Weekly Newsletter - May 7, 2025

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

SEBI Drafts

FASB Draft

Acts & Regulations:

GST Act

RBI Master Directions

SEBI Regulations

Useful Forms:

Income Tax Forms

Legal Updates:

Income Tax

GST

FEMA

SEBI

DGFT

Customs

 

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News Update:

Indian News:

India opens central govt procurement to UK firms under new trade pact

AI regulation needs global cooperation, not isolated moves: Sitharaman

No overseas investment if old lapses not fixed: RBI

India will retaliate if EU goes ahead with carbon tax: Goyal

Speculative, incorrect: Yes Bank denies stake sale reports in clarification

India-EU FTA our priority, possible by December-end: FM Nirmala Sitharaman

India-UK trade deal to open opportunities for Indian yoga instructors, musicians, chefs

India-UK clinches trade deal; duty cut on British whisky, cars; boost to garment, leather goods exports

No difference between skill and chance in GST levy, Centre tells SC

Sebi mandates cooling-off period for directors at market infra institutions

MTNL defaults on interest payment for sovereign guarantee-backed bonds

ITR-2 for FY2024-2025 notified by Income Tax dept: There’s good news for these taxpayers

ICAI to provide forensic standards to global accounting bodies

EPF interest rate rate loss on switching jobs

Samsung fights $520 million India tax demand, points to Reliance practice

Monitor top advance tax payers, check fake claims: CBDT to I-T dept

Sebi working to set up centralised KYC system: Tuhin Kanta Pandey

ICAI to help SEBI in tackling financial fraud

Centre warns industry against transhipment to US; assures clarity on norms

ICAI likely to complete review of Gensol, BluSmart financials in 6 months

CBDT notifies new ITR form 5 for 2025-26 with key updates

SAT upholds Sebi order penalising RIL, 2 execs

Sebi imposes Rs 58.5 crore penalty on Seya Industries’ top executives for financial fraud and fund diversion

India Inc favours top 6 audit firms

SEBI accuses Pranav Adani in insider trading case, he seeks to settle

RBI imposes penalties on ICICI Bank, Bank of Baroda, 2 other lenders

UK-India investment treaty lets companies sue government, sources say

Set up grievance redress system for registration cases: CBIC to CGST staff

RBI working group recommends longer hours for interbank money markets

India-EU trade pact to address tariff and non-tariff barriers equally

India and Japan may get better trade deals with US amid its trade war with China: Jefferies

RBI seeks 'vostro' accounts investment cap removal to push Rupee trade

Poonam Gupta takes charge as RBI Deputy Governor, to join MPC in June

ITR filing FY24-25: ITR-3 form notified by the CBDT: Know what this means for taxpayers; Who is eligible?

Change is coming: Why RBI wants more Rs 100, Rs 200 notes in ATMs

ICAI plans norms for overseas networks to aid Indian companies' growth

ED to prioritise FEMA violation cases in 2025: Director Rahul Navin

New ITR forms for AY 2025-26 make filing taxes easier for small investors

Why only one among Big Four are on Sebi’s panel of forensic auditors

Commerce Min seeks exporters' views on schemes under export promotion plan

  

International News:

PCAOB releases new machine-readable audit inspection datasets

China eases monetary policy, slashes key rates as Donald Trump’s tariffs hit growth

Nearly 6 out of 10 workers admit making AI-fueled errors

FRC publishes 2024/25 insights on structured digital reporting

PCAOB Adds New Resources on Quality Control Standard

PCAOB chair fights proposal to shut down audit regulator

[US] Republican proposal to abolish PCAOB sparks debate

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Exposure Drafts:

SEBI Drafts:

Consultation Paper on Separate carve out for Voluntary Delisting of Public Sector Undertakings
[Last date for Comments: May 27, 2025] 

Consultation Paper on Rationalization of Placement Document for Qualified Institutions Placement
[Last date for Comments: May 23, 2025] 

Consultation Paper on Regulatory Amendments for REITs and InvITs
[Last date for Comments: May 22, 2025] 

  

FASB Draft:

Proposed Accounting Standards Update
Debt—Modifications and Extinguishments (Subtopic 470-50) and Liabilities—Extinguishments of Liabilities (Subtopic 405-20)
Accounting for Debt Exchanges
[Last date for Comments: May 30, 2025] 

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Acts & Regulations:

GST Act:

GST Act(s) and Rule(s) – Bare Law
(Updated upto The Finance Act, 2025)

  

RBI Master Directions:

Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023

Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021

Master Directions - Mortgage Guarantee Companies (Reserve Bank) Directions, 2016

Master Direction - Core Investment Companies (Reserve Bank) Directions, 2016

Master Direction - Standalone Primary Dealers (Reserve Bank) Directions, 2016

Download the latest RBI Master Circulars / Directions for 2025-26

  

SEBI Regulations:

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 [Last amended on May 01, 2025]

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Useful Forms:

Income Tax Forms:

The following Income Tax Forms have been updated:

Form 3CD

Form 26Q

Form 27Q

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Legal Updates:

Income Tax:

The Income-tax (16th Amendment) Rules, 2025 - ITR 6 for AY 2025-26 notified [Notification No.44]

The Income-tax (15th Amendment) Rules, 2025 - ITR 2 for AY 2025 26 notified [Notification No.43]

The Income-tax (14th Amendment) Rules, 2025 - ITR 5 for AY 2025-26 notified [Notification No.42]

The Income-tax (13th Amendment) Rules, 2025 - ITR 3 for AY 2025-26 notified [Notification No.41]

  

GST:

Invoice-wise Reporting Functionality in Form GSTR-7 on portal

Timely production of records/information for audit [CGST Instruction No.5]

Grievance Redressal Mechanism for processing of application for GST registration [CGST Instruction No.4]

Reporting of HSN codes in Table 12 and list of documents in table 13 of GSTR-1/1A

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Sikkim

  

FEMA:

The Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Sixth Amendment) Regulations, 2025

  

SEBI:

Review of - (a) disclosure of financial information in offer document, and (b) continuous disclosures and compliances by Real Estate Investment Trusts (REITs)

Review of - (a) disclosure of financial information in offer document / placement memorandum, and (b) continuous disclosures and compliances by Infrastructure Investment Trusts (InvITs)

Publishing Investor Charter for KYC (Know Your Client) Registration Agencies (KRAs) on their Websites

SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) (Amendment) Regulations, 2025

Measure for Ease of Doing Business - Facilitation to SEBI registered Stock Brokers to undertake securities market related activities in GIFT-IFSC under a SBU

Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2025

SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2025

SEBI (Depositories and Participants) (Second Amendment) Regulations, 2025

Clarifications to Cybersecurity and Cyber Resilience Framework (CSCRF) for SEBI Regulated Entities (REs)

  

DGFT:

Amendments in Standard input Output Norms (SION) A-1294 [Public Notice No.6]

Reinstatement and amendment of Standard Input Output Norms (SION C-888) [Public Notice No.5]

Amendments to Para 10.10 of the Handbook of Procedures (HBP) 2023 - Revised Framework for Stock & Sale Authorization of SCOMET Items [Public Notice No.4]

Prohibition on Import or transit of all goods originating in or exported from Pakistan- Insertion of Para 2.20A of Foreign Trade Policy (FTP) 2023 [Notification No.6]

  

Customs:

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.33(NT)]

Seeks to amend Notification no. 27/2011-customs dated 1 st March, 2011 and Notification No. 22/2024-Customs, dated 2 nd April, 2024 to align them with the changes made in the Second Schedule to the Customs Tariff Act [Notification No.28]

Seeks to amend Second Schedule to the Customs Tariff Act, to align it with changes made in the First Schedule to the Customs Tariff Act vide Finance Act, 2025 [Notification No.27]

Seeks to rescind Notification No. 04/2025-Customs dated the 1st February, 2025 [Notification No.26]

Seeks to amend various Customs Notifications to align them with changes made vide Finance Act, 2025 [Notification No.25]

Seeks to amend various Customs Notifications so as to align them with changes made vide Finance Act, 2025 [Notification No.8(ADD)]

Seeks to amend Notification No. 05/2024-Customs (CVD) dated the 11th September, 2024 so as to align with changes made vide Finance Act, 2025 [Notification No.2(CVD)]

Seeks to amend Notification No. 58/2021-Customs (N.T.), dated the 01.07.2021 under sub-section (2) of Section 151B of the Customs Act, 1962 to notify Agreement or Arrangement on Cooperation and Mutual Administrative Assistance (CMAA) in Customs Matter of India and with other Countries [Notification No.32(NT)]

Notification of Rohini Yard Jetty u/s. 7(1)(d) of Customs Act, 1962" and it was issued under Section 7(1)(d) of Customs Act, 1962 [Notification No.27(NT)]

Closing of the Integrated Check Post Attari for all types of incoming and outgoing passengers and movement of goods [Instruction No.8]

Prohibition on import or transit of all goods originating in or exported from Pakistan – Insertion of Para 2.20A of Foreign Trade Policy (FTP), 2023 [Instruction No.7]

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