Weekly Newsletter - September 9, 2026

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

IRDAI Draft

SEBI Drafts

Acts & Regulations:

RBI Master Directions

Useful Forms:

ITR eFiling Utilities for AY 2026-27

CA' Referencer:

From ICAI

Legal Updates:

Income Tax

GST

MCA

RBI

SEBI

IFSCA

DGFT

Customs

Central Excise

News Update:

Indian News:

Income-tax notice after family member’s death? ITAT ruling in ₹8.71 crore case offers key lessons for legal heirs

Taxpayer chose new tax regime, but consultant filed under old regime, triggering Rs 1.23 lakh demand; ITAT gives relief

Banks plan to e-auction cars, vehicles on BAANKNET to speed up recoveries

Public Insurance Registry: From tracking policies to improving claim processing, how PIR could benefit policyholders

SC gives govt two weeks to file list of black money cases pending in HCs

Company can face criminal prosecution even if no individual is made accused: Supreme Court

IFSCA notifies market abuse rules for securities markets in Gift City

SC rejects Centre plea to revive ₹363 cr GST demand against Vodafone Idea

CBIC releases import clearance checklist for cosmetics, drugs, and medical devices

Carbon pricing relief for Indian exporters to UK

Sebi eases investor group disclosure for FPIs investing in govt bonds

Sebi extends deadline for angel funds to comply with accredited investor mandate

Rajasthan govt seizes 44 vehicles in 3 weeks in tax evasion crackdown

Irdai fines ICICI Lombard Rs 1 crore for outsourcing, vendor management lapses

ICAI explores PE funding for consultancy, accounting

GST Council meeting rescheduled to October 7 due to BRICS summit

Mumbai police arrest six for fake I-T raid, demanding Rs 1 cr

GST returns, overseas investments, off-market stock deal come under AIS

Mumbai Crime: CA Booked Over Alleged ₹4,804 Crore Foreign Remittances Using Unverified Form 15CB Certificates

NSE IPO gets Sebi approval: 10 important points investors should know as D-Street debut inches closer

RBI imposes ₹6.2 lakh penalty on Hinduja Leyland Finance for violations

31-member parl panel set up to examine FCRA amendment bill

No tax on value of new property under redevelopment agreement: ITAT

NFRA forms nine-member panel on audit quality, assurance and technology

One GST Number For All India? States Say No To Centre’s Big Reform

CAS mechanism effect: Sebi to review derivatives trades pricing

Irdai's insurance registry: What data will it link and who can access it?

Income Tax searches Dentsu Media Group offices in Mumbai, Delhi, Chennai, Bengaluru over suspected evasion

GST 2.0: Six Major Reforms Set To Shape Tax Regime’s Next Decade

Andhra CM N Chandrababu Naidu launches AI-powered platform for CAs and MSMEs

Bengaluru CBI court convicts I-T officer, chartered accountant in 14-year-old bribery case

Finance Ministry to commence exercise for Budget 2027-28 from Oct 12

Reliance Jio gets tax relief as ITAT deletes ₹11,003 cr disallowance

International News:

Audit regulation must target conduct, not audit quality, audit expert says

[US] Big Four Audit Quality Scores Rise as Watchdog Weighs Revamp

[Australia] KPMG’s ‘naughtiest kids’ turn on their own

Exposure Drafts:

IRDAI Draft:

Public Consultation Paper - Public Insurance Registry (PIR)
[Last date for Comments: September 30, 2026] 

SEBI Drafts:

Consultation Paper on Strengthening Governance of MIIs
[Last date for Comments: September 30, 2026] 

Consultation Paper on proposal to permit net settlement of funds for transactions undertaken by mutual fund schemes in cash market
[Last date for Comments: September 24, 2026] 

Consultation paper on Exemption from the requirement of mandatory merchant banker appointment for Small-value debt through private placement by certain listed issuers
[Last date for Comments: September 17, 2026] 

Acts & Regulations:

RBI Master Directions:

Master Direction - External Commercial Borrowings, Trade Credits and Structured Obligations (Updated as on September 08, 2026)

Master Direction – Borrowing and Lending transactions in Indian Rupee between Persons Resident in India and Non-Resident Indians/ Persons of Indian Origin (Updated as on September 08, 2026)

Reserve Bank of India (Urban Co-operative Banks – Classification, Valuation and Operation of Investment Portfolio) Directions, 2025 (Updated as on September 2, 2026)

Master Direction - Deposits and Accounts (Updated as on September 2, 2026)

Master Direction – Facility for Exchange of Notes and Coins (Updated as on September 1, 2026)

