Weekly Newsletter - October 29, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

CBIC Budget Consultation

RBI Drafts

IFSCA Drafts

SEBI Drafts

Acts & Regulations:

RBI Directions

Useful Forms:

ITR eFiling Utilities for AY 2025-26

From the ICAI:

FAQs issued by ICAI

Legal Updates:

Income Tax

GST

MCA

RBI

SEBI

IFSCA

DGFT

Customs

News Update:

Indian News:

ICAI proposes to relax rules for CAs, experts seek more

ITR deadline extended by Courts to November 30; CBDT yet to respond

Explained: What Sebi's new TER rules mean for mutual fund investors

Man gets tax notice for depositing Rs 8 lakh in bank account, he wins case in ITAT Delhi

Overhaul of GST processes in works for easier compliance, faster refunds

RBI directs banks to offer nomination facility; customers can opt out

The real price of cybercrime in 2025

Two new 'Ratna' categories to forge next gen CPSEs

DGFT plans to launch digital platform to link testing, inspection agencies

Govt clears 7 projects worth Rs 5,500 cr under electronics components scheme

India advances anti-dumping probe into TB drug imports from China, Thailand

Govt plans to hike foreign investment cap in PSBs to 49%, says report

No extra GST on tobacco; Centre plans new levy as cess period nears end

India's rare earth plan faces fresh hurdles as China tightens exports

Sebi proposes incentives to boost retail participation in debt securities

Is your financial advisor legit? Here's how to check Sebi registration

PPF rules: Why Kerala High Court ordered a mother to return extra interest earned in children's Public Provident Fund accounts - explained

Customs update: CBIC consolidates 31 notifications into one; move to boost ease of doing business

GSTR-9 table 8A update: New invoice management system will form part of 8A from this year; Important things to watch out for

SEBI says mutual funds can’t take part in pre-IPO placements

Simplified registration under GST 2.0 from Nov 1, says FM Sitharaman

SEBI cracks down on front-running trades, bars 13 entities from markets

Former IndusInd Bank deputy pays 50% of alleged insider gains to SEBI

Companies law changes may focus on Ease of Business

Ancestral land sale: Tax department issues notice over Rs 8 crore share, taxpayer wins case in ITAT Delhi

Revised guidelines likely by March to create desi Big Four

CAs may soon get to advertise their firms

Bank customers can opt for up to four nominees in their accounts from Nov 1

SAT rejects FPIs' appeals on warrants, upholds Sebi's disclosure mandate

Sebi bans First Overseas Capital for 2 years, imposes ₹20 lakh penalty

RBI proposes to allow banks to fund domestic, overseas acquisitions

RBI proposes lower risk weight for NBFC loans to infrastructure projects

RBI draft circular: Banks’ capital market exposure to be limited to 20% of tier 1 capital

RBI proposes to make use of UTI mandatory for OTC derivative transactions

Old shares or dividends left unclaimed? How to reclaim them via IEPF portal

Tax dept seized wife’s Rs 1.65 crore worth of gold and silver jewellery, husband wins in ITAT Bengaluru

Twist in property sale case: Supreme Court backs sons against father after double sale of land

ICAI chief on why homegrown consulting firms can't take on Big 4

ICAI adds new norms to track frauds

Eternal gets GST demand order, penalty worth ₹128 crore from UP officials

International News:

AI Adoption in Audit is On the Rise

Failure to prevent fraud: reasonable defence: ICAEW

Accounting Firms Say Foreign Issuers Face Major Obstacles if SEC Mandates US GAAP

CFOs must focus on a long-term tech plan

Forensic Accounting in the Age of AI: Opportunities and Risks

Exposure Drafts:

CBIC Budget Consultation:

Suggestions from the Industry and Trade Associations for Budget 2026-27 regarding changes in direct and indirect taxes
[Last date for Comments: November 10, 2025] 

RBi Drafts:

Draft Reserve Bank of India (Commercial Banks - Capital Market Exposure) Directions, 2025
[Last date for Comments: November 21, 2025] 

Draft Reserve Bank of India (Small Finance Banks - Capital Market Exposure) Directions, 2025
[Last date for Comments: November 21, 2025] 

Draft ‘Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Amendment Directions, 2025’
[Last date for Comments: November 21, 2025] 

Draft circular on Unique Transaction Identifier for OTC Derivative Transactions in India
[Last date for Comments: November 14, 2025] 

IFSCA Drafts:

Public Consultation on Regulatory Framework for Dematerialisation of securities by entities in the IFSC jurisdiction
[Last date for Comments: November 16, 2025]
 

Consultation paper on Regulatory Framework for differential distribution in Restricted Schemes and Venture Capital Schemes to facilitate blended finance and other fund structures
[Last date for Comments: November 11, 2025]
 

SEBI Drafts:

Consultation paper on comprehensive review of SEBI (Mutual Funds) Regulations, 1996
[Last date for Comments: November 17, 2025] 

