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📢 A New Opportunity for Small Taxpayers to Disclose Foreign Assets and Income Foreign investments, overseas bank accounts, shares, properties and other international financial interests can create important tax-compliance responsibilities for Indian taxpayers. Recognising that some taxpayers may have unintentionally failed to disclose foreign assets or foreign income in their income-tax returns, the Government has introduced the Foreign Assets of Small Taxpayers – Disclosure Scheme, 2026 (FAST-DS 2026) . The scheme provides an eligible taxpayer with a time-bound opportunity to disclose specified foreign assets or foreign income and make the prescribed tax or fee payment. Subject to the conditions of the scheme, a valid declaration and payment can provide specified immunity from further tax, penalty and prosecution under the Black Money Act. The declaration window is 16 August 2026 to 31 December 2026 . Therefore, eligible taxpayers should review their overseas financial interests and ...

Understanding Annual Compliance Requirements for a One Person Company A One Person Company (OPC) is a unique form of company under the Companies Act, 2013, designed for entrepreneurs who want to operate through a corporate structure with a single member. One of the important benefits available to an OPC is that it does not have to conduct an Annual General Meeting (AGM) like an ordinary private or public company. However, this exemption is sometimes misunderstood. No AGM does not mean no annual compliance. An OPC continues to have important statutory, financial, MCA, audit and income-tax obligations. Financial statements must still be prepared and filed, the annual return must be submitted, statutory audit requirements continue, and other compliances such as director KYC, DPT-3 and income-tax filing may apply depending on the company's circumstances. Therefore, OPC owners should treat the AGM exemption as a specific relaxation , not as an exemption from the overall annual complia...

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...