Weekly Newsletter - April 2, 2025

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Latest additions to CAalley:

News Update:

Indian News

Budget News

International News

Exposure Drafts:

SEBI Drafts

Reference Section:

RBI Master Circulars/Directions

IFSCA FAQs

CA's Referencer:

NFRA Reports

Useful Forms:

ITR eFiling Utilities for AY 2024-25

Income Tax eFiling Utilities

Legal Updates:

Income Tax

GST

IBBI

RBI

SEBI

IRDAI

DGFT

Customs

 

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News Update:

Indian News:

NPCI appoints industry veteran Rajola as executive director of growth

Sebi imposes Rs 5.2 crore penalty on OPG Securities in NSE co-location case

Govt backs EV tariff cuts for Trump trade deal, defying autos lobby: Report

100% FDI in insurance a step forward, but safeguards unclear: USTR report

Govt appoints Poonam Gupta as new RBI Deputy Governor ahead of MPC

India's tech startups worth $100 billion seen seeking IPOs by 2027

Gearing up for Trump tariffs, India weighs multiple scenarios

RBI tells banks to continue joint account for surviving spouse's pension

SEBI extends deadline for retail investors' algo trading norms to August 1

SEBI’s new NFO guidelines come into effect from April 1

Sebi weighs direct market access for foreigners

CBDT recovers Rs 92,400 crore in outstanding tax

A typo triggers a Rs 40 cr tax demand and four-year ordeal

NFRA proposes to tighten audit of related-party transactions

EPFO to increase auto settlement limit to 5 lakhs for PF claims and allow UPI withdrawals

Failure to deduct tax under Section 194-IA may deem transferee as default

Claimed HRA but skipped TDS? Income Tax department comes knocking with notices

Can you claim HRA tax exemption for society maintenance charges?

CBDT signs record 174 APAs in FY25, including India's 1st multilateral APA

Big money rule changes from April 1: Tax relief, UPI deactivation, PAN-Aadhaar impact and more

CBI books case against 5 I-T officials for cheating assessees

ED attaches Rs 95 cr worth assets of Gurugram realty firm SBPL in PMLA case

Bosch receives over Rs 20 crore tax demand notice from Income Tax dept

New loan sale rule to give Rs 20k-cr lift to bank profits

IICA, NFRA to offer three-month prog on audit processes for CAs

Yes Bank gets demand notice of Rs 2,209 crore from I-T dept

I-T dept imposes Rs 944 cr penalty on IndiGo, airline to contest order

Just few days before deadline govt amends GST Amnesty Scheme under Section 128A to give relief to these GST registered taxpayers

NFRA highlights audit firms’ weakness, areas requiring improvement

NFRA flags lapses in audit quality of three firms, including Deloitte

RBI raises liquidity limit for standalone primary dealers to Rs 15,000 cr

NBFCs should not take risk beyond their absorption capacity, says RBI

RBI allows banks to charge customers Rs 23 per ATM transaction from May 1

Indian Bank gets demand notice for Rs 873 crore from income tax dept

Sebi extends deadline for MFs, portfolio managers to submit inspection data

Interest rates on small savings schemes unchanged for April-June quarter

Insurers can deny health claims for alcohol-related hospitalisation

Service charge is 'unfair' trade practice, can’t be mandatory, rules Delhi HC

Sebi cancels registration of 72 research analysts over non-payment of renewal fees

RBI mandates banks to conduct special clearing operations on March 31

Exchanges to choose between Tuesday and Thursday for derivatives expiry

5% GST for restaurants with non-specified premises: Finance Ministry

Preity Zinta got ₹1.55 cr loan remission from New India Coop Bank: Cops

Resolution plan binding even if stakeholder not party to NCLT case: SC

Parl panel flags non-contribution by pvt sector employers in employees' PF

Why SC ruling on GST error corrections is a major relief for businesses

I-T dept offices to stay open March 29-31 for year-end tax filings: CBDT

RBI to raise foreign individual investment cap in listed firms to 10%

RBI Guv Sanjay Malhotra raises rate cut hopes with growth-focused policy

Insider trading glare on senior IndusInd Bank officials. What do rules say?

Rolta India’s Rs 616 crore NPA declared as fraud by Bank of India

Cyber incidents: IRDAI asks insurers to empanel forensic experts in advance

No major lapses found in gold loan portfolios of PSBs after audit: FM

RBI imposes ₹75 lakh penalty on HDFC Bank, ₹68.2 lakh on Punjab & Sind Bank

Parl approves Banking Laws (Amendment) Bill; Oppn says it lacks safeguards

RBI announces MPC schedule for FY26, first rates decision on April 9

  

Budget News:

The Finance Bill as passed by Lok Sabha

  

International News:

KPMG report: Accounting for indemnification arrangements associated with transferable credits

Japan to give crypto assets legal status as financial products: Report

IFRS launches tool to help companies implement ISSB standards

PCAOB offers videos on quality control monitoring, remediation

Is Britain on the cusp of another multibillion-pound consumer finance scandal?

