TAXLA Services: Your One-Stop Solution for Financial and Compliance Needs!

For taxpayers covered under the QRMP (Quarterly Return Monthly Payment) Scheme , timely payment of GST during the first two months of a quarter is an important compliance requirement. For the July 2026 tax period , the GST PMT-06 payment is due by 25 August 2026 . The QRMP Scheme was introduced to provide eligible small taxpayers with a simpler compliance mechanism by allowing them to file their GST returns quarterly while making tax payments on a monthly basis during the first two months of the quarter. GSTN guidance confirms that the tax due for each of the first two months is paid through Form GST PMT-06 by the 25th of the succeeding month . Missing the payment deadline can create unnecessary interest and compliance concerns. Therefore, businesses should review their July transactions, determine the applicable tax liability and complete the PMT-06 payment on time. What is GST PMT-06? Form GST PMT-06 is the challan used by taxpayers under the QRMP Scheme for making monthly GST p...

The Ministry of Corporate Affairs (MCA) has introduced important changes to the Indian Accounting Standards framework through the Companies (Indian Accounting Standards) Amendment Rules, 2026 . The amendments were notified through G.S.R. 725(E), dated 12 August 2026 , under the Companies Act, 2013, in consultation with the National Financial Reporting Authority (NFRA) . The rules came into force upon publication in the Official Gazette. The latest changes amend several important standards, including Ind AS 101, Ind AS 107, Ind AS 109, Ind AS 110 and Ind AS 7 . The amendments cover areas such as financial instrument classification and measurement, electronic payment settlements, hedge accounting, contracts linked to nature-dependent electricity, and financial statement disclosures. For companies preparing financial statements under Ind AS, these changes deserve careful attention because accounting policies, recognition, measurement, disclosures and transition procedures may need to ...

Accurate Books = Better Compliance! Accounts finalisation is one of the most important financial activities for any business at the end of an accounting period. It is not simply about closing the books and preparing financial statements. Proper accounts finalisation helps businesses understand their actual profitability, verify financial records, identify discrepancies, meet tax and regulatory requirements, and prepare accurately for tax filing and audit. When accounts are not reviewed and reconciled properly, even small errors can create bigger problems later. Unreconciled bank balances, incorrect GST or TDS entries, unverified receivables and payables, or outdated fixed-asset records can affect the accuracy of financial statements and tax computations. For businesses preparing to finalise their accounts, a systematic review is therefore essential. 🔹 What Is Accounts Finalisation? Accounts finalisation is the process of reviewing, reconciling, adjusting, and closing the financia...