CBIC clarification regarding CGST audit
Where there is more than one interpretation and likelihood of litigation, change in practice etc in CGST audit, it is desirable that the zonal (Pr.) Chief Commissioner make a self-contained reference to the relevant policy wing of the Board i.e. the GST Policy or TRU.
Income Tax exemption for non profit entities extended to to Unique Identification Authority of India and West Bengal Transport Workers Social Security Scheme
This notification shall be deemed to have been applied for the assessment years 2022-2023 and 2023-2024 relevant for the Financial Years 2021-2022 and 2022-2023.
IRDAI guidelines regarding Prevention of Money-Laundering (Maintenance of Records) Amendment Rules, 2024
Where additional or updated KYC information is obtained from a client under Rule 9(1C) of PML Rules, Insurers shall furnish the updated information to the CKYCR. If an update in the KYC record of an existing client is informed by the CKYCR, the Insurers shall retrieve the updated KYC records from the CKYCR and update the KYC record maintained by it.
Foreign Exchange Management (Non-debt Instruments) Amendment Rules
The amendments aim to simplify cross-border share swaps and provide for the issue or transfer of Indian company equity instruments in exchange for foreign company equity instruments. This will facilitate the global expansion of Indian companies through mergers, acquisitions, and other strategic initiatives, enabling them to reach new markets and grow their presence worldwide. Another key change brings further clarity on the treatment of downstream investments made by Overseas Citizen of India (OCI)-owned entities on a non-repatriation basis, aligning it with the treatment of Non-Resident Indian (NRI)-owned entities.
CBDT clarification in respect of Income-tax clearance certificate (ITCC)
A person can be asked to obtain a tax clearance certificate only after recording the reasons for the same and after taking approval from the Principal Chief Commissioner of Income-tax or Chief Commissioner of Income-tax.
Recommendations on the Tera Hertz Spectrum
The purpose of THEA should be to promote Research & Development (R&D), indoor and outdoor testing, technology trial, experimentation, and demonstration in the 95 GHz to 3 THz range.
TRAI warning against Fraudulent Calls Impersonating TRAI
To prevent the misuse of telecom resources for cybercrime and financial fraud, citizens are encouraged to report suspected fraudulent communications through the Chakshu facility on the Department of Telecommunications’ Sanchar Saathi platform.
Directives to Access Providers regarding measures to curb misuse of Headers and Content Templates Tele com Commercial Communications Customer Preference Regulations, 2018
TRAI has mandated the Access Providers to migrate telemarketing calls starting with 140 series to online DLT platform latest by 30th September 2024 for better monitoring and control.
SEBI Consultation paper on streamlining disclosure in respect of appointment of Debenture Trustee (DT) in the offer document.
SEBI proposes that The debenture trustee agreement (DTA) shall be made accessible to investors using ‘QR code’ in the offer document and the DTA shall be used in place of consent letter.
SEBI Guidelines for borrowing by Category I and Category II AIFs and maximum permissible limit for extension of tenure by LVFs
In order to facilitate ease of doing business and provide operational flexibility, it has been decided to allow Category I and Category II AIFs to borrow for the purpose of meeting temporary shortfall in amount called from investors for making investments in investee companies (‘drawdown amount’).
