Weekly Newsletter - January 8, 2025

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Draft:

ICAI Exposure Draft

Acts & Regulations:

RBI Master Directions

SEBI Master Circular

From the ICAI:

ICAI Announcement

ICAI FAQs

Legal Updates:

Income Tax

GST

SEBI

DGFT

 

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News Update:

Indian News:

Gujarat GST dept raids coaching institutes, ‘finds Rs 7.49 crore in evasions’

Budget 2025 should cut tax rates, raise income tax exemption to ₹5 lakh: EY

DGGI can now send takedown orders against online money gaming apps evading GST

Markets regulator Sebi warns Ola Electric for violating disclosure norms

Sebi asks companies to disclose whistleblower complaints in IPO filings

RBI Guv Malhotra faces calls to unshackle rupee amid surging dollar

Big 4 in India outshine MNC parents; combined revenue seen at over Rs 45,000 crore in FY25

Cyber fraud: Supreme Court orders SBI to refund Rs 94,000 lost in an online scam to its customer

HC upholds GST notifications extending notice deadlines

Good news for taxpayers: ITR forms updated to allow 87A tax rebate claims, but there's a catch

Sebi eases settlement rules for dormant accounts to streamline processes

Industry seeks extension of RoDTEP scheme to SEZs, EOUs till Sep-end

Gujarat HC provides relief, says no GST on transfer of state land leases

RBI releases master direction on reporting of customers credit information

Govt plans mandatory hallmarking for silver amid rising consumer demands

No Section 87A tax rebate despite ITR filing forms being updated recently

How Sebi nailed Ketan Parekh

BSE, NSE to hold special session for ITC-ITC Hotels demerger: What we know

Pani Puri vendor gets GST notice as PhonePe and UPI payments cross Rs 40 lakh in a year

Govt amends FTP to make stakeholder consultation mandatory for inclusive decision-making process

ICAI bats for concessional tax regime for partnership firms

Govt releases draft Digital Personal Data Protection Rules, no penal clause

New rule to avoid tax deduction on purchases through IFSC sellers

NFRA's audit quality inspections flag short comings in CA firm

Now you can open Post Office Savings Account and carry out transactions through Aadhaar Biometric Authentication

Now it will be difficult to take multiple personal loans due to new RBI norms

Chartered accountants asked to report FCRA violations by NGOs

Still not packaged well: GST adds to manufacturing woes, calls for simplification grows

Desi companies cheer quality norms as mfg gets boost

Sebi bans Ketan Parekh, 2 others from markets in front-running scam, impounds Rs 65 crore

MCA asks cost auditors to tap AI to better detect inefficiency

Audit needs to be proper

CBIC clarifies rules, says no GST to apply on pre-paid gift vouchers, cards

Will Digiyatra data be used to crack down on tax evaders? taxmen clarify

EPS pensioners can now withdraw their pension from any bank in India

Now you can file rectification request online for incorrect ITR processing even if it’s with the AO

I-T dept set to enhance operations in 2025 by adopting PRUDENT approach

Govt retains interest rates on small savings schemes for Jan-Mar quarter

Health insurers reject claims worth Rs 15,100 crore in FY24: Irdai

As NPCI lifts limits, WhatsApp Pay can now extend UPI services to all users

NEFT, RTGS rule change: Verify beneficiary names easily with new account name lookup facility; when can you use it?

These bank accounts will close down from Jan 1. Check if yours is affected

RBI lifts curbs on Mumbai-based Sangli Sahakari Bank after 2.5 years

Government extends deadline for direct tax Vivad Se Vishwas Scheme

I-T Department extends belated, revised ITR filing deadline to Jan 15

ICAI can't notify audit quality norms, says SG Tushar Mehta

Stockbrokers can ask you to submit income tax returns (ITR) to check PMLA violation

EPF Update: Do EPS 95 pensioners need to submit Digital Life Certificate every six months? EPFO clarifies

RBI sets up 8-member panel to develop framework for ethical use of AI

RBI allows PPI holders to make UPI payment using third-party apps

A year where audit integrity took centre stage

CCI to intervene selectively, considering sector-specific dynamics

Centre appoints Arunish Chawla as new Revenue Secretary in FinMin

NFRA flags deficiencies in BSR & Co's audit of related party transactions

GST on caramel popcorn sold in theatres to stay at 5%, govt clarifies

 

International News:

PCAOB imposed $35M in fines in 2024

FASB seeks input on standard-setting priorities

SEC approves PCAOB rule change on deregistering firms

How do you audit crypto? It starts with understanding how to report on it.

Audit fee lowballing doesn't pay off

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Exposure Draft:

ICAI Exposure Draft:

Exposure Draft of Ind AS 118, Presentation and Disclosure in Financial Statements
[Last date for Comments: April 6, 2025] 
  

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Acts & Regulations:

RBI Master Directions:

Master Direction - Reserve Bank of India (Non-resident Investment in Debt Instruments) Directions, 2025

Master Direction – Reserve Bank of India (Credit Information Reporting) Directions, 2025

 

SEBI Master Circular:

Master Circular for Stock Exchanges and Clearing Corporations

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From the ICAI:

ICAI Announcement:

Empanelment of Chartered Accountant firms/LLPs for the year 2025-2026

 

ICAI FAQs:

FAQs on Unique Document Identification Number (UDIN) (Revised 2024)

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Useful Forms:

ITR eFiling Utilities for AY 2024-25:

The following Utilities & Schemas have been updated for filing of updated return u/s 139(8A)

ITR 1
Excel Utility

ITR 2
Excel Utility

ITR 3
Excel Utility

ITR 4
Excel Utility

ITR 5
Excel Utility
Schema
Schema Change Document

ITR 6
Excel Utility
Schema
Schema Change Document

ITR 7
Excel Utility
Schema
Schema Change Document

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Legal Updates:

