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The alley for Indian Chartered Accountants

Weekly Newsletter - June 19, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Useful Forms:

Income Tax Return eFiling Utilities

MCA eForms



Exposure Draft:

IBBI Draft

Acts & Regulations:

IRDAI Master Circulars

IFSCA Regulations

International Content:

PCAOB Reference Material

Legal Updates:





Central Excise



News Update:

Indian News:

GST anti-profiteering cases to be taken up by the appellate tribunal

RBI invites applications for recognising SROs for NBFCs under its framework

ESG consultancies and services on the rise as companies rush to get sustainability tag

Companies aren’t drawing up credible climate transition plans

Retail investors play with a time bomb but RBI and Sebi are watching

Star Health deploys AI face tool to assist in health assessment

First NFRA annual report on eight audit firms by November

GCCI: Simplify procedure to surrender PAN

Sebi plans tweaks in derivative trading rules to curtail options trading

India must avoid 'adventurism', focus on bringing down inflation: RBI chief

A major PAN card misuse scam likely unfolding across India; many cases already reported

SBI steps up climate risk tracking after RBI nudge

Banking 'efficiency': Public sector banks beat private peers in new SBI list

India considering personal tax rate cuts to boost consumption, sources say

Nirmala Sitharaman likely to present Union Budget 2024-25 in July end, pre-budget meet on June 20

RBI broadens public engagement: 72 consultations held in three years

CBIC cautions public to stay alert against frauds in name of Indian Customs

TCS fined Rs 1,600 crore by US court for misappropriation of trade secrets

CBI takes over ₹5,717 crore bank fraud case against 28 people accused of deliberately defaulting on loans

Irdai issues circular to create single reference for all periodic returns

RBI will not force mergers of urban co-operative banks: RBI board member

IRDAI reforms to increase transparency, enhance policyholder experience

RBI puts Rs 1.45 cr fine on Central Bank of India for non-compliance order

GST Council may review online gaming tax, bring gas & ATF under the net

Foreign banks bought Indian govt bonds worth Rs 8,038 cr on Jun 13: Data

Sebi bats for tax benefits in 'zero coupon zero principal bond' investments

Sebi to auction 19 properties of KBCL India to recover investors' money

GST Council meeting scheduled for June 22 in New Delhi

ATM operators seek Rs 2 hike in interchange fee for viability

5% GST applies on mix mukhwas, rules AAR

Get more if you surrender life cover with new norms


International News:

PCAOB Adopts New Rules for Auditors on Technology-Aided Analysis

Charting the global economy: Fed holds; BOJ leaves yen at risk

EY makes big investment in accounting profession

40% of executives brace for ‘major’ reorganization, including layoffs: PwC

PCAOB Adopts Rule Intended to Increase Auditor Accountability

Useful Forms:

Income Tax Return eFiling Utilities:

ITR 3 - Validations


MCA eForms:

The following MCA eForms have been updated:

Form FTE
Application for striking off the name of company under the Fast Track Exit (FTE) Mode

Form for filing consolidated financial statements and other documents with the Registrar for NBFCs



FAQs on Registration of a Finance Company/ Finance Unit

FAQs on IFSCA (Anti Money Laundering, Counter-Terrorist Financing And Know Your Customer) Guidelines, 2022

FAQs on IFSC Insurance Office

Exposure Draft:

IBBI Draft:

Discussion paper on amendments to IBBI (Insolvency Resolution Process for Corporate Process) Regulations, 2016
[Last date for comments: July 10, 2024] 

Acts & Regulations:

IRDAI Master Circulars:

Master Circular on Submission of Returns, 2024


IFSCA Regulations:

IFSCA (Book-keeping, Accounting, Taxation and Financial Crime Compliance Services) Regulations, 2024

International Content:

PCAOB Reference Material:

PCAOB Quality Control Standard, QC 1000
A Firm's System of Quality Control and Other Amendments to PCAOB Standards, Rules and Forms

[May 2024]

Legal Updates:


Interest on Current account - Amendment to ACDE Module (Module No.11) of COB Directions v6.0 (IFSCA Banking Handbook)



Modification in Framework for Offer for Sale (OFS) of Shares to Employees through Stock Exchange Mechanism



Export of Non-Basmati White Rice (under HS code 10063090) to Malawi and Zimbabwe through National Cooperative Exports Limited (NCEL) [Notification No.18]

Clarification regarding Notification No. 17/2024-25 dated 11.06.2024 [Circular No.6]

Amendments in Appendix-4J of the Handbook of Procedures, 2023 [Trade Notice No.6]

Clarification regarding subsequent re-import of unsold jewellery, exported under Para 4.79 & 4.92 of the Handbook of procedure, 2023 [Circular No.5]



Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.43(NT)]

Further amendments in Notification No.62/1994 –Customs(N.T.) dated 21st November, 1994 [Notification No.42(NT)]

Seeks to impose provisional anti-dumping duty on imports of Poly Vinyl Chloride Resin Paste, originating in or exported from China PR, Korea RP, Malaysia, Norway, Taiwan & Thailand, for a period of six months [Notification No.9(ADD)]


Central Excise:

Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude [Notification No.16]



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