UK: PwC fined £2.9m over audit of Sanjeev Gupta’s Wyelands Bank

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Exposure Drafts:

SEBI Drafts:

Consultation Paper on Draft Circular on “Rating of Municipal Bonds on the Expected Loss (EL) based Rating Scale”
[Last date for Comments: April 18, 2025] 

Consultation Paper on the Final Settlement Day (Expiry Day) for Equity Derivatives
[Last date for Comments: April 17, 2025] 

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Reference Section:

RBI Master Circulars/Directions:

RBI Master Circulars / Directions for 2025-26
[As on April 1, 2025]

  

IFSCA FAQs:

SEZ Compliance FAQs Booklet

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CA's Referencer:

NFRA Reports:

NFRA Inspection Report 2023 - M/s Deloitte Haskins & Sells LLP
[Published on March 28, 2025]

NFRA Inspection Report 2023 - M/s Walker Chandiok & Co LLP
[Published on March 28, 2025]

NFRA Inspection Report 2023 - M/s SRBC & Co. LLP
[Published on March 28, 2025]

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Useful Forms:

ITR eFiling Utilities for AY 2024-25:

The following ITR eFiling Utilities have been updated:

ITR 1 - Excel Utility

ITR 5 - Excel Utility

  

Income Tax eFiling Utilities:

The following utilities have been updated:

Form 10B
Form 10BB
Form 3CEB

Form 3CEB - Schema

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Legal Updates:

Income Tax:

The ​Income-tax (Eighth Amendment) Rules, 2025 - Amendment in Form 3CD [Notification No.23]

Order under section 119 of the Income-tax Act, 1961 for waiver on levy of ​interest under section 201(1A)(ii)/ 206C(7) of the Act, as the case maybe, in specific cases [Circular No.5]

The Income-tax (Seventh Amendment) Rules, 2025 - Notification u/s 295 read with section 194T [Notification No.22]

Order under section 119 of the Income-tax Act, 1961 - Income Tax Offices to remain open on March 29, 30 & 31

  

GST:

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Assam

Various issues related to availment of benefit of Section 128A of the CGST Act, 2017 [Circular No.248]

The Central Goods and Services Tax (Second Amendment) Rules 2025 [CGST Notification No.11]

  

IBBI:

Mandatory Use of Baanknet (formerly eBKray) Auction Platform for Liquidation

  

RBI:

Revised norms for Government Guaranteed Security Receipts (SRs)

Special Clearing Operations on March 31, 2025

  

SEBI:

Relaxation of provision of advance fee restrictions in case of Investment Advisers and Research Analysts

Clarification on the position of Compliance Officer in terms of regulation 6 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Extension of timeline for formulation of implementation standards pertaining to SEBI Circular on “Safer participation of retail investors in Algorithmic trading”

Extension towards Adoption and Implementation of Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs)

Amendment to Master Circular for Infrastructure Investment Trusts (InvITs) dated May 15, 2024

Amendment to Master Circular for Real Estate Investment Trusts (REITs) dated May 15, 2024

Intraday Monitoring of Position Limits for Index Derivatives

Measures to facilitate ease of doing business with respect to framework for assurance or assessment, ESG disclosures for value chain, and introduction of voluntary disclosure on green credits

Extension of timelines for submission of offsite inspection data

Extension of timelines for submission of offsite inspection data

  

IRDAI:

Circular on Cyber Incident or Crisis Preparedness

  

DGFT:

Inclusion of Land Custom Stations Darranga as Food Import Entry Points in List “A” of Appendix-V to Schedule-I (Import Policy), ITC (HS), 2022 in sync with relevant FSSAI Notification [Notification No.3]

Amendment in import policy and policy condition of Roasted Areca Nuts falling under ITC (HS) Code 20081920 of Chapter-20 of ITC (HS), 2022, Schedule-I (Import Policy) [Notification No.2]

Supply of essential commodities to the Republic of Maldives during 2025-26 [Notification No.1]

Amendment in ANF-4J for issuance of Diamond Imprest Authorisation (DIA) [Public Notice No.53]

Amendment in Appendix-4J of Handbook of Procedures (HBP-2023) [Public Notice No.52]

  

Customs:

The Sea Cargo Manifest and Transhipment (Second Amendment) Regulations, 2025 [Notification No.20(NT)]

Appointment of Common Adjudication Authority in the case of Vikas Vilas Kadam & Others [Notification No.19(NT)]

The Postal Imports Regulations, 2025 [Notification No.18(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.17(NT)]

Implementation of the Sea Cargo Manifest and Transshipment Regulations (SCMTR) [Circular No.10]

Procedure for import/export through Personal Carriage [Circular No.9]

Seeks to amend notification nos 11/2018-Customs dated 02.02.2018 and 11/2021-Customs dated 01.02.2021 to impose a total import duty of 10% on import of Bengal gram (desi chana) (HS 0713 20 20) from 1st April, 2025 [Notification No.20]

Appointment of Common Adjudicating Authority for the purpose of finalization of Provisional Assessment in SVB case w.r.t. M/s Delhi Airport Metro Express Pvt. Ltd [Notification No.16(NT)]

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