Daily Newsletter - July 21, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Acts & Regulations:

RBI Master Directions

SEBI Master Circular

International Content:

IAASB Reference Material

Legal Updates:

GST

SEBI

Customs

News Update:

Indian News:

Property sales by NRIs: Experts explain tax rules & life without indexation

Govt may consider market study before ex-ante regulations for Big Tech

ED crossing all limits: SC on agency summoning lawyers for giving legal advice

Jane Street ban lifted by SEBI: US trading firm allowed to resume trading after $567 million deposit, says report

CoinDCX offers up to 25% recovery bounty after $44.2 mn crypto theft

Income Tax Bill 2025: 285 changes, fewer sections, no more Assessment Yr

Select Committee submits report on Income Tax Bill, 2025; seeks key edits

India changes time for release of key overnight benchmark rate

Kerala High Court Bans Use Of AI Tools In Judicial Decision-Making

PM Modi likely to sign free trade agreement during UK visit this week

GST officers detect Rs 15,851 cr fraudulent ITC claims in April-June, total 3,558 fake firms uncovered

New Income Tax Bill, 2025: Parliamentary panel report to be tabled in Lok Sabha on Monday

CoinDCX loses nearly Rs 368 crore in major crypto breach; Here’s what the CEO said about its recovery

Loan via UPI: Soon you can use UPI to withdraw money from credit line taken against property, gold, FD, share, MFs, others

UP pays for carbon credits to farmers in advance to motivate them

India-EFTA trade pact to come into force from Oct 1: Piyush Goyal

Senior bank manager dies by suicide in Pune office, cites work pressure

Eligibility criteria for life cover under EPFO scheme eased

Cash, UPI-based trade by unregistered, small biz under fresh GST scrutiny

International News:

[UK] BDO criticised by regulator over audit quality

Acts & Regulations:

RBI Master Directions:

Master Direction – Reserve Bank of India (Regulatory Framework for Microfinance Loans) Directions, 2022 (Updated as on July 17, 2025)

Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 (Updated as on July 17, 2025)

Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021 (Updated as on July 17, 2025)

SEBI Master Circular:

Master Circular for Portfolio Managers (Updated as on July 16, 2025)

International Content:

IAASB Reference Material:

ISA 570

IAASB-ISA-570 - Going-Concern (Revised - April 2025)

Basis for Conclusions

Legal Updates:

GST:

Advisory: Regarding GSTR-3A Notices issued for non-filing of form GSTR 4 to cancelled Composition Taxpayers

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

SEBI:

Gazette Notification for renewal of recognition of Multi Commodity Exchange Clearing Corporation Limited (MCXCCL)

Customs:

Seeks to amend notification No. 146/94-Customs, dated the 13th July, 1994 to omit serial number 10A [No.34]

Seeks to amend notification No. 146/94-Customs, dated the 13th July, 1994 to provide exemption on import of Horses for Polo (HS 0101 29 10) under specified condition [No.33]

Seeks to amend Notification No.130/2010- Customs dated 23.12.2010 to extend the exemption benefits to Air Canada [No.32]

Seeks to continue impositiion of ADD on Aniline originating in or exported from China PR for 5 years [No.25(ADD)]