SEBI Updates
Ease of Doing Investment – Special Window for Re-lodgement of Transfer Requests of Physical Shares
SEBI has opened a special six-month window from July 7, 2025 to January 6, 2026 to allow investors to re-lodge transfer deeds that were originally submitted before April 1, 2019 but were rejected, returned, or unattended due to documentation deficiencies. This initiative comes in response to requests from investors and stakeholders who missed the March 31, 2021 deadline for re-submission. Securities re-lodged during this period will be processed only in dematerialized (demat) form. Listed companies, RTAs, and stock exchanges shall publicize the opening of this special window through various media including Print and Social Media, on a bimonthly basis during the above mentioned period. RTAs and listed companies should also assign specific teams to process these requests and submit monthly reports to SEBI on both the publicity efforts and the volume of securities re-lodged, as per the format in Annexure-A. Regulatory Updates
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Master Circular for listing obligations and disclosure requirements for Non-convertible Securities, securitized debt instruments, and/or Commercial Paper Regulatory Updates
The Securities and Exchange Board of India (SEBI) issued a Master Circular on July 11, 2025, consolidating all previous circulars up to June 30, 2025, related to listing obligations and disclosure requirements for issuers of non-convertible securities, securitized debt instruments, and commercial paper. Effective immediately, the circular provides a single point of reference for stakeholders and supersedes the circulars listed in its Annex-1 (except circulars that were issued to ‘all listed entities,’ which shall continue to apply to entities that have listed specified securities), while preserving the validity of actions taken or applications made under the previous circulars. Issued under the SEBI Act, 1992, the Securities Contracts (Regulation) Rules, 1957, and the SEBI (LODR) Regulations, 2015, this Master Circular mandates stock exchanges, issuers, and other stakeholders to ensure full compliance, disseminate its provisions through their websites and other media, put in place necessary infrastructure, monitor implementation, amend internal bylaws if needed, and actively raise awareness among market participants.
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MCA Updates
Companies (Listing of Equity Shares in Permissible Jurisdictions) Amendment Rules, 2025 Regulatory Updates
The Central Government, exercising powers under the Companies Act, 2013, has notified the Companies (Listing of equity shares in permissible jurisdictions) Amendment Rules, 2025, by amendment of the Companies (Listing of equity shares in permissible jurisdictions) Rules, 2024 and will take effect from the date they are published in the Official Gazette. The amendment substitutes the existing Form LEAP–1 in the Second Schedule of the 2024 Rules with a revised version.
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Companies (Corporate Social Responsibility Policy) Amendment Rules, 2025 Regulatory Updates
The Central Government has notified the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2025 under Section 135 and Section 469 (1) and (2) of the Companies Act, 2013. These rules, which amend the Companies (CSR Policy) Rules, 2014, will come into effect on July 14, 2025. The amendment includes the substitution of the existing e-form CSR-1 with a revised version.
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Income Tax Updates
Online and excel utilities released for ITR 1, ITR 2, ITR 3 & 4 ITR-2 and ITR U (for AY 2021-22 & AY 2022-23)
The new ITR utilities for ITR 1, ITR 2, ITR 3 & ITR 4 are now fully enabled for online filing and excel download. Further, excel utilities for updated returns in ITR-1 and ITR-2 (for AY 2021-22 & AY 2022-23) are now available, allowing taxpayers to file updated returns for earlier years in compliance with recent Finance Act changes. Regulatory Updates
New Tax Transparency Features Regulatory Updates
The Income Tax Department has rolled out new features to enhance transparency concerning foreign assets and income. These are aimed at ensuring comprehensive compliance and proactive reporting of global financial interests.
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Updated Audit Forms Available
Updated audit forms 3CA-3CD and 3CB-3CD, required in tax audit cases, have been released per the most recent notifications, ensuring filers use the correct formats for statutory compliance.
e-Proceedings for Section 158BC Notices Regulatory Updates
Taxpayers who have received notices under Section 158BC can now file Form ITR-B electronically via the e-Proceedings tab on the portal, making compliance with scrutiny easier.
Updated Banks List for e-Pay Tax
A regularly maintained and updated list of authorized banks eligible for e-Pay Tax services continues to be available through the portal.
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Relaxation of the timeline for processing returns incorrectly invalidated by the CPC Regulatory Updates
Considering various grievances received from the taxpayers regarding erroneous invalidation of the return filed electronically for different assessment years due to technical reasons, the CBDT has directed that such returns filed electronically up to 31 March 2024 be processed now and sent to the concerned taxpayer by 31 March 2026.
All subsequent effects including the issue of a refund along with interest shall follow in these cases.
