Daily Newsletter - July 23, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

RBI Draft

IRDAI Draft

Useful Forms:

ITR eFiling Utilities for AY 2025-26

International Content:

PCAOB Reference Material

Legal Updates:

Income Tax

SEBI

DGFT

Customs

News Update:

Indian News:

Planning to redeem MFs? AY 2025-26 tax rules may hit your returns

ED files complaint against SIMPL for ₹913 crore FDI policy violation

Taxable income below Rs 7 lakh: Will you pay zero income tax if this income includes LTCG and STCG for FY 2024-25?

ED files FEMA case against Myntra, linked firms for Rs 1,654 cr violation

GST notices based on UPI transaction: Traders on warpath, official calls action proper

Confused about Aadhaar for rent agreements? Here's what the law says

NFRA backs ICAI, recommends to Lok Sabha panel that only CAs conduct tax audits under new Income Tax Bill

HKMA penalises IOB's Hong Kong branch for breaching AML regulations

India ratifies trade deal with EFTA, eyes boost in exports, investment

Few tariff exclusions in India-UK free trade agreement, says MEA

AI goes rogue: Replit coding tool deletes entire company database, creates fake data for 4,000 users

PSBs flag 1,629 wilful defaulters with dues over ₹1.62 trillion: FinMin

Ex-ICICI Bank CEO Chanda Kochhar held guilty of taking ₹64 crore bribe to greenlight ₹300 crore loan to Videocon: Report

Got a tax notice for submitting less TDS? CBDT relief may offer respite

Govt forgone ₹99K cr in FY24 due to corporate tax incentives: MoS Finance

RBI seeks to tighten norms for digital banking

Parliamentary panel suggests relief in refunds to small tax payers if ITR not filed in due time

International News:

PCAOB Chair Erica Williams to Resign at Request of SEC Chairman

Exposure Draft:

RBI Draft:

Draft Master Direction – Digital Banking Channels Authorisation (Directions), 2025
[Last date for Comments: August 11, 2025]

IRDAI Draft:

Draft IRDAI (Internal Insurance Ombudsman) Guidelines, 2025
[Last date for Comments: August 17, 2025]
 

Useful Forms:

ITR eFiling Utilities for AY 2025-26:

Common Offline Utility has been updated to include ITR 2 utility

International Content:

PCAOB Reference Material:

Audit Focus Series
Auditing Accounting Estimates
[May 2025]

Legal Updates:

Income Tax:

Partial Modification of Circular No.3/2023 dated 28-3-2023 regarding consequences of PAN becoming inoperative as per Rule 114AAA of the Income-tax Rules, 1962 [Circular No.9]

SEBI:

FAQs related to regulatory provisions for Research Analysts

DGFT:

Clarification regarding applicability of Para 2.12 of the Foreign Trade Policy, 2023 [Circular No.2]

Amendment in ANF-2N for issuance of export authorization of Pharma Grade Sugar [Public Notice No.15]

Extension in last date of application for export of Pharma Grade Sugar [Trade Notice No.9]

Inputs on Draft Internal Compliance Programme Document for adoption by Industry for export of dual use(SCOMET) items [Trade Notice No.8]

Customs:

Continuation of online application facility under MOOWR Scheme- hosted on Invest India Portal [Circular No.19]

Submission of applications under MOOWR Scheme [Circular No.18]

Acceptance of Electronic Certificate of Origin (e-CoO) issued under India-Mauritius CECPA [Instruction No.24]