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Weekly Newsletter - March 20, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Useful Forms:

ITR Forms

MCA Forms

Exposure Drafts:

IEPF Draft

SEBI Draft

IFRS Draft

From the ICAI:

ICAI Announcement

Legal Updates:

Income Tax





Central Excise


News Update:

Indian News:

Builder’s error in allotting flat will not impact tax benefit claim, rules ITAT

Income Tax Department cancels long Good Friday weekend from March 29-31 for employees; here’s why

How to register MSME on Udyam portal? A step-by-step guide on procedure

Sebi proposes audiovisual representation of disclosures by companies floating IPOs

CBI seizes ₹30.5L from CGST officer’s premises

Regulatory overreach? Sebi and RBI acting tough to restore credibility

I-T dept expands scope for officers filing appeals, includes TDS disputes

Govt considers changing SARFAESI, DRT; to provide legal weight to e-notices

GST council postpones review of 28% levy on online gaming; likely to be taken up after Lok Sabha elections 2024

After being imposed income tax on Rs 1.48 cr payout from surrendered pension policy, NRI filed appeal in ITAT and wins

Income Tax department recovers Rs 73,500 cr in pending dues for FY24

UDGAM Portal: Your one-stop shop for unclaimed deposits in India

6 in 10 find hidden charges on online banking platforms, shows data

Govt proposes exempting certain M&A deals from CCI approval requirement

RBI warns banks of increase in cyber threats: Shares action points

Rajasthan govt prepares draft policy to boost exports via ease of doing biz

Delhi ITAT rejects tax claim for virtual services provided by global law firm

Sebi nod to T+0 settlement for limited stocks, eases norms for FPIs

CGST officials arrested for accepting Rs 1.5L bribe in Mumbai

Audit plays catalytic role in promoting efficiency, effectiveness: CAG

CCI terms Google's Users Choice Billing system unfair, orders probe

RBI governor asks regulated entities to improve grievance redress mechanism

Cos under recast get more time to file modified income returns

Sebi may allow employees to donate on social stock exchange: Buch

Govt, RBI in talks to ease Fema guidelines for boosting e-commerce exports

SGST sleuths raid 28 locations of pan shop chain

Govt, ADB ink $23 milllion loan agreement to strengthen fintech ecosystem

5 PSU banks to reduce govt shareholding to meet Sebi's MPS norms: DFS Secy

Found gross negligence by Byju's auditors: ICAI president

Insurance cos plan to file writ petition seeking GST clarity


International News:

Accounting body says investors want climate data that U.S. rules exclude

PCAOB fines Israeli audit firm $200K

Deloitte launches biggest reorganisation in a decade to cut costs

Why the profession needs to say no to NOCLAR

Hong Kong’s Article 23 law: Auditors call for clarity amid fears over handling confidential information linked to possible state secrets

AICPA makes recommendations for digital asset transactions regulations

Audit committees are critical—but only a third of those sitting on one think they are effective

IAASB standard for auditing less complex entities

IASB proposes to improve acquisition reporting

Audit committees rank cybersecurity as top priority amid SEC crackdown

EU lawmakers pass sweeping AI rules with global reach, stiff penalties

Useful Forms:

ITR Forms:

JSON Schema released for ITR 1 and ITR 4


MCA Forms:

MCA eForms have been updated as on March 18, 2024:

All MCA eForms are available at here

Exposure Drafts:

IEPF Draft:

Consultation on refund process from IEPF Authority
[Last date for Comments: April 15, 2024] 


SEBI Draft:

Draft Circular - Audiovisual (AV) representation of disclosures made in the Public Issue Offer Documents
[Last date for Comments: April 9, 2024] 


IFRS Draft:

Business Combinations—Disclosures, Goodwill and Impairment

Basis for Conclusions on Business Combinations — Disclosures, Goodwill and Impairment
Proposed amendments to IFRS 3 and IAS 36

[Last date for Comments: July 15, 2024, 2024] 

From the ICAI:

ICAI Announcement:

Revised Applicability of Peer Review Mandate (Phase II & III)

Legal Updates:

Income Tax:

Order to keep Income Tax Office open on March 29, 30 and 31

Corrigendum to Notification No.27/2024 [Notification No.34]

DTAA with Spain [Notification No.33]

Circular u/s 268A for filing of appeals by the Department before ITAT/HC and SLP/appeals before SC [Circular No.5]



Ease of doing business: Settlement of Client’s Funds lying with Broker Dealer

Registration on FIU-IND FINNET 2.0 portal for compliance with International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022



Amendment to Circular for mandating additional disclosures by FPIs that fulfil certain objective criteria

Safeguards to address the concerns of the investors on transfer of securities in dematerialized mode

Entities allowed to use e-KYC Aadhaar Authentication services of UIDAI in Securities Market as sub-KUA

Repeal of circular(s) outlining procedure to deal with cases where securities are issued prior to April 01, 2014, involving offer / allotment of securities to more than 49 but up to 200 investors in a financial year



Changes in origin declaration for Self-Certification under UK Developing Countries Trading Scheme (DCTS) [Trade Notice No.39]

Amendment in import policy condition of Urea [Exim Code 31021010] in the ITC (HS) 2022, Schedule – I (Import Policy) [Notification No.79]

Amendment in Import Policy Condition for Duck Meat under Chapter 2 of ITC (HS) 2022, Schedule -I(Import Policy) [Notification No.78]

Imposition of Minimum Import Price on Synthetic Knitted Fabrics up to 15th September 2024 [Notification No.77]

Amendment in Policy condition of De-Oiled Rice Bran [Notification No.76]

Imposition of Minimum Export Price (MEP) on export of Honey [Notification No.75]

Amendments in Para 4.14 and 4.06 of the Handbook of Procedures 2023 [Public Notice No.51]



BCD Rates to notify third tranche of India-UAE CEPA - Amendment to Notification No.22/2022 [Notification No.21]

Seeks to further amend No. 11/2018-Customs, dated the 2nd February, 2018, to exempt SWS on EVs imported under of the Ministry of Heavy Industries' Scheme to promote manufacturing of electric passenger cars in India [Notification No.20]

Seeks to amend No. 50/2017-Customs, dated the 30th June, 2017 to give concession to EVs imported under of the Ministry of Heavy Industries' Scheme to promote manufacturing of electric passenger cars in India [Notification No.19]

Seeks to amend Notification No. 58/2021-Customs (N.T.), dated the 01.07.2021 under sub-section (2) of Section 151B of the Customs Act, 1962 to notify Agreement or Arrangement on Cooperation and Mutual Administrative Assistance (CMAA) in Customs Matter of India and with other Countries [Notification No.23(NT)]

Seeks to extend ADD on Aluminium Road Wheels imported from China PR [Notification No.7(ADD)]

Prohibition for import of ferocious breeds of dog [Instruction No.5]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.22(NT)]

Seeks to amend notification No. 25/2021- Customs dated 31.03.2021, in order to notify fourth tranche of India-Mauritius CECPA [Notification No.18]

Seeks to amend notification No. 57/2017-Customs dated 30.06.2017 so as to modify BCD rates on certain smart wearable devices [Notification No.17]

Amendment to Notification No. 12/97-Customs (N.T.) dated 02.04.1997 - Notification of ICD Bihta [Notification No.21(NT)]

Seeks to levy of anti-dumping duty on 'Self-Adhesive Vinyl (SAV)' imported from China PR for 3 years pursuant to Final Findings issued by DGTR [Notification No.6(ADD)]

Seeks to continue levy of anti-dumping duty on 'Ethylene Vinyl Acetate (EVA) Sheets for Solar Module' imported from China PR for 5 years pursuant to Sunset Review Final Findings issued by DGTR [Notification No.5(ADD)]

Seeks to levy of anti-dumping duty on 'Para-Tertiary Butyl Phenol (PTBP)' imported from Korea RP, Singapore and United States of America for 5 years pursuant to Final Findings issued by DGTR [Notification No.4(ADD)]

Seeks to impose ADD on Printed Circuit Boards (PCB) imported from China PR and Hong Kong for 5 years pursuant to final findings of DGTR [Notification No.3(ADD)]


Central Excise:

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 [Notification No.10]



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