Daily Newsletter - August 22, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Draft:

RBI Draft

Useful Forms:

ITR eFiling Utilities for AY 2025-26

Income Tax eFiling Utilities

CA's Referencer:

ICAI

Legal Updates:

Income Tax

GST

IBBI

DGFT

News Update:

Indian News:

Earned money from real money gaming apps? File ITR now or risk tax notice and likely prosecution

Sebi to offer extra incentives for first-time women investors in MFs

RBI names Indranil Bhattacharyya as new MPC member ahead of October meet

ED arrests auditor in Falcon invoice scam worth ₹792 crore

SEBI conducts two-day raid at trading guru Avadhut Sathe's academy in Karjat: Report

Sebi chief floats idea of regulated pre-IPO share trading platform

NRIs face residency test upon India return, must stick to 182-day rule

RBI floats discussion paper to review inflation targeting framework

Sebi mulls AI-only AIF regulatory regime with significantly less compliance requirements

CAs caution joint bank account holders about this critical issue with tax rules that can lead to tax notices

GST rationalisation: GoM backs Centre's proposal to end 12%, 28% tax rates

New audit rules for digi-first companies soon: ICAI president

CBIC extends GSTR-3B deadline to August 27, 2025 for Mumbai and these Maharashtra districts

RBI's MPC minutes: Status quo in August hinged on tariffs, rate-cut outcome

Finance ministry asks PSBs to broaden credit focus amid tariff woes

RBI shifting towards principle- and outcome-based regulatory framework: Rao

RBI moots revision in capital charge norms for counterparty credit risks

International News:

AI isn’t going to take accountant’s jobs, but it can fill the talent gaps

Exposure Draft:

RBI Draft:

Draft circular on ‘Counterparty Credit Risk: Add-on factors for computation of Potential Future Exposure – Revised Instructions’
[Last date for Comments: September 10, 2025] 

Useful Forms:

ITR eFiling Utilities for AY 2025-26:

New Release:
ITR 7
Excel Utility
Schema
Validations

Income Tax eFiling Utilities:

Updated for Form 10BB:
Form Utility
Form Schema
Schema Change Document

CA's Referencer:

ICAI:

Checklist for Preparation of ITR Forms (ITR 1 & ITR 4)
[Published by ICAI in August, 2025]

Legal Updates:

Income Tax:

The Income-tax (Twenty-Fourth Amendment) Rules, 2025 - Amendment in conditions for specified fund as defined in Section 10(4D) of the Income Tax Act, 1961 [Notification No.136]

The Income-tax (Twenty-Third Amendment) Rules, 2025 - Meaning of gross income and gross eligible income of IFSC Insurance Office [Notification No.135]

Amendment of instruction issued u/s 84 of Black Money Act, 2015 [Instruction dated August 18, 2025]

GST:

Seeks to extend the due date for furnishing FORM GSTR-3B for the month of July,2025 upto 27.08.2025, for the taxpayers registered in Mumbai (City), Mumbai (sub-urban), Thane, Raigad and Palghar districts of Maharashtra [CGST Notification No.12]

IBBI:

Insolvency and Bankruptcy Board of India (Continuing Professional Education for Insolvency Professionals) Guidelines, 2019 (Updated as on 13th August, 2025)

DGFT:

Amendment of Minimum Export Price (MEP) on export of Honey [Notification No.27]

Amendment in Import Policy Condition of specific items covered under Chapter 48 of ITC HS, 2022, Schedule –I (Import Policy) [Notification No.26]