Weekly Newsletter - September 3, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

IFSCA Draft

IFRS Drafts

Useful Forms:

ITR eFiling Utilities for AY 2025-26

From the ICAI:

ICAI Publication - GST

International Content:

IAASB Reference Materials

Legal Updates:

Income Tax

MCA

SEBI

IFSCA

DGFT

Customs

News Update:

Indian News:

India, EFTA trade pact to come into force from Oct 1: Switzerland

Govt sets up committee to examine tax, export clearance issues of manufacturing sector

Small auditors under NFRA lens

GST Council begins talks on two-rate structure, duty inversion fix

ITR filing deadline needs to be extended as portal glitch, Navratri, Dushera festive season and new ICAI format for non-corporates, says RTCA

CBDT extends I-T exemption window for sovereign wealth, pension funds till 2030

Budget 2026-27 preparation to begin on October 9: Finance Ministry

Crypto to unlisted shares: 8 tax returns slip-ups that may cost you

From boAt to Urban Company: Sebi approves 13 IPOs in a week as markets brace for listing deluge

Sebi to impose fresh intraday derivative position limits from October 1

Forensic audit shows Beed credit co-op duped 10k investors of 3,500cr: State CID

Deutsche Bank puts India retail banking business up for sale, invites bids

Ex-Finance Secretary Ajay Seth takes charge as Chairman of IRDAI

GST 2.0 should pave way towards single nationwide tax rate: Report

TCA Kalyani takes charge as Controller General of Accounts, Finance

Delhi to release ₹1,600 cr pending GST refunds to traders before Diwali: CM

Mirror firms allowed: ICAI clears way for CAs in GIFT City

Auditor flags ₹63 crore as potentially fraudulent in HNG transactions

Govt releases methodology for calculating Green Credit for tree plantation, linking it with canopy density

Select black money holders to get relief: Income tax dept. to not not apply penalty and prosecution in these situations

RBI imposes penalty of ₹44.70 lakh on Bandhan Bank over regulatory lapses

I-T Act 25: Relief for small taxpayers claiming refund

India's GST cuts at risk of delay as states wrangle over future revenues

Govt to hold pre‐budget meetings from October 9, 2025

Govt to soon bring various measures to boost exports: Piyush Goyal

Centre appoints former RBI Governor Urjit Patel as IMF's executive director

MCA tightens supplier finance disclosures from FY26; CFOs to face higher investor scrutiny

Sebi clarifies on cybersecurity and cyber resilience framework

Lot of disclosures to stock exchanges 'probably leaves a lot for imagination': Sebi official

GST refund made easy: GSTN has done this change in GST portal for hassle free tax refund claims

Audit committees need to ensure independence of auditors: NFRA Chairperson

International News:

CPA Canada survey says chartered professional accountants earning more than ever before

Exposure Drafts:

IFSCA Draft:

Consultation Paper on proposed IFSCA (Performance Review Committee) (Amendment) Regulations, 2025
[Last date for Comments: September 17, 2025]
 

IFRS Drafts:

IFRS Sustainability Disclosure Standard
Proposed Amendments to the Industry-based Guidance on Implementing IFRS S2
 
  Basis for Conclusions on Proposed Amendments to the Industry-based Guidance on Implementing IFRS S2
[Last date for Comments: November 30, 2025]
 

SASB Standards
Proposed amendments to the SASB Standards
 
  Basis for Conclusions on Proposed amendments to the SASB Standards
[Last date for Comments: November 30, 2025]
 

Useful Forms:

ITR eFiling Utilities for AY 2025-26:

Updated:
ITR 5 - Excel Utility

From the ICAI:

ICAI Publication - GST:

Handbook on Inspection, Search, Seizure and Arrest under GST
[Published in July 2025]

International Content:

IAASB Reference Materials:

ISA 240 (Revised - July 2025)

IAASB-ISA-240 - The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements

Basis for Conclusions

Legal Updates:

Income Tax:

The Income-tax (Twenty-Fifth Amendment) Rules, 2025 - Extension of Due Dates under Rule 2DCA for Pension and Sovereign Fund Exemption Eligibility [Notification No.141]

MCA:

The Companies Incorporation (Second) Amendment Rules, 2025

SEBI:

Framework for Intraday Position Limits Monitoring for Equity Index Derivatives

Extension of timelines and Update of reporting authority for IAs and RAs

Technical Clarifications to Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs)

IFSCA:

Corrigendum - Circular on “Opening of an account of a person resident in India” dated August 13, 2025

DGFT:

Fixation of one new Standard Input Output Norm (SION) at SION No. A-3695 under ‘Chemical and Allied Product’ (Product Code ‘A’) [Public Notice No.21]

Amendment in Para 2.03(A)(i)(g) of FTP, 2023 laying down enabling provisions for import of inputs, that are subjected to mandatory Quality Control Orders, by Advance Authorisation holders, EOU and SEZ [Notification No.28]

Customs:

Fixation of Tariff Value of Edible Oils, BrassScrap, Areca Nut, Gold and Silver [Notification No.52(NT)]

Seeks to extend custom duty exemption on Raw Cotton [Notification No.36]

Instruction with respect to duties on gifts and personal imports through Courier and Postal mode [Instruction No.28]

CBIC regarding Validation of BIS registration at time of clearance [Instruction No.27]