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Weekly Newsletter - March 26, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Useful Forms:

Income Tax Forms

Legal Updates:








News Update:

Indian News:

LIC receives GST demand notice of Rs 39.39 lakh from Gujarat GST officials

India's regulatory scrutiny may raise lenders' capital costs, slow loan growth, says S&P Global

CBI, banks differ over fair hearing to ‘old’ cases of ‘fraud’

IRDAI drops plan to ease insurance surrender fees

Banks get ready to count int'l credit card spend in liberalised remittance scheme

No withholding tax on discount on prepaid SIM cards, recharge vouchers: Supreme Court

CBI books 3 GST officials for demanding Rs 22L bribe

Madras HC: No GST on women hostels as end-use not commercial

RBI's special audit to probe regulatory breaches of IIFL Finance, JMFPL

IRDAI gives approval to set up insurance e-marketplace

Sebi wants stock brokers to use only strong bank FDs, guarantees to settle trades

Mutual funds get GST notices for exit load

Move at the earliest to a three-slab system in GST: Rangarajan

Sebi asks mutual funds to stop fresh subscriptions in overseas ETFs from April

SROs must promote a culture of compliance among members, says RBI

Sebi to launch beta version of T+0 trade settlement for 25 scrips

Robust regulations must to check digitalisation risks: RBI dy guv

GST compensation cess may end before March 2026 deadline

India invokes MFN clause, lowers royalty, FTS tax rates in India-Spain treaty

Crypto bourses block fishy coin withdrawals

Banks should pass reasoned orders while declaring entity defaulter: HC

Public sector banks doing better in managing NPAs vis-a-vis their private counterparts: FICCI-IBA survey

HDFC bonds can't retain infra tag after merger: RBI

Sebi exempts offshore funds from naming their investors but here's the catch

CCI denies interim order restricting Google from charging its service fee

RBI directs all bank branches dealing in govt biz to remain open on Mar 31

GST officer dismissed for Rs 14 crore tax fraud


International News:

Could AI take the grind out of accountancy? - BBC

CFOs play it safe on AI spending

UN tax committee to design a model blueprint for wealth tax

FASB clarifies guidance on profits interest awards

How Germany got too tough on insider trading

BOJ ends negative interest rate regime: Economists say it’s more a reaction to change in Japanese economy, more hike likely

PCAOB fines KPMG China partners $150K

US Federal Reserve holds rates again over ‘elevated’ inflation

Useful Forms:

Income Tax Forms:

3 Recently Updated Income Tax Forms

Legal Updates:


Issuance of Indian Financial System Code (IFSC code) to IFSC Banking Units (IBUs)



Introduction of Beta version of T+0 rolling settlement cycle on optional basis in addition to the existing T+1 settlement cycle in Equity Cash Markets



Reassignment of Lead Bank Responsibility

Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2023-24)

Omnibus Framework for recognising Self-Regulatory Organisations (SROs) for Regulated Entities (REs) of the Reserve Bank of India

All Agency Banks to remain open for public on March 31, 2024 (Sunday)



Regulatory Revamp: A Paradigm Shift [Press Release]



Amendment in export policy of Onions [Notification No.81]

Amendments under Interest Equalization Scheme [Trade Notice No.40]

Amendment in policy condition of Crude Oil under HS Code 2709 00 10 [Notification No.80]



Exchange Rate Notification No. 24/2024-Cus (NT) dated 26.03.2024 [Notification No.24(NT)]

Standard Operating Procedure for stepping up of Preventive Vigilance Mechanism by the jurisdictional CBIC field formations and to prevent flow of suspicious cash, illicit liquor, drugs/narcotics, freebies and smuggled goods during elections [Instruction No.6]



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