Weekly Newsletter - January 15, 2025

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

RBI Draft

SEBI Drafts

IFSCA Draft

FAQs:

SEBI FAQs

Acts & Regulations:

IRDAI Regulations

CA's Referencer:

Income Tax

NFRA

Useful Forms:

ITR eFiling Utilities for AY 2024-25

Legal Updates:

GST

MCA

IBBI

IFSCA

SEBI

IRDAI

DGFT

 

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News Update:

Indian News:

GST Tribunals may be delayed by 6 months as states yet to appoint officials

Govt employees can get Rs 25 lakh as gratuity. What rules say

CCI's ruling can force rollback of features, hurt business, warns Meta

SEBI proposes mandatory issuance of new securities in demat form post-stock split, mergers

Income Tax can seize properties even if real owner is untraceable: Court

New update on GST Amnesty Scheme waiver of penalty and interest: These taxpayers need to withdraw their appeal and then apply for the scheme

Relief against customs duty payment issues for international travellers; new advisory for stuck payments

RBI Governor Malhotra shows willingness for a more flexible rupee

Fintechs capture 76% of personal loans as banks slowdown in H1 FY25

RBI rejigs deputy guv portfolios; Rajeshwar Rao takes monetary policy dept

GST registered suppliers must take note of these new changes made in GSTR-1 from January 2025

NFRA plans 7 papers to strengthen the audit standards

Ahead of Feb policy, RBI guv Sanjay Malhotra to meet bank chiefs this week

Press Release: IRDAI further strengthens the Regulatory framework

Gujarat CAs go global: Dubai emerges as top spot for tax and compliance ventures

CA seeks police protection amid allegations of multi-crore Torres jewellery fraud case

NFRA wants audit panels of companies to ask auditors tough questions

IBBI mandates eBKray auction platform for selling assets under liquidation

Sebi proposes increasing threshold for granular disclosures by FPIs

NFRA looks to enhance communication between auditors and audit panels

Mandatory for banks to offer fixed interest rate product: RBI's FAQs

Work-life balance essential, not optional: Industry leaders on L&T chief's remarks

GSTN launches online rectification for pending ITC claims from 2017-2021

Angel tax removal helped reverse flipping, startup funding $155 bln in 2024: DPIIT

Govt extends monthly GST return, payment deadline due to snag in system

SC halts Rs 1.12 trn GST notices, offering relief to online gaming sector

GST return filing deadline may be extended by CBIC as GSTN reports portal is experiencing technical difficulties

Banks get tough on write-off of service export receivables

Hum 1, Hamare 4! A tale of 5 mn borrowers, 4+ loan

Aadhaar-based e-KYC for savings accounts in post offices is now possible

EPFO set to introduce self-attestation facility for completing KYC

Finance secretary Tuhin Kanta Pandey takes charge as revenue secretary

Corporate capital expenditure recovery ruled out in FY26: India Ratings

Recovery agents are in demand as banks' unsecured loan stress rises

L&T chairman asks employees to work 90 hours a week, company backs him

Kerala GST taxpayers get relief from multiple show-cause notices

New GSTN advisory: You can now file a rectification application to claim pending input tax credit; However, there is a catch

High penalties for cash transactions: Know I-T dept's key restrictions

RBI eases curbs on NBFCs as compliance improves after supervisory actions

SEBI flags KYC breach where 1,103 adults were labelled as 'dependent children'

Banks, dealers want RBI to act on the liquidity front

Sebi issues new guidelines for research analysts, investment advisers

Introduction to 'working days': Sebi revises working norms for credit rating agencies

 

International News:

IASB amends IFRS 9 and IFRS 7 for renewable electricity contracts

Many Auditors Are Still Married to Their Excel Spreadsheets, Report Finds

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Exposure Drafts:

RBI Draft:

RBI releases Draft Formats of Financial Statements of Co-operative Banks
[Last date for Comments: February 21, 2025] 

