Tax & Compliance News

ICAI Invites Suggestions for Pre-Budget Memorandum-2023

26 October 2026

GST & Indirect Taxes Committee of ICAI is organising a Webinar on ‘GST- Maintenance of Apartments including RWAs' on June 27, 2024 from 5.00 p.m. to 7.00 p.m.

26 October 2026

Recording of Webcasts on GST and other indirect taxes

26 October 2026

Certificate Course on GST

26 October 2026

GST & Indirect Taxes Committee is organising Residential Refresher Course on GST dated from August 08 & 09, 2026, which is jointly hosted by Chhatrapati Sambhajinagar Branch (WIRC) with Vasai Branch (WIRC).

26 October 2026

Direct Taxes Commitee and GST & Indirect Taxes Committee of ICAI is organising a Webinar on First Cut-Union Budget on Tuesday, 23.07.2024 from 5:30 p.m. to 7:30 p.m.

26 October 2026

Programme and Seminar

26 October 2026

Direct Taxes

26 October 2026

International Taxation

26 October 2026

Announcement on Tax Related Queries of Members

26 October 2026

TAX TIMES - Issue 46/2026 - May 2026

26 October 2026

Announcement inviting members to share experiences w.r.t. Income-tax Portal.

26 October 2026

Upcoming Events

26 October 2026

Register for Indirect Taxes Update

26 October 2026

Updates - Archives

26 October 2026

Budget Memorandum

26 October 2026

GST Publications

26 October 2026

E-learning on GST

26 October 2026

E-learning on Customs Duty

26 October 2026

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

26 October 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