Important Links
Indian News
- GSTR-3B filing to tighten: GSTN to lock monthly tax form from July 2025, changes allowed only via GSTR-1A
- RBI's T Rabi Sankar joins 16th Finance Commission as part-time member
- GST returns to become time-barred after 3 years starting July tax period
- Self-audit within 3 mths: CCPA's advisory to ecom firms on dark patterns
- Infosys gets relief as DGGI drops Rs 32,403 crore GST demand notice
- No plans to raise foreign ownership cap in banks beyond 15%: RBI Governor
- RBI reschedules next MPC meeting to August 4–6; cites administrative exigencies
- RBI eases gold loan 'value' norms for small borrowers
- RBI to cut CRR by 100 bps in four tranches to boost liquidity, effective Sept
- RBI MPC opts for a 'jumbo' rate cut to bring repo rate down to 5.5%, switches to neutral gear
- Irdai chief post vacant since March, reforms stall
- ITR filing FY 2024-25: Taxpayers take note! These 7 changes in new ITR forms excel utilities are important
- Form 16 changes: Higher standard deduction for these taxpayers, and other changes in Form 16 for FY 2024-25 (AY 2025-26)
- Sebi clears IPOs worth Rs 20k crore after listing lull
- PSU banks to set up common platform for debt recovery
- RBI may introduce bank-like rate norms for NBFCs to plug policy gaps
- EPF withdrawals via ATM, instant UPI as EPFO 3.0 likely to roll out in June 2025
- ICAI to review fin statements of IndusInd
International News
- Russia cuts interest rate by 100 bps from 20-year high; warns tight policy will stay
- ECB trims rates: Cuts benchmark rates by 25 bps amid Trump tariff risks; growth path now hinges on trade talks
- ISACA introduces new Advanced in AI Audit Certification
- FASB releases standard on share-based consideration
- 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
- PwC axes 1,500 jobs in the US amid low attrition and slow growth
- PCAOB wants examples of Critical Audit Matters
- Report: AI and the Future of the Global Chartered Accountancy Profession
- FASB proposes guidance on accounting for debt exchanges
- PCAOB releases new machine-readable audit inspection datasets
- Nearly 6 out of 10 workers admit making AI-fueled errors
- FRC publishes 2024/25 insights on structured digital reporting
- PCAOB Adds New Resources on Quality Control Standard
- PCAOB chair fights proposal to shut down audit regulator
- [US] Republican proposal to abolish PCAOB sparks debate
- IAASB tweaks standards on outside experts
- Why going paperless is now a strategic move for accountancy firms
Taxation Laws Update
- Income Tax Notification No.49: ITR U for AY 2025-26 notified
- Customs Notification No.34(NT): Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver
- Customs Instruction No.10: Arrest Report and Incident Report (where arrest not made) – revised formats
- Customs Update - May 12, 2025
- Income Tax Notification No.46: ITR 7 for AY 2025-26 notified
- Customs Update - May 9, 2025
- GST Advisory: Updates in Refund Filing Process for Recipients of Deemed Export
- Income Tax Notification No.45: ITR Form V notified
- Income Tax Notification No.44: ITR 6 for AY 2025-26 notified
- Income Tax Notification No.43: ITR 2 for AY 2025 26 notified
- Income Tax Notification No.42: ITR 5 for AY 2025-26 notified
- CGST Instruction No.5: Timely production of records/information for audit
- CGST Instruction No.4: Grievance Redressal Mechanism for processing of application for GST registration
- Customs Notification No.33(NT): Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver
- Customs Update - May 2, 2025
- Income Tax Notification No.41: ITR 3 for AY 2025-26 notified
- Central Excise Order No.4: Re-assignment of appeals pending in Kolkata Zone
- Customs Update - April 30, 2025
- Income Tax Notification No.40: ITR Form 1 and 4 for the AY 2025-26 notified
- GST Notification: The GST Appellate Tribunal (Procedure) Rules, 2025
- Income Tax Clarification: FAQs on Notification No.38/2025
- Income Tax Clarification: FAQs on Notification No.36/2025
- Income Tax Notification No.38: Deduction to be disallowed for settlement proceedings under specified laws
- Income Tax Notification No.36: TCS on purchase of luxury goods
- Income Tax Notification No.35: Amendment to Form No.27EQ of the Income Tax Rules, 1962
Corporate Laws Update
- IBBI Notification: IBBI (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2025
- IBBI Notification: IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) (Amendment) Regulations, 2025
