Weekly Newsletter - July 2, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

MCA Draft

SEBI Drafts

Acts & Regulations:

SEBI Master Circulars

Useful Forms:

ITR eFiling Utilities for AY 2025-26

CA's Referencer:

Income Tax

Legal Updates:

Income Tax

MCA

IBBI

IEPF

RBI

SEBI

IFSCA

DGFT

Customs

News Update:

Indian News:

SBI to label RCom loan account as 'fraud', names Anil Ambani in RBI report

RBI DG Rao asks credit info firms to switch to real-time data reporting

Indian stocks at risk of overvaluation amid low-growth environment, warns RBI

CBDT raises cost inflation index to 376 for FY26 to ease capital gains tax

Taking stock of the GST regime

National Chartered Accountant Day 2025: Why does India celebrate its auditors

Cabinet approves ₹1 trillion employment-linked incentive scheme

Taxman's lens now on telltale crypto clues

8 years of GST: How automation has changed the refund game for exporters

Cyber risks in financial sector: RBI calls for AI-aware defence and zero-trust approach

Reforms express to run nonstop as FM Sitharaman backs GST, tax and banking overhauls

Govt keeps interest rates on small savings schemes unchanged for Q2

Flipping farm land for cash? ITAT’s ruling may close India’s oldest black money trick

EPFO hasn't issued any new pension form or deadline, clarifies govt

IndusInd CEO search: Bank shortlists three names for RBI review, includes Axis Bank’s Rajiv Anand

Eight years of GST rollout: PwC India proposes three-slab structure, inclusion of petro-products to ease compliance

New tax audit limit rule for CAs to apply from April 2026: ICAI president

Govt aims to clear SVB backlog in two years with bulk entry processing

Indian negotiators extend US stay as trade talks gather pace

MSMEs burdened by high compliance costs; face over 1,450 regulations annually: Report

Centre extends CBDT Chairman Ravi Agarwal's tenure till June 2026

Sebi confirms multiple raids in 'pump-and-dump' case, investigation ongoing

₹95k cr surplus likely in GST compensation fund

New India Assurance gets GST demand notice of ₹2,298 crore

Under I-T Lens: 1.6 Lakh Tax Returns Under Scrutiny; M&A Discrepancies Among Red Flags

Online dispute resolution portal to expedite resolution of payment delay cases concerning MSEs: Prez

ICAI plans AI training for 30 lakh Chartered Accountants by 2047 to support MSME growth

Oman DTAA: Withholding tax rates lowered

India imposes anti-dumping duties on plastic processing machines imported from China, Taiwan

Sebi tightens rules on portfolio breaches; must rebalance all passive mutual fund breaches within 30 days

India, U.S. trade talks face roadblocks ahead of tariff deadline, Indian sources say

Trump says 'very big' trade deal coming up with India

CBDT orders processing of late returns, refunds filed upto March 2024

Ask justified, specific questions from taxpayers during scrutiny: CBDT to I-T officials

Irdai flags issues at 8 insurers over health master circular norms

“Networking guidelines will help CA firms gain scale”: ICAI President Charanjot Singh Nanda

56th GST Council Meeting: Slabs, cess and simplification – Here’s what to expect

NSE offers $160 million to settle with SEBI, move ahead with IPO, sources say

Fraud case against Bank of Baroda's ex-branch head in UP; CBI raids places in Meerut, Bharuch

International News:

ICAEW proposes four principles to future-proof reporting accountants

[UK] Audit regulator publishes first-ever guidance on AI use

[UK] Big accounting firms fail to track AI impact on audit quality, says regulator

ICAEW four principles for evolution of reporting accountant role

PCAOB fines Dutch Big Four member firms for exam misconduct

PCAOB permanently bars repeat offender

IASB Issues Revised Practice Statement on Management Commentary

PCAOB Gets New Life—For Now — Thanks to the Senate’s Nonpartisan Referee

Exposure Drafts:

MCA Draft:

Draft Companies (Meetings of Board and its Powers) Amendment Rules
[Last date for Comments: July 17, 2025] 

SEBI Drafts:

Consultation on Draft Circular on Review of Framework for Conversion of Private Listed InvIT into Public InvIT
[Last date for Comments: July 22, 2025]
 

