Weekly Newsletter - July 22, 2026

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

RBI Drafts

IFSCA Draft

Acts & Regulations:

RBI Directions

Useful Forms:

ITR Forms & eFiling Utilities for AY 2026-27

CA's Referencer:

Income Tax

From the ICAI:

ICAI Publication

ICAI Announcement

Tech Zone – Simplifying Technology for CAs:

Tech-Zone Article

Legal Updates:

Income Tax

RBI

SEBI

IFSCA

IRDAI

DGFT

Customs

Central Excise

News Update:

Indian News:

NRI gets Rs 46 lakh foreign salary in NRE account, faces tax demand of over Rs 12 lakh; ITAT says this

HC quashes GST notice after AI prompts expose lack of independent 'application of mind'

GST refund fraud: Three Delhi tax officials among five held in ₹5.5 cr scam

Sebi cancels registration of 11 research analysts for non-payment of renewal fee

Income tax department running short of 26,997 officers and support staff

CBIC weighs centralised GST registration under one PAN

India plans to ease export procedures for shipments worth up to ₹10,000

Sebi eases mutual fund claim rules after death: Key changes explained

Parl panel flags repeat violations, seeks MSME protection in CCI rules

ITR filing 2026: CBDT takes these steps to prevent portal glitches before July 31 deadline

Sebi imposes ₹1 crore penalty on CDSL for alleged cybersecurity lapses

7 big income tax changes for 2026-27 that may reduce penalties for small mistakes

No proposal under consideration to scrap LTCG on equities: Finance ministry

Name appearing in builder's records showing cash payment: Will you need to pay income tax? Here’s what ITAT said

RBI asks banks to clear old trade and payment mismatches

Sebi empanels 18 additional forensic auditors for listed company audits

'Front-running patterns seen in PMS by Sebi's AI tools'

Banks seek RBI clarity on collateral-free loans up to Rs 20 lakh for small businesses

RBI issues consolidated norms for Special Rupee Vostro Accounts and trade

SEBI cautions companies against rising ‘Boss Scam’ targeting top executives

Have an inactive foreign bank account? You may still need to disclose it in your ITR for AY 2026-27

Foreign or local? Investors at loss over GIFT funds

RBI bars banks, NBFCs from selling acquired stressed assets back to defaulting borrowers, related parties

NCLAT upholds NFRA order, says 'statutory audit is not a ceremonial exercise'

RBI asks banks to sell immovable assets from bad loans within 7 years

EPFO profile photo update can help avoid delays in PF claims, nominations

Foreign assets in AIS: CBDT sets the stage for Foreign Assets of Small Taxpayers Disclosure Scheme

RBI proposes stricter data governance framework for banks, NBFCs

International News:

[Phillipines] SEC flags audit gaps, raises standards for listed firms

[UK] Revised auditor reporting standards: the key changes

China now has 7 of world’s 10 biggest banks as Beijing’s financial ambitions grow

Exposure Drafts:

RBI Drafts:

Draft Rationalisation of Foreign Exchange Management (Non-Debt Instruments) Rules, 2019
[Last date for Comments: August 31, 2026] 

Draft Guidance on Regulatory Expectations for Data Governance
[Last date for Comments: August 17, 2026] 

IFSCA Draft:

Consultation Paper on proposal to expand list of jurisdictions for distribution activities
[Last date for Comments: August 7, 2026] 

Acts & Regulations:

RBI Directions:

Reserve Bank of India (Commercial Banks – Credit Facilities) Directions, 2025 (Updated as on July 15, 2026)

Reserve Bank of India (Small Finance Banks – Credit Facilities) Directions, 2025 (Updated as on July 15, 2026)

Reserve Bank of India (Urban Co-operative Banks – Credit Facilities) Directions, 2025 (Updated as on July 15, 2026)

Reserve Bank of India (All India Financial Institutions – Credit Facilities) Directions, 2025 (Updated as on July 15, 2026)

Reserve Bank of India (Non-Banking Financial Companies – Credit Facilities) Directions, 2025 (Updated as on July 15, 2026)

Useful Forms:

ITR Forms & eFiling Utilities for AY 2026-27:

Updated on July 21, 2026:
ITR 7 - Excel Utility

New addition:
Form ITR-B (PDF) - For search and seizure cases (Chapter XIV-B)

Updated as on July 20, 2026:
ITR 5 - Excel Utility

Updated on July 17, 2026:

• Common Offline Utility (ITR 1,2,3 and ITR 4) - Windows & MAC
• ITR 2 - Excel Utility
• ITR 3 - Excel Utility

CA's Referencer:

Income Tax:

Updated Cost of Inflation Index (CII) Chart

From the ICAI:

ICAI Publication:

Handbook on Job Work under GST
[Revised in July 2026]

ICAI Announcement:

Implementation of ICAI (Global Networking) Guidelines, 2025

Tech Zone – Simplifying Technology for CAs:

Tech-Zone Article:

The Hidden Cost of Every Extra Click: Save Hours During ITR Season with Built-In Windows Features

Legal Updates:

Income Tax:

The Income-tax (Second Amendment) Rules, 2026 - Amendment to Rule 157(5)(c) of the Income-tax Rules, 2026 - Definition of 'Specified Fund' [Notification No.94]

Cost Inflation Index for FY 2026-27 [Notification No.85]

RBI:

Special Rupee Vostro Accounts (SRVAs)

SEBI:

Certification Requirements for Distribution of Specialized Investment Funds (SIFs)

Operationalisation of freezing of holdings of promoter and promoter group including their associates (promoter holdings) at the ISIN level under Regulation 24(i)(ea) of the SEBI (Buy-back of Securities) Regulations, 2018 dated July 21, 2026

Extending facility of creating standing instructions for Systematic Withdrawal Plan (SWP)/ Systematic Transfer Plan (STP) for Mutual Fund units held in demat form

SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2026

SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2026

Master Circular for Merchant Bankers
[Updated as on July 14, 2026]

IFSCA:

Framework on capital relief and prudential requirements for factoring transactions

Amendment to the Circular titled “Master Circular for Credit Rating Agencies in the IFSC"

IRDAI:

Clarifications on implementation of Indian Accounting Standards

DGFT:

Syncing of ITC (HS), 2022- Schedule-1 (Import Policy) with Finance Act, 2026, dated 30.03.2026 [Notification No.24]

Inviting TRQ Applications under India – United Kingdom Comprehensive Economic and Trade Agreement (CETA) for Calendar Year (CY) 2026 [Public Notice No.22]

Inputs on proposed amendment to Para 2.57 of FTP 2023 relating to de minimis exemption from RCMC requirements for low-value exports [Trade Notice No.14]

Customs:

Appointment of Common Adjudicating Authority in the case of M/s. Inditech Trent Retails India Pvt. Ltd. IEC: 0509065597) – Consolidated Adjudication of Multiple Show Cause Notices arising from SVB Investigation Report No. Cus/SVB-DEL/164/2018-19 dated 27.12.2018 [Notification No.65(NT)]

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.64(NT)]

Central Excise:

Seeks to amend Notification No. 08/2026-Central Excise dated 26.03.2026 to revise the SAED rate on exports of ATF outside India [Notification No.39]

Seeks to amend Notification No. 06/2026-Central Excise dated 26.03.2026 to revise the SAED rates on exports of petrol and diesel outside India [Notification No.38]