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📢 Income Tax Update – ITR Due Date Extended to 21 November 2026

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🚨 Important CBDT Update for AY 2026-27 The Central Board of Direct Taxes (CBDT) has announced an important extension of the income-tax compliance deadlines for Assessment Year 2026-27 in respect of specified taxpayers whose accounts are subject to audit. The earlier due date for furnishing the Income Tax Return (ITR) for the applicable audit category was 31 October 2026 . CBDT has now extended this date to 21 November 2026 . At the same time, the corresponding deadline for furnishing the applicable audit report has been extended from 30 September 2026 to 21 October 2026 . This gives eligible taxpayers, businesses and professionals additional time to complete audit procedures, reconcile financial records and prepare accurate income-tax returns. However, taxpayers should understand one important point: This is not a blanket extension for all ITR filers. The CBDT announcement specifically refers to persons covered under Serial No. 2 of the Table below Explanation 2 to Section 139(1) of ...
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⚖️ Builders Must Convey Proportionate Land Rights – Bombay High Court

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🏢 Important Housing Society & Real Estate Legal Update Land conveyance is one of the most important legal issues for members of a cooperative housing society. Purchasing a flat does not merely involve acquiring a constructed unit. The rights of flat purchasers can also extend to the land and common areas associated with the building, subject to the applicable legal framework and the facts of the particular development. In a series of important 2026 judgments, the Bombay High Court has examined the rights of housing societies in multi-building layouts, particularly where developers rely on future development potential, additional FSI or Transferable Development Rights (TDR). The Court has emphasised that a completed housing society should not ordinarily be required to wait indefinitely for the development of the entire layout before seeking conveyance of its proportionate share of land. In Neelkanth Mansions & Infrastructure Pvt. Ltd. v. District Deputy Registrar, Co-operative...
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📢 AOC-4 (OPC) FY 2025-26: Due Date, Filing Requirements & Compliance Guide

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🏢 Important MCA Compliance Update for One Person Companies A One Person Company (OPC) provides an entrepreneur with the advantages of a separate legal entity while allowing the company to have a single member. Although an OPC has certain compliance relaxations compared with other types of companies, it is not exempt from annual financial statement filing . One of the most important annual ROC compliances for an OPC is filing its financial statements with the Registrar of Companies (ROC) through Form AOC-4 . For FY 2025-26 , the financial year ended on 31 March 2026 . Under the special timeline applicable to an OPC, the financial statements are required to be filed within 180 days from the closure of the financial year . Accordingly, the commonly stated due date for AOC-4 (OPC) for FY 2025-26 is: 📅 27 September 2026 This deadline is particularly important because an OPC does not follow the ordinary AGM-linked AOC-4 timeline applicable to most other companies. 📋 What Is Form AOC-4? F...
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🚨 Foreign Assets Disclosure Alert – FAST-DS 2026: What Taxpayers Need to Know

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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 ...
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📢 OPC Has No AGM – But Compliance Still Continues!

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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...
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