Weekly Newsletter - February 19, 2025
Latest additions to CAalley:
News Update:
Exposure Drafts:
Acts & Regulations:
Reference Section:
From the ICAI:
CA's Referencer:
Legal Updates:
News Update:
Tax audit is the forte of chartered accountants: ICAI President Nanda
Ex-SBI chairman Khara to head panel to implement amendment to insurance law
NFRA flags deficiencies in audit works by 2 PwC firms
IRDAI launches Bima-ASBA via UPI to make insurance premium payment easier when you buy a policy
RBI launches 'RBIDATA' app to offer access to economic, financial data
Sebi amends mutual fund rules, sets time limit for NFO fund deployment
Tax crackdown reveals ₹22,000 crore in hidden wealth
Sebi cancels registration of 19 FVCI cos for failing to meet eligibility
Govt asks private insurers to increase free look period to one year
Sebi bans two portfolio managers for not maintaining minimum net worth
Experts intrigued by inclusion of electoral bonds in new Income-Tax Bill
Co-operative banks are well regulated now: DEA Secretary Ajay Seth
Sebi asks RAs, IAs to disclose most important terms, conditions of services to clients
SC underlines need for separation of investigation and adjudication in NFRA proceedings
SC seeks response from MCA on NFRA appeal over quashed show-cause notices to auditors
ICSI, ICMAI demand expansion of accountant's definition in I-T Bill
No refund if ITR filed post due date in new income tax bill? I-T dept issues this clarification
Govt may raise deposit insurance beyond Rs 5 lakh amid bank scam concerns
Parliamentary panel seeks MCA views on NFRA’s performance, budget utilisation
Sebi updates CAS timelines, extends PAN data deadline to 5 days
Ashwini Vaishnaw to launch IndiaAI portal, 10 firms to provide 14,000 GPUs
Sebi cracks down on REITs, InvITs with tougher financial disclosure rules
ED seizes 'biggest' crypto fund worth Rs 1,646 crore in PMLA case
Sebi introduces new disclosure standards for ‘Related Party Transactions’
IBC resolution ratio rises, but with a catch
India's new income tax bill proposes broad access to taxpayers' devices, social media accounts
New India Cooperative Bank's GM held for 'misappropriation' of Rs 122 crore
Income Tax dept activates section-wise mapping of old I-T Act, new tax bill
Lok Sabha Speaker forms 31-member panel to examine Income Tax Bill
Poor governance: RBI replaces New India Co-op Bank's board for 12 months
DGGI Pune uncovers Rs 1,196 cr GST fraud involving multiple pvt firms
PwC rejigs key leadership roles to strengthen India presence from April
FinMin asks ICAI to review new Income Tax Bill 2025, suggest improvements
Customers panic as RBI bans withdrawals from New India Co-operative Bank
Trump's 'golden rule' for imposing reciprocal tariffs and what they mean for US allies, explained
Tax yr, crypto, salary deductions: What you should know about New Tax Bill
Sebi seeks broader powers to remove unauthorised fin advice from soc media
RBI flags FEMA breach in overseas guarantees, seeks corporate compliance
How IP address, phone number lifted veil off Rs 250cr GST fraud in Gurgaon
IBBI mandates timely reporting of insolvency assignments on portal
Ensure fair treatment to customers, RBI Guv Malhotra urges NBFCs
Sebi seeks greater access to social media records to curb market violations
RBI allows pre-approved credit lines on UPI from small finance banks
Sebi platform MITRA to help investors trace inactive mutual fund folios
NCAER paper recommends states to create independent fiscal councils
Foreign companies selling crude oil to India will have to pay zero tax, says new Income Tax Bill
Key Highlights of Finance Bill, 2025 - As published by Income Tax Dept
In a Win for Audit Firms, PCAOB Withdraws Transparency Rules
71% of audit committees are now discussing cybersecurity quarterly
New ICAEW Code of Ethics explained: impact of technology
PCAOB sanctions former Deloitte Colombia partner
PCAOB sanctions partner for altering workpapers
Exposure Drafts:
Exposure Draft of Accounting Standards for Limited Liability Partnerships
[Last date for Comments: February 28, 2025]
Consultation paper on technology based measures to secure trading environment and to prevent unauthorised transactions in trading/demat account of investors
[Last date for Comments: March 11, 2025]
Consultation on Draft Circulars - Review of - (a) disclosure of financial information in offer document / placement memorandum, and (b) continuous disclosures and compliances by Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs)
[Last date for Comments: March 7, 2025]
Consultation Paper on Draft Circular on “Strengthening of ESG Rating Providers (ERPs)”
[Last date for Comments: March 6, 2025]
Consultation paper on Introduction of format for No-objection Certificate (NOC)/ Consent Letter to be submitted by existing charge holders to issuer
[Last date for Comments: March 5, 2025]
Acts & Regulations:
IFSCA (Bullion Market) Regulations, 2025
Reference Section:
The Income Tax Bill, 2025 with FAQs, Corrigenda & Navigator
As published by Income Tax Department
From the ICAI:
Guidance Note on Audit of Banks (2025 Edition)
CA's Referencer:
PWCA LLP – Inspection Report 2023
[Published on February 13, 2025]
Legal Updates:
Extension of due date for filing of Form No. 56F under the Income-tax Act, 1961 [Circular No.2]
Advisory for GST Registration Process (Rule 8 of CGST Rules, 2017)
Foreign Exchange Management (Manner of Receipt and Payment) (Amendment) Regulations, 2025
Amendment to the Circular on permissible transactions through the SNRR accounts of IFSC units
Remote Trading Participants on the Stock Exchanges
Most Important Terms and Conditions (MITC) for Research Analysts
Most Important Terms and Conditions (MITC) for Investment Advisers
SEBI (Mutual Funds) (Amendment) Regulations, 2025
Revised timelines for issuance of Consolidated Account Statement (CAS) by Depositories
Relaxation in timelines for holding AIFs’ investments in dematerialised form
SEBI (Investor Charter) (Amendment) Regulations, 2025
SEBI (Depositories and Participants) (Amendment) Regulations, 2025
SEBI (Intermediaries) (Amendment) Regulations, 2025
Automation of Refund Application and Processing in Customs [Circular No.5]
Single Unified Multi-Purpose Electronic Bond in Customs-Ekal Anubandh [Circular No.4]