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CBDT grants relief to tax deductors in case of inoperative PAN Regulatory Updates
The CBDT vide partial modification and continuation of Circular No. 3 of 2023 dated 28 March 2023, hereby specifies that there shall be no liability on the deductor/collector to deduct/collect the tax at a higher rate under section 206AA/206CC of the Act, as the case may be, in the following cases:
- Where the amount is paid or credited from 01 April 2024 to 31 July 2025 and the PAN is made operative (as a result of Aadhar linkage) on or before 30 September 2025
- Where the amount is paid or credited on or after 01 August 2025 and the PAN is made operative (as a result of Aadhar linkage) within 2 months from the end of the month in which the amount is paid or credited
In the above mentioned cases, the deduction/collection as mandated in other provisions of Chapter XVII-B or Chapter XVII-BB of the Act shall apply.
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Circular by Income-tax Tribunal Regulatory Updates
Based on the decision of the Hon’ble Madras High Court in the case of M/s. TCS Credit System, wherein by following the judgement of the Hon’ble Bombay High Court in the case of Hexaware Technologies, it was held that the notices issued under section 148 of the Act by the jurisdictional Assessing Officer on or after 29 March 2022 are invalid, the stakeholders namely the members of the Bar/the Dperatmental representatives are requested to share the cases that would be covered by the ratio laid down by the decision of the Hon’ble jurisdictional High Court and to list such cases for a consolidated hearing.
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Treatment under the Unified Pension Scheme Regulatory Updates
The CBDT issued an Office Memorandum to state that the provisions of 80CCD(1), 80CCD(IB), 80CCD(2), 80CCD(3), 80CCD(4), 10(12A), and 10(12B) of the Income-tax Act, 1961 would be applicable mutatis mutandis to the Unified Pension Scheme (UPS) to the extent of the limits as provided in the aforementioned sections. Any diversions regarding payout/contributions shall require legislative amendment.
CBDT vide various notifications has extended the time limit available under section 10(23FE) to March 2030
The CBDT vide various notifications has extended the time limit of various pension funds and sovereign wealth funds as specified persons till March 31, 2030 as against March 31, 2025. Regulatory Updates
GST Updates
GSTR-3A Notices to Cancelled Composition Taxpayers
GSTN issued an advisory regarding the issuance of GSTR-3A notices for non-filing of Form GSTR-4. Due to a system glitch, such notices were erroneously sent to taxpayers whose registrations had already been cancelled before FY 2024–25 or to those who had duly filed their returns. These taxpayers are advised to ignore such notices, as no further action is required. Taxpayers experiencing other issues can raise a grievance through the Self-Service Portal.
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Taxpayer Advisory on Upcoming Security Enhancements
GSTN announced upcoming security features for taxpayers using Application Suvidha Providers (ASPs) through API-enabled GST Suvidha Providers (GSPs). New enhancements include: Regulatory Updates
- Email and SMS notifications to authorized signatories whenever ASPs obtain OTP-based access to the taxpayer’s data.
- A portal facility to view all ASP/GSP data access history and an option to revoke active consents.
Exact implementation dates will be shared via additional advisories.
GST Portal Enabled for Appeal Against Rejected Waiver Orders (SPL-07)
Taxpayers whose GST amnesty (waiver) applications have been rejected via SPL-07 orders can now file appeal applications (APL-01) online through the GST Portal. The process involves navigating to “My Application,” selecting “Appeal to Appellate Authority,” and completing relevant details under “Waiver Application Rejection Order.” Taxpayers should note that appeals under the waiver scheme cannot be withdrawn once filed. If a taxpayer prefers to restore an earlier withdrawn appeal (instead of appealing an SPL-07 order), that can be done by filing an undertaking in the “Orders” section of the case folder. For technical issues, raise a ticket at the GST Helpdesk.
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Important Verdicts by the Courts
- Blocking of ITC under Rule 86A – SC issues notice on question of negative blocking – Supreme Court
- Detention of goods during transit – Final order under Section 129(3) of the CGST Act is mandatory even when tax and penalty paid within stipulated time – Supreme Court
- Time limit for SCN and adjudication under Section 73 – Notifications Nos. 9 and 56/2023-Central Tax are illegal – Madras High Court
- Secondment of expats from overseas group entities is not liable to GST – Karnataka High Court
- Inter-State transfer of unutilized ITC in case of amalgamation/merger – GST Council and GSTN asked to develop mechanism to facilitate such transfer – Bombay High Court
- Service of order – Mandatory to comply with minimum two modes mentioned in Section 169 – Patna High Court
- Penalty for absence of e-way bill – Mens rea to evade tax is A MUST for imposing penalty – Himachal High Court
- Penalty for expiry of e-way bill in case of export goods cannot exceed INR 25,000 – Gujarat High Court
