Budget changes & compliance alerts.
Cut through the press releases. Each update is summarised with what to do, when it applies, and who it impacts.
RBI-LRS: TCS threshold of ₹10 lakh applies to all categories
From 1 October 2026, the ₹10 lakh basic exemption for TCS on foreign remittance applies uniformly across education, medical, investment and travel.
TDS on VDA transfers: rate cut from 1% to 0.1% from Oct 2026
Section 194S rate slashed after 3 years of industry feedback that 1% drained working capital from genuine traders.
ITR filing due date extended to 15 November 2026 (non-audit)
CBDT extends the original 31-Jul-2026 due date by 3.5 months citing portal stability and AIS reconciliation issues.
GSTR-1A becomes mandatory for late-filed B2B amendments
From the July 2026 tax period, any change to a B2B invoice after GSTR-1 is filed must go through GSTR-1A before GSTR-3B is filed.
Section 43B(h) — pay micro & small suppliers in 45 days or lose deduction
FY 2025-26 P&L impact: amounts payable to MSEs beyond the 45-day MSMED limit are disallowed for the year and only allowed when paid.
Union Budget 2026 — direct tax highlights at a glance
Standard deduction raised to ₹85,000, new-regime slabs widened to 5L–14L at 5%, and 87A rebate extended to ₹8 lakh of net income.
Union Budget 2026 — GST & customs rationalisation
GST appellate tribunal benches finally operational, three-rate structure (5/15/28) takes shape, and customs duty on EV cells halved.
ICAI peer-review now mandatory for all listed-company auditors
Phase IV of the peer-review mandate kicks in: any audit firm signing a listed entity's financials must hold a valid peer-review certificate.