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Tax Audit Report Due on 30 September 2026 The deadline for taxpayers covered by tax audit for Assessment Year (AY) 2026-27 is approaching quickly. As of 24 September 2026 , the prescribed due date for the tax audit report remains 30 September 2026 . The Income Tax Department has specifically clarified that the tax audit report for FY 2025-26 / AY 2026-27 continues to be governed by the Income-tax Act, 1961. For taxpayers whose applicable income-tax return due date is 31 October 2026, the tax audit report is due one month earlier, i.e. 30 September 2026 . There have been requests from tax professionals and professional associations seeking additional time, with some proposing an extension to October 2026. However, a request for extension should not be treated as an extension unless the Central Board of Direct Taxes (CBDT) formally notifies it. Current reports indicate that the 30 September deadline remains applicable. Therefore, taxpayers should plan their compliance on the basis of t...

Understanding the 50% Asset and Income Tests for Regulatory Compliance The Reserve Bank of India (RBI) regulates Non-Banking Financial Companies (NBFCs) through a comprehensive regulatory framework designed to ensure that entities primarily engaged in financial activities operate within appropriate prudential and supervisory standards. One important concept in this framework is the Principal Business Criteria (PBC) . The criteria help determine whether the principal business of a company is financial in nature and whether the company falls within the regulatory framework applicable to NBFCs. The RBI has consistently explained that a company is considered to be principally engaged in financial activity when financial assets constitute more than 50% of its total assets and income from financial assets constitutes more than 50% of its gross income . Both tests are required to be satisfied. For businesses operating in the financial sector, understanding these requirements is essential beca...

Digital signatures have become an essential part of GST compliance for businesses, companies, LLPs and other taxpayers who are required to digitally authenticate documents and returns on the GST Portal. From GST return filing to registration-related applications and other online submissions, a properly functioning Digital Signature Certificate (DSC) and compatible signing utility are important for completing compliance activities smoothly. The Goods and Services Tax Network (GSTN) has now introduced emSigner Version 3.3 to support compatibility with new DSC USB tokens issued from 21 September 2026 onwards . This update is particularly important for taxpayers who have recently obtained a new DSC token, renewed their DSC in a new USB dongle, or are experiencing problems while digitally signing documents on the GST Portal. What Is the GSTN emSigner Update? GSTN has issued an advisory providing advance information to taxpayers and tax officers who use Digital Signature Certificates on the...

India’s Unified Payments Interface (UPI) is set to move into a new Merchant Discount Rate (MDR) framework from 15 October 2026 . Under the new framework, selected merchant transactions above ₹2,000 will attract an MDR, while certain essential and thin-margin sectors will receive a special flat ₹5 MDR per transaction . The change is particularly relevant for businesses accepting UPI payments, because the applicable MDR will depend on the type of transaction, merchant category and transaction value. The Ministry of Finance has clarified that UPI person-to-person transactions will remain free , while payments to merchants up to ₹2,000 and eligible transactions covered by the zero-MDR framework for small merchants will also remain free. 📢 What Is UPI MDR? Merchant Discount Rate (MDR) is a charge associated with processing certain merchant payments through a digital payment system. It is part of the payment ecosystem and is distributed among participating entities such as banks, paymen...