caalley logo

The alley for Indian Chartered Accountants

Weekly Newsletter - May 15, 2024

Go to Newsletter Archives

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:


SEBI Drafts

Acts & Regulations:

SEBI Master Circulars

RBI Master Direction

Useful Forms:

ITR eFiling Utlities

MCA eForms

From the ICAI:

ICAI Publication

Reference Section:


Legal Updates:

Income Tax









News Update:

Indian News:

SEBI grants LIC extra 3 years to achieve minimum public shareholding

Amid surge in biz, RBI asks gold loan NBFCs to strictly comply with norms

Pune GST Intelligence busts multi-state fake input tax credit scam worth Rs 145 crore

Big relief for mutual fund investors: Sebi eases Aadhaar-PAN KYC rules

Frauds by bank employees: Take these steps to ensure branch manager or any other employee does not run away with your money

Why Indian HNIs invested in blank-cheque shell cos are facing tax scrutiny

SEBI relaxes KYC norms to simplify risk management framework

GST on corporate guarantees: Taxmen believe clarity will emerge only in SC

Paytm UPI Lite allows Rs 500 per transaction without PIN: Details here

Sebi plans tighter rules for listing small biz after complaints of misuse

Taxpayer is entitled to claim benefit of exempted income in revised ITR if it is filed within the deadline

EPFO introduces auto claim settlement for education, marriage, housing

AIFs must comply with certification requirement by May 2025: Sebi

Five states show interest in implementing Aadhaar-based authentication for GST registration

Capital gains tax applicable on gifted shares? Here’s what Bombay High Court ruling says

SC issues notice to centre over petition on imposition of GST on JDA

Taxpayers can now see if feedback is acted upon by reporting entities: Govt

SBI becomes the first bank as trading, clearing member of IIBX

Supreme Court admits petition on imposition of GST on joint development pacts

Irdai asks insurers to compulsorily meet rural, social sector obligations

Non-residents allowed to open margin accounts for derivative contracts

Arrest under GST Act should not be based on mere suspicion, says SC

Sebi cuts lot size of private-placed InvITs to Rs 25 lakh

Sebi mandates Investment advisors to share social media details twice a yr

Sebi mulls direct payout of securities to client's account mandatory

NPCI to delay payments market cap by two years, helping PhonePe, Google Pay

Front-running, insider trading: Amfi rulebook to curb misconduct in a month

SEBI increases scrutiny on disclosure of KPIs by startups planning IPOs: Exclusive

SC asks Centre to not use "threat and coercion" in GST recovery operations

HNI investors in offshore ‘blank cheque’ companies receive income tax notices

SC holds bank employees' interest-free loans taxable as fringe benefits

RBI governor discusses ways to scale up UPI ecosystem with stakeholders

Sebi comes out with stringent rules to tackle misconduct, corrupt practices by employees


International News:

Could AI be universally adopted within audit in the next three years?

PCAOB OKs auditor responsibility and quality control standards

[IFRS 18] New IFRS Accounting Standard to aid analysis of financial performance

New IFRS Accounting Standard Eases Financial Reporting for Subsidiaries

US: Firms Starting to Field Questions on New Crypto Accounting Rules, Panel Says

Exposure Drafts:

IFSCA Draft:

Consultation paper on the IFSCA (Board for Regulation and Supervision of Payment and Settlement Systems) Regulations, 2024
[Last date for Comments: May 30, 2024] 


SEBI Drafts:

Draft - Enhancement of operational efficiency and Risk Reduction - Pay-out of securities directly to client demat account
[Last date for Comments: May 30, 2024] 

Consultation Paper on measures towards Ease Of Doing Business for REITs and InvITs
[Last date for Comments: May 30, 2024] 

Consultation paper on measures towards Ease of Doing Business for Non-Convertible securities
[Last date for Comments: May 30, 2024] 

Acts & Regulations:

SEBI Master Circulars:

Master Circular for Infrastructure Investment Trusts (InvITs)
[Published on May 15, 2024]

Master Circular for Real Estate Investment Trusts (REITs)
[Published on May 15, 2024]

Master Circular for Custodians 
[Published on May 10, 2024]

Master Circular for Alternative Investment Funds (AIFs)
[Published on May 7, 2024]


RBI Master Direction:

Master Direction – RBI (Margining for Non-Centrally Cleared OTC Derivatives) Directions, 2024

Useful Forms:

ITR eFiling Utlities:

New Release:
ITR 3 - Excel Utility & JSON Schema

Updated: Common Offline Utility (ITR 1 to ITR 4)


MCA eForms:

MCA eForms updated as on May 13, 2024

Form CRA-2
Form of intimation of appointment of cost auditor by the company to Central Government

Form MGT-7A
Form for filing annual return by OPCs and Small company

Form for submission of compliance certificate with the Registrar

From the ICAI:

ICAI Publication:

Guidance on Non-Compliances Observed by Quality Review Board During Quality Reviews (Volume 1)

Reference Section:


Goal Setting – a good place to start?

[Submitted by CA Madhukar N Hiregange,
Bengaluru, Karnataka]

Legal Updates:

Income Tax:

CBDT releases new functionality in AIS [Press Release]



Relaxation of additional fees and extension of last date of filing of Form No. LLP BEN-2 and LLP Form No. 4D under the Limited Liability Partnership Act, 2008 [General Circular No.3]



The Competition Commission of India (General) Amendment Regulations, 2024



Uploading of judicial orders related to insolvency proceedings by Insolvency Professionals



FAQ on KYC Norms for the Securities Market

Review of validation of KYC records by KRAs under Risk Management Framework

Certification requirement for key investment team of manager of AIF

Commencement notification for certain provisions of the SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2023



Master Circular on Rural, Social Sector and Motor Third Party Obligations



Enabling provisions for import of inputs that are subjected to mandatory Quality Control Orders (QCOs) by Advance Authorisation holders, EOU and SEZ [Public Notice No.4]

Applicability of Notification No. 71/2023 dated 11.03.2024 [Trade Notice No.3]



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