Weekly Newsletter - April 1, 2026

Latest additions to CAalley:

News Update:

Indian News

Budget 2026

International News

Acts & Regulations:

SEBI Master Circular

RBI Master Directions

CAs Referencer:

NFRA Inspection Reports

From the ICAI:

ICAI Announcements

Tech Zone – Simplifying Technology for CAs:

Tech-Zone Article

Legal Updates:

Income Tax

RBI

FEMA

IRDAI

DGFT

Customs

Central Excise

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News Update:

Indian News:

New form for correction in PAN related details: check the guideline and how it works

Five big changes in Form 16, which is replaced by Form 130, that every salaried employee must know

April 1 tax reset: New I-T law, TCS cuts, higher F&O levy explained

OTP can’t secure payments: RBI rolls out stricter digital payment rules from April 1 - what is changing

CBIC removes ₹10 lakh cap on courier exports to boost e-commerce trade

Govt allows temporary customs duty relief for SEZ units sold domestically

RoDTEP benefits for exporters extended till Sep 30 amid Iran crisis

RBI extends export credit window till June 30 amid West Asia disruptions

Income Tax Dept signs record 219 advance pricing agreements in FY26

IRDAI approves Ind AS framework for insurers from April 1

ITR filing 2026: Government releases ITR forms for AY 2026–27; check details of ITR-U and ITR-V

Two arrested for posing as GST officials for extortion

RBI defers acquisition financing, capital market norms to July 1

Govt gives 30-day relief to gems, jewellery exporters amid Middle East disruptions; shipment delays prompt easing

All banking cos to deduct TDS on interest income beyond Rs 50,000 a year

PFRDA adds 10 categories as NPS pension agents (including CAs)

CoC must log reasons for approving resolution plan in new IBC Bill: FM

Insolvency law crucial in improving health of banking sector: FM Sitharaman

Lok Sabha passes Bill to amend Insolvency and Bankruptcy Code; here's what it means

Rules finalised, rollout of all 4 labour codes likely in April

Bank account portability RBI’s priority for ‘Vision 2028’

SFIO summons former top executives of IndusInd Bank in accounting probe

RBI's currency defence could leave banks paying the price

KPMG UK puts nearly 600 audit jobs at risk as cost pressure deepens; advisory cuts also hit

NFRA flags quality control gaps in six audit firms

Govt relaxes rules for some state firms to procure key equipment from China

RBI plans shared liability for digital frauds, pushes open card ecosystem in Vision 2028

HC upholds auditor's misconduct charge, spares CA from deregistration

BFSI firms use AI, but only a handful track its impact on revenue

NFRA set to get a legal backing to ask audit firms for more disclosures

How to spot genuine investment apps with Google’s new SEBI-backed verified badge

New Icai course to build cadre for low-cost compliance support to small firms

TDS certificate deadline extended to March 31: Who benefits from more time

DGTR initiates probe against imports of Chinese, Indonesian paperboards

DGGI arrests two in Rs 177 crore GST fraud, linked to fake firms

Finance Minister Nirmala Sitharaman moves Bill to amend IBC, speed up resolution

LIC gets Rs 71,000 crore tax demand from income tax department

Statutory auditor requirement relaxed for smaller companies in new Bill

  

Budget 2026:

New I-T law, higher securities transaction tax to kick in from April 1

Govt notifies Finance Act 2026, gives effect to changes in tax provisions

No more technical escapes? Finance Bill 2026 pushes taxpayers to fight cases on merits

No arrest by income tax recovery officer if you have failed to pay pending tax demands; amended Finance Bill 2026

Finance Bill 2026 cleared; limit buyback tax to domestic entities

  

International News:

KPMG outlines key risk areas for internal audit in 2027

AICPA Proposes Revised Definition of ‘Attest Engagement Team’ in Ethics Code

FRC updates guidance on ‘comply or explain’ reporting

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Acts & Regulations:

SEBI Master Circular:

Master Circular for Mutual Funds
(To come into effect from April 1, 2026)

  

RBI Master Directions:

Master Direction – Reporting under Foreign Exchange Management Act, 1999
(Updated as on March 30, 2026)

