Weekly Newsletter - September 24, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

SEBI Drafts

IFSCA Drafts

PFRDA Draft

Acts & Regulations:

IFSCA FAQs

RBI Master Direction

Useful Forms:

ITR eFiling Utilities for AY 2025-26

From the ICAI:

ICAI Announcement

ICAI FAQs

Legal Updates:

Income Tax

GST

MCA

RBI

SEBI

IFSCA

IRDAI

DGFT

Customs

 

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News Update:

Indian News:

GST invoices getting smarter from October: Here's what you need to know

India may raise foreign investment limit in PSU banks

Thinking of withdrawing EPF for misuse? EPFO warns it can lead to recovery under EPF scheme

Tax clarity for govt staff, DFS releases FAQs on Unified Pension Scheme

Relief from GST annual return filing for these taxpayers; Know its impact

Bombay High Court rules retired employee must get 10% interest for two year delay for gratuity, pension

RBI allows standalone primary dealers to trade in rupee NDF market

Benefits of AI should not overshadow prudent risk management: RBI dy guv

Govt enables GST grievance redressal on National Consumer Helpline

Large ships accorded infra status, to draw more finances

Sebi proposes revamp of glitch rules, exemptions for small brokers

SAT directs Sebi to share more documents in Axis front-running case

EPFO directs zonal, regional offices to allow part payments on PF claims

India eyes its own Big Four! PMO to review regulatory changes on September 23; domestic audit firms aim to scale globally

Unfair to charge Rs 29 lakh penalty for advance tax filing delay due to system glitches, CA writes to Finance Minister

Telecom major Vodafone Idea slapped with tax penalty of ₹6.47 crore

Sebi eases process of transferring securities from nominee to legal heir

Fake CA forms, real remittances: Inside Rs 700 cr ‘fraud’ in which ED secured 1st Interpol Purple Notice

Third upgrade in 2025! Japan’s R&I raises India’s sovereign rating to BBB+; cites strong growth outlook and fiscal discipline

RBI pushes banks to slash retail charges, putting billions in fees at risk

Sebi, RBI in talks to introduce corporate bond index derivatives

NFRA to start outreach programmes from September 26 to improve audit ecosystem

Motilal Oswal pays ₹34.85 lakh to settle front-running case with Sebi

India will not allow rerouting of domestic goods from UAE to US, says Goyal

How India’s GST 2.0 compares with similar tax systems in other countries

Govt floats paper seeking comments on creating India’s ‘Big Four’

'No violations': Sebi gives clean chit to Adani in Hindenburg case

EPFO launches ‘Passbook Lite’: EPFO makes changes for faster claim settlement, reduced processing time

CAG to launch portal in November to make entire audit process tech driven

CBIC notifies changes in annual GSTR-9 form, makes ITC reporting detailed

ED launches search operations at 13 premises of B C Jindal group over suspected FEMA violations

  

International News:

PCAOB Shines Light on Broker-Dealer Auditors in Latest Publication

SEC chair threatens IFRS recognition

Sherbank Manual for Doing Business in Russia

AICPA requests clarity on global minimum tax framework

US Fed meeting: Jerome Powell-led FOMC cuts interest rate by 25 bps; 5 key highlights

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Exposure Drafts:

SEBI Drafts:

Consultation Paper on Review of Framework to address the ‘technical glitches’ in Stock Brokers’ Electronic Trading Systems’
[Last date for Comments: October 12, 2025] 

Draft Circular - Guidelines with respect to reporting of value of units of Alternative Investment Funds (AIFs) to Depositories
[Last date for Comments: October 9, 2025] 

  

IFSCA Drafts:

Public Consultation on Circular on Internet Banking Services to Clients of IBUs -Review
[Last date for Comments: October 13, 2025] 

Consultation Paper on Draft IFSCA FinTech Sandbox Framework
[Last date for Comments: October 10, 2025]  

  

PFRDA Draft:

Exposure Draft - Amendments to Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015
[Last date for Comments: October 17, 2025]
 

