Weekly Newsletter - April 23, 2025

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

ICAI Exposure Draft

SEBI Drafts

Acts & Regulations:

IFSCA Regulations

RBI Master Directions

From the ICAI:

ICAI Reference Materials

Legal Updates:

Income Tax

GST

RBI

SEBI

IFSCA

DGFT

Customs

 

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News Update:

Indian News:

Tax dept tightens claims scrutiny: Key rules for rent paid to parents

ICAI and CAG Join Hands to Strengthen Capacity of PSUs Audit Officers

Victim of insurance mis-selling? You are entitled to get a full refund, rules NCDRC

How to spot a genuine Sebi-registered financial advisor and avoid scams

BluSmart appoints Grant Thornton for a forensic audit, sources say

Pay new income tax TCS of 1% on these luxury goods above Rs 10 lakh; CBDT issues notification

Bombay HC gives GST relief to homeowners: No GST on re-development by homeowners through builder under these terms

Why Asia may embrace Donald Trump's trade plan-if it cuts out China

Sebi announces changes in NAV cut-off time for Mutual Fund Overnight Schemes

For safer digital banking, banks to move to domain “Bank.in” by October 31, 2025, says RBI

Is 18% GST levied on maintenance amount when housing society is managed by builder?

IndusInd ropes in EY to conduct another audit, to probe Rs 600cr discrepancy in microfinance portfolio

RBI's new liquidity norm to free up $35 billion, likely boosting credit growth

Govt defines 'proof of origin' for trade purposes to promote ease of doing business

US slaps up to 3,521% duties on Southeast Asian solar imports

Gensol Engineering under ED scanner over alleged links to Mahadev betting app scandal

Minors aged 10+ can open, operate bank accounts independently

SEBI extends PAN freeze to immediate kin of insider trading norm violators

Sebi mulls extending relaxation to listed NCDs from sending physical copies of fin statement

SEBI proposes direct arbitration for high-value and repetitive complaints

EPFO makes pension withdrawals easier: Here's how you can file claims

Govt extends tenure of RBI Deputy Governor T Rabi Sankar by one year

RBI directs banks to increase run-off rates for digital deposits

India to impose 12% temporary tariff on steel to curb cheap China imports

Google agrees to pay Rs 20.24 crore to CCI in Android TV settlement case

GST body drops Rs 115 cr from tax demand against Mahindra & Mahindra

Officers find 25K fake firms fraudulently passing ₹61,545 cr ITC in FY25

New 'e-Pay Tax' feature eases online tax payments: A step-by-step guide

First phase of India-US trade deal likely by fall this year: Sitharaman

New Tax Bill 2025: No Nil TDS certificate for all taxpayers including NRIs; What does it mean for Indians and NRIs?

Chartered Accountant Arrested for Accepting Bribe in Kerala

Eversource looks to buy BluSmart for ₹800-1K cr, seeks Jaggi brothers' exit

Sebi finds only 2-3 labourers, no EV production at Gensol's Pune unit

India-US trade pact's terms of reference includes about 19 chapters: Report

Big rejig: Key ministries to see new appointments

Cybersecurity adoption measures: Sebi tells banks to share updates

Top auditors divided on their responsibility to detect Gensol-type frauds; ICAI yet to order probe

ED attaches Jagan Reddy, Dalmia Cements' ₹800 cr-worth assets in money laundering case

Not safeguards, but security: US defends steel, aluminium tariffs amid India’s WTO complaint

State-run banks to tighten scrutiny of ₹250 cr+ loans

EPFO set for digital overhaul with new IT platform by May-June: Mandaviya

Tax on insurance likely to be cut to 5% at GST Council meet

RBI expands NBFC audit ambit to cover their service providers

New guidelines to curb GST registration related harassment, to help in timely resolution of grievances of taxpayers

Centre appoints four senior IRS officers as members of CBDT board

Seller falls victim to fraud, but tax still applies on all goods supplied

Former sales tax officer booked for Rs 4.6 cr GST fraud

Supreme Court tightens grip on cash deals: Courts must report transactions over Rs 2 lakh to I-T department

India bets on policy agility to beat global supply chain woes: Sitharaman

RBI imposes penalty on Kotak Mahindra Bank, IDFC First Bank, PNB

10% premium cap for seniors only on new or repriced plans, others may see steep increases

Facing marital issue? Women officers can now prioritise children for pension

Will NFRA's stricter oversight enhance audits—or fuel new avoidance tactics?

