2024
[Last date for Comments: August 15, 2024]
Proposed ASU
Derivatives and Hedging (Topic 815) and
Revenue from Contracts with Customers (Topic 606)
[Last date for Comments: October 21, 2024]
FAQs:
Acts & Regulations:
Master Direction on Treatment of Wilful Defaulters and Large Defaulters
Useful Forms:
Common Offline Utility (ITR 1 to ITR 4) has been updated
From the ICAI:
Amendments to AS 22, Accounting for Taxes on Income issued by the ICAI
(For non-company entities)
Legal Updates:
Credit Rating Agencies in the IFSC
Prompt Corrective Action (PCA) Framework for Primary (Urban) Co-operative Banks (UCBs)
Small Value Loans – Primary (Urban) Co-operative Banks (UCBs)
Bank Finance against Shares and Debentures
Commencement Notification of the SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2022
Launch of Steel Import Monitoring System (SIMS) 2.0 [Trade Notice No.10]
Amendments to Notification No. 22/2022-Customs, dated 30.04.2022 (UAE CEPA) [Notification No.40]