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Acts & Regulations:

IFSCA FAQs:

FAQs - Interoperable Regulatory Sandbox

  

RBI Master Direction:

Master Direction - Risk Management and Inter-Bank Dealings
[Updated as on September 22, 2025]

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Useful Forms:

ITR eFiling Utilities for AY 2025-26:

Updated on September 23, 2025: ITR 6 - Excel Utility

Offline Utility for ITR 7 has been released

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From the ICAI:

ICAI Announcement:

Relaxation in compliance with the 'Guidance Note on Financial Statements of Non-Corporate entities' and 'Guidance Note on Financial Statements of Limited Liability Partnerships' for annual reporting period 2024-25Relaxation in compliance with the 'Guidance Note on Financial Statements of Non-Corporate entities' and 'Guidance Note on Financial Statements of Limited Liability Partnerships' for annual reporting period 2024-25

  

ICAI FAQs:

FAQs on Management Representation Letter
[Published in August 2025]

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Legal Updates:

Income Tax:

​Order under section 119 of tbe Income-tax Act, 1961 for waiver of interest payable under section 220(2) due to late payment of demand, in certain cases [Circular No.13]

 

GST:

Advisory: New Changes in Invoice Management System (IMS)

Communication to taxpayers through eOffice - requirement of Document Identification Number (DIN) [Circular No.252]

FAQ-4 on fresh advisory issued by the Department of Consumer Affairs related to GST rate revision

FAQ-3 on Goods Rate Notifications as per GST 2.0

Compensation Cess (Rate) Notification

Seeks to amend Notification No. 1/2017- Compensation Cess (Rate) dated 28.06.2017 [Notification No.02/2025-Compensation Cess (Rate)]

Central Tax Notifications

Seeks to notify clauses (ii), (iii) of section 121, section 122 to section 124 and section 126 to 134 of Finance Act, 2025 to come into force [No.16]

Seeks to exempt taxpayer with annual turnover less than Rs 2 Crore from filing annual return [No.15]

Seeks to notify category of persons under section 54(6) [No.14]

The Central Goods and Services Tax (Third Amendment) Rules 2025 [No.13]

Central Tax (Rate) Notifications

Seeks to amend Notification No. 3/2017- Central Tax (Rate) dated 28.06.2017 [No.17]

Seeks to amend Notification No 12/2017-Central Tax (Rate dated 28th June, 2017 to implement the recommendations of the 56th GST Council [No.16]

Seeks to amend Notification No 11/2017 - Central Tax (Rate) dated 28th June, 2017 to implement the recommendations of the 56th GST Council [No.15]

Seeks to notify GST rate for bricks [No.14]

Seeks to amend Notification No. 21/2018- Central Tax (Rate) dated 26.07.2018 [No.13]

Seeks to amend Notification No. 8/2018- Central Tax (Rate) dated 25.01.2018 [No.12]

Seeks to amend Notification No. 3/2017- Central Tax (Rate) dated 28.06.2017 [No.11]

Seeks to supersede Notification No. 2/2017- Central Tax (Rate) dated 28.06.2017 [No.10]

Corrigendum to Notification No. 10/2025 – Central Tax (Rate) dated 17.09.2025

Seeks to supersede Notification No. 1/2017- Central Tax (Rate) dated 28.06.2017 [No.9]

Corrigendum to Notification No. 9/2025 – Central Tax (Rate) dated 17.09.2025

Integrated Tax (Rate) Notifications

Seeks to amend Notification No 14/2017-Integrated Tax (Rate), dated 28th June, 2017 to implement the recommendations of the 56th GST Council [No.17]

Seeks to amend Notification No 9/2017-Integrated Tax (Rate), dated 28th June, 2017 to implement the recommendations of the 56th GST Council [No.16]

Seeks to amend Notification No 8/2017- Integrated Tax (Rate), dated 28th June, 2017 to implement the recommendations of the 56th GST Council [No.15]

Seeks to notify GST rate for bricks [No.14]

