Weekly Newsletter - January 7, 2026

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

ICAI Exposure Draft

RBI Draft

SEBI Draft

Acts & Regulations:

RBI Master Directions for 2025-26

Useful Forms:

ITR eFiling Utilities for AY 2025-26

CA's Referencer:

NFRA

Legal Updates:

GST

IBBI

RBI

SEBI

IFSCA

DGFT

Customs

News Update:

Indian News:

Sebi extends timeline till Mar 1 to implement additional incentives structure for MF distributors

Eternal gets GST demand order of ₹3.7 crore with interest, penalty

Section 87A rebate on capital gains from debt mutual fund: ITAT Chandigarh gives relief

7 hidden charges that may add lakhs to home loan

CCI may hold senior execs of steel companies accountable

RBI tightens dividend payout rules for banks

Sebi proposes uniform 30-day lag for sharing, use of price data for education

RBI releases draft framework on dividend and remittance of profit

Legal impact of climate change: What “risk & liability” really means for corporations

CCI finds Tata Steel, JSW, SAIL, 25 others guilty of steel price collusion

Big win for NRI taxpayer: ITAT Chennai rules US-based individual qualifies as non-resident, no tax in India on overseas earnings

Why Trump's tariffs haven't derailed Southeast Asia's exports to the US

Health insurance claim rejected for non-disclosure? Here's what works

Supreme Court asks Centre to consider revising EPF wage ceiling of ₹15,000

India mulls tax exemption for sovereign wealth funds’ equity gains amid heavy foreign outflows

Does the IT dept track your online spending or lifestyle? Govt clarifies

49 crypto exchanges register with FIU in FY 2024-25: Report

New NPS rule for online form submission

LIC's revival drive for lapsed policies: Who should act and why it matters

CBDT chief urges tax officials to prepare for transition to new Income Tax Act

Old income tax notices resurface as 10–15-year-old tax demands appear on portal, interest piles up, says report

Mandatory CSR spending by firms can lead to low investor confidence: Study

Govt scraps 3-year eligibility rule for deep-tech startups under DSIR

MSME exporters get Rs 7,295cr facility for easy credit access

Centre clears 22 projects under electronics components PLI scheme; Rs 41,863 crore investment expected

NRI lady sells MF for ₹1.35 cr, pays no tax, wins case

ED raids audit firm, freezes Rs 192 crore in Karnataka

Union Budget: How 8 Budgets presented by FM Sitharaman reshaped India's power game

International News:

Reviewing [US] accounting standards updates for 2025

How to Handle Tension and Disagreement in Internal Audit

PCAOB warns auditors about AI and PE

FASB issues standard to improve interim reporting

Exposure Drafts:

ICAI Exposure Draft:

Exposure Draft of Information Systems Audit Standards (ISAS)
[Last date for Comments: January 25, 2026] 

RBI Draft:

Draft “RBI (Prudential Norms on Dividend and Remittance of Profit) Directions, 2026”
[Last date for Comments: February 5, 2026] 

SEBI Draft:

Consultation Paper on Norms for sharing and usage of price data for educational purposes
[Last date for Comments: January 27, 2026] 

Acts & Regulations:

RBI Master Directions for 2025-26:

The following RBI Master Directions have been updated:

RBI (Commercial Banks – Know Your Customer) Directions, 2025 (Updated as on December 29, 2025)
RBI (Commercial Banks – Income Recognition, Asset Classification and Provisioning) Directions, 2025 (Updated as on January 01, 2026)
RBI (Commercial Banks – Concentration Risk Management) Directions, 2025 (Updated as on January 01, 2026)
RBI (Commercial Banks – Prudential Norms on Capital Adequacy) Directions, 2025 (Updated as on January 01, 2026)
RBI (Small Finance Banks – Know Your Customer) Directions, 2025 (Updated as on December 29, 2025)
RBI (Small Finance Banks – Income Recognition, Asset Classification and Provisioning) Directions, 2025 (Updated as on January 01, 2026)
RBI (Small Finance Banks – Concentration Risk Management) Directions, 2025 (Updated as on January 01, 2026)
RBI (Small Finance Banks – Prudential Norms on Capital Adequacy) Directions, 2025 (Updated as on January 01, 2026)
RBI (Payments Banks – Know Your Customer) Directions, 2025 (Updated as on December 29, 2025)
RBI (Local Area Banks – Know Your Customer) Directions, 2025 (Updated as on December 29, 2025)
RBI (Regional Rural Banks – Know Your Customer) Directions, 2025 (Updated as on December 29, 2025)
RBI (Urban Co-operative Banks – Know Your Customer) Directions, 2025 (Updated as on December 29, 2025)
RBI (Rural Co-operative Banks – Know Your Customer) Directions, 2025 (Updated as on December 29, 2025)
RBI (All India Financial Institutions – Know Your Customer) Directions, 2025 (Updated as on December 29, 2025)
RBI (Non-Banking Financial Companies – Know Your Customer) Directions, 2025 (Updated as on December 29, 2025)
RBI (Asset Reconstruction Companies – Know Your Customer) Directions, 2025 (Updated as on December 29, 2025)

