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Daily Newsletter - July 9, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

ICAI Draft

RBI Draft

SEBI Draft

AICPA Draft

From the ICAI:

ICAI FAQs

International Content:

ICAEW Reference Material

Legal Updates:

MCA

DGFT

 


  

News Update:

Indian News:

RBI issues draft framework for novation of OTC derivative contracts

India plans to kickstart rare-earth magnet output to cut China dependence

Delhi govt plans one-time tax amnesty scheme to settle pre-GST disputes

Tax evasion or underreporting: CBDT sees whopping Rs 20,000 crore income tax recovery; almost double of last year

PIB flags PM Modi's deepfake video promising~1.25 lakh a day : How to be safe

Sebi denies proposal to link options with cash positions

Grandfather becomes CA at 71. Got interested while helping his granddaughter in her studies

Tax dept's AI tool 'not meant' for resolving political donation disputes

EPFO interest credit: 8.25% announced for 2024-25; process to finish this week, says Mandaviya

MCX to launch India's first electricity futures contracts on July 10

No LTCG tax on Rs 1.32 crore house bought only at Rs 45 lakh: Homebuyer wins LTCG tax exemption case at Delhi ITAT after 7 years fight

NRIs filing ITR in India should know these four income tax-related changes

Sebi proposes relaxation for AMCs opening doors for business expansion

Sebi mulls dropping word 'penalty' in actions against brokers to avoid stigma: Varshney

  

International News:

PCAOB To Host Virtual Workshops To Assist Smaller Audit Firms With Implementation of New Quality Control Standard

IESBA tax planning ethics standards take effect


Exposure Drafts:

ICAI Draft:

Exposure Draft - 'Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961'
[Last date for Comments: July 20, 2025] 

  

RBI Draft:

Draft Reserve Bank of India (Novation of OTC Derivative Contracts) Directions, 2025
[Last date for Comments: August 1, 2025]
 

  

SEBI Draft:

Consultation Paper on Measures for Regulation of Activities of Credit Rating Agencies (CRAs)
[Last date for Comments: July 30, 2025]
 

  

AICPA Draft:

Exposure Draft on Proposed Statement on Auditing Standards -The Auditor's Responsibilities relating to Fraud in an Audit of Financial Statements
[Last date for Comments: October 3, 2025]
 


From the ICAI:

ICAI FAQs:

FAQs on Guidance Note on Financial Statements of Non-corporate Entities


International Content:

ICAEW Reference Material:

ICAEW Code of Ethics 2025


Legal Updates:

MCA:

The Companies (CSR Policy) Amendment Rules, 2025

The Companies (Listing of equity shares in permissible jurisdictions) Amendment Rules, 2025

  

DGFT:

Fixation of new Standard Input Output Norms (SIONs) at SION (A-3687, A-3688 and A-3689 under ‘Chemical and Allied Product’ (Product Code ‘A’) [Public Notice No.14]


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