Seeks to amend Notification No. 22/2018- -Integrated Tax (Rate) dated 26.07.2018 [No.13]

Seeks to amend Notification No. 9/2018- -Integrated Tax (Rate) dated 25.01.2018 [No.12]

Seeks to amend Notification No. 3/2017- -Integrated Tax (Rate) dated 28.06.2017 [No.11]

Seeks to supersede Notification No. 2/2017- -Integrated Tax (Rate) dated 28.06.2017 [No.10]

Corrigendum to Notification No. 10/2025 – Integrated Tax (Rate) dated 17.09.2025

Seeks to supersede Notification No. 1/2017- -Integrated Tax (Rate) dated 28.06.2017 [No.9]

Corrigendum to Notification No. 9/2025 – Integrated Tax (Rate) dated 17.09.2025

Union Territory (Rate) Notifications

Seeks to amend Notification No 17/2017 - Union Territory (Rate), dated 28th June, 2017 to implement the recommendations of the 56th GST Council [No.17]

Seeks to amend Notification 12/2017- Union Territory Tax (Rate), dated 28th June, 2017 to implement the recommendations of the 56th GST Council [No.16]

Seeks to amend Notification No 11/2017- Union Territory Tax (Rate)dated 28th June, 2017 to implement the recommendations of the 56th GST Council [No.15]

Seeks to notify GST rate for bricks [No.14]

Seeks to amend Notification No. 21/2018- Union Territory Tax (Rate) dated 26.07.2018 [No.13]

Seeks to amend Notification No. 8/2018- Union Territory Tax (Rate) dated 25.01.2018 [No.12]

Seeks to amend Notification No. 3/2017- Union Territory Tax (Rate) dated 28.06.2017 [No.11]

Seeks to supersede Notification No. 2/2017- Union Territory Tax (Rate) dated 28.06.2017 [No.10]

Corrigendum to Notification No. 10/2025 – Union Territory Tax (Rate) dated 17.09.2025

Seeks to supersede Notification No. 1/2017- Union Territory Tax (Rate) dated 28.06.2017 [No.9]

Corrigendum to Notification No. 9/2025 – Union Territory Tax (Rate) dated 17.09.2025

 

MCA:

Clarification on holding of AGM and EGM through Video Conference or Other Audio Visual Means of and passing Ordinary and Special resolutions by the companies under the Companies Act, 2013 read with rules made thereunder [Circular No.3]

 

RBI:

Participation of Standalone Primary Dealers in Non-deliverable Rupee Derivative Markets

 

SEBI:

Ease of doing investment - Smooth transmission of securities from Nominee to Legal Heir

Framework on Social Stock Exchange

 

IFSCA:

Amendment to the IFSCA Operating Guidelines on Bullion Exchange, Bullion Clearing Corporation, Bullion Depository and Vault Manager – Eligibility Criteria of Bullion Trading Member

Clarification on the listing of convertible debt securities on recognised stock exchanges in the IFSC

 

IRDAI:

Inter-operable Regulatory Sandbox: FAQs

 

DGFT:

Export Policy of Second Generation (2G) Ethanol [Notification No.32]

Updation in SCOMET List 2025 as on 23.09.2025 [Notification No.31]

Clarification Regarding Ineligibility of Spices for Import under Duty-Free Import Authorisation (DFIA) [Circular No.5]

Export of Second Generation (2G) Ethanol under HS Code 22072000 under Restricted Authorization [Trade Notice No.12]

Amendment in Import Policy Condition of ATS-8 covered under Chapter 29 of ITC HS, 2022, Schedule –I (Import Policy) [Notification No.30]

 

Customs:

Communication to taxpayers through eOffice - requirement of document Identification Number (DIN) [Circular No.23]

Seeks to amend Notification No.50/2017-Customs, dated 30.06.2017 [Notification No.39]

Seeks to amend Notification No.29/2025-Customs dated 09.05.2025 [Notification No.38]

Seeks to amend Notification No.19/2019-Customs dated 06.07.2019 [Notification No.37]

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