Weekly Newsletter - January 22, 2025

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

SEBI Drafts

FASB Draft

FAQs:

RBI FAQs

From the ICAI:

ICAI Announcement

Useful Forms:

ITR eFiling Utilities for AY 2024-25

Legal Updates:

Income Tax

GST

RBI

FEMA

SEBI

IFSCA

DGFT

Customs

 

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News Update:

Indian News:

CBDT clarifies past investment from Mauritius, Singapore, Cyprus will not be reopened for scrutiny

Centre mulls lower duties, more imports to counter Trump's tariff threats

Insurers want GST to continue on term plans

Home Ministry warns NGOs flouting FCRA norms

Supreme Court to review IT department's appeal on Vodafone Idea tax dispute

Govt issues draft rules to make e-commerce more accountable; seeks comments by Feb 15

Alimony and Income Tax: Is ex-wife liable to pay income tax on settlement amount received from husband in a divorce case?

Trump threatens 100% tariffs against BRICS countries if they try replacing US dollar

Faceless tax assessments: Benefits, challenges, solutions for improvement

Sebi to start pre-listing trading in IPO to curb grey market activity: Buch

10 most influential global Indians: Satya Nadella tops list, Pichai 2nd

Wrong EPF member ID linked to your UAN? Here is how you can delink it

Banks to ask RBI to delay liquidity rule set to take effect from April 1

RBI forms new committee for bank license, chaired by former DG Jain

Wrongful tax claims: File revised, updated ITR before I-T dept's scrutiny

SC upholds Rs 1,600 crore tax refund for Vodafone Idea, dismisses SLP

Sebi considers expanding SSE to attract more non-profit organisations

Sebi proposes changes to net asset value calculation for overnight schemes

New RBI rules mandate stricter oversight on ARC-borrower settlements

Has RBI prohibited the use of black ink for writing cheques? Govt clarifies

24 companies secure Rs 3,516 crore investment in third round of PLI scheme for AC & LED components

Sanchar Saathi App: How you can help fight cyber fraud and stay secure

New "cooling-off facility" could soon mitigate mule menace as govt, RBI seek to stay a step ahead of fraudsters

`No link between FPI outflows and SEBI’s granular disclosure rules’

Sebi relaxes on timeline for review of ESG rating on BRSR publication

Sebi mandates mutual funds to disclose IR for risk-adjusted returns of schemes

Use '1600xx' number series to call customers for transactions: RBI to banks

GST officers must provide written grounds of arrest under new guideline

Employees can now transfer their EPF account to a new employer on their own

'Unease' of doing business in India: Bureaucracy pushes factory costs up

Banks seek SC clarity on loans against uncertified ancestral properties

Big relief for GST taxpayers: Protection against arbitrary arrest and coercion by GST officers

CCI penalises investment manager of Goldman Sachs AIF for failing to notify Biocon deal

Income-Tax department recovers Rs 1,070 crore from wrongful claims

EPFO 3.0 rollout by June: Know how it will benefit members

GST fraud of Rs 100 crore busted

Hindenburg shutdown: Did the short seller begin to feel the heat?

RBI updates FEMA regulations to boost cross-border rupee transactions

'Hustle culture is seductive but...': How kid's drawing changed CA's life who used to work for 14 hours daily

NCLAT admits Meta, WhatsApp appeals against Rs 213 crore CCI penalty

Hindenburg Research to shut shop: 7 giants that the US short-seller disrupted in 7 years

Hindenburg, Adani, and Buch: The investigations that shook markets

Why did Hindenburg Research, short-seller behind Adani Group $150 bn rout, shut down?

