Daily Newsletter - July 11, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

RBI Draft

IFSCA Drafts

CA's Referencer:

Income Tax Reference Materials

Useful Forms:

ITR eFiling Utilities for AY 2025-26

From the ICAI:

ICAI Announcement

Legal Updates:

Income Tax

RBI

Customs

News Update:

Indian News:

RBI imposes penalty on HDFC Bank, Shriram Finance

NSE, BSE issue advisory to bond investors. Here are 10 things to know

Trade agreement between India, four-nation EFTA to kick in from Oct

IREDA bonds get tax-exempt status, helping investors save on capital gains

Aadhaar deactivated due to this reason? Step-by-step procedure to reactivate Aadhaar number

Your EPF account to get 8.25% interest credit this week: 4 ways to check provident fund interest credit, balance

ITR-2 and ITR-3 excel utility released by Income Tax Department

US flags India's dairy import rules at WTO, calls them 'trade barriers'

How digital technology platforms are lubricating the NPA disposal process

No slips, no forms: Aadhaar e-KYC now live for Post Office RD, PPF

India revises proposed retaliatory duties against US over steel, aluminium tariffs in WTO

Trump backs Russia sanctions bill that could place 500% tariff on India

How Indians were sold on a Rs 23 lakh Golden visa that never existed

UP to become a model state in carbon credit trading: Yogi

Companies opt for direct market borrowings than bank loans

CSR spend trebles in a decade, education & health get lion's share

International News:

PCAOB Shares Good Practices for Auditors on Engagement Acceptance

AICPA proposes to toughen auditors' responsibilities for spotting fraud

Exposure Drafts:

RBI Draft:

Draft Directions related to Closure of Shipping Bills in the Export Data Processing and Monitoring System (EDPMS)
[Last date for Comments: July 31, 2025]
 

IFSCA Drafts:

Consultation Paper on appointment of Public Interest Directors on the Governing Board of Market Infrastructure Institutions
[Last date for Comments: August 2, 2025] 

Consultation Paper on the proposed modification to the Part-A of Annexure II [‘Video based Customer Identification Process (‘V-CIP’) for Indian Nationals’] of the International Financial Services Centres Authority (Anti Money Laundering, Counter-Terrorist Financing And Know Your Customer) Guidelines, 2022
[Last date for Comments: August 1, 2025] 

Consultation Paper on Master Circulars for Capital Market Intermediaries in the IFSC
[Last date for Comments: July 21, 2025] 

CA's Referencer:

Income Tax Reference Materials:

List of benefits available to Salaried Persons - AY 2026-27

Benefits available only to Individuals & HUFs - AY 2026-27

Benefits available exclusively to Resident Persons and Indian Companies --AY 2026-27

List of benefits available to Small Businessmen - AY 2026-27

Benefits available to Non- Residents - AY 2026-27

Useful Forms:

ITR eFiling Utilities for AY 2025-26:

The following ITR eFiling Utilities have been released:
ITR 2 & ITR 3
Excel Utility
Schema
Validations

The following Validations have been updated:
ITR 1 & ITR 4

From the ICAI:

ICAI Announcement:

Expert Panel for addressing queries related to Statutory Audit pertaining to auditing aspects

Legal Updates:

Income Tax:

IREDA bonds notified as 'long-term specified asset' [Notification No.73]

RBI:

Lending Against Gold and Silver Collateral - Voluntary Pledge of Gold and Silver as Collateral for Agriculture and MSME Loans

Basel III Capital Regulations – External Credit Assessment Institutions (ECAIs) – CareEdge Global IFSC Limited

Customs:

Amendment in Import Policy of specified items covered under Chapter 71 of ITC (HS) 2022 of Schedule-I (Import Policy) [Instruction No.22]

Seeks to amend notification No. 37/2020-Customs (ADD), dated the 11th November, 2020 to extend the levy of Anti-Dumping duty on 'Clear Float Glass' originating in or exported from Malaysia, up to and inclusive of 10th February, 2026 [Notification No.22(ADD)]