Daily Newsletter - July 30, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

From the ICAI:

ICAI Announcement

International Content:

FASB Reference Material

Legal Updates:

Income Tax

IFSCA

SEBi

DGFT

News Update:

Indian News:

More than 8 lakh people got unclaimed deposits back from bank via UDGAM: Steps to check unclaimed deposits

India to pay 25% tariff plus penalty for Russian oil, defence buys: Trump

India presses ahead with US trade talks despite looming Aug 1 tariffs

Have money abroad? IT dept's new guide spells out what & how to report

ICAI notifies rules to limit annual tax audits to 60 per partner

Updated return filing via ITR-1 & ITR-2 now live on Income Tax portal for AY22 & AY23

ITR-3 enabled for e-filing

Advertising guidelines for CAs under revision: ICAI president Charanjot Singh Nanda

Sebi relaxes NRI trading norms in derivatives market

ITR filing AY 2025-26 deadline to be extended again? Expert explains key reasons

Income Tax Department Cracks Down On Bogus Refund Claims Ahead Of Filing Deadline

RBI eases investment regulations for banks and NBFCs in AIF schemes

UPI payment without PIN: Is NPCI considering face recognition and biometrics for authorising transactions?

SEBI bars entities in stocks recommendation case for two years

Amazon's AI coding revealed a dirty little secret

CBDT relaxes time limit for processing income tax returns filed electronically

RBI proposes easing business authorisation norms for urban co-op banks

International News:

World Bank plans securitisation, debt swaps to boost development

New UK AI audit standard aims to crack down on ‘wild west’ operators

From the ICAI:

ICAI Announcement:

Limit on Number of Tax Audits (effective from 1.4.2026)

International Content:

FASB Reference Material:

Accounting Standards Update
Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606)
Clarifications to Share-Based Consideration Payable to a Customer
[May 2025]

Legal Updates:

Income Tax:

The Income-tax (Twentieth Amendment) Rules, 2025 - Changes in the Income Tax Rules, 1962 subsequent to the amendment of Section 10(4E) of the Income Tax Act, 1961 [Notification No.126]

IFSCA:

Framework for Transition Bonds

SEBI:

Extension of timeline for implementation of Phase II & III of Nomination Circular dated January 10, 2025 read with Circular dated February 28, 2025

Operational Efficiency in Monitoring of Non-Resident Indians (NRIs) Position Limits in Exchange Traded Derivatives Contracts - Ease of Doing Investment

Extension of timeline for implementation of SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/0000013 dated February 04, 2025

Monitoring of Minimum Investment Threshold under Specialized Investment Funds (SIF)

DGFT:

Amendment to Para 10.16 of the Handbook of Procedures (HBP) 2023 to expand the scope of the General Authorisation for Export of Chemicals & Related Equipment (GAEC) Policy Framework [Public Notice No.17]

Fixation of new three Standard Input Output Norms (SIONs) at SION No. A-3690, A-3691, & A-3692) under “Chemical and Allied Product” (Product Code-‘A’) [Public Notice No.16]