Daily Newsletter - May 2, 2025

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Draft:

FASB Draft

Acts & Regulations:

GST Act

Legal Updates:

Income Tax

GST

SEBI

Customs

 

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News Update:

Indian News:

RBI working group recommends longer hours for interbank money markets

India-EU trade pact to address tariff and non-tariff barriers equally

India and Japan may get better trade deals with US amid its trade war with China: Jefferies

RBI seeks 'vostro' accounts investment cap removal to push Rupee trade

Poonam Gupta takes charge as RBI Deputy Governor, to join MPC in June

ITR filing FY24-25: ITR-3 form notified by the CBDT: Know what this means for taxpayers; Who is eligible?

Change is coming: Why RBI wants more Rs 100, Rs 200 notes in ATMs

ICAI plans norms for overseas networks to aid Indian companies' growth

ED to prioritise FEMA violation cases in 2025: Director Rahul Navin

New ITR forms for AY 2025-26 make filing taxes easier for small investors

Why only one among Big Four are on Sebi’s panel of forensic auditors

Commerce Min seeks exporters' views on schemes under export promotion plan

  

International News:

PCAOB chair fights proposal to shut down audit regulator

[US] Republican proposal to abolish PCAOB sparks debate

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Exposure Draft:

FASB Draft:

Proposed Accounting Standards Update
Debt—Modifications and Extinguishments (Subtopic 470-50) and Liabilities—Extinguishments of Liabilities (Subtopic 405-20)
Accounting for Debt Exchanges
[Last date for Comments: May 30, 2025] 

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Acts & Regulations:

GST Act:

GST Act(s) and Rule(s) – Bare Law
(Updated upto The Finance Act, 2025)

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Legal Updates:

Income Tax:

The Income-tax (13th Amendment) Rules, 2025 - ITR 3 for AY 2025-26 notified [Notification No.41]

  

GST:

Grievance Redressal Mechanism for processing of application for GST registration [CGST Instruction No.4]

Reporting of HSN codes in Table 12 and list of documents in table 13 of GSTR-1/1A

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Sikkim

  

SEBI:

Clarifications to Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs)

  

Customs:

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.33(NT)]

Seeks to amend Notification no. 27/2011-customs dated 1 st March, 2011 and Notification No. 22/2024-Customs, dated 2 nd April, 2024 to align them with the changes made in the Second Schedule to the Customs Tariff Act [Notification No.28]

Seeks to amend Second Schedule to the Customs Tariff Act, to align it with changes made in the First Schedule to the Customs Tariff Act vide Finance Act, 2025 [Notification No.27]

Seeks to rescind Notification No. 04/2025-Customs dated the 1st February, 2025 [Notification No.26]

Seeks to amend various Customs Notifications to align them with changes made vide Finance Act, 2025 [Notification No.25]

Seeks to amend various Customs Notifications so as to align them with changes made vide Finance Act, 2025 [Notification No.8(ADD)]

Seeks to amend Notification No. 05/2024-Customs (CVD) dated the 11th September, 2024 so as to align with changes made vide Finance Act, 2025 [Notification No.2(CVD)]

Seeks to amend Notification No. 58/2021-Customs (N.T.), dated the 01.07.2021 under sub-section (2) of Section 151B of the Customs Act, 1962 to notify Agreement or Arrangement on Cooperation and Mutual Administrative Assistance (CMAA) in Customs Matter of India and with other Countries [Notification No.32(NT)]

Notification of Rohini Yard Jetty u/s. 7(1)(d) of Customs Act, 1962" and it was issued under Section 7(1)(d) of Customs Act, 1962 [Notification No.27(NT)]

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