Weekly Newsletter - July 23, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

RBI Draft

IRDAI Draft

SEBI Draft

Acts & Regulations:

RBI Master Directions

SEBI Master Circular

Useful Forms:

ITR eFiling Utilities for AY 2025-26

Income Tax eFiling Utilities

International Content:

IAASB Reference Material

PCAOB Reference Material

Legal Updates:

Income Tax

GST

RBI

SEBI

DGFT

Customs

News Update:

Indian News:

Planning to redeem MFs? AY 2025-26 tax rules may hit your returns

ED files complaint against SIMPL for ₹913 crore FDI policy violation

Taxable income below Rs 7 lakh: Will you pay zero income tax if this income includes LTCG and STCG for FY 2024-25?

ED files FEMA case against Myntra, linked firms for Rs 1,654 cr violation

GST notices based on UPI transaction: Traders on warpath, official calls action proper

Confused about Aadhaar for rent agreements? Here's what the law says

NFRA backs ICAI, recommends to Lok Sabha panel that only CAs conduct tax audits under new Income Tax Bill

HKMA penalises IOB's Hong Kong branch for breaching AML regulations

India ratifies trade deal with EFTA, eyes boost in exports, investment

Few tariff exclusions in India-UK free trade agreement, says MEA

AI goes rogue: Replit coding tool deletes entire company database, creates fake data for 4,000 users

PSBs flag 1,629 wilful defaulters with dues over ₹1.62 trillion: FinMin

Ex-ICICI Bank CEO Chanda Kochhar held guilty of taking ₹64 crore bribe to greenlight ₹300 crore loan to Videocon: Report

Got a tax notice for submitting less TDS? CBDT relief may offer respite

Govt forgone ₹99K cr in FY24 due to corporate tax incentives: MoS Finance

RBI seeks to tighten norms for digital banking

Parliamentary panel suggests relief in refunds to small tax payers if ITR not filed in due time

Property sales by NRIs: Experts explain tax rules & life without indexation

Govt may consider market study before ex-ante regulations for Big Tech

ED crossing all limits: SC on agency summoning lawyers for giving legal advice

Jane Street ban lifted by SEBI: US trading firm allowed to resume trading after $567 million deposit, says report

CoinDCX offers up to 25% recovery bounty after $44.2 mn crypto theft

Income Tax Bill 2025: 285 changes, fewer sections, no more Assessment Yr

Select Committee submits report on Income Tax Bill, 2025; seeks key edits

India changes time for release of key overnight benchmark rate

Kerala High Court Bans Use Of AI Tools In Judicial Decision-Making

PM Modi likely to sign free trade agreement during UK visit this week

GST officers detect Rs 15,851 cr fraudulent ITC claims in April-June, total 3,558 fake firms uncovered

New Income Tax Bill, 2025: Parliamentary panel report to be tabled in Lok Sabha on Monday

CoinDCX loses nearly Rs 368 crore in major crypto breach; Here’s what the CEO said about its recovery

Loan via UPI: Soon you can use UPI to withdraw money from credit line taken against property, gold, FD, share, MFs, others

UP pays for carbon credits to farmers in advance to motivate them

India-EFTA trade pact to come into force from Oct 1: Piyush Goyal

Senior bank manager dies by suicide in Pune office, cites work pressure

Eligibility criteria for life cover under EPFO scheme eased

Cash, UPI-based trade by unregistered, small biz under fresh GST scrutiny

Sebi plans revamp of MF categorisation norms to curb scheme overlap

NCLAT stays insolvency proceedings against Reliance Infrastructure

Tired of EPF passbook site errors? This govt app can help; here's how

Income tax audit forms are now enabled for business and professional income on ITR e-filing portal, check 5 prominent changes in form 3CA-3CD and 3CB-3CD  

Online ITR-2 filing enabled with pre-filled data: Income taxpayers with capital gains, crypto, other incomes can now file ITR-2 online

Rs 1,700 crore: Hidden cost of sending money abroad

CGHS rates to be revised soon, says Union Minister Mansukh Mandaviya

Got a job interview? Be ready to impress a bot

Byju's founders plan $2.5 billion lawsuit against investors, lenders

No more tax gridlock? Parliamentary panel recommends time-bound resolution of tax cases in I-T bill

Irdai may curb Kiwi Insurance's retail health plans over promoter links

UIDAI eyes Aadhaar KYC overhaul for offline verification; what's likely to change?