Revised Guidelines for Capacity Planning and Real Time Performance Monitoring framework of Market Infrastructure Institutions with Commodity Derivative Segment
[Last date for Comments: July 20, 2025]
 

Acts & Regulations:

SEBI Master Circulars:

Master Circular for Investment Advisers
[Updated as on June 27, 2024

Master Circular for Research Analysts
[Updated as on June 27, 2024

Useful Forms:

ITR eFiling Utilities for AY 2025-26:

The following eFiling Utilities have been updated:

ITR 1 - Excel Utility
ITR 4 - Excel Utility

CA's Referencer:

Income Tax:

Cost of Inflation Index Table 

TDS on transfer of certain immovable property - AY 2026-27

Withholding tax rates - as amended by Finance Act, 2025

Tax rates as per IT Act vis a vis Tax Treaties - as amended by Finance Act, 2025

Depreciation Rates - Updated as per Finance Act, 2025 

Income Tax Rates - AY 2026-27 and 2025-26

TDS Rates - For AY 2026-27

Legal Updates:

Income Tax:

Cost of Inflation Index for FY 2025-26 [Notification No.70]

Clarification regarding CBDT's Circular No. 5/2025 dated 28.03.2025 for waiver on levy of interest under section 201(1A)(ii)/ 206C(7) of the Income-tax Act, 1961, as the case may be, in specific cases [Circular No.8]

DTAA with The Sultanate of Oman [Notification No.69]

MCA:

The Companies (Incorporation) Amendment Rules, 2025

The Companies (Restriction on Number of Layers) Amendment Rules, 2025

IBBI:

Panel of IPEs as IPs and IPs prepared in accordance with ‘Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Guidelines), 2025’, for appointment as IRP, liquidator, RP and BT, for the period from July 1 to December 31, 2025

IEPF:

Notice under Rule 7(3) or 7(7) of IEPFA(AATR) Rules, 2016 dated 26/05/2025

RBI:

Aadhaar Enabled Payment System – Due Diligence of AePS Touchpoint Operators

SEBI:

Ease of Doing Investment - Special Window for Re-lodgement of Transfer Requests of Physical Shares

Extension towards Adoption and Implementation of Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs)

Industry Standards on “Minimum information to be provided to the Audit Committee and Shareholders for approval of Related Party Transactions”

Timelines for rebalancing of portfolios of mutual fund schemes in cases of all passive breaches

IFSCA:

Guidance for Finance Companies/ Units on submission of requests pertaining to changes requiring prior approval/ intimation to the Authority

DGFT:

Procedure for filing application for obtaining Import Authorisation for import of Low Ash Metallurgical Coke subject to Country-wise Quantitative Restrictions (QR) [Trade Notice No.7]

Extension in Minimum Import Price (MIP) Condition on Soda Ash covered under Chapter 28 of ITC (HS) 2022, Schedule-I(Import Policy) [Notification No.23]

Continuation of Imposition of Quantitative Restriction on import of Low Ash Metallurgical Coke under Chapter 27 of ITC (HS) 2022, Schedule-I (Import Policy) [Notification No.22]

Port restriction on import of certain goods from Bangladesh to India under ITC (HS), 2022 Schedule 1 (Import Policy) [Notification No.21]

Amendment under Appendix 2T (List of Export Promotion Councils/Commodity Boards/Export Development Authorities) of Appendices and ANFs of FTP 2023 [Public Notice No.13]

Customs:

Registration of Importers of Plastic Raw Material on Centralized EPR Portal for Plastic Packaging as per Plastic Waste Management Rules, 2016 (as amended) [Instruction No.21]

Port restriction on import of certain goods from Bangladesh to India under ITC (HS), 2022 Schedule 1 (Import Policy) [Instruction No.20]

Appointment of Common Adjudicating Authority for the purpose of finalization of Provisional Assessment in SVB case w.r.t. M/s MB Crusher [Notification No.45(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.44(NT)]

Seeks to impose CVD on Digital Offset Printing Plates, originating in or exported from China PR and Taiwan [Notification No.5(CVD)]

Seeks to impose ADD on Plastic Processing Machinery, originating in or exported from China PR and Taiwan [Notification No.21(ADD)]

Seeks to impose CVD on imports of ‘Effect pearlescentpigments or mica pearlescent pigments, excluding effect pigments for automotive applications’ originating in or exported from China PR [Notification No.4(CVD)]