Weekly Newsletter - June 3, 2026

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

CCI Draft

SEBI Draft

Acts & Regulations:

RBI Master Directions

Useful Forms:

ITR eFiling Utilities for AY 2025-26

From the ICAI:

ICAI Publications - GST

Reference Section:

CA's Referencer

Tech Zone – Simplifying Technology for CAs:

Tech Zone Article

Legal Updates:

Income Tax

MCA

SEBI

DGFT

Customs

Central Excise

News Update:

Indian News:

CA firms to onboard interns under PMIS, allowed to advertise under ICAI’s revised code

Govt to cut taxes, relax bond ownership rules to attract foreign investment

Govt to phase out WPI, launch new Producer Price Index in 5 years

SEBI cancels registrations of five AIFs over reporting violations

Sebi to relax InvIT cash flow distribution rules

Lady sold apartment, took Rs 2.5 lakh cash, paid no tax, wins case in ITAT Chennai

At Big 4 firms, AI is starting to reshape the tax profession

RBI launches 2 key surveys

I-T relief over flat from dad sans gift deed

India-Oman free trade pact comes into force; exporters set to gain

Harassed by loan recovery agents? What borrowers can do under RBI rules

Why the world's wealthiest still choose Switzerland despite higher taxes

UPI security, PAN rules, tax deadline: Key financial changes from June 1

Govt plans 'AI-against-AI' approach to strengthen digital public infra

GST dept issues tax demand of ₹124 cr to Spicejet, slaps showcause notice

Mumbai businessman arrested in Rs 12cr GST fraud

Supreme Court seeks govt, RBI response to plea for audit of banks' realty exposure

Govt exempts import duty on cotton for five months till October 30

Mumbai man received tax notice over unreported income, not filing ITR; ITAT rules in his favour

Sebi slaps Rs 28.95 crore penalty on Suzlon, promoters over misleading financial disclosure

SC sets aside SAT order directing RIL to disgorge ₹447 crore

Foreign travel to cash deposits: Know where PAN is mandatory under new laws

NCLT-approved resolution plans under insolvency code decline to 225 in FY26

Corporate funding for multidisciplinary partnerships likely

Companies face tougher investor scrutiny as rupee hits record lows

Supreme Court sets three-month deadline for high courts to deliver verdicts

RBI weighs adding 'friction' to digital payments to tackle online fraud

RBI plans cross-border CBDC pilots amid digital currency experiments

What are plastic banknotes and why is RBI considering them now?

Bank fraud cases more than halve but value climbs to ₹48,000 cr: RBI data

SC's GST ruling on online gaming: A loaded dice

Rare earths to waste management: What changes in new IIP 2022-23 series

Lost money by scanning a QR code? Follow these steps immediately for funds

Small businesses record strongest growth since Covid despite rising cost pressures: Report

Govt likely to begin formal marketing for $1 bn LIC stake sale next month

Sebi seeks tighter oversight of use of equity funds raised through markets

International News:

KPMG Australia CEO and audit head quit over whistleblower investigation

What ‘Know Your Customer’ best practice should look like for accountants in 2026

FASB issues standard for clarifying environmental credit disclosures

AICPA’s Auditing Board Updates Confirmation Standards

Exposure Drafts:

CCI Draft:

Consultation on "Draft Amendments to Competition Commission of India (Commitment) Regulations, 2024
[Last date for Comments: June 29, 2026] 

SEBI Draft:

Consultation Paper on Review of Framework for Calculation of Net Distributable Cash Flows for InvITs
[Last date for Comments: June 22, 2026] 

Acts & Regulations:

RBI Master Directions:

Reserve Bank of India (Commercial Banks – Financial Statements: Presentation and Disclosures) Directions, 2025 (Updated as on June 01, 2026)

Master Direction on Incentives for Currency Distribution and Exchange and Penalties / Penal Provisions for Bank Branches and Currency Chests for Deficiency in Rendering Customer Service and Reporting of Transactions / Balances (Updated as on May 27, 2026)

Useful Forms:

ITR eFiling Utilities for AY 2025-26:

Common Offline Utility has been updated - Now available for ITR-2 also

From the ICAI:

ICAI Publications - GST:

Handbook on Applicability of GST on Agricultural Sector
[Published in January 2026]

Handbook on Composition Scheme Under GST
[Revised in Febraury 2026]

Reference Section:

CA's Referencer:

Code of Ethics
(Applicable w.e.f April 1, 2026)

Volume I

Volume II

Volume III

Tech Zone – Simplifying Technology for CAs:

Tech Zone Article:

Your Black Boxes Aren't Hiding Anything 

Legal Updates:

Income Tax:

Specification of Eligible Infrastructure Business for the purposes of Schedule V [Table: Sl. No. 7] of The Income Tax Act, 2025 [Notification No.70]

MCA:

Amendment of Schedule VII of the Companies Act,2013 [G.S.R. 416(E)]

The Companies (Corporate Social Responsibility Policy) Amendment Rules, 2026 [G.S.R. 415(E)]

SEBI:

Ease of doing investments - Modified Norms for Nomination in Demat Accounts and Mutual Fund Folios

DGFT:

Applicability of Quality Control Orders (QCOs)/BIS requirements on imports by Special Economic Zone (SEZ) Units and Developers- Amendment in Para 2.03(A)(iii) of FTP, 2023 [Notification No.20]

Amendment in import policy condition of specific ITC HS Codes covered under Chapter 71 of ITC (HS), 2022, Schedule - I (Import Policy) [Notification No.19]

Nomination of Non-official Members of the Board of Trade [Notification No.18]

Amendments in Para 2.88 of Handbook of Procedures [Public Notice No.16]

Amendment of Appendix 2B [List of Agencies Authorised to issue Certificate of Origin (Preferential)] of Foreign Trade Policy, 2023 [Public Notice No.15]

Fixation of Six New Standard Input Output Norms (SIONs) at SION No. A-3702, A-3703, A-3704, A-3705, A-3706 & A-3707 under "Chemical and Allied Product" (Product Code-'A') [Public Notice No.14]

Request for comments on alignment of Schedule-II (Export Policy) of ITC (HS), 2022 consequent to amendments introduced under the Finance Act, 2026 [Trade Notice No.7]

Applicability of Quality Control Orders (QCOs)/BIS requirements on imports by Special Economic Zone (SEZ) Units and Developers- Amendment in Para 2.03(A)(iii) of FTP 2023 [Notification No.16]

Electronic filing and Issuance of Preferential Certificate of Origin (CoO) under India-Oman Comprehensive Economic Partnership Agreement (India-Oman CEPA) with effect from June 01, 2026 [Trade Notice No.6]

Revised SIONs for the Chemical and Allied Products [Public Notice No.13]

Customs:

Streamlining of mechanism for seeking clarification on interpretation of Foreign Trade Policy (FTP) provisions from DGFT [Instruction No.7]

Seeks to continue countervailing duty on imports of "Textured Tempered Glass" originating in or exported from Malaysia, for 5 years pursuant to Sunset Review Final Findings issued by DGTR [Notification No.2(CVD)]

Seeks to give effect to the first tranche of tariff concessions under India-Oman CEPA [Notification No.20]

Seeks to prescribe BCD and AIDC on Raw Cotton for a specified period [Notification No.19]

Fixation of Tariff Value of Edible Oils,Brass Scrap, Areca Nut, Gold and Silver [Notification No.49(NT)]

Central Excise:

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.25]

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.24]