Tax & Compliance News

ICAI invites suggestions on draft "Central Excise Bill, 2024"

14 September 2026

Union Budget Amendments

14 September 2026

Exposure Draft - 'Guidance Note on Tax Audit under section 44AB of the Income-tax Act,1961' for Public Comments.

14 September 2026

Inviting Suggestions on the Tax Proposals in Finance (No.2) Bill, 2024

14 September 2026

Income-tax Rules, 2026 - Including Tabular Mapping of Rules and Forms vis-à-vis Income-tax Rules, 1962 and Forms.

14 September 2026

Tax Audit Limit Increased From 45 to 60 for audits conducted during the financial year 2014-15 and onwards

14 September 2026

ICAI's Suggestions considered in the Finance Bill, 2026.

14 September 2026

Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 (Revised 2026)

14 September 2026

Exposure Draft - Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961 - A.Y. 2026-27.

14 September 2026

Income-tax Act, 2025 (as amended by the Finance Act, 2026) including Tabular Mapping of Sections vis-à-vis the Income-tax Act, 1961.

14 September 2026

Modification in the Council Guidelines No. 1-CA(7)/02/2008 dated 8th August, 2008 as contained in Appendix No. (34) to the Chartered Accountants Act, 1949.

14 September 2026

ICAI invites Suggestions for Simplification of Income-tax Returns (ITRs) and Related Forms.

14 September 2026

Exposure Draft - Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961.

14 September 2026

Publication of Bare Act: "INCOME TAX ACT, 2025 Including Tabular Mapping of Sections vis-a-vis Income-tax Act, 1961.

14 September 2026

ICAI invites Suggestions for Draft Income-tax Rules, 2026 (and forms)

14 September 2026

ICAI invites suggestions on tax proposals in the Finance Bill, 2026.

14 September 2026

Income-tax Act, 2025 and Income-tax Rules, 2026 (and Forms) - Publishing of Bare Act and Rules by DTC of ICAI.

14 September 2026

Inviting Suggestions on Pre-Budget Memorandum 2027

14 September 2026

Reserve Bank of India (Priority Sector Lending – Targets and Classification) Third Amendment Directions, 2026

RBI/2026-27/256 FIDD.CO.PSD.BC.No.10/04.09.001/2026-27 September 11, 2026 Reserve Bank of India (Priority Sector Lending – Targets and Classification) Third Amendment Directions, 2026 Please refer to Reserve Bank of India (Priority Sector Lending – Targets and Classification) Second Amendment Directions, 2026 issued on August 7, 2026 , specifying that the following advances extended in India would be excluded from calculation of Adjusted Net Bank Credit (ANBC): a) advances against the fresh FCNR (B) deposits of minimum tenor of three years and maximum tenor of five years mobilised (including deposits that are renewed upon maturity) by the banks between June 08, 2026 and September 30, 2026, and b) advances against NRE term deposits of three years or more mobilised (including deposits that are renewed upon maturity) by the banks between June 19, 2026 and September 30, 2026. 2. On a review, it has been decided to amend the date “September 30, 2026” to the date “August 31, 2026” for the aforesaid exemptions. Accordingly, the Reserve Bank of India (Priority Sector Lending – Targets and Classification) Directions, 2025 (Updated as on August 07, 2026) stand amended as below: i. Item no. VI in the table at paragraph 6.1 shall be partially modified as below: “Advances extended in India against out of the fresh FCNR (B) / NRE deposits (including deposits that are renewed upon maturity), qualifying for exemption from Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) requirements, as per the Reserve Bank of India (Cash Reserve Ratio and Statutory Liquidity Ratio) Second and Third Fourth Amendment Directions dated June 08, 2026 and June 19, 2026 August 25, 2026 , as applicable to various banks. Note: The amount to be excluded from ANBC for computation of priority sector targets shall not exceed the fresh outstanding FCNR (B) / NRE deposits eligible for exemption from maintenance of CRR / SLR in terms of the above Amendme

11 September 2026

Reserve Bank of India (Local Area Banks – Cash Reserve Ratio and Statutory Liquidity Ratio) Second Amendment Directions, 2026

