23 October

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Foreign Assets of Small Taxpayers – Disclosure Scheme 2026: Eligibility, Tax Implications and Filing Deadline

The Central Government has notified the Foreign Assets of Small Taxpayers – Disclosure Scheme Rules, 2026 (Notification No. 114/2026 dated 14 August 2026), under Chapter IV of the Finance Act, 2026. The Scheme allows foreign assets and foreign income that were not reported in the Income-tax return to be declared, with immunity under the Black Money Act, 2015 on payment of the specified amount. The Scheme may be relevant to persons holding ESOPs or RSUs from a foreign employer, bank accounts or insurance policies abroad, or property or investments outside India that were not shown in Schedule FA. The last date...

13 October

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MSMED (Amendment) Act, 2026 – Commencement notified with effect from 15 October 2026

Posted by Vishnu Daya

in NewsletterAlerts

We wish to bring to your kind attention an important development concerning the Micro, Small and Medium Enterprises Development Act, 2006 ("MSMED Act"), which governs the classification and registration of MSMEs and the rights of micro and small suppliers in respect of delayed payments. The MSMED (Amendment) Act, 2026 (Act No. 16 of 2026) received the assent of the President on 13 August 2026. Its provisions, however, come into force only from the dates appointed by the Central Government. The Ministry of MSME has now issued Notification S.O. 5575(E) dated 12 October 2026, which appoints the following dates: 1. 15 October 2026...

09 October

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Update on 57th GST Council Meeting Proposals

Posted by Vishnu Daya

in NewsletterAlerts

Please find attached the highlights of the proposals made in the 57th GST Council meeting attached for your reference. The Government is yet to issue the notifications. We will share further updates once the notifications are issued. ...

12 September

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Amendment to Minimum Alternate Tax (MAT) under Finance Act, 2026

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in NewsletterAlerts

We wish to draw your kind attention to a significant amendment made to the Minimum Alternate Tax (MAT) provisions under the Finance Act, 2026, which may have a bearing on your company's tax position going forward. ...

04 September

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Due Date for Payment of Second Instalment of Advance Tax is 15th September 2026 for Tax Year 2026-27

Posted by Vishnu Daya

in NewsletterAlerts

This is to bring to your kind attention that the due date for payment of second instalment of advance tax for the Tax Year 2026-27 is 15th September 2026. Kindly take necessary actions to make the payment within the due date. For taxpayers opting for Presumptive Taxation Scheme under section 58, Table Sl. No. 1 and 3 of Income-tax Act, 2025 (corresponding to Sections 44AD & 44ADA of Income-tax Act, 1961) 100% advance tax need to be paid before 15th March 2027 (4th Quarter) and hence no requirement of making payment in instalments. Kindly let us know for any help or clarifications...

03 September

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Due Date for Payment of Second Instalment of Advance Tax is 15th September 2026 for Tax Year 2026-27

Posted by Vishnu Daya

in NewsletterAlerts

03 September

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Due Date for Payment of Second Instalment of Advance Tax is 15th September 2026 for Tax Year 2026-27

Posted by Vishnu Daya

in NewsletterAlerts

17 August

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Reminder – IEC Deactivation / Annual Update

Posted by Vishnu Daya

in NewsletterAlerts

This is a gentle reminder to review and update your Import Export Code (IEC) details on the DGFT portal. As per DGFT requirements, Members of Trade are hereby informed that IECs not modified/updated as per Notification No. 58/2015-2020 dated 12.02.2021 shall be deactivated shortly. We request you to kindly complete the necessary IEC update at the earliest to avoid any disruption to your import/export activities. If you require assistance with the IEC update or verification process, please feel free to contact us. ...

30 June

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Foreign Contribution (Regulation) Amendment Rules, 2026 – Key Regulatory Changes

Posted by Vishnu Daya

in NewsletterAlerts

The Ministry of Home Affairs, Government of India, vide Notification (bearing reference no. S.O. 3272(E)) dated 22 June 2026, has notified Foreign Contribution (Regulation) Amendment Rules, 2026 (‘Amendment Rules’), amending the Foreign Contribution (Regulation) Rules, 2011 (‘FCRA Rules’) and revising the regulatory framework under the Foreign Contribution (Regulation) Act, 2010 (‘FCRA’). The Amendment Rules introduce key changes to the registration, governance, compliance and reporting framework, including, inter alia, the formal definition of “key functionary”; purpose- and geography-specific registration; a prescribed Schedule of permissible activities; restrictions relating to foreign nationals as key functionaries; and enhanced activity-level and donor-level reporting requirements. The Amendment Rules...

09 June

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Due Date for Payment of First Instalment of Advance Tax is 15th June 2026 for Tax Year 2026-27

Posted by Vishnu Daya

in NewsletterAlerts

This is to bring to your kind attention that the due date for payment of first instalment of advance tax for the Tax Year 2026-27 is 15th June 2026. Kindly take necessary actions to make the payment within the due date. For taxpayers opting for Presumptive Taxation Scheme under section 58, Table Sl. No. 1 and 3 of Income-tax Act, 2025 (corresponding to Sections 44AD & 44ADA of Income-tax Act, 1961) 100% advance tax need to be paid before 15th March 2027 (4th Quarter) and hence no requirement of making payment in instalments. ...

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