Sebi resolves over 5,600 complaints through SCORES platform in December 2024

Govt to launch AI-backed data analytics platform for better trade insights

RBI to conduct daily variable rate repo auctions to infuse liquidity

Surpassing Japan, India to become 4th largest economy by 2026: PHDCCI

Now you can use UPI to make payments while shopping at these Dubai Duty Free stores

 

International News:

UK watchdog launches investigation into KPMG's audit of Entain

PCAOB finds deficiencies two of three BDO Canada audits, including one non-principal engagement

PCAOB puts focus on journal entries

AI adoption in auditing lags behind finance professionals

How accountants can create sustainable value

KPMG Is Elbowing Its Way Into Practicing Law in the US

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Exposure Drafts:

SEBI Drafts:

Consultation Paper on Review of Framework for Social Stock Exchange
[Last date for Comments: February 10, 2025] 

Draft Circular for change in cut-off timings to determine applicable NAV with respect to repurchase/ redemption of units in overnight schemes of Mutual Funds
[Last date for Comments: February 10, 2025] 

 

FASB Draft:

Invitation to Comment - Agenda Consultation
[Last date for Comments: June 30, 2025] 

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FAQs:

RBI FAQs:

FAQs - Reset of Floating Interest Rate on EMI based Personal Loans (Published on January 10, 2025)

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From the ICAI:

ICAI Announcement:

Deferment of Phase III and IV of Peer Review Mandate

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Useful Forms:

ITR eFiling Utilities for AY 2024-25:

The following eFiling Utilities have been updated as on January 16, 2025

ITR 1
Excel Utility
Schema
Schema Change Document

ITR 2
Excel Utility
Schema
Schema Change Document

ITR 3
Excel Utility
Schema
Schema Change Document

ITR 4
Excel Utility
Schema
Schema Change Document

ITR 5
Schema

ITR 6
Schema

ITR 7
Schema

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Legal Updates:

Income Tax:

The Income-tax (First Amendment) Rules, 2025 - Computation of Profits and Gains of Business of Operation of Cruise Ships by NRIs [Notification No.9]

Order under Direct tax Vivad se Vishwas Scheme 2024 for eligibilty cases pending as on 22.07.2024 [Notification No.8]

 

GST:

Seeks to prescribe Compensation cess rate of 0.1% on supply of taxable goods by a registered supplier to a registered recipient for export subject to specified conditions [Notification No.01/2025-Compensation Cess(Rate)]

 

Seeks to amend Notification No 17/2017- Central Tax (Rate), dated 28th June, 2017 to implement the recommendations of the 55th GST Council [Notification No.08/2025-Central Tax (Rate)]

Seeks to amend Notification No 13/2017-Central Tax (Rate), dated 28th June, 2017 to implement the recommendations of the 55th GST Council [Notification No.07/2025-Central Tax (Rate)]

Seeks to amend Notification No 12/2017-Central Tax (Rate dated 28th June, 2017 to implement the recommendations of the 55th GST Council [Notification No.06/2025-Central Tax (Rate)]

Seeks to amend Notification No 11/2017 - Central Tax (Rate) dated 28th June, 2017 to implement the recommendations of the 55th GST Council [Notification No.05/2025-Central Tax (Rate)]

Seeks to amend Notification no. 08/2018- Central Tax (Rate) [Notification No.04/2025-Central Tax (Rate)]

Seeks to amend Notification no. 39/2017- Central Tax (Rate) [Notification No.03/2025-Central Tax (Rate)]

Seeks to amend Notification no. 02/2017- Central Tax (Rate) [Notification No.02/2025-Central Tax (Rate)]

Seeks to amend Notification no. 01/2017- Central Tax (Rate) [Notification No.01/2025-Central Tax (Rate)]

 

Seeks to amend Notification No 14/2017-Integrated Tax (Rate), dated 28th June, 2017 to implement the recommendations of the 55th GST Council [Notification No.08/2025-Integrated Tax (Rate)]

Seeks to amend Notification No 10/2017-Integrated Tax (Rate), dated 28th June, 2017 to implement the recommendations of the 55th GST Council [Notification No.07/2025-Integrated Tax (Rate)]

Seeks to amend Notification No 9/2017-Integrated Tax (Rate), dated 28th June, 2017 to implement the recommendations of the 55th GST Council [Notification No.06/2025-Integrated Tax (Rate)]

Seeks to amend Notification No 8/2017- Integrated Tax (Rate), dated 28th June, 2017 to implement the recommendations of the 55th GST Council [Notification No.05/2025-Integrated Tax (Rate)]

Seeks to amend Notification no. 09/2018- Integrated Tax (Rate) [Notification No.04/2025-Integrated Tax (Rate)]