Master Direction - Reserve Bank of India (Unique Identifiers in Financial Markets) Directions, 2026

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CAs Referencer:

NFRA Inspection Reports:

M/s Singhi & Co. – Inspection Report No.132.2-2024-10

M/s CNK & Associates LLP – Inspection Report No.132.2-2024-09

M/s B D G & CO LLP – Inspection Report No. 132.2-2024-08

M/s Umamaheswara Rao & Co. – Inspection Report No.132.2-2024-07

Walker Chandiok & Co. LLP – Inspection Report No. 132.2-2024-06

Deloitte Haskins & Sells & Affiliates – Inspection Report No.132.2-2024-05

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From the ICAI:

ICAI Announcements:

One-time Relaxation for Generation of Missed UDINs

Announcement regarding applicability of ‘Guidance Note on Financial Statements of Non-Corporate Entities’ and ‘Guidance Note on Financial Statements of Limited Liability Partnerships’ for annual reporting periods 2025-26 onwards

Announcement on Deferment of Effective Date of SQM 1 and SQM 2

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Tech Zone – Simplifying Technology for CAs:

Tech-Zone Article:

Series: Why AI Doesn’t Think Like Humans

Part 3 - The Illusion of Reasoning

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Legal Updates:

Income Tax:

Referencing by Document Identification Number (DIN) [Circular No.4]

Order for specifying Forms and procedures in relation to furnishing Application for PAN Correction under Rule 158(12) of Income-tax Rules

ITR Notified

The Income-tax (Ninth Amendment) Rules, 2026 - Form ITR U [Notification No.52]

The Income-tax (Eighth Amendment) Rules, 2026 - ITR V [Notification No.51]

The Income-tax (Seventh Amendment) Rules, 2026 - ITR 7 [Notification No.50]

The Income-tax (Sixth Amendment) Rules, 2026 - ITR 6 [Notification No.49]

The Income-tax (Fifth Amendment) Rules, 2026 - ITR 5 [Notification No.48]

The Income-tax (Fourth Amendment) Rules, 2026 - ITR 3 [Notification No.47]

The Income-tax (Third Amendment) Rules, 2026 - ITR 2 [Notification No.46]

The Income-tax (Second Amendment) Rules, 2026 - ITR 1 [Notification No.45]

DTAA with Brazil [Notification No.39]

Notification of Sovereign Wealth Fund under Schedule V [Table: Sl. No. 7.Note S(a)(ii)(G)] of the Income-tax Act, 2025 [Circular No.3]

Procedure, formats and standards for generation and allotment of Unique Identification Number (UIN) in respect of Form No. 121 and quarterly furnishing of Part B thereof by the payer [Notification No.1-CPC-TDS-2026]

Order under section 119 of the Income-tax Act, 1961 for extension of timeline for issuance of tax deducted at source (TDS) certificate under section 203 of the Act for the quarter ending 31st December 2025 [Circular No.2]

  

RBI:

RBI (Trade Relief Measures) Directions, 2026

NOP-INR position of Authorised Dealers

  

FEMA:

Reporting under Foreign Exchange Management Act, 1999 – Returns pertaining to External Commercial Borrowing (ECB)

  

IRDAI:

IRDAI (Actuarial, Finance and Investment Functions of Insurers), (Amendment) Regulations, 2026

  

DGFT:

Continuation of RoDTEP Scheme beyond March 31, 2026 [Notification No.74]

Amendment to Paragraph 4.43 of the Foreign Trade Policy (FTP) 2023 -One-time relaxation for the Gems and Jewellery Sector [Notification No.73]

Extension in “Free” Import Policy of Tur/Pigeon Peas (Cajanus Cajan) [ITC (HS) 0713 60 00] under ITC (HS) 2022, Schedule – I (Import Policy) till 31.03.2027 [Notification No.72]

Extension in “Free” Import Policy of Urad ([Beans of SPP Vigna Mungo (L.) Hepper]) [ITC (HS) Code 07133110] under ITC (HS) 2022, Schedule –I(Import Policy) till 31.03.2027 [Notification No.71]

