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MCA Update – Key Amendments to Ind AS: What Businesses Need to Know in 2026

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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 ...
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📊 Is Your Business Ready for Accounts Finalisation?

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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 Unreconciled bank balances, incorrect GST or TDS entries, unverified receivables and payables, or outdated fixed-asset records can affect the accuracy of financial statements and tax computations.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...
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Foreign Remittances Under Income Tax Scanner: What Taxpayers and Professionals Need to Know

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Foreign remittances are increasingly coming under the scrutiny of the Income Tax Department. A recent nationwide verification exercise involving suspicious foreign remittances highlights the importance of maintaining proper documentation, correctly determining taxability, and complying with applicable reporting and TDS requirements. According to the update shared by Taxla Services, the exercise covers 394 entities and 36 professionals , including entities located in land-border States. The focus reportedly includes shell entities, large foreign remittances despite low or no reported turnover, and certifications relating to foreign remittances. Professionals involved in issuing tax certificates have also been advised to exercise due care, diligence and professional judgement. This development is an important reminder that foreign remittances should not be treated merely as banking transactions . Every cross-border payment can have income-tax, TDS, documentation and reporting implicat...
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📢 ITR Filing Due Date – FY 2025-26 (AY 2026-27): 31st August 2026

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For taxpayers earning income from business or profession whose accounts are not required to be audited , the ITR filing timeline for Assessment Year (AY) 2026-27 has been extended to 31st August 2026 . The same due date applies, subject to the applicable conditions, to partners of firms whose accounts are not required to be audited and eligible spouses covered by the relevant provisions. This change gives eligible non-audit business and professional taxpayers additional time to organise their financial information, reconcile records, verify tax details and complete their return accurately. However, the additional time should not become a reason to postpone filing until the final days. Here is a practical guide to what taxpayers should know and prepare before the 31st August 2026 deadline. 1. Understanding FY 2025-26 and AY 2026-27 The financial year from 1 April 2025 to 31 March 2026 is referred to as FY 2025-26 . The corresponding assessment year is AY 2026-27 , during which ...
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