 

SEBI Drafts:

Consultation paper on certain amendments to SEBI LODR Regulations, 2015 with the objective of encouraging dematerialization of securities and streamlining certain processes in view of current regulatory landscape
[Last date for Comments: February 4, 2025] 

Consultation paper on proposal to increase the size criteria (set to guard against potential circumvention of Press Note 3 stipulations) in the additional disclosure framework
[Last date for Comments: January 31, 2025] 

 

IFSCA Draft:

Consultation Paper on SPV Framework under IFSCA (Fund Management) Regulations, 2022
[Last date for Comments: January 31, 2025] 

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FAQs:

SEBI FAQs:

Clarifications on Insider Trading - Comprehensive FAQs on SEBI (PIT) Regulations, 2015

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Acts & Regulations:

IRDAI Regulations:

IRDAI (Maintenance of Information by the Regulated Entities and Sharing of Information by the Authority), Regulations 2025

IRDAI (Regulatory Sandbox) Regulations, 2025

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CA's Referencer:

Income Tax:

Administrative Handbook 2025
[Published by Income Tax Department]

 

NFRA:

NFRA Auditor-Audit Committee Interaction Series 1 –
Accounting Estimates - Expected Credit Losses
[Publish ed on January 10, 2025]

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Useful Forms:

ITR eFiling Utilities for AY 2024-25:

The following utility has been updated:

Common Offline Utility (ITR 1 to ITR 4) - Windows Utility

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Legal Updates:

GST:

Guidelines for Arrest and Bail in relation to Offences Punishable under the CGST Act, 2017 [Instruction No.1/2025]

Advisory for Waiver Scheme under Section 128A

Generation Date for Draft GSTR 2B for December 2024

Seeks to extend the due date for furnishing FORM GSTR-8 for the month of December, 2024 [CGST Notification No.6]

Seeks to extend the due date for furnishing FORM GSTR-7 for the month of December, 2024 [CGST Notification No.5]

Seeks to extend the due date for furnishing FORM GSTR-6 for the month of December, 2024 [CGST Notification No.4]

Seeks to extend the due date for furnishing FORM GSTR-5 for the month of December, 2024 [CGST Notification No.3]

Seeks to extend the due date for furnishing FORM GSTR-3B for the month of December, 2024 and the quarter of October to December, 2024, as the case may be [CGST Notification No.2]

Seeks to extend the due date for furnishing FORM GSTR-1 for the month of December, 2024 and the quarter of October to December, 2024, as the case may be [CGST Notification No.1]

Advisory: Implementation of mandatory mentioning of HSN codes in GSTR-1 & GSTR 1A

 

MCA:

Application for Empanelment of Chartered Accountants for the Office of The Official Liquidator, High Court of Gujarat

 

IBBI:

Mandatory Use of eBKray Auction Platform for Liquidation Processes

Extension of time for filing Forms to monitor liquidation and voluntary liquidation processes under the Insolvency and Bankruptcy Code, 2016, and the regulations made thereunder

 

IFSCA:

Extension of timeline for implementation of the Circular titled “Complaint Handling and Grievance Redressal by Regulated Entities in the IFSC” dated December 02, 2024"

 

SEBI:

Circular on Revise and Revamp Nomination Facilities in the Indian Securities Market

Procedure for seeking waiver or reduction of interest in respect of recovery proceedings initiated for failure to pay penalty

Guidelines for Research Analysts

Guidelines for Investment Advisers

 

IRDAI:

IRDAI (Re-insurance Advisory Committee) (Amendment) Regulations, 2025

IRDAI(Meetings)(Amendment) Regulations,2025

IRDAI(Insurance Advisory Committee) (Amendment) Regulations, 2025

 

DGFT:

Notification of Schedule-II (Export Policy) of ITC(HS) 2022, in sync with Finance Act 2024 dated 16.08.2024 [Notification No.50]

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