Daily Newsletter - March 27, 2026

Latest additions to CAalley:

News Update:

Indian News

Budget 2026

International News

Acts & Regulations:

RBI Master Direction

Tech Zone – Simplifying Technology for CAs:

Tech-Zone Article

Legal Updates:

Income Tax

RBI

DGFT

Customs

Central Excise

News Update:

Indian News:

RBI plans shared liability for digital frauds, pushes open card ecosystem in Vision 2028

HC upholds auditor's misconduct charge, spares CA from deregistration

BFSI firms use AI, but only a handful track its impact on revenue

NFRA set to get a legal backing to ask audit firms for more disclosures

How to spot genuine investment apps with Google’s new SEBI-backed verified badge

New Icai course to build cadre for low-cost compliance support to small firms

TDS certificate deadline extended to March 31: Who benefits from more time

DGTR initiates probe against imports of Chinese, Indonesian paperboards

DGGI arrests two in Rs 177 crore GST fraud, linked to fake firms

Finance Minister Nirmala Sitharaman moves Bill to amend IBC, speed up resolution

LIC gets Rs 71,000 crore tax demand from income tax department

Statutory auditor requirement relaxed for smaller companies in new Bill

Budget 2026:

No arrest by income tax recovery officer if you have failed to pay pending tax demands; amended Finance Bill 2026

Finance Bill 2026 cleared; limit buyback tax to domestic entities

International News:

FRC updates guidance on ‘comply or explain’ reporting

Acts & Regulations:

RBI Master Direction:

Master Direction - Reserve Bank of India (Unique Identifiers in Financial Markets) Directions, 2026

Tech Zone – Simplifying Technology for CAs:

Tech-Zone Article:

Series: Why AI Doesn’t Think Like Humans

Part 3 - The Illusion of Reasoning

Legal Updates:

Income Tax:

Order under section 119 of the Income-tax Act, 1961 for extension of timeline for issuance of tax deducted at source (TDS) certificate under section 203 of the Act for the quarter ending 31st December 2025 [Circular No.2]

RBI:

NOP-INR position of Authorised Dealers

DGFT:

Amendment in import policy condition of Urea Exim Code 31021010 in the ITC HS 2022 Schedule I Import Policy [Notification No.68]

Amendment in Para 9.05 of FTP 2023 to remove per-consignment value limit for courier exports [Notification No.67]

Customs:

International Transhipment of FCL/LCL cargo from all Ports/Airports, in view of disruption in maritime routes due to closure of the Strait of Hormuz- Section 143AA of the Customs Act, 1962 [Circular No.15]

Clarification regarding validity period for self-sealing permission to exporters under Circular No. 26/2017-Customs and Circular No.36/2017-Customs [Circular No.14]

Seeks to exempt imports of Aviation Turbine Fuel from whole of the additional duty of Customs leviable thereon under sub-section (1) of section 3 of Customs Tariff Act as is equivalent to the amount of Special Additional Excise Duty [Notification No.7]

Central Excise:

The Central Excise (Amendment) Rules, 2026 - Seeks to amend Rules 18 and 19 of Central Excise Rules, 2017 to provide for exclusion of exports of petrol, diesel and ATF from these rules [Notification No.2(NT)]

Seeks to rescind notification no.18/2022 [Notification No.13]

Seeks to amend notification No.4/2019-Central Excise to exclude the provisions of the notification on petrol and diesel when cleared for exports [Notification No.12]

Seeks to prescribe rates of Road and Infrastructure Cess for petrol and diesel, when cleared for exports [Notification No.11]

Seeks to exempt applicable basic excise duty and Agriculture Infrastructure and Development Cess on petrol and diesel and basic excise duty on Aviation Turbine Fuel, when cleared for exports [Notification No.10]

Seeks to exempt Aviation Turbine Fuel from whole of Special Additional Excise Duty except when cleared for exports [Notification No.9]

Seeks to prescribe an effective rate of Special Additional Excise Duty on Aviation Turbine Fuel when cleared for exports [Notification No.8]

Seeks to amend the Eighth Schedule to Finance Act, 2002 to insert Aviation Turbine Fuel in the Schedule and prescribe Special Additional Excise Duty on it [Notification No.7]

Seeks to levy Special Additional Excise Duty on export of petrol and diesel [Notification No.6]

Seeks to reduce Special Additional Excise Duty on petrol and diesel for domestic consumption [Notification No.5]