Recent income tax, GST, company law and compliance updates with source references.
In a 19 October 2026 communication, the RBI circulated changes to three entries in the UN ISIL (Da’esh) and Al-Qaida sanctions list and directed covered banks and other regulated entities to follow their applicable KYC and UAPA procedures.
Source: Reserve Bank of India · DoR.AML.REC.250/14.06.001/2026-27The Income Tax e-Filing Portal lists the latest ITR-6 offline utility release dated 16 October 2026 for Assessment Year 2026-27. Companies should use the latest available utility and confirm current schema requirements.
Source: Income Tax Department – e-Filing Portal · ITR-6 Offline Utility v1.0.1 / AY 2026-27The Special Economic Zones (Third Amendment) Rules, 2026 replace Rule 49(2). Specified duty-paid goods supplied from an SEZ to the Domestic Tariff Area may be returned within 30 days where the buyer fails to take delivery, subject to identity, input tax credit and auditable inventory safeguards. Separate provisions cover resale, refunds and goods returned for repair.
Source: Ministry of Commerce and Industry, Department of Commerce · G.S.R. 893(E)The Department of Commerce has notified the Special Economic Zones (Fourth Amendment) Rules, 2026. The changes streamline office and lease documentation for IFSC funds, define commencement of service activity for IFSC units, revise Letter of Approval renewal considerations and allow qualified office or manpower sharing for aircraft and ship leasing units subject to IFSCA approval.
Source: Ministry of Commerce and Industry, Department of Commerce · G.S.R. 895(E)RBI A.P. (DIR Series) Circular No. 27 of 12 October 2026 restricts INR non-deliverable derivative contracts offered to non-resident users to hedging purposes. It also requires authorised dealers to hold a 20% Foreign Exchange Risk Reserve on specified contracts entered into to hedge their own currency exposures.
Source: Reserve Bank of India · RBI/2026-27/293; A.P. (DIR Series) Circular No. 27The notification specifies the jurisdiction-based administrative subordination of Joint Commissioners (Appeals) and Additional Commissioners (Appeals) to Principal Chief Commissioners or Chief Commissioners of Income-tax.
Source: CBDT / Income Tax Department · Notification No. 133/2026; S.O. 5368(E)CBDT has amended the Income-tax Rules, 2026 and substituted Form 161 for applications seeking waiver of penalty under section 440(2) of the Income-tax Act, 2025.
Source: CBDT / Income Tax Department · Notification No. 134/2026; G.S.R. 871(E)CBDT Notification No. 134/2026 dated 8 October 2026 notified the Income-tax (Sixth Amendment) Rules, 2026. Rule 231 now refers to waiver as well as imposition of penalty, and revised Form 161 prescribes particulars for an application seeking waiver under section 440(2) of the Income-tax Act, 2025.
Source: Central Board of Direct Taxes · Notification No. 134/2026; G.S.R. 871(E)The Central Board of Direct Taxes has extended the specified date for furnishing tax audit reports for AY 2026-27 to October 21, 2026, and the related income tax return filing due date to November 21, 2026.
Source: Central Board of Direct Taxes · Circular No. 07/2026 (F. No. 225/128/2026/ITA-II)For the specified class of taxpayers for AY 2026-27, CBDT Circular No. 07/2026 extends the audit-report filing deadline to 21 October 2026 and the income-tax return deadline to 21 November 2026.
Source: CBDT / Income Tax Department · Circular No. 07/2026The Central Board of Direct Taxes has notified the Income-tax (Fourth Amendment) Rules, 2026, extending the compliance deadline for valuer registrations under Section 514 to March 31, 2027.
Source: Central Board of Direct Taxes · Notification No. 120/2026 / G.S.R. 822(E)The Central Board of Indirect Taxes and Customs has notified a conditional waiver of late fees exceeding twenty-five rupees per day for registered persons failing to furnish Form GSTR-7 within the statutory timeline.
Source: Central Board of Indirect Taxes and Customs · Notification No. 14/2026-Central Tax