Seeks to amend Notification no. 40/2017- Integrated Tax (Rate) [Notification No.03/2025-Integrated Tax (Rate)]

Seeks to amend Notification no. 02/2017- Integrated Tax (Rate) [Notification No.02/2025-Integrated Tax (Rate)]

Seeks to amend Notification no. 01/2017- Integrated Tax (Rate) [Notification No.01/2025-Integrated Tax (Rate)]

 

Seeks to amend Notification No 17/2017-Union Territory (Rate), dated 28th June, 2017 to implement the recommendations of the 55th GST Council [Notification No.08/2025-Union territory Tax (Rate)]

Seeks to amend Notification No 13/2017 - Union Territory (Rate), dated 28th June, 2017 to implement the recommendations of the 55th GST Council [Notification No.07/2025-Union territory Tax (Rate)]

Seeks to amend Notification 12/2017- Union Territory Tax (Rate), dated 28th June, 2017 to implement the recommendations of the 55th GST Council [Notification No.06/2025-Union territory Tax (Rate)]

Seeks to amend Notification No 11/2017- Union Territory Tax (Rate) dated 28th June, 2017 to implement the recommendations of the 55th GST Council [Notification No.05/2025-Union territory Tax (Rate)]

Seeks to amend Notification no. 08/2018- Union Territory Tax (Rate) [Notification No.04/2025-Union territory Tax (Rate)]

Seeks to amend Notification no. 39/2017- Union Territory Tax (Rate) [Notification No.03/2025-Union territory Tax (Rate)]

Seeks to amend Notification no. 02/2017- Union Territory Tax (Rate) [Notification No.02/2025-Union territory Tax (Rate)]

Seeks to amend Notification no. 01/2017- Union Territory Tax (Rate) [Notification No.01/2025-Union territory Tax (Rate)]

 

RBI:

Guidelines on Settlement of Dues of borrowers by ARCs

Prevention of financial frauds perpetrated using voice calls and SMS – Regulatory prescriptions and Institutional Safeguards

Coverage of customers under the nomination facility

 

FEMA:

Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) (Third Amendment) Regulations, 2025

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

Foreign Exchange Management (Deposit) (Fifth Amendment) Regulations, 2025

 

SEBI:

Timeline for Review of ESG Rating pursuant to occurrence of ‘Material Events’

Disclosure of Risk adjusted Return - Information Ratio (IR) for Mutual Fund Schemes

 

IFSCA:

List of Public Holidays and banking business hours for IBUs

 

DGFT:

Introduction of new Scheme as 'Diamond Imprest Authorisation' under Chapter 4 of Foreign Trade Policy 2023 [Notification No.53]

Amendment in Export Policy condition of Agarwood (Aquilaria Malaccensis) Chips and Powder and Agar Oil obtained from artificially propagated sources [Notification No.52]

Extension in “Free” Import Policy of Tur/Pigeon Peas (Cajanus Cajan) [ITC(HS) 0713 60 00] under ITC (HS) 2022, Schedule – I (Import Policy) till 31.03.2026 [Notification No.51]

Introduction of new paras in Chapter 4 of Handbook of Procedures, 2023 [Public Notice No.42]

Addition of new laboratory in Para 4.73 of the Handbook of Procedures, 2023 [Public Notice No.41]

Standard Operating Procedure / Guidelines for Voluntary Disclosure of Non Compliance/ Violations related to Export of SCOMET Items and SCOMET Regulations [Public Notice No.40]

 

Customs:

Seeks to amend Notification no. 19/2019- customs [Notification No.2]

Seeks to exempt imports by the inspection team of IAEA [Notification No.1]

Notification of ICD, Dhirpur, Kurukshetra, Haryana u/s. 7(1)(aa) of the Customs Act 1962" and it was issued under Section 7(1)(aa) of Customs Act, 1962 [Notification No.4(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.3(NT)]

Sea Cargo Manifest and Transhipment Regulations [Notification No.2(NT)]

Notification of ICD, Virochannagar, Ahmedabad, Gujarat u/s. 7(1)(aa) of the Customs Act 1962 [Notification No.1(NT)]

Sea Cargo Manifest and Transhipment Regulations [Circular No.2]

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