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Weekly Newsletter - May 21, 2025

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Draft:

RBI Draft

Useful Forms:

Income Tax Return Forms

Legal Updates:

Income Tax

GST

MCA

SEBI

RBI

DGFT

Customs

 


  

News Update:

Indian News:

Stuck UPI payment on PhonePe, Google Pay, Paytm? Possible fraud prevention

India better placed than peers to weather US tariffs: Moody's Ratings

SEBI Press Release: Caution to Investors on Stock Market Scams through Social Media Platforms

One-time set-off of long-term capital loss against STCG: New income tax bill 2025 allows this from tax year 2026-27 onwards

Dubai firm vanishes overnight without a trace, Indian investors lose millions

Govt workers retiring a day before hike to get notional increment: Centre

MSME Ministry partners with Denmark Patent Office to facilitate IPR transfer to MSMEs

NFRA probes Gensol's audit books after Sebi flags fraud, ICAI review underway

New e-Zero FIR: Govt launches pilot project for swift action against cybercrimes; how it can help you

EPF changes in 2025: New form to transfer EPF account, instant UAN activation, other announcements made by EPFO that you need to know

Thinking of a partial EPF withdrawal? Here's a step-by-step guide

90 crore tax deduction approved! Delhi HC allows 54F income tax deduction for buying multiple floors

Sebi revises norms, bars managing directors from MIIs' audit committees

Govt tightens gold import rules, plugs Dubai route misuse under CEPA

CBDT notifies ITR-U: Know who can file updated return, penalty, last date to file

Weekend retreats or tax retreats? India's elite use farmland to save crores

India eyes multi-phase trade deal with US, interim pact likely before July

SC upholds use of input tax credit for mandatory GST appeal deposit

RBI proposes relaxation in norms for investment in AIFs by banks, NBFCs

Supreme Court dismisses telcos' plea for AGR waiver, says govt can help

Why can't Centre have clear cut policy on Bitcoin trade? SC asks

India to tighten rules on firms with indirect foreign ownership: Report

Sebi issues Rs 2.1 cr demand notice to absconding diamantaire Mehul Choksi

Sebi threatens 2 offshore funds holding Adani shares with penalties: Reports

Sending money home? New US bill proposes 5% tax on remittances by non-citizens

India, EU conclude another round of FTA talks; deal likely in two phases

Sebi mandates e-book mechanism for private debt securities above Rs 20 cr

Sebi eases cash flow disclosure norms in corporate bond database framework

Sebi resolves 4,239 investor complaints via SCORES portal in April

Sebi extends timeline for implementing framework on issuance of ODIs by FPIs to Nov 17

RBI penalises Deutsche Bank, YES Bank for breaching compliance norms

Inter-state fake billing nexus busted: 2 held in ₹13.41 crore GST evasion case

CGST Delhi South Commissionerate awarded BIS IS 15700:2018 Certification for Excellence in Public Service Delivery

IndusInd reveals Rs 674 crore error in microfinance books, flags 'other' asset lapse

India begins issuing chip-based e-passports in cities: All you need to know

Interest subsidy may return to help MSMEs compete in global market

Sebi bans SME firm Varyaa Creations from securities market over IPO proceeds diversion

GST is applicable on joint development of properties in this condition, rules Patna High Court; buyers must check this

Creditors recover record ₹67,000 crore via IBC in FY25, up 42% from FY24

Update your EPFO KYC information and save time and trouble: Here's how

Sebi comes out with composition of internal audit team for CRAs

GST amnesty scheme update: Do this to be eligible

Supreme Court may advise lawyers to give timeline to wrap up arguments

Bar Council of India allows foreign lawyers, firms to practice in India on reciprocity basis

  

International News:

AI recruiting has arrived for accounting. It's not enough

Accounting becomes gateway to entrepreneurship

FASB issues guidance on business combinations

KPMG rolls out AI-powered tool for mitigating tariff risks


Exposure Draft:

RBI Draft:

Draft Reserve Bank of India (Investment in AIF) Directions, 2025
[Last date for Comments: June 8, 2025] 


Useful Forms:

Income Tax Return Forms:

Income Tax Return Forms for AY 2025-26


Legal Updates:

Income Tax:

The Income-tax (19th Amendment) Rules, 2025 - ITR U for AY 2025-26 notified [Notification No.49]

  

GST:

Advisory on reporting values in Table 3.2 of GSTR-3B

  

MCA:

The Companies (Accounts) Amendment Rules, 2025

  

SEBI:

Norms for Internal Audit Mechanism and composition of the Audit Committee of Market Infrastructure Institutions

Securities Contracts (Regulation) Amendment Rules, 2025

Review of provisions pertaining to Electronic Book Provider (EBP) platform to increase its efficacy and utility

Simplification of operational process and clarifying regarding the cash flow disclosure in Corporate Bond Database pursuant to review of Request for Quote (RFQ) Platform framework

Extension of timeline for implementation of provisions of SEBI circular dated December 17, 2024 on Measures to address regulatory arbitrage with respect to Offshore Derivative Instruments (ODIs) and FPIs with segregated portfolios vis-à-vis FPIs

Rating of Municipal Bonds on the Expected Loss (EL) based Rating Scale

  

RBI:

Alteration in the name of “North East Small Finance Bank Limited” to “slice Small Finance Bank Limited” in the Second Schedule to the Reserve Bank of India Act, 1934

  

DGFT:

Harmonisation of Schedule-Il (Export Policy), ITC (US) 2022 with amendments introduced vide Finance Act, 2025 [Notification No.9]

Amendment in Import Policy and Policy Conditions of specific ITC (HS) codes under Chapter 71 of Schedule –I(Import Policy) of ITC (HS) 2022 in sync with the Finance Act 2025 [Notification No.8]

Port restriction on import of certain goods from Bangladesh to India - Insertion of a new Para 19 under ‘General Notes Regarding Import Policy’ under ITC (HS), 2022 Schedule 1 (Import Policy) [Notification No.7]

Amendments in Standard Input Output Norms (SION) A-1303 [Public Notice No.7]

  

Customs:

Port restriction on import of certain goods from Bangladesh to India – Insertion of a new Para 19 under ‘General Notes Regarding Import Policy’ under ITC (HS), 2022 Schedule 1 (Import Policy) [Instruction No.11]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.34(NT)]


  

  

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