Daily Newsletter - July 16, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

IFSCA Draft

SEBI Draft

Acts & Regulations:

IBBI Regulations

International Content:

IAASB Reference Material

Legal Updates:

Income Tax

GST

DGFT

Customs

News Update:

Indian News:

Sebi renews MCX Clearing Corporation’s recognition for 3 years

GST Amnesty Scheme update: Now you can file appeal against GST Amnesty Scheme order issued in SPL 07 form

Income Tax Dept cracks down on bogus claims of tax deductions like 80GGC; What can taxpayers do?

Delay in ITR-5, 6, 7 utilities: Brace for shorter filing window, say experts

GST revamp on the cards! PMO gives go-ahead for major overhaul

HRA exemption glitch in ITR utility: What salaried taxpayers must do

Levy of 28% GST on online money gaming flawed, firms tell Supreme Court

Issuance of preferential certificate under FTAs increases in FY25

RBI Governor hints at allowing foreign banks to own 26% in Indian banks

Company is entitled to pursue criminal case against those selling fake product : SC

RBI launches quarterly industrial outlook survey

For Elon Musk's Tesla, India is not a straight drive

MTNL defaults on ₹8,585 crore loans from seven public sector banks

Govt to soon issue new guidelines to promote exports in new markets: Goyal

International News:

US audit watchdog sanctions Canadian accounting firm Raymond Chabot Grant Thornton LLP

Exposure Drafts:

IFSCA Draft:

Consultation Paper for reporting and clearing of Over-The-Counter (OTC) Derivatives in IFSC
[Last date for Comments: August 5, 2025]
 

SEBI Draft:

Consultation Paper on review of valuation of physical gold and silver held by gold and silver Exchange Traded Funds (ETFs)
[Last date for Comments: August 6, 2025]
 

Acts & Regulations:

IBBI Regulations:

IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Amended upto 04.07.2025)

International Content:

IAASB Reference Material:

First-Time Implementaion Guide
The International Standard on Auditing of Financial Statement of Less Complex Entities (ISA for LCE)

Legal Updates:

Income Tax:

40 Notifications u/s 10(23FE) of the Income Tax Act, 1961 [Notification No.74 to 113] (in .zip format)

GST:

GST Portal is now enabled to file appeal against waiver order (SPL 07)

DGFT:

Clarification regarding Export of "Organic Textiles" [Circular No.1]

Customs:

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.46(NT)]

Seeks to amend Customs Notification No 76/2021-Customs ADD [Notification No.24(ADD)]

Seeks to amend Customs Notification No 75/2021-Customs ADD [Notification No.23(ADD)]

Ensuring adherence of Indian Standard of respective Input material of Steel and Steel Products intended for import which are notified in QCO and requires mandatory registration on SIMS portal [Instruction No.23]