Daily Newsletter - March 26, 2025

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Latest additions to CAalley:

News Update:

Indian News

Budget News

Acts & Regulations:

RBI Master Directions

Useful Forms:

ITR eFiling Utilities for AY 2024-25

Income Tax eFiling Utilities

From the ICAI:

ICAI FAQs

Legal Updates:

Income Tax

RBI

DGFT

Customs

 

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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

  

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

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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

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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

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From the ICAI:

ICAI FAQs:

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

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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]

  

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

  

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]

  

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]

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