Consultation paper for permitting debt issuers to offer incentives in public issues to certain category of investors
[Last date for Comments: November 17, 2025] 

Consultation paper on Relaxation in the threshold for identification of High Value Debt Listed Entities (HVDLEs) and measures facilitating ease of doing measures for HVDLE including provisions relating to Related Party Transactions
[Last date for Comments: November 17, 2025] 

Consultation paper for review of LODR Regulations - Clarification regarding the timeline for transfer of unclaimed amount by entity having listed non-convertible securities
[Last date for Comments: November 14, 2025] 

Consultation paper on Standardization of process for Opening of Mutual Fund Folios and Execution of First Investment
[Last date for Comments: November 14, 2025] 

Circular on Relaxation of India geo-tagging for NRI clients re-KYCKYC modification through digital on-boarding video client Identification process (V-CIP)
[Last date for Comments: November 13, 2025] 

Acts & Regulations:

RBI Directions:

Reserve Bank of India (Investment in AIF) Directions, 2025 (Updated as on October 24, 2025)

Useful Forms:

ITR eFiling Utilities for AY 2025-26:

Updated:
ITR 5
- Offline Utility
- Utility for MAC
- Excel Utility

From the ICAI:

FAQs issued by ICAI:

FAQs based on Auditor’s Opinion on financial statements 
[Published in October 2025]

Legal Updates:

Income Tax:

Due date extension u/s 139(1) for assessees whose accounts are required to be audited [Press Release]

Notification u/s 120 of the Income Tax Act, 1961 regarding proposal for CPC ITR to initiate rectification of orders passed by Assessing Officers due to errors in accounting due to erroneous accounting [Notification No.155]

DTAA with Qatar [Notification No.154]

GST:

Advisory to file pending returns before expiry of three years

Assigning proper officer under section 74A, section 75(2) and section 122 of the Central Goods and Services Tax Act, 2017 [CGST Circular No.254]

Seeks to extend date of filing GSTR-3B [Notification No.17]

Seeks to amend notification No. 26/2018-Central Tax(Rate) dated 31.12.2018 [Notification No.18]

Seeks to amend notification No. 27/2018-IntegratedTax(Rate) dated 31.12.2018 [Notification No.18]

Seeks to amend notification No. 26/2018-Union Territory Tax(Rate) dated 31.12.2018 [Notification No.18]

MCA:

Establishment of RDs under LLP Act 2008

Establishment of ROCs under LLP Act 2008

Establishment of ROCs under Companies Act 2013

Establishment of RDs under Companies Act 2013

Relaxation of additional fees in filing of CRA-4 (Cost Audit Report in XBRL format) [Circular No.7]

RBI:

RBI (Nomination Facility in Deposit Accounts, Safe Deposit Lockers and Articles kept in Safe Custody with the Banks) Directions, 2025

SEBI:

Transfer of portfolios of clients (PMS business) by Portfolio Managers

IFSCA:

Framework on Stewardship Code in IFSC

DGFT:

Amendment of Appendix 2B [List of Agencies Authorised to issue Certificate of Origin (Preferential)] of Foreign Trade Policy, 2023 [Public Notice No.30]

Amendments in Para 2.88 and Para 2.91 of Handbook of Procedures [Public Notice No.29]

Clarification regarding applicability of restriction on Silver Jewellery imposed vide Notification No. 34/2025-26 dated 24.09.2025 [Circular No.6]

Pilot Launch of Bharat Aayat Niryat Lab Setu [Trade Notice No.14]

Partial amendment in Import Policy Condition of Synthetic Knitted Fabrics Covered under Chapter 60 of the ITC (HS), 2022 [Notification No.46]

Amendment in Import Policy Condition of specific ITC (HS) Codes of Chapter 29 and 38 of ITC (HS), 2022- Schedule-1 (Import Policy) [Notification No.45]

Amendments in Para 4.84 (b) of Handbook of Procedures 2023 [Public Notice No.28]

Reinstatement and amendment in Standard Input Output Norms (SION) C676 for export of "Hot Dipped Galvanised Tension Bar/ Gate Rods/ Truss Rods/ Drop Rods" [Public Notice No.27]

Customs:

Amendment to Notification No. 77/2023-Customs (N.T.) dated 20.10.2023 - Revision of AIR of duty drawback of Gold jewellery and silver jewellery/articles [Notification No.67(NT)]

Notification of ICD Malur, Kolar District, Karnataka u/s. 7(1)(aa) of Customs Act, 1962" and it was issued under Section 7(1)(aa) of Customs Act, 1962 [Notification No.66(NT)]

Seeks to amend the Notification No. 66/2021-Customs(ADD) dated 11.11.2021 [Notification No.30(ADD)]

Seeks to supersede 31 customs exemption notifications and prescribes effective rates of customs duty, IGST and compensation cess for goods imported into India [Notification No.45]

Seeks to amend AIDC, Health Cess and SWS notification to align them with notification no. 45/2025-Customs [Notification No.44]