Useful Forms:

ITR eFiling Utilities for AY 2025-26:

Updated as on January 6, 2026:
Excel Utilities (ITR 1 to 7)

CA's Referencer:

NFRA:

Audit-Practice Toolkits –
ROMM for Revenue-Sample Document
[Published on January 1, 2026]

Legal Updates:

GST:

Advisory on Filing Opt-In Declaration for Specified Premises, 2025

IBBI:

Launch of Revised Forms for Liquidation Process

IBBI (Liquidation Process) (Amendment) Regulations, 2026

RBI:

Returns – Department of Payment and Settlement Systems – Submission in CIMS

Returns – Department of Payment and Settlement Systems – Submission in CIMS

Returns – Department of Payment and Settlement Systems – Submission in CIMS

SEBI:

Corrigendum to the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 2025

Specification of the consequential requirements with respect to Amendment of Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992

Specification of the consequential requirements with respect to Amendment of Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992

IFSCA:

Import of gold or silver by Qualified Jewellers and valid India-UAE CEPA TRQ holders through IIBX - Consolidated Circular

Enabling eligible SEZ Units and Advance Authorisation holders to import gold or silver through IIBX

DGFT:

Amendment in Import Policy & Policy Condition of Low Ash Metallurgical Coke under Chapter 27 of ITC (HS), 2022, Schedule-l (Import Policy) [Notification No.54]

Guidelines for Collateral Support for Export Credit [Trade Notice No.21]

Guidelines for Interest Subvention Support for Pre- and Post Shipment Export Credit [Trade Notice No.20]

Guidelines for Support for Market Access under the Export Promotion Mission [Trade Notice No.19]

Amendments in Chapter 6 of HBP and Appendix-6N of Appendices and ANFs [Public Notice No.41]

Amendment in Import policy & policy condition of Low Ash Metallurgical Coke under Chapter 27 of ITC (HS), 2022, Schedule-I (Import Policy) [Notification No.53]

Amendment for extension of validity of Minimum Export Price (MEP) on export of Natural Honey [Notification No.52]

Allowing Export of 50,000 MT of Organic Sugar per financial year [Notification No.51]

Customs:

Seeks to continue imposition of anti dumping duty on imports of of “Flexible Slabstock Polyol of molecular weight 3000-4000” originating in or exported from Saudi Arabia and UAE [Notification No.1(ADD)]

Seeks to give effect to the second tranche of tariff concessions under India-EFTA (Iceland) [Notification No.53]

Seeks to give effect to the second tranche of tariff concessions under India-EFTA (Norway) [Notification No.52]

Seeks to give effect to the second tranche of tariff concessions under India-EFTA (Switzerland) [Notification No.51]

Seeks to give effect to the fifth tranche of tariff concessions under India-Australia ECTA [Notification No.50]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.80(NT)]

The Sea Cargo Manifest and Transshipment (Fifth Amendment) Regulations, 2025 [Notification No.79(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.79(NT)]

Seeks to impose provisional anti dumping duty on imports of "Low Ash Metallurgical Coke" originating in or exported from Australia, China PR, Colombia, Indonesia, Japan and Russia [Notification No.41(ADD)]

Seeks to amend Notification No. 32/2025-Customs (ADD) dated 12.11.2025 [Notification No.40(ADD)]

Seeks to continue applicability of anti-dumping duty on imports of Polyethylene Terephthalate (PTE) Resin originating in or exported from Chine PR till 26 June 2026 [Notification No.39(ADD)]

Seeks to continue applicability of anti-dumping duty in the matter of sunset review investigation concerning imports of “2-Ethyl Hexanol” originating in or exported from [Notification No.38(ADD)]

Seeks to impose anti dumping duty on imports of “Calcium Carbonate Filler Masterbatch " originating in or exported from Vietnam [Notification No.37(ADD)]

Seeks to impose anti dumping duty on imports of “1,1,1,2- Tetrafluoroethane or R-134a” originating in or exported from China [Notification No.36(ADD)]

Seeks to impose safeguard duty on "Non-alloy and alloy steel flat products" [Notification No.2(SG)]

Implementation of the Sea Cargo Manifest and Transhipment Regulations (SCMTR) [Circular No.30]

Improving transparency using Body Worn Camera (BWC) having video/audio recording facility for the uniformed officers having interface with passengers at International Airports [Instruction No.34]