Weekly Newsletter - March 26, 2025

Go to Newsletter Archives

Latest additions to CAalley:

News Update:

Indian News

Budget News

International News

Exposure Drafts:

SEBI Drafts

Acts & Regulations:

RBI Master Directions

IFSCA Regulations

Useful Forms:

ITR eFiling Utilities for AY 2024-25

Income Tax eFiling Utilities

From the ICAI:

ICAI Publication - GST

ICAI FAQs

International Content:

PCAOB Reference Material

Legal Updates:

Income Tax

GST

MSME

IBBI

RBI

SEBI

DGFT

Customs

 

---

  

News Update:

Indian News:

Nestle India gets ₹69 lakh tax penalty, says operations remain unaffected

Govt says 45,811 cooperative societies under liquidation

Govt discontinues gold monetisation scheme; banks may continue: FinMin

RBI, NPCI approve Rs 2 hike in ATM interchange fee from May 1, 2025

Li-ion batteries under safe harbour rules; threshold raised to Rs 300 cr

Over 30k taxpayers declare foreign assets, income of Rs 30,300 crore: FM

GoM reviewing GST on farm equipment and inputs: FM Nirmala Sitharaman

11,000 exporters avail benefits under interest equalisation scheme: Govt

Star Health on IRDAI radar for health insurance claim settlement practices

Tax departments withdrew 6,599 appeals from tribunals, courts: Govt

New Income Tax Bill set for discussion in monsoon session: Sitharaman

Govt slaps Samsung with $601 million tax demand for telecom imports

India proposes to remove 6% Google tax from April 1, a day before Trump's retaliatory tariffs come into effect

PwC may submit report on IndusInd's accounting discrepancies on Mar 28

Unclaimed deposits over Rs 78,000 crore! New simplified process for account holders, nominees soon to retrieve money

RBI raises 'priority sector' cap: Home loans up to Rs50L

IMF asks Indian banks to adopt global norms for credit risk management

Sebi sets up high-level panel to review conflict of interest in top ranks

FinMin launches BAANKNET, e-BKray to enhance PSU bank e-auctions

Sebi extends suspension of trading in 7 commodity derivatives until Mar 2026

35 cartel cases under CCI radar in the last five years: FM Sitharaman

Over 9 mn updated I-T returns filed, ₹9,118 cr additional taxes mobilised

Now get Aadhaar multi-language services via AI voice to detect fraud

SC allows audit regulator's proceedings against CAs

Big Five auditors object to NFRA’s functioning

Shriram General wins fraud case, MP HC orders SIT probe into nexus

Firms with Rs 250 cr turnover rush to join TReDS before March 31 deadline

India imposes anti-dumping duty on 5 Chinese goods including aluminium foil

GST crackdown! DGGI blocks 357 offshore e-gaming sites to curb tax evasion ahead of IPL 2025

PLI scheme for textiles being implemented nationwide: Ministry of Textiles

No point unsettling system, FPIs should accept current taxation: Sebi chief

Extend interest subsidy till rollout of export promotion mission, says Parliament panel

Expand PLI scheme to labour sectors: Parliamentary committee to govt

Sebi removes over 70,000 misleading social media posts and handles since October last year

SEBI cracks down on firms diverting funds for personal use

RBI imposes penalty on Citibank, IDBI Bank

No tax demand can be raised after resolution plan approval, says SC

NRIs getting income tax notices for claiming lower tax rate benefit under DTAA; Know how to resolve this situation

Exports from SEZs and EOUs till Feb 5 eligible for Rodtep scheme benefits

UPI apps must get user consent for seeding or porting UPI numbers: NPCI

UPI services will be unavailable for some users from April 1; check here

Govt replaces 'certificate' with 'proof' in Rules of Origin regulations

Sebi proposes key changes for EBP, RFQ platforms to strengthen debt market

Unified Pension Scheme: PFRDA notifies UPS new rules, applicable from April 1, 2025

New India Assurance gets Rs 124.98 cr demand notice from Income Tax dept

Indranil Bhattacharyya appointed as new executive director of RBI

Mere ‘legal’ owner of property needn’t pay cap gains tax: ITAT

Sebi allows storage, access of demat, mutual fund holdings in DigiLocker. Check 4 benefits

  

Budget News:

Relief for taxpayers in income tax search and requisition cases as government amends the Finance Bill 2025

Taxmen to assess only undisclosed income in search cases: Finance Bill

Supplementary FAQs for the Finance Bill, 2025

Lok Sabha passes Finance Bill 2025 with 35 amendments, Rajya Sabha next

Lok Sabha to resume discussion on Finance Bill

  

International News:

Internal auditors want role in US's AI action plan

US Fed's wait-and-see approach gives respite to tariff-struck investors

PCAOB names advisory group members

US Fed holds interest rates steady amid projected growth slowdown

---

Exposure Drafts:

SEBI Drafts:

Consultation paper on facilitation to SEBI registered Stock Brokers to undertake securities market related activities in Gujarat International Finance Tech-city – International Financial Services Centre (GIFT-IFSC) under a Separate Business Unit (SBU)
[Last date for Comments: April 11, 2025] 

Consultation paper on review of provisions pertaining to Electronic Book Provider (EBP) Platform and Request For Quote (RFQ) Platform
[Last date for Comments: April 10, 2025] 

