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DIRECT TAX: SPOTLIGHT
The due date for furnishing the Return of Income for the Assessment Year 2026-27 for persons referred to in Sl. No. 2 of the Table in Explanation 2 to sub-section (1) of section 139 of the Act, was extended from 31 October 2026 to 21 November 2026. Consequently, the specified date for furnishing the audit report for the Assessment Year 2026-27 under clause (ii) of the Explanation to section 44AB was extended from 30 September 2026 to 21 October 2026.
2. The Income-tax (Seventh Amendment) Rules, 2026 – Insertion of Rule 281A (19 October 2026):
Form No. 173A has to be filed by specified investors to furnish information for claiming exemption on interest and capital gains from Government securities.
FEMA
1. RBI reduces time for receiving export payments to 9 months
The Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, notified by the RBI on 13 January 2026 effective from 1 October 2026 (covered in
