Weekly Newsletter - July 30, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

RBI Draft

SEBI Draft

Acts & Regulations:

RBI Master Directions

IRDAI Master Circular

Useful Forms:

ITR eFiling Utilities for AY 2025-26

From the ICAI:

ICAI Announcement

International Content:

FASB Reference Material

ICAEW Reference Material

FRC Reference Material

Legal Updates:

Income Tax

IFSCA

SEBi

DGFT

Customs

News Update:

Indian News:

More than 8 lakh people got unclaimed deposits back from bank via UDGAM: Steps to check unclaimed deposits

India to pay 25% tariff plus penalty for Russian oil, defence buys: Trump

India presses ahead with US trade talks despite looming Aug 1 tariffs

Have money abroad? IT dept's new guide spells out what & how to report

ICAI notifies rules to limit annual tax audits to 60 per partner

Updated return filing via ITR-1 & ITR-2 now live on Income Tax portal for AY22 & AY23

ITR-3 enabled for e-filing

Advertising guidelines for CAs under revision: ICAI president Charanjot Singh Nanda

Sebi relaxes NRI trading norms in derivatives market

ITR filing AY 2025-26 deadline to be extended again? Expert explains key reasons

Income Tax Department Cracks Down On Bogus Refund Claims Ahead Of Filing Deadline

RBI eases investment regulations for banks and NBFCs in AIF schemes

UPI payment without PIN: Is NPCI considering face recognition and biometrics for authorising transactions?

SEBI bars entities in stocks recommendation case for two years

Amazon's AI coding revealed a dirty little secret

CBDT relaxes time limit for processing income tax returns filed electronically

RBI proposes easing business authorisation norms for urban co-op banks

Man denied mediclaim over Google Maps mismatch: Here's all you need to know

Error in ITR Utility: Penal interest is automatically getting added to taxpayers who don’t have to pay advance tax, check the details

New UPI rules from August 1

NCLT replaces RP in Anil Ambani personal guarantee case

Substance vs form: All eyes now on Tiger Global case after SC's verdict on global hospitality leader Hyatt International

‘GST Act little beyond understanding of common man’; HC overturns restaurant registration cancellation

‘No plan for GST on UPI transactions exceeding ₹2,000’, says MoS Finance in Rajya Sabha

Wife pays no income tax after selling two houses for Rs 6 crore gifted by her husband, wins case in ITAT Mumbai

Big relief coming for taxpayers: THESE low-value income tax cases to be dropped soon

FTA momentum: Piyush Goyal confirms Oman deal ‘almost finalised’; talks with EU, US & others also moving fast

Influencers, F&O traders among five new professional codes in ITR 3

Irdai sets higher targets for rural, social, and motor TP coverage in FY27

Irdai fines Star Health Insurance ₹3.39 cr for cybersecurity lapses

Sebi cancels registration of 13 advisers over non-payment of renewal fees

Centre appoints Anuradha Thakur as director on central board of RBI

Income Tax Dept analysing taxpayers’ ITR-filing patterns, online behaviour, says CBDT chief

ED attaches ₹106.36 cr assets of ex-UCO Bank CMD in bank fraud case

Sebi, market bodies launch 'SEBI vs SCAM' drive to fight financial frauds

Sebi considers easing rules for issuers of non-convertible securities

Income Tax dept working on rules for new direct tax law: CBDT chief

India-UK FTA: How key sectors will benefit from tariff, policy shifts

India, UK sign FTA: What it means and how it will help both countries

Govt appoints former Finance Secretary Ajay Seth as IRDAI chief

ITAT: Taxpayer wins Rs 1.4 lakh penalty case despite claiming false income tax deductions

Emails ask taxpayers to download fake PAN cards: How to stay safe

CBDT using AI tools to boost income-tax compliance, says Chairman Agrawal

ED raids Anil Ambani's firms, Yes Bank in alleged ₹3,000 crore loan fraud scam

I-T Bill 2025: FinMin rejects demand for time limit on tax pleas' disposal

Income Tax Bill 2025: Income from house property taxation related two key amendments suggested by select committee, know the impact

Irdai proposes internal ombudsman to address claims up to ₹50 lakh

International News:

World Bank plans securitisation, debt swaps to boost development

New UK AI audit standard aims to crack down on ‘wild west’ operators

Charting the global economy: ECB holds rates for first time in a year

SEC names George Botic as acting chair of PCAOB

Exposure Drafts:

RBI Draft:

Draft Master Direction – Business Authorization for Co-operative Banks (Directions), 2025
[Last date for Comments: August 25, 2025]

SEBI Draft:

Consultation paper for review of LODR Regulations - measures towards Ease of Doing Business
[Last date for Comments: August 15, 2025]
 

Acts & Regulations:

RBI Master Directions:

Master Direction - Lending to Micro, Small & Medium Enterprises (MSME) Sector (Updated as on July 23, 2025)

IRDAI Master Circular:

Master Circular on Rural, Social Sector and Motor Third Party Obligations
[Updated as on July 25, 2025]

Useful Forms:

ITR eFiling Utilities for AY 2025-26:

Updated: ITR 3 - Excel Utility

From the ICAI:

ICAI Announcement:

Limit on Number of Tax Audits (effective from 1.4.2026)

International Content:

FASB Reference Material:

Accounting Standards Update
Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606)
Clarifications to Share-Based Consideration Payable to a Customer
[May 2025]

ICAEW Reference Material:

Audit Monitoring Report 2025

FRC Reference Material:

AI in audit
Illustrative example and documentation guidance
[June 2025]

Legal Updates:

Income Tax:

The Income-tax (Twentieth Amendment) Rules, 2025 - Changes in the Income Tax Rules, 1962 subsequent to the amendment of Section 10(4E) of the Income Tax Act, 1961 [Notification No.126]

​Relaxation of time limit for processing of returns of income filed electronically which were incorrectly invalidated by CPC [Circular No.10]

IFSCA:

Framework for Transition Bonds

Guidelines on Ascertaining KMP Eligibility in Accordance with Regulation 7 of the IFSCA (Fund Management) Regulations, 2025

IFSCA (TechFin and Ancillary Services) Regulations, 2025

SEBI:

Extension of timeline for implementation of Phase II & III of Nomination Circular dated January 10, 2025 read with Circular dated February 28, 2025

Operational Efficiency in Monitoring of Non-Resident Indians (NRIs) Position Limits in Exchange Traded Derivatives Contracts - Ease of Doing Investment

Extension of timeline for implementation of SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/0000013 dated February 04, 2025

Monitoring of Minimum Investment Threshold under Specialized Investment Funds (SIF)

DGFT:

Amendment to Para 10.16 of the Handbook of Procedures (HBP) 2023 to expand the scope of the General Authorisation for Export of Chemicals & Related Equipment (GAEC) Policy Framework [Public Notice No.17]

Fixation of new three Standard Input Output Norms (SIONs) at SION No. A-3690, A-3691, & A-3692) under “Chemical and Allied Product” (Product Code-‘A’) [Public Notice No.16]

Customs:

Correlation of Technical Characteristics, Quality and Specification of the Inputs with the Export Product under the DFIA Scheme [Circular No.20]

Corrigendum to Notification No.18/2025(ADD)