Daily Newsletter - July 2, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Draft:

SEBI Draft

Useful Forms:

ITR eFiling Utilities for AY 2025-26

CA's Referencer:

Income Tax

Legal Updates:

Income Tax

MCA

IEPF

SEBI

IFSCA

DGFT

Customs

News Update:

Indian News:

SBI to label RCom loan account as 'fraud', names Anil Ambani in RBI report

RBI DG Rao asks credit info firms to switch to real-time data reporting

Indian stocks at risk of overvaluation amid low-growth environment, warns RBI

CBDT raises cost inflation index to 376 for FY26 to ease capital gains tax

Taking stock of the GST regime

National Chartered Accountant Day 2025: Why does India celebrate its auditors

Cabinet approves ₹1 trillion employment-linked incentive scheme

Taxman's lens now on telltale crypto clues

8 years of GST: How automation has changed the refund game for exporters

Cyber risks in financial sector: RBI calls for AI-aware defence and zero-trust approach

Reforms express to run nonstop as FM Sitharaman backs GST, tax and banking overhauls

International News:

ICAEW proposes four principles to future-proof reporting accountants

[UK] Audit regulator publishes first-ever guidance on AI use

[UK] Big accounting firms fail to track AI impact on audit quality, says regulator

Exposure Draft:

SEBI Draft:

Consultation on Draft Circular on Review of Framework for Conversion of Private Listed InvIT into Public InvIT
[Last date for Comments: July 22, 2025]
 

Useful Forms:

ITR eFiling Utilities for AY 2025-26:

The following eFiling Utilities have been updated:

ITR 1 - Excel Utility
ITR 4 - Excel Utility

CA's Referencer:

Income Tax:

Cost of Inflation Index Table 

TDS on transfer of certain immovable property - AY 2026-27

Withholding tax rates - as amended by Finance Act, 2025

Tax rates as per IT Act vis a vis Tax Treaties - as amended by Finance Act, 2025

Legal Updates:

Income Tax:

Cost of Inflation Index for FY 2025-26 [Notification No.70]

Clarification regarding CBDT's Circular No. 5/2025 dated 28.03.2025 for waiver on levy of interest under section 201(1A)(ii)/ 206C(7) of the Income-tax Act, 1961, as the case may be, in specific cases [Circular No.8]

MCA:

The Companies (Incorporation) Amendment Rules, 2025

The Companies (Restriction on Number of Layers) Amendment Rules, 2025

IEPF:

Notice under Rule 7(3) or 7(7) of IEPFA(AATR) Rules, 2016 dated 26/05/2025

SEBI:

Ease of Doing Investment - Special Window for Re-lodgement of Transfer Requests of Physical Shares

IFSCA:

Guidance for Finance Companies/ Units on submission of requests pertaining to changes requiring prior approval/ intimation to the Authority

DGFT:

Procedure for filing application for obtaining Import Authorisation for import of Low Ash Metallurgical Coke subject to Country-wise Quantitative Restrictions (QR) [Trade Notice No.7]

Extension in Minimum Import Price (MIP) Condition on Soda Ash covered under Chapter 28 of ITC (HS) 2022, Schedule-I(Import Policy) [Notification No.23]

Continuation of Imposition of Quantitative Restriction on import of Low Ash Metallurgical Coke under Chapter 27 of ITC (HS) 2022, Schedule-I (Import Policy) [Notification No.22]

Customs:

Registration of Importers of Plastic Raw Material on Centralized EPR Portal for Plastic Packaging as per Plastic Waste Management Rules, 2016 (as amended) [Instruction No.21]

Port restriction on import of certain goods from Bangladesh to India under ITC (HS), 2022 Schedule 1 (Import Policy) [Instruction No.20]

Appointment of Common Adjudicating Authority for the purpose of finalization of Provisional Assessment in SVB case w.r.t. M/s MB Crusher [Notification No.45(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.44(NT)]