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Introduction With increasing globalisation, more Indian taxpayers are investing, working and earning income outside India. Foreign bank accounts, overseas investments, international properties and income from foreign sources have become increasingly common. However, foreign assets and income can also create additional reporting obligations under Indian income tax laws. Failure to disclose applicable foreign holdings may lead to compliance issues, notices, penalties and other consequences. A recent tax awareness update has highlighted the Foreign Assets of Small Taxpayers Disclosure Scheme (FADS), 2026 , describing it as a proposed or reported opportunity for eligible taxpayers to disclose previously unreported foreign assets and income. The update mentions online filing through Form 1 and a deadline of 31 December 2026 . Important clarification: The existence, legal provisions, official filing facility and deadline of the scheme described as FADS 2026 have not been independently veri...

Introduction The Goods and Services Tax (GST) framework continues to evolve to simplify business compliance, improve transparency and streamline refund procedures. According to the GST update referencing Notification No. 03/2026-Central Tax dated 26 October 2026 , three important amendments introduced through the Finance Act, 2026, are scheduled to take effect from 1 November 2026 . These changes concern post-supply discounts, provisional refunds under the inverted duty structure and the minimum refund threshold for certain exports. For manufacturers, traders, distributors, exporters and other registered businesses, understanding these amendments is important for maintaining accurate GST records and managing working capital. This article explains the reported changes, their potential business implications and the compliance measures taxpayers should consider. 1. Understanding Post-Supply Discounts Under GST Post-supply discounts are reductions in the price of goods or services granted ...

Introduction India's export sector plays an important role in economic growth, international trade and foreign exchange earnings. As cross-border transactions become more complex, exporters must understand how the Goods and Services Tax (GST) framework interacts with Reserve Bank of India (RBI) regulations governing international payments. A recent GST update highlighted in CBIC Circular No. 263/09/2026-GST, dated 26 October 2026 , addresses the treatment of export payments received through Special Non-Resident Rupee (SNRR) accounts, INR Nostro accounts and other permitted banking arrangements. The clarification is particularly relevant to businesses providing services to overseas clients, exporters using international settlement arrangements, stock brokers receiving payments from non-residents and companies adjusting export receivables against import liabilities. Understanding these provisions can help businesses maintain accurate records, manage GST refund claims and avoid unnece...

Foreign assets and overseas income have become important areas of focus in India's income tax compliance framework. With international financial information-sharing arrangements becoming increasingly sophisticated, taxpayers must ensure that applicable foreign investments, bank accounts, properties and income are accurately disclosed. The Foreign Assets of Small Taxpayers Disclosure Scheme (FADS), 2026, described in the announcement, is presented as a one-time opportunity for eligible taxpayers to declare previously unreported foreign assets and income. The announcement also refers to online filing through Form 1 and a deadline of 31 December 2026. Important verification note: The precise legal provisions, operational status and deadline of this scheme need confirmation from an official government notification. The following article explains the proposed disclosure process and established foreign-asset reporting principles without treating unverified scheme details as legally effec...

Introduction The Ministry of Corporate Affairs (MCA) plays a crucial role in regulating companies, maintaining corporate records, and ensuring compliance with the Companies Act, 2013. As part of its regulatory responsibilities, the MCA publishes information about companies that have been struck off or closed. Businesses, directors, investors, and other stakeholders can use these records to understand the status of companies registered in India. The Companies Struck Off Update for September 2026 is particularly relevant for businesses seeking to verify corporate status and understand the consequences of failing to comply with statutory requirements. Under Section 248(2) of the Companies Act, 2013 , the Registrar of Companies (ROC) has the authority to remove a company's name from the register after following the prescribed legal procedure. Understanding this process is essential for maintaining corporate compliance and protecting business interests. 1. What Does It Mean When a Com...