Income Tax:

Conditional exemption for IFSC Unit upon purchase of goods [Notification No.6]

Notification u/s 197A(1F) of the Income tax Act 1961 in case of section 194Q - No TDS on purchase of goods from a Unit of IFSC [Notification No.3]

​Extension of due date for furnishing belated/revised return of income for the Assessment Year 2024-25 in certain cases [Circular No.21]

​Extension of due date for determining amount payable as per column (3) of Table specified in section 90 of Direct Tax Vivad Se Vishwas Scheme, 2024​ [Circular No.20]

 

GST:

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

Enabling filing of Application for Rectification as per Notification No.22/2024-CT, dated 08/10/24

Clarification on various issues pertaining to GST treatment of vouchers [CGST Circular No. 243]

Clarification on place of supply of Online Services supplied by the suppliers of services to unregistered recipients [CGST Circular No. 242]

Clarification on availability of input tax credit as per section 16(2)(b) of the Central Goods and Services Tax Act, 2017 in respect of goods which have been delivered by the supplier at his place of business under Ex-Works Contract [CGST Circular No. 241]

Clarification in respect of input tax credit availed by electronic commerce operators where services specified under Section 9(5) of Central Goods and Services Tax Act, 2017 are supplied through their platform [CGST Circular No. 240]

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

Advisory for Waiver Scheme under Section 128A

 

MCA:

The Companies (Accounts) Second Amendment Rules, 2024

 

RBI:

Status of March 30, 2025 for Government transactions through integration with eKuber

Formation of new district in the State of Nagaland – Assignment of Lead Bank Responsibility

Participation of NaBFID as an AIFI in financial markets

Government Debt Relief Schemes (DRS)

Introduction of beneficiary bank account name look-up facility for Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) Systems

Reporting Platform for transactions undertaken to hedge price risk of gold

Unified Payments Interface (UPI) access for Prepaid Payment Instruments (PPIs) through third-party applications

 

FEMA:

Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Fourth Amendment) Regulations, 2024

 

SEBI:

Measures for Ease of Doing Business for Credit Rating Agencies (CRAs) – Timelines

Measure for ease of doing business - Settlement of Account of Clients who have not traded in the last 30 days

Implementation of recommendations of the Expert Committee for facilitating ease of doing business for listed entities

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

Introduction of a Mutual Funds Lite (MF Lite) framework for passively managed schemes of Mutual Funds

Clarifications on Insider Trading - Comprehensive FAQs on SEBI (PIT) Regulations, 2015

Allowing subscription to the issue of Non- Convertible Securities during trading window closure period

Prior approval for change in control: Transfer of shareholdings among immediate relatives and transmission of shareholdings and their effect on change in control

 

DGFT:

Procedure for export of certified organic products [Public Notice No.39]

Amendment in Para 6.06 of HBP, 2023 [Public Notice No.38]

Amendment by incorporation of Para 1.04 (k) in Chapter 1 of the Handbook of Procedures 2023 to specify the procedure for furnishing views, suggestions, comments, or feedback from relevant stakeholders including importers/exporters/industry experts concerning the formulation, amendment or incorporation of specific provision(s) in the Foreign Trade Policy [Public Notice No.37]

Amendment in Import Policy and Import Policy Condition of Synthetic Knitted Fabrics Covered under Chapter 60 of the ITC (HS), 2022 [Notification No.49]

Export of Wheat to Nepal through National Cooperative Exports Limited (NCEL) [Notification No.48]

Amendment in Foreign Trade Policy 2023 to include Para 1.07A and 1.07B for consultation with stakeholders to seek views, suggestions, comments or feedback from relevant stakeholders, including importers/exporters/industry experts concerning the formulation or amendment of the Foreign Trade Policy [Notification No.47]

Imposition of Minimum Import Price (MIP) on import of Soda Ash covered under Chapter 28 of ITC (HS) 2022, Schedule –I (Import Policy) [Notification No.46]

Imposition of Minimum Export Price (MEP) on Export of Honey [Notification No.45]

Imposition of Quantitative Restriction on import of Low Ash Metallurgical coke under Chapter 27 of ITC (HS) 2022, Schedule-I (Import Policy) [Notification No.44]

Enlistment of PSIAs and Addition of area of operation of PSIAs in terms of Para 2.52 (c) of HBP 2023 in Appendix-2G [Public Notice No.36]

Standard Operating Procedure (SOP) for Export Authorisations for Restricted Seeds and Planting Materials [Trade Notice No.26]

Procedure for filing application for obtaining Import Authorisation for import of Low Ash Metallurgical Coke subject to Country-wise Quantitative Restrictions (QR) [Trade Notice No.25]

 

Customs:

Roll out of Automated Out of Charge for AEO T2 and T3 Clients [Circular No.1]

Fixation of Tariff Values of Edible Oils,Brass Scrap,Areca Nut,Gold and Silver [Notification No.88(NT)]

Seeks to give effect to the fourth tranche of tariff concessions under India-Australia ECTA [Notification No.50]

Seeks to amend Notification 64/2023-Customs to extend concessional duty on Yellow Peas till 28th February 2025 [Notification No.49]

Appointment of Common Adjudicating Authority for the purpose of finalization of Provisional Assessment in SVB case w.r.t. M/s HD Hyundai Construction Equipment India Pvt. Ltd. [Notification No.87(NT)]

Seeks to impose ADD on Digital Offset Printing Plates from China PR, Japan, Korea RP, Taiwan and Vietnam for 5 years, pursuant to final findings of DGTR [Notification No.28(ADD)]

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