Extension in Import period for Yellow Peas under ITC (HS) code 07131010 of Chapter 07 of ITC (HS) 2022, Schedule-1 (Import Policy) [Notification No.70]

Extension in Minimum Import Price (MIP) Condition of specific items covered under Chapter 48 of ITC HS, 2022, Schedule -I (Import Policy) [Notification No.69]

Policy Support and Relaxation Measures for the Gem & Jewellery sector under Chapter 4 of FTP-2023 [Public Notice No.54]

Amendment in import policy condition of Urea Exim Code 31021010 in the ITC HS 2022 Schedule I Import Policy [Notification No.68]

Amendment in Para 9.05 of FTP 2023 to remove per-consignment value limit for courier exports [Notification No.67]

  

Customs:

Enabling Ease of Doing Business for E-commerce and Courier [Circular No.17]

Courier Imports and Exports (Clearance) Amendment, Regulations, 2026 [Notification No.34(NT)]

Courier Imports and Exports (Electronic Declaration and Processing) Amendment, Regulations, 2026 [Notification No.33(NT)]

Fixation of Tariff Value of Edible Oils,Brass Scrap, Areca Nut, Gold and Silver [Notification No.32(NT)]

Seeks to implement special one-time relief window for clearance of manufactured goods from Special Economic Zones (SEZs) to the Domestic Tariff Area (DTA) at concessional rates of customs duty [Notification No.11]

Seeks to amend notification no. 25/2021-Customs to notify the sixth tranche of tariff concessions under India-Mauritius CECPA [Notification No.10]

Seeks to amend notification no. 22/2022-Customs to notify the fifth tranche of tariff concessions under India-UAE CEPA [Notification No.9]

Seeks to further amend notification 45/2017-Customs dated 30.06.2017 [Notification No.8]

Implementation of the Sea Cargo Manifest and Transhipment Regulations (SCMTR) [Circular No.16]

Sea Cargo Manifest and Transshipment (First Amendment) Regulations, 2026 [Notification No.31(NT)]

International Transhipment of FCL/LCL cargo from all Ports/Airports, in view of disruption in maritime routes due to closure of the Strait of Hormuz- Section 143AA of the Customs Act, 1962 [Circular No.15]

Clarification regarding validity period for self-sealing permission to exporters under Circular No. 26/2017-Customs and Circular No.36/2017-Customs [Circular No.14]

Seeks to exempt imports of Aviation Turbine Fuel from whole of the additional duty of Customs leviable thereon under sub-section (1) of section 3 of Customs Tariff Act as is equivalent to the amount of Special Additional Excise Duty [Notification No.7]

  

Central Excise:

The Central Excise (Amendment) Rules, 2026 - Seeks to amend Rules 18 and 19 of Central Excise Rules, 2017 to provide for exclusion of exports of petrol, diesel and ATF from these rules [Notification No.2(NT)]

Seeks to rescind notification no.18/2022 [Notification No.13]

Seeks to amend notification No.4/2019-Central Excise to exclude the provisions of the notification on petrol and diesel when cleared for exports [Notification No.12]

Corrigendum to Notification No. 11/2026-Central Excise dated 26.03.2026

Seeks to prescribe rates of Road and Infrastructure Cess for petrol and diesel, when cleared for exports [Notification No.11]

Seeks to exempt applicable basic excise duty and Agriculture Infrastructure and Development Cess on petrol and diesel and basic excise duty on Aviation Turbine Fuel, when cleared for exports [Notification No.10]

Seeks to exempt Aviation Turbine Fuel from whole of Special Additional Excise Duty except when cleared for exports [Notification No.9]

Seeks to prescribe an effective rate of Special Additional Excise Duty on Aviation Turbine Fuel when cleared for exports [Notification No.8]

Seeks to amend the Eighth Schedule to Finance Act, 2002 to insert Aviation Turbine Fuel in the Schedule and prescribe Special Additional Excise Duty on it [Notification No.7]

Corrigendum to Notification No. 06/2026-Central Excise dated 26.03.2026

Seeks to levy Special Additional Excise Duty on export of petrol and diesel [Notification No.6]

Seeks to reduce Special Additional Excise Duty on petrol and diesel for domestic consumption [Notification No.5]