Weekly Newsletter - January 2, 2026

Latest additions to CAalley:

News Update:

Indian News

Exposure Draft:

ICAI Exposure Draft

Useful Forms:

ITR eFiling Utilities for AY 2025-26

From the ICAI:

ICAI Announcement

Legal Updates:

GST

MCA

IBBI

SEBI

IFSCA

Central Excise

News Update:

Indian News:

Centre proposes 90 days work rule for gig workers to get social security

ICAI defers peer review requirement for auditors of state-run bank branches by a year

Govt relaxes KYC rules for company directors, allows easier voluntary closure of state-run firms

Audit push: NFRA releases second audit practice toolkit; focuses on revenue risk assessment

Vodafone Idea receives Rs 638 crore GST penalty order; co says it will take legal action

India allows banks to sponsor pension funds under NPS

Sebi bars 26 individuals, imposes ₹1.85 cr penalty in SME stock case

New tobacco excise duty rules: What changes, what stays, price impact

Paying claims or pushing back? What Irdai data reveals about insurers

ED's big catch: Textile Tycoon, offshore trusts, a ₹150-Cr London property

ICAI, NFRA differ on auditing biz groups

Vodafone Idea to get five-year lifeline on AGR dues of ₹87.7K crore

Growing external borrowings make NBFCs more vulnerable to rupee swings: RBI

Up to four banks may tap capital buffers in adverse scenarios: RBI

Over 70% of fintechs' loan book unsecured: Financial Stability Report

RBI warns of risks in bank-NBFC interlinkages, asset concentration

Govt keeps small savings interest rates unchanged for March quarter

Centre notifies revised draft rules for labour codes, seeks responses

Banks tighten on-boarding with video KYC, experts explain why

Finance ministry notifies rules to enable 100% FDI in insurance sector

Cash rules tightening from April 2026? Government clarifies viral post

Income tax employee gets jail for taking bribe, Patna HC orders him to surrender

MCA extends annual filings deadline to January 31, 2026, waives late fee

Govt allots benches to new GSTAT members, making tax dispute resolution body operational across India

Irdai imposes ₹1 cr penalty on Reliance General Insurance for norm breaches

Insolvency ruling: CoC cannot alter approved resolution plan or reallocate dissenting creditors’ funds, says NCLAT

ICAI pitches for optional joint taxation scheme for married couples

Exposure Draft:

ICAI Exposure Draft:

Exposure Draft of Amendments to Ind AS 21-Translation to a Hyperinflationary Presentation Currency
[Last date for Comments: January 25, 2026] 

Useful Forms:

ITR eFiling Utilities for AY 2025-26:

Updated as on January 1, 2026:

Common Offline Utility (ITR 1 to ITR 4)
Excel Utilities (ITR 1 to ITR 7)
Schema (ITR 1 to ITR 7)
Schema Change Document (ITR 1 to ITR 7)

From the ICAI:

ICAI Announcement:

Deferment of Phase IV of Peer Review Mandate

Legal Updates:

GST:

Advisory & FAQ on Electronic Credit Reversal and Re-claimed Statement & RCM Liability/ITC Statement

Seeks to notify Central Goods and Services Tax (Fifth Amendment) Rules, 2025 [Notification No.20-Central Tax]

Seeks to notify supplies under section 15(5) of CGST Act for valuation based on Retail sale price (RSP) [Notification No.19-Central Tax]

Seeks to amend Notification 09/2025- Central Tax (Rate), to prescribe GST rates on tobacco products [Notification No.19-Central Tax (Rate)]

Seeks to amend Notification 09/2025- Integrated Tax (Rate), to prescribe GST rates on tobacco products [Notification No.19-Integrated Tax (Rate)]

Seeks to amend Notification 09/2025- Integrated Tax (Rate), to prescribe GST rates on tobacco products [Notification No.19-Union Territory Tax (Rate)]

Seeks to amend Notification 01/2025- Compensation Cess Tax (Rate), to prescribe GST rates on tobacco products [Notification No.3-Compensation Cess (Rate)]

MCA:

The Companies (Appointment and Qualification of Directors) Amendment Rules, 2025

The Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2025

Relaxation of additional fees and extension of time for filing of Financial Statements and Annual Returns under the Companies Act, 2013

IBBI:

Format for “Statement of Beneficial Ownership” and Affidavit under Regulation 38(3A) of the CIRP Regulations

SEBI:

Certification requirement for Compliance Officers of Managers of AIFs

IFSCA:

IFSCA (CMI) Regulations, 2025 – Extension of deadline for implementing revised norms for Principal Officer and Compliance Officer

Computation of liquid net worth under IFSCA (Capital Market Intermediaries) Regulations, 2025 - Clarifications

Internet banking services to clients of IBUs – Review

Central Excise:

Seeks to notify duty rates for machines based levy on Chewing Tobacco, Jarda Scented Tobacco and Gutkha [Notification No.4]

Seeks to supersede notification no. 03/2019-central excise [Notification No.3]

Seeks to amend notification no.01/2022-Central Excise (N.Τ.) [Notification No.6(NT)]

The Chewing Tobacco, Jarda Scented Tobacco and Gutkha Packing Machines (Capacity Determination and Collection of Duty) Rules, 2026 [Notification No.5(NT)]

Seeks to notify chewing tobacco, filter khaini, jarda scented tobacco and gutkha as notified goods [Notification No.4(NT)]

Seeks to prescribe the date from which Central Excise (Amendment) Act, 2025 would come into effect [Notification No.3(NT)]