Master Direction on Counterfeit Notes – Detection, Reporting and Monitoring (Updated as on September 1, 2026)

Useful Forms:

ITR eFiling Utilities for AY 2026-27:

The following ITR Utilities have been updated:

Common Offline Utility (ITR 1,2,3 and ITR 4)
& 
ITR 5
• Windows Utility
• MAC  Utility

Excel Utilities:
• ITR 3
• ITR 4
• ITR 5
• ITR 7

CA' Referencer:

From ICAI:

Excel Tool For Audit Opinion Formation v1.0
[Published by ICAI - CAQ in August 2026]

Legal Updates:

Income Tax:

CBDT Order u/s 258(1) of ITA 2025: Mechanism for Sharing Aadhaar and PAN Details for Andhra Pradesh Welfare Scheme Verification

Notification authorising information sharing for Andhra Pradesh Welfare Scheme Verification [Notification No.118]

GST:

Enabling Filing of Appeals in Cases Involving NIL or Zero Demand Amount

MCA:

Extension of the Companies Compliance Facilitation Scheme, 2026 (CCFS-2026) until 15 September 2026 [Circular No.4]

RBI:

Deposits and Accounts – Accounts of Non-resident banks

Relief Measures in Areas Affected by Natural Calamities - Reporting through Centralised Information Management System (CIMS) Portal - Introduction of Half-Yearly Return

SEBI:

Review of Position Limits for Clients and Penalty Provisions for Violation / Breach of Position Limits for Commodity Derivatives Segment

Relaxation in timeline with respect to Accredited Investor mandate for Angel Funds

Ease of regulatory compliances for FPIs investing only in Government Securities

Extension of timeline for implementation of provisions of SEBI Circular dated June 15, 2026 on norms for base price, price bands, call auction in pre-open session and Close-out procedure for Exchange Traded Funds (ETFs)

IFSCA:

Amendment to Master Circular for Credit Rating Agencies in the IFSC

iFSCA (Capital Market Intermediaries) (Second Amendment) Regulations, 2026

DGFT:

Comments/views on proposed suspension of 544 Standard Input Output Norms (SIONs) remaining unutilized during the last three financial years [Trade Notice No.26]

Introduction of Open API Integration for Certificate of Origin (CoO) through Trade Connect e-Platform [Trade Notice No.25]

Automated Issuance of Free Sale and Commerce Certificates (FSC) [Trade Notice No.24]

Introduction of new features in the Bank Guarantee (BG) Repository Module on DGFT Portal [Trade Notice No.23]

Extension of timeline for one-time conversion of Advance Authorisation under SION E-52 to TRQ for import of Raw Sugar [Public Notice No.29]

Modalities for Application and Allocation of Balance Quantity under TRQ Scheme for Import of 10 Lakh MT of Raw Sugar [Public Notice No.28]

Customs:

Registration of Importers under Centralized EPR Portal for Plastic Packaging as per Plastic Waste Management Rules, 2016 (as amended) and verification of registration [Instruction No.15]

National Assessment Centre (NAC) Portal for Trade and department for effective dissemination of information [Circular No.41]

Checklists for mandatory compliance for Cosmetics/Drugs/Medical Devices to be verified by the Customs officer before granting out-of-charge in case of PGA facilitated Bills of Entry [Circular No.40]

Amendment to Circular No. 08/2026-Customs dated 28.02.2026 - Rationalization of documentation requirements under the Eligible Manufacturer Importer (EMI) Scheme [Circular No.39]

Implementation of the Sea Cargo Manifest and Transshipment Regulations(SCMTR), 2018 [Circular No.38]

Appointment of Common Adjudicating Authority in the case of M/s. Akwel Automative Pune India Pvt. Ltd. (IEC: 3105015850) – Consolidated Adjudication of Multiple Show Cause Notices arising from SVB Investigation Report No. 198/AC/SVB/SKB/2022-23 [Notification No.74(NT)]

The Sea Cargo Manifest and Transshipment Regulations (SCMTR), 2018 [Notification No.73(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.72(NT)]

Central Excise:

Seeks to amend Notification No. 11/2026-Central Excise dated 26.03.2026 to revise the Road and Infrastructure Cess (RIC) rate on exports of diesel outside India [Notification No.48]

Seeks to amend Notification No. 08/2026-Central Excise dated 26.03.2026 to revise the Special Additional Excise Duty (SAED) rate on exports of Aviation Turbine Fuel (ATF) outside India [Notification No.47]

Seeks to amend Notification No. 06/2026-Central Excise dated 26.03.2026 to revise the Special Additional Excise Duty (SAED) rates on exports of petrol outside India [Notification No.46]