Weekly Newsletter - July 8, 2026

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

IBBI Drafts

IFSCA Draft

FASB Draft

Acts & Regulations:

RBI Directions

IBBI Regulations

Legal FAQs:

Income Tax FAQs

Useful Forms:

ITR eFiling Utilities for AY 2026-27

Tech Zone – Simplifying Technology for CAs:

Tech-Zone Series - New Article

Legal Updates:

Income Tax

GST

MCA

IBBI

SEBI

IFSCA

IRDAI

DGFT

Customs

Central Excise

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News Update:

Indian News:

NFRA raises bar for audit sign-offs, says uncorrected errors can distort financial statements

Big 4 scores a win as ICAI pauses 'global networking norms'

ICAI may pause global network guidelines to address stakeholder concerns

Three top executives resign from Axis Bank as lender rejigs leadership

SEBI Restores Exchange-Based Open Market Share Buybacks from Aug 1

Sebi notifies changes to FPI regulations, mandates fee payment in INR

RBI reiterates call for crypto curbs; tax department warns of evasion risks

CBI chargesheets 7 in RCFL bank fraud case

External agency can't record findings against lawyer: SC

Missed your term insurance premium? Here's what happens to your policy, claim, and life cover

CBDT clarification: Nil or lower TDS certificate and existing tax benefits under Income Tax Act, 2025

NFRA begins probe into Rajesh Exports revenue misstatement case

Kolhapur CGST arrests alleged mastermind of Rs 10.6 crore fake ITC racket

SEBI said to ease short stocks by nearly doubling those eligible for borrowing

ITR utility updated: New 'other income' column added under exempt income schedule; here's what it means

ITAT allows Section 54 relief despite a 3-year delay

EPFO ends UAN activation on member portal: Here's how to do it now

Income Tax: Can you claim bad debt deduction during recovery? ITAT explains

India-UK trade pact origin rules notified ahead of July 15 rollout

SEBI proposes INR-based registration fee payment for FPIs, FVCIs to simplify processes

Why India’s Central Bank Wants Crypto Out of the Banking System?

RBI imposes ₹66.7 lakh penalty on Bank of Baroda, GIC Housing Finance

Tax department steps up scrutiny of charitable trusts over disclosure mismatches

To avoid legal battles, ED settles 150 Fema cases with RBI nod

AI was meant to cut costs. Why is it becoming the biggest new expense?

SC sets motor accident compensation rules: ITR may decide payment

PF above ₹1,800 now formally voluntary: What changes under EPF Scheme 2026

Temporary-status govt workers can get pension without regularisation: SC

Sebi bars 222 individuals, entities for 'manipulation' in five companies

 

International News:

[PCAOB] New auditor ethics rule will reshape malpractice litigation

Tokenised Assets: Why Standards Alone Won't Save the Audit File

KPMG scandal sparks push to mandate 10-year audit tenders

FASB proposes changes in investment company reporting

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Exposure Drafts:

IBBI Drafts:

Discussion Paper - Strengthening the Regulatory Framework - Amendments to CIRP Regulations, Liquidation Regulations and PG to CD Regulations
[Last date for Comments: July 22, 2026] 

Discussion Paper on Strengthening Resolution Outcomes in Real Estate Insolvency
[Last date for Comments: July 21, 2026] 

 

IFSCA Draft:

Revised Draft IFSCA (Setting up and Operation of International Branch Campuses) Regulations, 2026
[Last date for Comments: July 10, 2026] 

 

FASB Draft:

Proposed Accounting Standards Update
Fair Value Measurement (Topic 820)
Investment Companies with Equity Securities Subject to Contractual Sale Restrictions
[Last date for Comments: July 17, 2026] 

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Acts & Regulations:

RBI Directions:

Updated as on July 1, 2026:

RBI (Commercial Banks – Responsible Business Conduct) Directions, 2025

RBI (Small Finance Banks – Responsible Business Conduct) Directions, 2025

RBI (Local Area Banks – Responsible Business Conduct) Directions, 2025

RBI (Regional Rural Banks – Responsible Business Conduct) Directions, 2025

RBI (Urban Co-operative Banks – Responsible Business Conduct) Directions, 2025

RBI (Rural Co-operative Banks – Responsible Business Conduct) Directions, 2025

RBI (All India Financial Institutions – Responsible Business Conduct) Directions, 2025

RBI (Non-Banking Financial Companies – Responsible Business Conduct) Directions, 2025

 

RBI (Local Area Banks – Resolution of Stressed Assets) Directions, 2025

RBI (Urban Co-operative Banks – Resolution of Stressed Assets) Directions, 2025

RBI (All India Financial Institutions – Resolution of Stressed Assets) Directions, 2025

RBI (Non-Banking Financial Companies – Resolution of Stressed Assets) Directions, 2025

 

RBI (Local Area Banks – Income Recognition, Asset Classification and Provisioning) Directions, 2025

 

IBBI Regulations:

IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Amended upto 02-06-2026)

IBBI (Liquidation Process) Regulations, 2016 (Amended upto 02-06-2026)

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Legal FAQs:

Income Tax FAQs:

Clarificatory FAQs related to transition provisions under Section 536 of the Income-tax Act, 2025 (Repeals and Savings)

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Useful Forms:

ITR eFiling Utilities for AY 2026-27:

Released on July 7, 2026
ITR 5 - Excel Utility & Schema

Updated as on July 1, 2026:
Common Offline Utility (ITR 1,2,3 and ITR 4)
• Utility
• Utility for MAC

Updated as on June 30, 2026:
ITR 1 / 2 / 3 / 4 - 
• Excel Utility
• Schema

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Tech Zone – Simplifying Technology for CAs:

Tech-Zone Series - New Article:

Tech-Zone Series: Excel ITR Filing Mastery: Practical Hacks Every CA Needs This Season

Part 3A: Smart Final Verification with Microsoft Copilot

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Legal Updates:

Income Tax:

Clarification on the safe harbour rules for sale of rough diamonds in special notified zones (SNZs) [Circular No.5]

CBDT Notifies Non-Deduction of TDS on Lease Rent Paid to IFSC Ship Leasing Units [Notification No.75]

CBDT Notifies Non-Deduction of TDS on Lease Rent Paid to IFSC Aircraft Leasing Units [Notification No.74]

Condonation of delay in filing Form No. 10AB electronically for approval under clause(ii) of the first proviso to section 80G(5) of the Income-tax Act, 1961 [Circular No.6]

  

GST:

Notification extending GSTAT due date for filing appeals to Appellate Tribunal to July 31, 2026

FAQs on Mandatory Capture of Ship-to Field and Voluntary Closure of E-Way Bill, 2026

  

MCA:

Extension of Companies Compliance Facilitation Scheme, 2026 (CCFS2026) up to 31st August 2026 [Circular No.3]

  

IBBI:

Panel of IPs for appointment as IRP, liquidator, RP and BT, for the period from July 1 to December 31, 2026

Panel of IPEs as IPs for appointment as IRP, liquidator, RP and BT, for the period from July 1 to December 31, 2026

  

SEBI:

Review of norms for utilization of interest or income from IPF of the Depositories

SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2026

SEBI (Custodian) (Amendment) Regulations, 2026

SEBI (Mutual Funds) (Amendment) Regulations, 2026

SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) (Amendment) Regulations, 2026

SEBI (Buy-Back of Securities) (Amendment) Regulations, 2026

Handling of Client’s Unpaid Securities by Trading Members

  

IFSCA:

Amendment to the Circular titled Internet banking services to clients of IBUs – Review

  

IRDAI:

Extension of Transitional Arrangements for Payment of Annual Fee and Issuance of Certificate of Registration

  

DGFT:

Extension in the validity of TRQ Authorisation for import of gold under India-UAE CEPA (Tariff Head 7108) issued in FY 2025-26, till 30.09.2026 [Public Notice No.18]

Review and re-allocation of allocated Export Quota of Wheat flour and related products [Trade Notice No.10]

Amendments to the Guidelines for Trade Regulations, Accreditation and Compliance Enablement under Export Promotion Mission (EPM) - Niryat Disha [Trade Notice No.9]

Amendment to Guidelines for Market Access Support under Export Promotion Mission (EPM) — Niryat Disha [Trade Notice No.8]

  

Customs:

Notification to give effect to provisions relating to temporary admission of animals under the India-UK CETA [Notification No.24]

Customs Tariff (Determination of Origin of Goods under the Comprehensive Economic and Trade Agreement between India and the United Kingdom of Great Britain & Northern Ireland) Rules, 2026 [Notification No.62(NT)]

Extends levy of anti dumping duty on "Seamless Tubes, Pipes and Hollow Profiles of Iron, Alloy or Non-Alloy Steel" originating in or exported from China PR, up to and inclusive of 27th January, 2027 [Notification No.16(ADD)]

The Sea Cargo Manifest and Transshipment (Second Amendment) Regulations, 2026 [Notification No.61(NT)]

 

Seeks to continue anti dumping duty on imports of ‘Normal Butanol’ or ‘N-Butyl Alcohol’ originating in or exported from Malaysia, South Africa and United States of America for 5 years [Notification No.15(ADD)]

Seeks to provide for provisional assessment of of imports of 'Glufosinate and it salt' originating in or exported from People’s Republic of China pursuant to initiation of anti absorption investigation [Notification No.14(ADD)]

Seeks to provide for provisional assessment of of imports of 'Insoluble Sulphur' originating in or exported from People’s Republic of China pursuant to initiation of anti absorption investigation [Notification No.13(ADD)]

Pan- India implementation of the Sea Cargo Manifest and Transshipment Regulations(SCMTR), 2018 [Circular No.29]

 

Provisional assessment and furnishing of guarantee in respect of imports of “Glufosinate and its salt” originating in or exported from China PR [Instruction No.13]

Provisional assessment and furnishing of guarantee in respect of imports of “Insoluble Sulphur” originating in or exported from People’s Republic of China [Instruction No.12]

  

Central Excise:

Seeks to amend Rule 18 and Rule 19 of Central Excise Rules, 2017 [Notification No.3(NT)]

 

Seeks to amend Notification No. 08/2026-Central Excise dated 26.03.2026 to revise the SAED rate on exports of ATF outside India [Notification No.37]

Seeks to amend Notification No. 06/2026-Central Excise dated 26.03.2026 to revise the SAED rates on exports of petrol and diesel outside India [Notification No.36]

Seeks to amend Notification No. 04/2019-Central Excise dated 06.07.2019 to extend exemption from RIC on exports of petrol and diesel made by Public Sector Oil Companies to Mauritius and Maldives [Notification No.35]

Seeks to amend Notification No. 11/2026-Central Excise dated 26.03.2026 to extend exemption from RIC on exports of petrol and diesel made by Public Sector Oil Companies to Mauritius and Maldives [Notification No.34]

Seeks to amend Notification No. 09/2026-Central Excise dated 26.03.2026 to extend exemption from SAED on exports of ATF made by Public Sector Oil Companies to Mauritius and Maldives [Notification No.33]

Seeks to amend Notification No. 06/2026-Central Excise dated 26.03.2026 to extend exemption from SAED on exports of petrol and diesel made by Public Sector Oil Companies to Mauritius and Maldives [Notification No.32]