caalley logo

The alley for Indian Chartered Accountants

Weekly Newsletter - June 7, 2023

Go to Newsletter Archives

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

RBI Exposure Draft

IRDAI Exposure Draft

FASB Exposure Draft

IFRS Exposure Draft

FRC Exposure Draft

Reference Section:

CA's Referencer

Useful Forms:

Income Tax Forms

Legal Updates:

Income Tax









News Update:

Indian News:

Farmer gets notice to pay 4.9Cr for GST as his PAN is misused

HC upholds GST rules on taxing intermediary services for clients abroad

NPS withdrawal rule set to change: Soon you can opt for periodic withdrawal instead of lump sum

Minimum assured return scheme in works; to be launched soon: PFRDA Chairman

Public sector banks, ICAI to set up common platform for balance confirmations

Work underway on non-IBC resolution formats

RBI permits banking units at IFSC to settle NDDCs in rupee

E-invoice enabled for businesses with annual turnover of Rs 5 crore

BBC ‘accepts’ it paid lower taxes in India

Centre directs banks to ensure nominees for all accounts and lockers

Life certificate submission at any branch, online deposit claim settlement: RBI committee's major recommendations

RBI-appointed panel suggests host of customer-centric initiatives for banks

Bank boards must hold mgmts accountable for their actions: RBI Dy Guv Rao

Banks’ digital payments frauds nearly double in FY23

Ex-SEBI Chairman Ajay Tyagi criticises independent directors for quitting on flimsy grounds, calls them gatekeepers for good governance

Companies can file CSR report for FY23 by March next year: MCA

Excellent results from tech in detecting tax evasion: CBDT Chief

RBI may consider changing CRR computation timing

Fake companies and eway bills to spin Rs 10,000-crore GST fraud

Filings on MCA portal surge since Jan revamp

RBI imposes Rs 2.2 crore penalty on Indian Overseas Bank for non-compliance

IRDAI directs SBI Life to take over Sahara India Life Insurance business

RBI releases draft on cyber resilience, digital payment security controls

CBIC reorganizes National Assessment Centre

Angel tax-hit venture funds reach out to CBDT for relief

Digital transactions in India highest in world but why is cash still king?

New TER structure to pose challenge for smaller AMCs

Uttar Pradesh govt launches 15-day mega registration drive for MSMEs

Irdai issues Bima Vahaks draft to establish channel at Gram Panchayat level

SEBI cancels Certificate of Registration of Karvy Stock Broking

Sebi to auction properties of 7 business groups on June 28 to recover investors' money

Prioritise depositors over shareholders: RBI deputy governor M K Jain

I-T dept to keep open SFT returns filing portal for FY'23 for 'couple days'

NFRA slaps Rs 1.10 cr fine, imposes ban on two auditors, one audit firm

Bringing electricity under GST is likely to take 5-10 years: Sushil Kumar Modi


International News:

PCAOB Proposes Revised Audit Requirements for Non-Compliance with Laws and Regulations

Banks' reliance on AI to handle customer service worries consumer watchdog

IPSASB updates revenue transaction and transfer expense standards

ESG an “immense” market for mid-tier accounting firms to tap into

SEC’s Top Accountant Emphasizes Auditor’s Role in Detecting Corporate Fraud

Elon Musk is accused of insider trading by investors in Dogecoin lawsuit

FASB tax disclosure plan draws fire

Kill the Audit Industry, Says Ex-Auditor

IASB consults on proposed amendments to IFRS for SMEs Accounting Standard related to international tax reform

FASAB committee proposes changes to guidance on leases

Exposure Drafts:

RBI Exposure Draft:

Draft Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators
[Last date for Comments: June 30, 2023] 


IRDAI Exposure Draft:

Bima Vahak Guidelines
[Last date for comments: June 22, 2023]


FASB Exposure Draft:

Leases Implementation Guidance - Amendments to Technical Release 20
[Last date for Comments: June 30, 2023] 


IFRS Exposure Draft:

IFRS Sustainability Disclosure Standards - Consultation on Agenda Priorities
[Last date for Comments: September 1, 2023] 

International Tax Reform—Pillar Two Model Rules - Proposed amendments to the IFRS for SMEs Standard
[Last date for Comments: July 17, 2023] 


FRC Exposure Draft:

Proposed International Standard on Auditing (UK) 505 (Revised)
External Confirmations

[Last date for Comments: September 1, 2023] 

Reference Section:

CA's Referencer:

Indian Accounting Standards (Ind AS): Disclosures Checklist
(Revised November 2022)

Useful Forms:

Income Tax Forms:

Income Tax Form No.16 (updated)
Certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source from income chargeable under the head "Salaries"

Income Tax Form No.35 (updated)
Appeal to the Commissioner of Income-tax (Appeals)

Legal Updates:

Income Tax:

​Revision of exceptions to monetary limits for filing appeals deferred under provisions of Section 158AB​ [Circular No.8]

Condonation of delay in filing refund claim and claim of carry forward of losses under Section 119(2)(b) of the Income-tax Act, 1961 [Circular No.7]

The ​Income-tax (8th Amendment) Rules, 2023 - Amendment to Rule 11UAC [No.35]



The Limited Liability Partnership (Amendment) Rules, 2023 - New Form No.3

The Companies (Accounts) Second Amendment Rules, 2023 - Filing of Form CSR-2



Notification regarding Establishment of regional offices of the Competition Commission of India



Transactions in corporate bonds through Request for Quote platform by Stock Brokers (SBs)

Master Circular on Electronic Gold Receipts (EGR)



Expanding the Scope of Trade Receivables Discounting System

Risk Management and Inter-Bank Dealings - Non-deliverable derivative contracts (NDDCs)



Exposure Limits for Investments in National Bank for Financing Infrastructure and Development



Amendment in Import Policy Condition 6 (Pet Coke) under Chapter 27 of Schedule –I (Import Policy) of ITC (HS) 2022 [No.10]

Introduction of Online facility of requesting appointment for virtual meeting/personal hearing to the exporters from offices of DGFT w.e.f. 01.06.2023 [Trade Notice No.6]



Amended Exchange Rate Notification dated June 7, 2023 [No.40(NT)]

Implementation of Honourable Supreme Court direction in judgement dated 28.04.2023 in matter of Civil Appeal No. 290 of 2023 relating to pre-import condition [Circular No.16]

Mandatory additional qualifiers in import/export declarations in respect of certain products wef 1.7.2023 [Circular No.15]

Electronic Repairs Services Outsourcing (ERSO) – initiation of pilot at ACC Bengaluru [Circular No.14]

Faceless Assessment – Re-organisation of National Assessment Centres and Faceless Assessment Groups [Circular No.13]

Exchange rate Notification dated June 1, 2023 [No.39(NT)]



Read more on:
Don't miss an update!
Subscribe to our newsletter