RBI/2026-27/255 DOR.RET.REC.220/12.01.001/2026-27 September 11, 2026 Reserve Bank of India (Local Area Banks – Cash Reserve Ratio and Statutory Liquidity Ratio) Second Amendment Directions, 2026 Please refer to Reserve Bank of India (Local Area Banks – Cash Reserve Ratio and Statutory Liquidity Ratio) Directions, 2025 dated November 28, 2025. Consequent upon the inclusion of a Local Area Bank in the Second Schedule to the Reserve Bank of India Act, 1934, it has been decided to amend the Reserve Bank of India (Local Area Banks – Cash Reserve Ratio and Statutory Liquidity Ratio) Directions, 2025 dated November 28, 2025 to incorporate the applicable provisions for the scheduled banks. 2. Accordingly, in exercise of the powers conferred by Section 35A of the Banking Regulation Act, 1949 and pursuant to Section 42 of the Reserve Bank of India Act, 1934 and Sections 18 and 24 of Banking Regulation Act, 1949, as amended from time to time, and all other provisions / laws enabling the Reserve Bank of India in this regard, the Reserve Bank being satisfied that it is necessary and expedient in the public interest so to do, hereby, issues the Amendment Directions hereinafter specified. 3. These Directions shall be called the Reserve Bank of India (Local Area Banks – Cash Reserve Ratio and Statutory Liquidity Ratio) Second Amendment Directions, 2026. 4. The provisions shall come into force with immediate effect. 5. These Amendment Directions modify the Reserve Bank of India (Local Area Banks – Cash Reserve Ratio and Statutory Liquidity Ratio) Directions, 2025 as under: (i) The following para shall be inserted after para 7. “B. Incremental CRR 7A. In terms of Section 42(1A) of RBI Act, 1934, the Reserve Bank may require the scheduled banks to maintain, in addition to the balances prescribed under Section 42(1) of the Act, an additional average daily balance, the amount of which shall not be less than the rate specified by the Reserve Bank in th

11 September 2026

Advance Tax Q1 due date: 15 June 2026 — 15% of estimated annual tax

The first instalment of advance tax for FY 2026-27 is due on 15 June 2026. Taxpayers (other than those covered by presumptive taxation under sections 44AD/44ADA) whose tax liability exceeds ₹10,000 must pay 15% of assessed tax by this date. Seniors (no business income) are exempt.

20 May 2026

DIN KYC (DIR-3 KYC) for FY 2025-26 due by 30 September 2026

Directors with DIN allotted or approved up to 31 March 2026 must file DIR-3 KYC or DIR-3 KYC Web by 30 September 2026. Non-compliance results in DIN deactivation with ₹5,000 reactivation fee. Pre-filled form available on MCA21 v3 portal.

15 May 2026

GST Input Tax Credit — Rule 36(4) GSTR-2B reconciliation mandatory

ITC can only be claimed against invoices/debit notes appearing in GSTR-2B (auto-populated from supplier's GSTR-1). Provisional ITC of up to 5% of eligible ITC available for invoices not yet reflecting in GSTR-2B. Mismatch may attract demand with 18% interest and 100% penalty.

01 May 2026

ITR filing forms for AY 2026-27 notified; e-filing portal updated

CBDT has notified ITR forms 1 through 7 for Assessment Year 2026-27 (FY 2025-26 returns). New schedules added for reporting foreign assets, virtual digital assets and ESOP taxation. Tax-audit under Section 44AB must be completed by 30 September 2026 and ITR filed by 31 October 2026 for audit cases.

15 April 2026

TDS rates for FY 2026-27 — Finance Act 2026 changes

Finance Act 2026 rationalises TDS rates under multiple sections. Section 194C contractor TDS remains 1%/2%. Section 194J professional fees TDS reduced to 2% across all categories. Section 194N cash withdrawal threshold increased to ₹1 crore for cooperative societies. Updated TDS rate chart available on the Income Tax portal.

10 April 2026

UDIN mandatory for all tax audit reports from AY 2026-27

CBDT has reiterated that all tax audit reports submitted under Section 44AB (Form 3CA/3CB/3CD) must carry a valid UDIN generated from the ICAI UDIN portal. Reports without UDIN will be treated as invalid. CAs must generate UDIN within 15 days of signing the report.