₹100 crore fraud: ED probes Bengaluru’s Souharda banks for allegedly cheating 15,000 depositors

Indian engineer wins Rs 69-lakh unexplained investment income tax case in ITAT Mumbai on these technical grounds

Centre appoints former CBDT Chairman Nitin Gupta as NFRA chief

AI font forensics helps income tax (I-T) in Hyderabad bust Rs 68 lakh LTCG fraud; exposes forged document from 2002

Lok Sabha select committee proposes 285 changes to Income Tax Bill, 2025

NPCI adds 13 Indian banks to India-Singapore UPI-PayNow platform

ITR-3 Excel utility for AY 2025-26: Seven major changes in ITR-3 Excel utility that all taxpayers including stock traders should note

Six changes in ITR-2 Excel Utility that all taxpayers should know before ITR filing for AY 2025-26

International News:

PCAOB Chair Erica Williams to Resign at Request of SEC Chairman

[UK] BDO criticised by regulator over audit quality

China tightens grip on rare earth sector with silent quota release

FRC publishes annual audit firm inspection results

Exposure Drafts:

RBI Draft:

Draft Master Direction – Digital Banking Channels Authorisation (Directions), 2025
[Last date for Comments: August 11, 2025] 

IRDAI Draft:

Draft IRDAI (Internal Insurance Ombudsman) Guidelines, 2025
[Last date for Comments: August 17, 2025]

SEBI Draft:

Consultation Paper on Categorization and Rationalization of Mutual Fund Schemes
[Last date for Comments: August 8, 2025]
 

Acts & Regulations:

RBI Master Directions:

Master Direction – Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022 (Updated as on July 17, 2025)

Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 (Updated as on July 17, 2025)

Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021 (Updated as on July 17, 2025)

SEBI Master Circular:

Master Circular for Portfolio Managers (Updated as on July 16, 2025)

Useful Forms:

ITR eFiling Utilities for AY 2025-26:

Common Offline Utility has been updated to include ITR 2 utility

Income Tax eFiling Utilities:

Common Offline Utilities (& Schema) for filing Statutory Income-tax Form 3CA-3CD & 3CB-3CD have been updated

International Content:

IAASB Reference Material:

ISA 570

IAASB-ISA-570 - Going-Concern (Revised - April 2025)

Basis for Conclusions

PCAOB Reference Material:

Audit Focus Series
Auditing Accounting Estimates
[May 2025]

Legal Updates:

Income Tax:

Partial Modification of Circular No.3/2023 dated 28-3-2023 regarding consequences of PAN becoming inoperative as per Rule 114AAA of the Income-tax Rules, 1962 [Circular No.9]

Enhancing Tax Transparency on foreign assets & Income: Understanding CRS & FATCA

GST:

Advisory: Regarding GSTR-3A Notices issued for non-filing of form GSTR 4 to cancelled Composition Taxpayers

Advisory on reporting values in Table 3.2 of GSTR-3B

Taxpayer Advisory on upcoming security enhancements

RBI:

Formation of new district in the State of Arunachal Pradesh – Assignment of Lead Bank Responsibility

Inclusion of “NSDL Payments Bank Limited” in the Second Schedule of the Reserve Bank of India Act, 1934

SEBI:

FAQs related to regulatory provisions for Research Analysts

Gazette Notification for renewal of recognition of Multi Commodity Exchange Clearing Corporation Limited (MCXCCL)

DGFT:

Clarification regarding applicability of Para 2.12 of the Foreign Trade Policy, 2023 [Circular No.2]

Amendment in ANF-2N for issuance of export authorization of Pharma Grade Sugar [Public Notice No.15]

Extension in last date of application for export of Pharma Grade Sugar [Trade Notice No.9]

Inputs on Draft Internal Compliance Programme Document for adoption by Industry for export of dual use(SCOMET) items [Trade Notice No.8]

Corrigendum to Notification No. 21/2025-26 dated 27.06.2025 on Port restriction on import of certain goods from Bangladesh to India under ITC (HS), 2022 Schedule 1 (Import Policy)

Customs:

Continuation of online application facility under MOOWR Scheme- hosted on Invest India Portal [Circular No.19]

Submission of applications under MOOWR Scheme [Circular No.18]

Acceptance of Electronic Certificate of Origin (e-CoO) issued under India-Mauritius CECPA [Instruction No.24]

Seeks to amend notification No. 146/94-Customs, dated the 13th July, 1994 to omit serial number 10A [No.34]

Seeks to amend notification No. 146/94-Customs, dated the 13th July, 1994 to provide exemption on import of Horses for Polo (HS 0101 29 10) under specified condition [No.33]

Seeks to amend Notification No.130/2010- Customs dated 23.12.2010 to extend the exemption benefits to Air Canada [No.32]

Seeks to continue impositiion of ADD on Aniline originating in or exported from China PR for 5 years [No.25(ADD)]

Appointment of Common Adjudicating Authority for the purpose of finalization of Provisional Assessment in SVB case w.r.t. M/s. Ammega Belting India Pvt. Ltd. [Notification No.47(NT)]