Weekly Newsletter - October 15, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Draft:

ICAI Draft

Acts & Regulations:

RBI Master Directions

Useful Forms:

ITR eFiling Utilities for AY 2025-26

From the ICAI:

Ind AS

Legal Updates:

GST

FEMA

IFSCA

IRDAI

DGFT

Customs

News Update:

Indian News:

China moves WTO over India's EV, battery subsidies, cites 'unfair edge'

Govt scraps tax exemption on imports of missile parts amid Adani probe

UPI in Japan soon! NPCI International signs MoU with NTT DATA; check full list of countries where UPI is accepted

Insurance regulator seeks more measures to check fraud, improve security

NPCI says same-day cheque clearing stabilised; unions seek RBI help

Teething troubles in new cheque clearing system

GSTR-9 annual return FY 2024-25: Key change in reporting Table 6 explained

DPIP: RBI's AI tool to detect fraud in real time

Father and son jointly sell ancestral land for Rs 13 crore; win case in ITAT Pune

EPF settlement to take 12 months, pension withdrawal extended to 36 months

Govt extends tenure of 16th Finance Commission till Nov 30

Sebi chief urges MF trustees to ensure fair fees, stronger oversight

Black Money act under review; panel may revisit harsh clauses

Local Big Four plan to get legal muscle

RBI announces measures to facilitate cross-border trade transactions

Missed the EPF return deadline? EPFO gives one-week extension; here’s what employers should know

ITR filing due date for audit cases to be extended by a month? Gujarat HC asks CBDT to do THIS

Healthcare industry welcomes faster GST refunds, seeks broader reform

EPFO liberalises EPF partial withdrawals; members can withdraw up to 100%

Property deals: Mismatch in sale value, TDS, returns may invite scrutiny

SEBI Chief says, establishing easy, secure KYC access for NRIs for market participation is urgent goal

Have an insurance claim-related grievance? Here's how you can file a complaint with the Bima Lokpal

GST annual return using form GSTR-9 has been enabled for filing for FY 2024-25 on the GST portal

Court grants hotel interim stay on GST for eatery services

ICAI explores financing options for homegrown multi-disciplinary partnership firms

ICAI plans to provide financial data for India's sovereign AI model

Google to introduce verification tick for registered broking apps: Sebi WTM

Sebi revises penalty norms for stock brokers to remove ‘stigma’

ED arrests Reliance Power CFO in ₹68 crore fake bank guarantee case

RBI outlines steps to improve investment management of EPFO corpus

Jawed Habib, his son booked in multi-crore Bitcoin fraud in UP: How the scam operated

RBI consolidates regulatory norms into 238 master circulars, repeals 9,000

Bank unions slam govt move to open PSB, LIC top posts to private sector

Top 10 Indian states women prefer to work in

Jamnagar CA booked in ₹560 cr fake billing case: Officials

Bank fraud: ED raids jewellery firm's offices, accountant's residence in Kolkata

AI to IoT: How 4 new technology features will make UPI transactions easier

RBI realtime cheque clearance system: Customers complain of delays; bank staff not fully trained

RBI reshuffle: Shirish Murmu takes charge of key departments; central bank realigns deputy governor portfolios

Govt notifies major amendments to PLI scheme for textiles

Taxpayer wins case in ITAT Mumbai: Rs 1 crore tax demand quashed after TDS mismatch in Form 26AS

Sebi raises minimum block deal size to Rs 25 crore, mandates delivery-only trades. Check key takeaways

Taxpayer deposits Rs 20 lakh in NRE bank account, skips ITR; income tax dept issues notice but he wins

RBI launches digital currency retail sandbox

International News:

FRC launches consultation on enhanced auditing standards

Audit client acceptance and continuance

US tax filing: IRS releases income tax brackets and standard deductions for 2026; here's what has changed

SEC reduces cost of consolidated audit trail

FASB update refines reporting scope for derivatives

Exposure Drafts:

ICAI Draft:

ICAI invites Suggestions for Simplification of Income-tax Returns (ITRs) and Related Forms

Acts & Regulations:

RBI Master Directions:

Master Direction - Deposits and Accounts (Updated as on October 09, 2025)

Master Direction – Export of Goods and Services (Updated as on October 9, 2025)

From the ICAI:

Ind AS:

Indian Accounting Standards (Ind AS): Disclosures Checklist
(Revised April 2024)

Useful Forms:

ITR eFiling Utilities for AY 2025-26:

Updated:
ITR 6 - Excel Utility

New Releases:
MAC Utility for:
ITR 5
ITR 6
ITR 7

Legal Updates:

GST:

Attention : Important Advisory on IMS

FEMA:

Foreign Exchange Management (Borrowing and Lending) (Amendment) Regulations, 2025

Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Seventh Amendment) Regulations, 2025

Foreign Exchange Management (Debt Instruments) (Fourth Amendment) Regulations, 2025

SEBI:

Minimum information to be provided to the Audit Committee and Shareholders for approval of Related Party Transactions

IFSCA:

Governing Board of the Market Infrastructure Institutions (MIIs)

Circular for Import of gold or silver by Qualified Jewellers and TRQ holders through IIBX - consolidation and amendment

IRDAI:

Cessation of the practice of allowing additional line of business/department to surveyor and loss assessors based on categorization letter issued in 2001-02

IRDAI (Insurance Fraud Monitoring Framework) Guidelines, 2025

DGFT:

Amendment in Export Policy of Meat and Meat products [Notification No.42]

Amendment in Import Policy Condition of Sulfadiazine API covered under Chapter 29 of ITC (HS), 2022, Schedule-I (Import Policy) [Notification No.41]

Amendment in Import Policy Condition of specific items covered under Chapter 70, 73, 84 and 85 of ITC (HS) 2022, Schedule –I (Import Policy) [Notification No.40]

Fixation of a new SION at SION C-2049 under "Engineering & Electronic Items" (Product Code 'C') [Public Notice No.25]

Corrigendum to Public Notice no. 05/25 dated 06.05.2025 for modification in Standard Input Output Norms (SION) C888

Customs:

Issuance of Look Out Circular (LOC) [Instruction No.30]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.64(NT)]

Notification of Proper officer for Section 110 of the Customs Act, 1962 [No.63(NT)]

Notification of Proper officer for Sections 30A and 41A of the Customs Act, 1962 with respect to Passenger Name Record Information Regulations, 2022 [No.62(NT)]

The Sea Cargo Manifest and Transshipment (Fourth Amendment) Regulations, 2025 [No.61(NT)]

Implementation of Sea Cargo Manifest Transhipment Regulations (SCMTR), 2018 [Circular No.25]