05 April 2026

GST amnesty scheme for pending GSTR-9 / 9C up to FY 2023-24

CBIC has notified a one-time amnesty under Section 128A for taxpayers with pending annual returns (GSTR-9) and reconciliation statements (GSTR-9C) for FY 2017-18 to FY 2023-24. Late fee reduced to ₹1,000 per act (₹500 CGST + ₹500 SGST). Eligible taxpayers must file by 30 June 2026.

02 April 2026

Income-tax Act, 2025 comes into force — applies from FY 2026-27

The new direct-tax code (536 sections, 23 chapters) enacted to replace the 1961 Act is effective 1 April 2026. Slabs, rates and most provisions are unchanged. Practitioners must use both Acts during the transition — 2025 Act for FY 2026-27 onwards and the 1961 Act for earlier assessments and pending appeals.

01 April 2026

GSTR-1 and GSTR-3B monthly return due dates for Q1 FY 2026-27

Monthly GSTR-1 (outward supplies) is due on the 11th of the following month. GSTR-3B is due on the 20th for taxpayers with turnover > ₹5 crore (22nd/24th for others). QRMP scheme taxpayers file GSTR-1 quarterly by the 13th of the month following the quarter. All dates confirmed for April–June 2026.

01 April 2026

MSME Form 1 (MSME-1) return due April 30 and October 31 each year

Companies with dues outstanding to MSME suppliers for more than 45 days must file half-yearly return Form MSME-1 by 30 April (for Oct–Mar period) and 31 October (for Apr–Sep period). Non-filing attracts penalty of ₹25,000 to ₹3 lakh on the company and additional liability on officers.

01 April 2026

LRS remittance limit remains USD 250,000 per year; TCS at 20% for amounts > ₹7 lakh

The Liberalised Remittance Scheme limit of USD 2,50,000 per financial year per resident remains unchanged. TCS at 20% (5% for education/medical purpose backed by loan) applies on LRS remittances exceeding ₹7 lakh in a financial year. Form 15CA/15CB requirements apply for amounts above threshold.

01 April 2026

MCA21 V3 portal — new filing forms and enhanced validation

MCA has migrated all company/LLP filings to the MCA21 Version 3 portal. New web-based forms replace old e-forms for most filings. CAs and CS should re-register DSC on the new portal. Forms AOC-4, MGT-7, ADT-1 and most annual compliance forms are now web-based.

01 March 2026

FEMA Master Directions updated — FDI regulations revised for space sector

RBI has updated the FEMA (Non-Debt Instruments) Rules, 2019 to permit 100% FDI under automatic route in satellite manufacturing, launch vehicles and ground-based systems as per the revised national space policy. Prior government approval threshold raised to activities of national security concern.

20 February 2026

Related-party transaction reporting thresholds revised under LODR

SEBI has revised the materiality threshold for RPT approval under SEBI (LODR) Regulations. Transactions exceeding ₹1,000 crore or 10% of annual consolidated turnover (whichever is lower) require shareholder approval. Enhanced disclosure requirements for omnibus approval also notified.

15 January 2026

ICAI CPE hours requirement for 2026: 20 structured hours minimum

ICAI members with a Certificate of Practice are required to complete a minimum of 20 structured CPE hours and 120 total CPE hours across every 3-year block. For the 2024-2026 block, the structured hours must include at least one mandatory e-learning module on ethics. Non-compliance may affect COP renewal.

10 January 2026

Tax audit limit for CAs raised to 60 assignments per member

ICAI's Council has enhanced the tax audit limit from 45 to 60 assignments per year for practising CAs. The limit is per CA member (not per firm). Assignments under Section 44AB, 44AD, 44ADA, 44AE and Transfer Pricing are counted. Statement of particulars must be filed with ICAI by 31 December each year.

20 November 2025

E-Invoice threshold reduced to ₹5 crore aggregate turnover — mandatory B2B

From 1 April 2025, e-invoicing is mandatory for all registered persons with aggregate annual turnover exceeding ₹5 crore in any preceding financial year for B2B, B2G and export transactions. IRN must be generated before or at the time of issuance of the invoice through IRP.

01 April 2025

T+0 settlement introduced for top 500 securities from March 2025

SEBI has rolled out same-day (T+0) settlement for the top 500 listed securities as an optional mechanism from 28 March 2025. Market participants may opt for T+0 at the time of order placement. Standard T+1 settlement continues as default.

28 March 2025