Weekly Newsletter - February 5, 2025
Latest additions to CAalley:
News Update:
Exposure Drafts:
Useful Forms:
ITR eFiling Utilities for AY 2024-25
From the ICAI:
Legal Updates:
News Update:
PM Gati Shakti, logistics policy to push India's World Bank ranking: Report
Finance ministry prohibits employees from using ChatGPT, DeepSeek on govt devices
If your salary is just above Rs 12 lakh, do you pay full tax of Rs 61,500?
Govt issues notice to Kia for $155 mn tax evasion, company denies charges
Services sector growth slows to more than 2-yr low of 56.5 in Jan: PMI data
All eyes on RBI Governor Sanjay Malhotra as MPC meeting begins on Wednesday
GST Council to soon take decision on rates, number of slabs: FM Sitharaman
Govt says 339 foreign companies registered in India in last 5 years
Sebi allows safer participation of retail investors in algo trading
NFRA penalises auditor for lapses in Religare Finvest case
GST rate rationalisation, simplification in the works; discussion between Centre, states underway
SEBI to mandate separate reporting on digital assurance of financial statement
IBBI updates liquidation process rules to boost transparency, efficiency
RBI's bond holdings to be treated at par with mkt, no swap for longer debt
India set for electronics boost amid Trump's tariffs on Chinese imports
Drafting uniform toll policy to ease travel on National Highways: Gadkari
India's rating upgrade a challenge as debt woes trump fiscal prudence, says Fitch
Income Tax dept not an adversarial entity, but participative: CBDT chief
'Tax assessee’s word is final for us... trust is what we want': FM Nirmala Sitharaman
There is no plan to phase out old tax regime: CBDT Chairman Ravi Agrawal
Revised Customs duty now closer to Asean average: CBIC Chairman Agarwal
India reviewing crypto stance amid shifting global regulatory landscape
Rupee not depreciating against any currency other than $: FM Sitharaman
"CAs can't be just number crunchers, they should act as ethical guardians": Rajnath Singh
Sebi proposes unique UPI address for payment collection to weed out unregistered entities
Sebi voices concern about 'Greenwashing' by corporates
Sebi asks exchanges to develop web-portal to monitor stock brokers' system audit
Ahead of Union Budget, Finance Minister Sitharaman tables Economic Survey 2024-25 in Parliament
BAF: A refuge from volatility for new and risk-averse investors
Over 2 in 3 health insurance holders confirm premiums up 50-200% in 3 years
IRDAI limits health policy premium hike for seniors
RBI tightens norms for imposing penalty under payment systems law
RBI receives six fold bids worth Rs 1.2 trn at OMO purchase auction
RBI opts for longer-term bond buys to add liquidity at OMO purchase auction
SEBI cracks down on Motilal Oswal, imposes Rs 7 lakh penalty for regulatory breaches
Kerala HC stops EPFO from reducing 41 petitioners' higher PF pension
Companies in India not using IBC enough to resolve insolvency: IBBI chief
ARCs to see uptick in cumulative recovery rates in FY25 and 26: Crisil
Banks, importers seen lapping up India central bank's $5 billion FX swap
Sebi cracks down on 'finfluencers' with new rules on stock education
RBI expresses concerns over small finance banks: Mergers suggested to mitigate risks
UPI transaction won't work from Feb 1 if ID contains special characters
Govt approves Mutual Credit Guarantee scheme to strengthen MSME sector
Centre launches occupational shortage index to boost job opportunities
DGGI uncovers GST fraud involving Rs 3,200 cr worth fake invoices, two held
Sebi mulls amending investor charter for stock brokers to protect consumers
RBI aligns HFCs' NCD private placement rules with NBFC regulations
GST rules for credit notes tightened to stop leakage
Obsolete GST norms on gift coupons deleted
Budget 2025 focuses on ease of doing biz, promotes manufacturing: ICAI
Crypto income: Budget 2025 tightens crypto transaction monitoring, other tax norms
Budget proposes GST amendment: Track and Trace Mechanism to prevent evasion
Govt to rationalise procedures for speedy company mergers
Govt to share selected data, maps from PM Gati Shakti with pvt sector: FM
Member's Article: A Prospective Outlook - Union Budget 2025! - An article by CA Tushar Makkar
Eco Survey warns of risks for Indian stock market
Economic Survey shows concern for workplace mental health issues
Eco Survey: Amid rising 'protectionism', India needs new strategic roadmap
Economic Survey 2024-25: Key highlights and challenges the CEA presents
Economic Survey 2025 Highlights
[Australia] Deloitte agrees to pay Noumi shareholders $31m for audit failure
FRC launches market study into SME audit and reporting challenges
Exercising caution with non-GAAP measures and disclosures
New ICAEW Code of Ethics explained: role and mindset
ECB cuts rates by 0.25%, leaves room for more easing as growth lags
FRC launches campaign to support UK SMEs to grow and scale
US Fed leaves policy rate unchanged, says unemployment rate is low
PCAOB Debuts New Resource Page for Smaller Audit Firms
Exposure Drafts:
Consultation Paper on draft circular for "Management Statement and Auditor’s / Independent Practitioner’s Report on digital assurance based on information obtained from external data repositories"
[Last date for Comments: February 24, 2025]
Consultation paper on draft circular for “Safe and Efficient Transfers on UPI”
[Last date for Comments: February 21, 2025]
Proposed Accounting Standards Update
Codification Improvements
[Last date for Comments: April 22, 2025]
Useful Forms:
ITR eFiling Utilities for AY 2024-25:
The following Excel Utilities have been updated as on January 30, 2025:
ITR 2
ITR 3
ITR 4
From the ICAI:
ICAI (Aggregation of LLPs) Guidelines, 2024
Guidance on Non-Compliances Observed by Quality Review Board During Quality Reviews (Volume 3)
[Published in January 2025]
Legal Updates:
IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2025
IBBI (Liquidation Process) (Amendment) Regulations, 2025
IBBI (Voluntary Liquidation Process) (Amendment) Regulations, 2025
IBBI (Grievance and Complaint Handling Procedure) (Amendment) Regulations, 2025
IBBI (Inspection and Investigation) (Amendment) Regulations, 2025
Liquidity Enhancement Scheme for Bullion Exchange
Safer participation of retail investors in Algorithmic trading
Review of Premium Rates under Health Insurance Policies for Senior Citizens
Amendment in Export Policy of De-Oiled Rice Bran [Notification No.56]
Corrigendum to Notification No. 50 of 2024 Customs, dated the 30th December, 2024