Tale of missing funds: How Gensol’s Jaggi brothers siphoned Rs 262 crore

  

International News:

UK’s young accountants lead surge in self-employed practices

Urgent action needed to improve audit regulation, warns CPA Australia

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Exposure Drafts:

ICAI Exposure Draft:

Exposure Draft of Contracts Referencing Nature-dependent Electricity: Amendments to Ind AS 109 and Ind AS 107
[Last date for Comments: May 18, 2025]

  

SEBI Drafts:

Draft Circular - Limited relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
[Last date for Comments: May 12, 2025] 

Draft Circular on 'Amendments to Master Circular on Online Resolution of Disputes in the Indian Securities Market'
[Last date for Comments: May 12, 2025] 

Consultation Paper on investment by Mutual Funds in REITs and InvITs
[Last date for Comments: May 11, 2025] 

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Acts & Regulations:

IFSCA Regulations:

IFSCA (Capital Market Intermediaries) Regulations, 2025

IFSCA (KYC Registration Agency) Regulations, 2025

  

RBI Master Directions:

Master Directions - Compounding of Contraventions under FEMA, 1999

Master Direction - Risk Management and Inter-Bank Dealings (Updated as on April 16, 2025)

Master Direction - Deposits and Accounts (Updated as on April 16, 2025)

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From the ICAI:

ICAI Reference Materials for "New Formats for Financial Statements":

Guidance Note on Financial Statements of Non-Corporate Entities

Excel File for Illustrative formats for Financial Statements of Non-Corporate Entities

Guidance Note on Financial Statements of Limited Liability Partnerships

Excel File for Illustrative formats for Financial Statements of Limited Liability Partnerships

Technical Guide on Accounting for NPOs

Excel File for Illustrative formats for Financial Statements of NPOs

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Legal Updates:

Income Tax:

Notification u/s 295 read with section 206C of the Income Tax Act, 1961 - TCS on purchase of luxury goods [Notification No.36]

The Income-tax (Eleventh Amendment) Rules, 2025 - Amendment to Form No.27EQ of the Income Tax Rules, 1962 [Notification No.35]

  

GST:

Instructions for processing of applications for GST registration [CGST Instruction No.3]

  

RBI:

Circular - Migration to '.bank.in' domain

Amendments to Directions - Compounding of Contraventions under FEMA, 1999

Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR) – Review of haircuts on High Quality Liquid Assets (HQLA) and review of composition and run-off rates on certain categories of deposits

Opening of and operation in deposit accounts of minors

  

SEBI:

Change in cut-off timings to determine applicable NAV with respect to repurchase/ redemption of units in overnight schemes of Mutual Funds

Trading Window closure period under Clause 4 of Schedule B read with Regulation 9 of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (“PIT Regulations”) – Extension of automated implementation of trading window closure to Immediate Relatives of Designated Persons, on account of declaration of financial results

  

IFSCA:

Clarification on conducting Customer Due Diligence (CDD) and Maintenance of Supply Chain Integrity by the Vault Managers

Amendment to the circular titled “Framework for enabling Ancillary Services at International Financial Services Centres"

  

DGFT:

Amendment in Import Policy Condition of Synthetic Knitted Fabrics Covered under Chapter 60 of the ITC (HS), 2022 [Notification No.5]

Inputs on Amendments for Export of SCOMET Items for ‘Testing and Evaluation’ purposes [Trade Notice No.3]

Introduction of ‘Mode of Export of Services’ Field in eBRC Format for Services Exports with effect from May 01, 2025 [Trade Notice No.2]

  

Customs:

Seeks to impose safeguard duty on “Non-Alloy and Alloy Steel Flat Products” [Notification No.1(SG)]

Amendment to Notification No. 77/2023-Customs (N.T.) dated 20.10.2023 - Revision of rate of duty drawback of Gold jewellery and silver jewellery/articles [Notification No.26(NT)]

Notification of Dholera International Airport u/s. 7(1)(a) of Customs Act, 1962" and it was issued under Section 7(1)(a) of Customs Act, 1962 [Notification No.25(NT)]

Amendment to guidelines issued vide Circular No. 38/2020 dated 21.08.2020 [Circular No.14]

Instruction No.04/2025-Customs dated 21.04.2025 regarding Recognition of National Food & Feed Reference Laboratory (NFFRL), Kathmandu, Nepal [Instruction No.4]

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