Weekly Newsletter - July 16, 2025
Latest additions to CAalley:
Exposure Drafts:
Acts & Regulations:
CA's Referencer:
Income Tax Reference Materials
Useful Forms:
ITR eFiling Utilities for AY 2025-26
From the ICAI:
International Content:
Legal Updates:
News Update:
Sebi renews MCX Clearing Corporation’s recognition for 3 years
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
40K taxpayers withdraw bogus claims worth ₹1,045 cr as I-T dept cracks down
New GST scam alert: Officials selling traders’ data to rivals for monetary gains, alleges CAs body
SC dismisses retrospective integrated GST demand on aircraft repairs abroad
Cash may return as king as small vendors shun UPI
Using UPI data, govt cracks down on unregistered traders to boost GST revenue
Fake tax deductions: What taxpayers must know as I-T Dept launches raids
Income Tax raids across 200 locations over fake political donation claims
ITR filing last date for FY 2024-25 is not same for all
EPFO grievance portal: Step-by-step guide to raise and track complaints
Jane Street seeks Sebi nod to remove trading ban after depositing Rs 4,843 crore
India should avoid rushing for trade pact with US, warn experts
Air India crash: Victims entitled to compensation, regardless of fault
Delhi HC stays Rs 1,140 crore tax demand against Oyo
EY launches AI academy to boost GenAI skills across Indian industries
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
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
US audit watchdog sanctions Canadian accounting firm Raymond Chabot Grant Thornton LLP
PCAOB Fines Illinois Firm $50,000 Over Failures in 17 Broker-Dealer Audits
IAASB revises auditor fraud standard
PCAOB Shares Good Practices for Auditors on Engagement Acceptance
AICPA proposes to toughen auditors' responsibilities for spotting fraud
Exposure Drafts:
Draft Directions related to Closure of Shipping Bills in the Export Data Processing and Monitoring System (EDPMS)
[Last date for Comments: July 31, 2025]
Consultation Paper for reporting and clearing of Over-The-Counter (OTC) Derivatives in IFSC
[Last date for Comments: August 5, 2025]
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]
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]
Draft Internal Compliance Programme Document for adoption by Industry for export of dual use(SCOMET) items
[Last date for Comments: July 24, 2025]
IFRS® Accounting Standard - Post-implementation Review
IFRS 16 Leases
[Last date for Comments: October 15, 2025]
Acts & Regulations:
Master Circular for Infrastructure Investment Trusts (InvITs)
Master Circular for Real Estate Investment Trusts (REITs)
Master Circular for Credit Rating Agencies (CRAs)
Master Circular for ESG Rating Providers (ERPs)
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:
Expert Panel for addressing queries related to Statutory Audit pertaining to auditing aspects
International Content:
Legal Updates:
IREDA bonds notified as 'long-term specified asset' [Notification No.73]
GST Portal is now enabled to file appeal against waiver order (SPL 07)
Withdrawal of Form IP-1 for assignments under IBC Processes
Clarification regarding Export of "Organic Textiles" [Circular No.1]
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)]
