Weekly Newsletter - August 28, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

RBI Drafts

SEBI Drafts

Acts & Regulations:

Income Tax

Useful Forms:

ITR eFiling Utilities for AY 2025-26

Income Tax eFiling Utilities

CA's Referencer:

ICAI

From the ICAI:

ICAI Publications

International Content:

FRC Reference Material

Legal Updates:

Income Tax

GST

IBBI

SEBI

IFSCA

DGFT

Customs

News Update:

Indian News:

Govt extends duty-free cotton imports till Dec 31 to aid textile exporters

RBI mulls restricting shadow banks from duplicating parent businesses

Extend ITR and tax audit deadlines due to tax portal glitch, data mismatch in AIS and Form 26AS, new ICAI format, says CCTAX

Sebi extends deadline for brokers to file net worth certificate for margin trading

No more misleading stock tips? Sebi cracks down on fraudulent influencers

India plans outreach programmes in 40 nations to push textiles exports amid 50% US tariffs

MSMEs must focus on quality, competitiveness, and global integration: Govt

87A and STCG: Will recent ITAT ruling on Section 87A allow taxpayer to claim 87A rebate on Short term capital gains while filing ITR?

Simpler, smarter ITR forms ahead as New Income Tax Act kicks in from April

Opted for UPS and thinking of going back to NPS? Here's all you need to know

I-T dept launches crackdown on tax evasion, misuse of CSR donations

Fitch affirms India’s credit rating at 'BBB-'

Taxman may get more power to demolish benami realty deals

New GST Rates Likely By September 22: Sources

CIBIL score not mandatory: Govt tells banks not to reject first-time loans

CA, friend booked for ₹217 crore GST fraud in Ahmedabad

CBI arrests proclaimed offender Dinesh D Gehlot in bank fraud case

No income tax for lady who sold land for Rs 4.5 crore; Know how a 1955 circular and established case laws saved the day for her

Yes Bank acquisition: RBI approves SMBC to buy 24.99% stake; CCI nod still pending

Bengaluru CA says don't cheer much when you are overpaid. It could be a trap

Sebi block deal rules: Market regulator proposes Rs 25 crore minimum block deal order size; pricing band review planned

GST Council to meet on Sep 3-4 to discuss key reforms in tax system

Centre notifies Income-tax Act, 2025; to come into force from April 1, 2026

Earned money from real money gaming apps? File ITR now or risk tax notice and likely prosecution

Sebi to offer extra incentives for first-time women investors in MFs

RBI names Indranil Bhattacharyya as new MPC member ahead of October meet

ED arrests auditor in Falcon invoice scam worth ₹792 crore

SEBI conducts two-day raid at trading guru Avadhut Sathe's academy in Karjat: Report

Sebi chief floats idea of regulated pre-IPO share trading platform

NRIs face residency test upon India return, must stick to 182-day rule

RBI floats discussion paper to review inflation targeting framework

Sebi mulls AI-only AIF regulatory regime with significantly less compliance requirements

CAs caution joint bank account holders about this critical issue with tax rules that can lead to tax notices

GST rationalisation: GoM backs Centre's proposal to end 12%, 28% tax rates

New audit rules for digi-first companies soon: ICAI president

CBIC extends GSTR-3B deadline to August 27, 2025 for Mumbai and these Maharashtra districts

RBI's MPC minutes: Status quo in August hinged on tariffs, rate-cut outcome

Finance ministry asks PSBs to broaden credit focus amid tariff woes

RBI shifting towards principle- and outcome-based regulatory framework: Rao

RBI moots revision in capital charge norms for counterparty credit risks

International News:

EY and ACCA urge stronger AI checks to bridge trust gaps

AI isn’t going to take accountant’s jobs, but it can fill the talent gaps

Exposure Drafts:

RBI Drafts:

Discussion Paper: Review of Monetary Policy Framework
[Last date for Comments: September 18, 2025] 

Draft circular on ‘Counterparty Credit Risk: Add-on factors for computation of Potential Future Exposure – Revised Instructions’
[Last date for Comments: September 10, 2025] 

SEBI Drafts:

Consultation Paper on Review of Block Deal Framework
[Last date for Comments: September 15, 2025] 

Consultation paper on ‘Introduction of Closing Auction Session in the equity cash segment’
[Last date for Comments: September 12, 2025]
 

Acts & Regulations:

Income Tax:

The Income Tax Act, 2025

Useful Forms:

ITR eFiling Utilities for AY 2025-26:

The following have been updated as on August 26, 2025

Common Offline Utility (ITR 1, ITR-2 and ITR 4)
Windows Utility
MAC Utility - New Release

ITR 1 - Excel Utility

ITR 4:
Excel Utility
Schema
Schema Change Document

New Release:
ITR 7
Excel Utility
Schema
Validations

Income Tax eFiling Utilities:

Updated for Form 10BB:
Form Utility
Form Schema
Schema Change Document

CA's Referencer:

ICAI:

Utility For Legal Format of Important Documents
[Published by ICAI in August, 2025]

Checklist for Preparation of ITR Forms (ITR 1 & ITR 4)
[Published by ICAI in August, 2025]

From the ICAI:

ICAI Publications:

Handbook on Invoicing under GST [Published in June 2025]

Handbook on Exempted Supplies under GST [Published in April 2025]

International Content:

FRC Reference Material:

Technical Actuarial Standard 300: Pensions [version 2.1]
[July 2025]

Legal Updates:

Income Tax:

The Income-tax (Twenty-Fourth Amendment) Rules, 2025 - Amendment in conditions for specified fund as defined in Section 10(4D) of the Income Tax Act, 1961 [Notification No.136]

The Income-tax (Twenty-Third Amendment) Rules, 2025 - Meaning of gross income and gross eligible income of IFSC Insurance Office [Notification No.135]

Amendment of instruction issued u/s 84 of Black Money Act, 2015 [Instruction dated August 18, 2025]

GST:

Advisory – System Enhancement for Order-Based Refunds

Seeks to extend the due date for furnishing FORM GSTR-3B for the month of July,2025 upto 27.08.2025, for the taxpayers registered in Mumbai (City), Mumbai (sub-urban), Thane, Raigad and Palghar districts of Maharashtra [CGST Notification No.12]

IBBI:

Insolvency and Bankruptcy Board of India (Continuing Professional Education for Insolvency Professionals) Guidelines, 2019 (Updated as on 13th August, 2025)

SEBI:

Relaxation in the timeline to submit net worth certificate by the Stock Brokers to offer margin trading facility to their clients

SEBI (Foreign Portfolio Investors) Regulations, 2019 [Updated upto August 12, 2025] 

IFSCA:

IFSCA (Fund Management) Regulations, 2025 (Amended up to July 30, 2025)  

DGFT:

Revision of Active SIONs pertaining to food items [Trade Notice No.11]

Suspension of SIONs pertaining to Food Products [Public Notice No.20]

Fixation of new Standard Input Output Norms (SIONs) at SION No. A-3693 & A-3694 under “Chemical and Allied Product” (Product Code-‘A’) [Public Notice No.19]

Amendment of Minimum Export Price (MEP) on export of Honey [Notification No.27]

Amendment in Import Policy Condition of specific items covered under Chapter 48 of ITC HS, 2022, Schedule –I (Import Policy) [Notification No.26]

Customs:

Amendment to Notification No. 77/2023-Customs (N.T.) dated 20.10.2023 - Revision of AIR of duty drawback of Gold jewellery and silver jewellery/articles [Notification No.51(NT)]