caalley logoThe alley for Indian Chartered Accountants

Weekly Newsletter - July 9, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

ICAI Drafts

RBI Draft

SEBI Drafts

AICPA Draft

FRC Draft

Acts & Regulations:

RBI Master Directions

CA's Referencer:

Income Tax

From the ICAI:

ICAI FAQs

International Content:

ICAEW Reference Material

FASB Reference Material

Legal Updates:

MCA

IBBI

RBI

FEMA

Customs

DGFT

 


  

News Update:

Indian News:

RBI issues draft framework for novation of OTC derivative contracts

India plans to kickstart rare-earth magnet output to cut China dependence

Delhi govt plans one-time tax amnesty scheme to settle pre-GST disputes

Tax evasion or underreporting: CBDT sees whopping Rs 20,000 crore income tax recovery; almost double of last year

PIB flags PM Modi's deepfake video promising~1.25 lakh a day : How to be safe

Sebi denies proposal to link options with cash positions

Grandfather becomes CA at 71. Got interested while helping his granddaughter in her studies

Tax dept's AI tool 'not meant' for resolving political donation disputes

EPFO interest credit: 8.25% announced for 2024-25; process to finish this week, says Mandaviya

MCX to launch India's first electricity futures contracts on July 10

No LTCG tax on Rs 1.32 crore house bought only at Rs 45 lakh: Homebuyer wins LTCG tax exemption case at Delhi ITAT after 7 years fight

NRIs filing ITR in India should know these four income tax-related changes

Sebi proposes relaxation for AMCs opening doors for business expansion

Sebi mulls dropping word 'penalty' in actions against brokers to avoid stigma: Varshney

Trinidad & Tobago 8th country to have UPI: How to use service abroad

Sebi chief Tuhin Kanta Pandey rules out weekly expiry ban, signals tighter derivatives watch

Will ITR deadline extend again? Tax experts see further delays after ‘system failures’

CA allegedly ran Rs 750 crore fake loan app scam using shell firms, Chinese links

RBI acts tough against cyber frauds, directs all banks to use DoT’s FRI technology to protect bank customers

Sebi warning: After action against Jane Street, chairman says 'market manipulation won’t be tolerated'

Sebi action on Jane Street highlights 3 aspects of market: Uday Kotak

Jane Street disputes Sebi’s findings after Rs 4,840 crore freeze, vows to engage with regulator

How Sebi’s crackdown on Jane Street unfolded: A 15-month trail of scrutiny and ignored warnings

Kotak Mahindra Bank branch manager siphoned off Rs 31 crore of public money to gamble

Income Tax Filing: IT Dept launches ‘TAXASSIST’ to help with queries and notices | Here is how it works

India-US trade deal: 'Don't make deals based on deadlines, national interest paramount', says Piyush Goyal as Donald Trump's tariff date nears

No insurance claim for reckless driving, says SC: Read fine print carefully

At WTO, India proposes retaliatory duties against US over auto tariffs

India bars Jane Street from its securities market, citing manipulation of stock indexes

India launches anti-dumping probe into polyethylene imports from 6 nations

Frequent transfers may hit GST collections, warns AP GST association leaders

CA arrested in loan fraud case, ED says he laundered money on behalf of former CMD of UCO Bank

ICMAI wants med insurance, essential commodities under cost audit ambit

Young scammer with MCA degree uses stock market returns as bait to loot over Rs 10 crore in one month

From November 1, funds for all central schemes to come via 'Sparsh'

RBI seeks 'borrower ID' to reduce credit score errors

State-level inflation data for items likely in new CPI series

RBI bars prepayment penalty on floating rate micro, small business loans

India reviews anti-dumping duty on jute imports from Bangladesh, Nepal

Sebi opens 6-month special window for investors to re-lodge rejected physical share transfer deeds

  

International News:

PCAOB To Host Virtual Workshops To Assist Smaller Audit Firms With Implementation of New Quality Control Standard

IESBA tax planning ethics standards take effect

How technology could rewire corporate reporting

Is your audit quality at the level it needs to be?

PwC UK to reduce 175 audit roles amid market challenges


Exposure Drafts:

ICAI Drafts:

Exposure Draft - 'Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961'
[Last date for Comments: July 20, 2025] 

Draft amendments in Regulation 204 of the Chartered Accountants Regulations, 1988
[Last date for Comments: July 31, 2025] 

  

RBI Draft:

Draft Reserve Bank of India (Novation of OTC Derivative Contracts) Directions, 2025
[Last date for Comments: August 1, 2025]
 

  

SEBI Drafts:

Consultation Paper on Measures for Regulation of Activities of Credit Rating Agencies (CRAs)
[Last date for Comments: July 30, 2025]
 

Consultation Paper On Review Of Regulatory Framework On Permissible Business Activities For Asset Management Companies Under Regulation 24 Of The Sebi Mutual Funds Regulations 1996
[Last date for Comments: July 28, 2025]
 

Electronic Book Provider platform for issuance of instruments by Not for Profit Organizations on Social Stock Exchange
[Last date for Comments: July 24, 2025]
 

  

AICPA Draft:

Exposure Draft on Proposed Statement on Auditing Standards -The Auditor's Responsibilities relating to Fraud in an Audit of Financial Statements
[Last date for Comments: October 3, 2025]
 

  

FRC Draft:

Exposure draft of UK Sustainability Reporting Standards:
UK SRS S1 and UK SRS S2

[Last date for Comments: September 17, 2025]
 


Acts & Regulations:

RBI Master Directions:

Master Direction on Financial Statements - Presentation and Disclosures (Updated as on July 03, 2025)

Master Direction - Reserve Bank of India (Financial Statements of All India Financial Institutions - Presentation, Disclosure and Reporting) Directions, 2016 (Updated as on July 03, 2025)


CA's Referencer:

Income Tax:

Periods of Limitation - For AY 2026-27

Penalties - AY 2026-27

Treatment of Income from Different Sources - AY 2026-27

Gold and silver rates from 01/04/1981 - As amended by Finance Act, 2025

Various Threshold Limits under the Income Tax Act for AY 2026-27


From the ICAI:

ICAI FAQs:

FAQs on Guidance Note on Financial Statements of Non-corporate Entities


International Content:

ICAEW Reference Material:

ICAEW Code of Ethics 2025

  

FASB Reference Material:

Accounting Standards Update
Business Combinations (Topic 805) and Consolidation (Topic 810)
Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity

[May 2025]


Legal Updates:

MCA:

The Companies (CSR Policy) Amendment Rules, 2025

The Companies (Listing of equity shares in permissible jurisdictions) Amendment Rules, 2025

Lot-3 forms FAQs

  

IBBI:

The IBBI (Insolvency Resolution Process for Corporate Persons) (Fifth Amendment) Regulations, 2025

  

RBI:

RBI (Pre-payment Charges on Loans) Directions, 2025

  

FEMA:

Foreign Exchange Management (Export of Goods & Services) (Amendment) Regulations, 2025

  

Customs:

Seeks to extend CVD on Continuous Cast Copper Wire, originating in or exported from Indonesia, Malaysia, Thailand and Vietnam [Notification No.6(CVD)]

  

DGFT:

Fixation of new Standard Input Output Norms (SIONs) at SION (A-3687, A-3688 and A-3689 under ‘Chemical and Allied Product’ (Product Code ‘A’) [Public Notice No.14]


Don't miss an update!
Subscribe to our email newsletter
Important Updates