Consultation Paper on certain Amendments to SEBI (ICDR) Regulations, 2018, (“ICDR Regulations”) and SEBI (SBEB & SE) Regulations, 2021,(“SBEB Regulations”)
[Last date for Comments: April 10, 2025] 

---

Acts & Regulations:

RBI Master Directions:

Master Direction – Reserve Bank of India (Prudential Norms on Capital Adequacy for Regional Rural Banks) Directions, 2025

Master Directions - Reserve Bank of India (Priority Sector Lending – Targets and Classification) Directions, 2025

  

IFSCA Regulations:

Consolidated IFSCA (Registration of Factors and Registration of Assignment of Receivables) Regulations, 2024
(amended up to February 13, 2025)

---

Useful Forms:

ITR eFiling Utilities for AY 2024-25:

ITR 2 - Excel Utility has been updated

 

Income Tax eFiling Utilities:

The following Schemas have been updated:

Form 10B (A.Y. 2023-24 Onwards)
Form 29B
Form 29C

---

From the ICAI:

ICAI Publication - GST:

Guide to CA Certificates in GST [Revised - December 2024]

  

ICAI FAQs:

FAQs on SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015
(Revised January 2025 Edition)

FAQs on Unique Document Identification Number (UDIN) - 5th Edition (Revised in January, 2025)

---

International Content:

PCAOB Reference Material:

PCAOB Spotlight Report
Considerations for Audit Firms Using the Work of Specialists
[February 2025]

---

Legal Updates:

Income Tax:

The Income-tax (Sixth Amendment) Rules, 2025 - Amendment of Income tax Rules to provide for safe Harbour Rules u/s 92CB for AY 2025-26 [Notification No.21]

  

GST:

Advisory: Issue in filing applications (SPL 01/SPL 02) under waiver scheme

  

MSME:

Revision of Definition of MSMEs

  

IBBI:

IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Amended upto 03.02.2025)

IBBI (Inspection and Investigation) Regulations, 2017 (Amended upto 29.01.2025)

IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017 (Amended upto 29.01.2025)

IBBI (Voluntary Liquidation Process) Regulations, 2017 (Amended upto 29.01.2025)

IBBI (Liquidation Process) Regulations, 2016 (Amended upto 29.01.2025)

IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 (Amended upto 29.01.2025)

  

RBI:

Gold Monetization Scheme (GMS), 2015 - Amendment

Priority Sector Lending Certificates

Review of Priority Sector Lending (PSL) Target – Urban Co-operative Banks (UCBs)

Currency Chest operations on March 31, 2025

Treatment of Right-of-Use (ROU) Asset for Regulatory Capital Purposes

Amortisation of additional pension liability - Implementation of Pension Scheme in RRBs with effect from November 1, 1993 - Prudential Regulatory Treatment

RBI (Financial Statements - Presentation and Disclosures) Directions, 2021: Clarifications

  

SEBI:

Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2025

SEBI (Credit Rating Agencies) (Amendment) Regulations, 2025

SEBI (Intermediaries) (Second Amendment) Regulations, 2025

Advisory to SEBI Registered Intermediaries- Uploading advertisements on Social Media Platforms (SMPs) [Press Release]

Industry Standards on “Minimum information to be provided for review of the audit committee and shareholders for approval of a related party transaction”

Facilitating ease of doing business relating to the framework on “Alignment of interest of the Designated Employees of the Asset Management Company (AMC) with the interest of the unitholders”

Disclosure of holding of specified securities and Holding of specified securities in dematerialized form

Online Filing System for reports filed under Regulation 10(7) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

  

DGFT:

Seeking comments on proposal to make GST E-Invoices received through GSTN to DGFT BO portal mandatory for claiming Deemed Export Benefits under FTP pursuant to the provisions of Para 1.07A and B of FTP 2023 [Trade Notice No.35]

Extension of RoDTEP for AA/SEZ/EOU upto 5.2.2025 [Notification No.66]

Extension of the last date for filing Annual RoDTEP Return (ARR) for Financial Year 2023-24 [Public Notice No.51]

Review of SIONs pertaining to Automobile tyres [Trade Notice No.34]

  

Customs:

Notification of Navi Mumbai International Airport & Noida International Airport u/s. 7(1)(a) of Customs Act, 1962" and it was issued under Section 7(1)(a) of Customs Act, 1962 [Notification No.15(NT)]

Seeks to levy anti-dumping duty on imports of 'Acrylic Solid Surfaces' imported from China PR for a period of 5 years, on the recommendations of DGTR [Notification No.7(ADD)]

Seeks to impose Anti-dumping duty on Roller Chains, originating in, or exported from China PR [Notification No.6(ADD)]

Clarification on the scope of the Camera Module of Cellular Mobile Phones [Circular No.8]

Seeks to amend notification No. 27/2011-Customs dated 01.03.2011 to withdraw the export duty of 20% on Onion (HS 0703 10) from 1 St April, 2025 [Notification No.19]

ADD on Poly Vinyl Chloride Paste Resin originating in or exported from China PR, Korea RP, Malaysia, Norway, Taiwan and Thailand [Notification No.5(ADD)]

Seeks to amend notification No. 09/2012-Customs, dated 09.03.2012 to provide for variance in height of re-imported diamonds [Notification No.18]

---