- SEBI Circular: Accessibility and Inclusiveness of Digital KYC to Persons with Disabilities
- IFSCA Circular: Participation of IFSC Banking Units in international payment systems
- IFSCA Circular: Framework to facilitate Co-investment by Venture Capital Scheme and Restricted Scheme
- SEBI Rules: Securities Contracts (Regulation) Rules, 1957
- MCA Notification: The Companies (Accounts) Amendment Rules, 2025
- MSME Notification: Revision of Definition of MSMEs
- SEBI Circular: Norms for Internal Audit Mechanism and composition of the Audit Committee of MIIs
- SEBI Circular: Securities Contracts (Regulation) Amendment Rules, 2025
- DGFT Update - May 20, 2025
- SEBI Circular: Review of provisions pertaining to EBP platform to increase its efficacy and utility
- SEBI Circular: Simplification of operational process and clarifying regarding the cash flow disclosure in Corporate Bond Database
- SEBI Circular: Extension of timeline for implementation of Measures to address regulatory arbitrage wrt ODIs and FPIs
- SEBI Circular: Rating of Municipal Bonds on the Expected Loss (EL) based Rating Scale
- SEBI Circular: Composition of the Internal Audit team for CRAs
- SEBI Circular: Investor Charter for Registrars to an Issue and Share Transfer Agents
- SEBI Circular: Extension of timeline for complying with the certification requirement for the key investment team of the Manager of AIF
- CCI Notification: CCI (Determination of Cost of Production) Regulations, 2025
- RBI Circular: RBI (Digital Lending) Directions, 2025
CA's Referencer
- CA's Referencer: CBDT Central Action Plan 2025-2026
- CA's Referencer: NFRA Auditor-Audit Committee Interaction Series 3 - Related Parties
- CA's Referencer: NFRA Auditor-Audit Committee Interaction Series 2 - Audit Strategy and Planning
- CA's Referencer: CBDT Guide for Departmental Officers: Assessment of Charitable / Religious Trusts and Institutions
- CA's Referencer: NFRA Auditor-Audit Committee Interaction Series 2 – Audit of Accounting Estimates and Judgments - Income Taxes - Ind AS 12
- CA's Referencer - Income Tax: List of banks for tax payments available at e-Pay Tax service at e-Filing Portal
- CA's Referencer: RBI Handbook on Regulations at a Glance
- CA's Referencer - SEBI: Formats of Due Diligence Certificate to be Given by the Debenture Trustee
- CA's Referencer: NFRA Auditor-Audit Committee Interaction Series 1 – Accounting Estimates - Expected Credit Losses
- Withholding Tax Rates
- Treatment of Income from Different Sources - For AY 2025-26
- TDS Rates - For AY 2025-26
- TDS on transfer of certain immovable property - AY 2025-26
- Tax rates as per IT Act vis a vis Tax Treaties
- Income Tax Rates - AY 2025-26 and 2024-25
- Income Tax Penalities & Prosecution - AY 2025-26
- Income Tax Benefits Available to Small Businessmen - For AY 2025-26
- Income Tax Benefits Available to Salaried Persons - For AY 2025-2026
- Income Tax Benefits Available to Non- Residents - For AY 2025-26
- Income Tax Benefits Available Only To Individuals & HUFs - For AY 2025-26
- Income Tax Benefits Available Exclusively to Resident Persons and Indian Companies - For AY 2025-26
- Income Tax - Various Threshold Limits - AY 2025-26
- Income Tax - Periods of Limitation - AY 2025-26
International Content
International Financial Reporting Standards (IFRS)
IFRS Sustainability Disclosure Standards
Reference Updates
- ICAI Publication: Handbook on Exempted Supplies under GST
- ICAI Publications: Background Material on GST - Volume 1 & 2
- ICAI: Reference Materials for "New Formats for Financial Statements":
- FRC Reference Material: Guidance on the Going Concern Basis of Accounting and Related Reporting
- ICAI Publication - Ind AS: Study on Compliance of Financial Reporting Requirements (Ind AS Framework) - Volume-III
- ICAI Booklet For ICAI Members on Bank Audit UDIN
- ICAI FAQs: Unique Document Identification Number (Revised in January, 2025)
- PCAOB Reference Material: Considerations for Audit Firms Using the Work of Specialists
Acts / Regulations & FAQs
IBBI Acts / Regulations & IBBI FAQs
SEBI Acts / Regulations & SEBI FAQs
IFSCA Acts / Regulations / FAQs
Exposure Drafts
- IAASB Exposure Draft: Proposed Narrow-Scope Amendments to IAASB Standards Arising from the IESBA’s Using the Work of an External Expert Project
- IBBI invites suggestions on all Regulations notified under the IBC, 2016 with an aim to simplify, ease and reduce cost of compliance
- FASB Exposure Draft: Invitation to Comment - Agenda Consultation
