Daily Newsletter - June 8, 2026

Latest additions to CAalley:

News Update:

Indian News

International News

International Content:

FRC Reference Material

Legal Updates:

Income Tax

FEMA

IFSCA

Customs

News Update:

Indian News:

Karnataka universities reel under GST shocker

Ludhiana: 9 firms booked for availing fraudulent GST credits

Income Tax Department issues ITR scrutiny guidelines: These ITR filers may face compulsory scrutiny in FY 26-27

Man sold unlisted shares, bought Rs 5.65 cr house, pays no tax

RBI may need to absorb at least half of hedging cost to spur ECBs by PSUs

Rajesh Exports: Sent 400 GB Docs To SEBI, Regulator Couldn't Locate Files; Will Resubmit In 15 Days

Rajesh Exports may get dropped from PLI scheme, final decision in days

KPMG forensic review says IDFC First Bank Chandigarh fraud an isolated incident

Centre working on common definitions to make data AI-ready: MoSPI secy

International News:

PCAOB to modernise audit inspections with new advisory council

International Content:

FRC Reference Material:

FRC Audit Quality Review Report: 
[Published in October 2025]

• Key Findings and Good Practice

• Key Findings and Good Practice - Appendix

Legal Updates:

Income Tax:

Guidelines for Compulsory Selection of returns for Complete Scrutiny during the Financial Year 2026-27 [Instruction dated June 4, 2026]

FEMA:

Foreign Exchange Management (Export of Goods and Services) (First Amendment) Regulations, 2026

IFSCA:

Master Circular for recognised Stock Exchanges and recognised Clearing Corporations

Customs:

Appointment of Common Adjudicating Authority in the case of M/s. View Sonic technologies India Pvt Ltd. (IEC 0409009709) – Consolidated Adjudication of Multiple Show Cause Notices arising from SVB Investigation Report No. GEN/INV/13/2024-SVB dated 30.06.2025 [Notification No.51(NT)]

Appointment of Common Adjudicating Authority in the case of M/s. Hewlett Packard Enterprise India Private Limited, (IEC: 0715007190) – Consolidated Adjudication of Multiple Show Cause Notices arising from SVB Investigation Report No.18/2024 dated 28.08.2024 [Notification No.50(NT)]