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The alley for Indian Chartered Accountants

Weekly Newsletter - May 17, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Useful Forms:

Income Tax Return Form

Acts & Regulations:

RBI Master Circular

Exposure Drafts:

SEBI Drafts

IFRS Exposure Draft

FASB Exposure Draft

Legal Updates:







Central Excise


News Update:

Indian News:

TDS is applicable on interest earned from Mahila Samman Savings Scheme: CBDT

IBC ecosystem may get common technology

IRDAI lowers the solvency requirement for surety bonds to 1.5 times

Sebi mulls expanding definition of QIB for debt securities

Payments banks approach RBI to rehaul regulations

Sebi slaps Rs 25 lakh penalty on 5 entities for non-genuine trades

Banks request RBI for 1 more year to implement new loan provisioning system

Centre cuts windfall gains tax on domestic crude oil to nil

UPI-related scams account for 55% of total digital payments frauds in India

GST collections: hype and reality

GST dept to get access to banking transactions

Finance companies ask RBI not to rename penal interest as `charges’ to avoid attracting GST

Centre reduces fee for solar PV module ALMM registration, expands validity

Changes in anti-money laundering law can impact foreign investment: CAs

NPCI's RuPay goes live on CVV-less payments for tokenized cardholders

Sebi seeks regulating fractional ownership platforms

Sebi proposes delisting mechanism for non-convertible debt securities

Commerce min reviewing existing guidelines for elections of EPCs, FIEO

IRDAI forms expert panel for advice on mental health cover

Data mismatches to trigger notices under automated GST scrutiny, say experts

Bankruptcy recoveries on the rise

RBI asks banks to complete transition away from LIBOR from July 1

Mumbai: Tax officer & CA acquitted in Rs 2 lakhs bribe demand case

24 big importers found evading Rs 11,000 crore IGST

In win for e­-gaming companies, HC quashes Rs 21k crore GST notice

India set to announce compliance details of carbon trading market in June

MCA tightens norms for closure of firms

How will the Reserve Bank of India's new locker norms impact you?

Man arrested for cheating a CA of ₹2 crore

57% of all scams in India are platform frauds, says PwC

CAs flag concerns about glitches in MCA portal

CBIC rolls out module for automated scrutiny of GST returns: FinMin

Pensioners to get 3 months to give consent for diverting additional dues

EPFO issues circular for subscribers to calculate dues and interest rates

New MCA forms for financial statements by July: Govt

IL&FS case: ED searches Deloitte, KPMG’s premises

E-invoicing mandatory from August for B2B supplies by firms with ₹5 cr turnover

EPFO issues FAQs on higher EPS pension, but no clarity on computation

Company slapped with ₹1 Cr penalty for failure to utilise CSR funds

SEBI allows direct access for FPIs in commodity derivatives


International News:

AICPA joins coalition to increase awareness of new BOI requirement

ISSB transition respite will provide 'more consistency'

US: Black taxpayers more likely to face audits, IRS confirms

FASAB seeks feedback on its existing standards

Sustainable accounting: The future of talent management

FASB’s tax proposal will ‘change the game’

FASB Seeks to Add Guidance on Profits Interest Awards

China says willing to work with U.S. on audit deal as challenges loom

What US Audit Inspections Mean for Big Four China: Explained

China audits littered with deficiencies, US accounting watchdog finds

New ICAEW hub aims to provide clarity on good professional judgement

Useful Forms:

Income Tax Return Form:

Income Tax Return eFiling Utilities for ITR 2

Acts & Regulations:

RBI Master Circular:

Master Circular – Basel III Capital Regulations

Exposure Drafts:

SEBI Drafts:

Consultation paper on Special Rights and Role of Sponsor in REITs and InvITs
[Last date for Comments: May 29, 2023] 

Consultation paper on expanding definition of Qualified Institutional Buyers for Debt Securities
[Last date for Comments: May 29, 2023] 

Consultation paper on Delisting of Non-Convertible Debt Securities
[Last date for Comments: May 26, 2023] 

Regulatory Framework for Micro, Small and Medium REITs (MSM REITs)
[Last date for Comments: May 27, 2023] 


IFRS Exposure Draft:

IFRS Sustainability Disclosure Standard
Methodology for Enhancing the International Applicability of the SASB Standards and SASB Standards Taxonomy Updates
[Last date for Comments: August 9, 2023] 


FASB Exposure Draft:

Proposed Accounting Standards Update
Compensation—Stock Compensation (Topic 718)
Scope Application of Profits Interest Awards
[Last date for Comments: July 10, 2023] 

Legal Updates:


Seeks to implement e-invoicing for the taxpayers having aggregate turnover exceeding Rs. 5 Cr from 01 st August 2023 [No.10 - Central Tax]



The Companies (Compromises, Arrangements and Amalgamations) Amendment Rules, 2023

The Companies (Removal of Names of Companies from the Register of Companies) Second Amendment Rules, 2023



Master Circular for Registrars to an Issue and Share Transfer Agents

Master Circular for Stock Brokers

Investment in units of Mutual Funds in the name of minor through guardian



LIBOR Transition



Circular on Surety insurance guidelines to Non Life Insurers

Insurance Policies under Surrogacy Act, 2012 and ART Act, 2021



Amnesty Scheme for one time settlement of default in export obligation by Advance and EPCG authorization holders (Notification No.32/2023-Customs dated 26.04.2023) [Circular No.11]

Notification in relation to Land Customs Stations and routes a) Anandpara (India) - Ramgarh (Bangladesh) via River Feni (b) The road from NH-8 in Anandpara (India) through Maitri Setu to Ramgarh (Bangladesh) by amendment of Principal Notification No. 63/1994-Customs (N.T.) dated 21st November 1994 [No.35(NT)]

Seeks to allow imports of Crude Soya-bean Oil and Crude Sunflower Oil at zero Basic Customs Duty and zero Agriculture Infrastructure and Development Cess for TRQ license holders for FY 2022-23 up to the 30th June, 2023 [No.37]


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 [No.22]



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