Daily Newsletter - June 16, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

ICAI Exposure Draft

SEBI Draft

Acts & Regulations:

RBI Master Circular/Directions

Legal Updates:

Income Tax

MCA

IFSCA

RBI

Customs

News Update:

Indian News:

How One Email ID and 4 Fake Firms Led to ₹14 Cr GST Scam in Delhi

Paid tax abroad? Here’s how to claim foreign tax credit in India

No more Aadhaar photocopies: UIDAI plans to launch app-based verification via QR code

Charitable and religious trusts, institutions to face increased Income Tax Scrutiny

NFRA slaps notices on IndusInd Bank auditors

Sebi member raises concerns over valuation practices

CBI files FIR against Supertech, promoter RK Arora for allegedly defrauding IDBI Bank of Rs 126.07 crore

Sitharaman to hold key meetings with I-T, GST, customs officers

Operation Chakra-V: CBI raids 10 locations across Mumbai, Pune, Nashik, Delhi, Hisar, Lucknow for crackdown on cyber-enabled financial crimes

CBDT probes ‘evasion’ via crypto investments

IndusInd Bank recommends Borkar & Muzumdar as joint statutory auditor to shareholders after RBI nod

CAG engaging CA firms will not compromise auditor's independence, says ICAI

Reduce time lag between financial results and annual reports: Sebi to CFOs

CBI arrests U.P. CGST superintendent in bribery case

Companies have to file annual returns, disclosures for FY25 in new web-based forms

CBI arrests top IRS officer Amit Kumar Singal for accepting bribe of ₹25 lakh

Income Tax department is cross-verifying claims in real time; You’ve been warned

International News:

ICAEW shares lessons learned to boost audit quality

Exposure Drafts:

ICAI Exposure Draft:

Exposure Draft on proposed Guidelines for Overseas Network for public comments
[Last date for Comments: June 27, 2025] 

SEBI Draft:

Consultation paper on draft circular mandating periodic disclosure requirements for Securitised Debt Instruments (SDIs)
[Last date for Comments: July 7, 2025]
 

Acts & Regulations:

RBI Master Circular/Directions:

Master Circular - Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs)

Master Direction - Know Your Customer (KYC) Direction, 2016 (Updated as on June 12, 2025)

Master Direction – Import of Goods and Services (Updated as on June 13, 2025)

Master Direction – Export of Goods and Services (Updated as on April 29, 2025)

Legal Updates:

Income Tax:

Guidelines for compulsory selection of returns for Complete Scrutiny during the FY 2025-26

MCA:

MCA 21 V3 Presentation on Company module –Lot-3 forms 14th July 2025 Go-Live

IFSCA:

Fee structure for KYC Registration Agencies in IFSC

RBI:

Import of Shipping Vessel - Relaxation

Customs:

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.43(NT)]