नियामक अपडेट.

ICAI has revised SA 600 to align with IAASB's revised ISA 600, strengthening group audit requirements. Effective for audits of financial statements for periods beginning on or after 1 April 2026.

ICAI extends Peer Review Mandate Phase IV for practice units with up to 5 partners. All such firms must obtain a Peer Review Certificate before accepting public interest entity audits.

The UDIN mandate now covers all certificates, reports and documents signed by practising Chartered Accountants. Non-compliance may invite disciplinary proceedings.

ICAI released a revised Guidance Note covering auditor responsibilities when issuing financial information in prospectuses under SEBI ICDR Regulations 2018.

Updated provisions restrict certain non-assurance services (including tax planning and IT system implementations) to listed audit clients, effective immediately.

CBDT circular clarifies that businesses with turnover up to ₹10 crore are exempt from tax audit under Section 44AB if at least 95% of receipts and payments are in digital mode (FY 2025-26 onwards).

Income Tax Department notified amendments to Form 3CD adding new reporting requirements for delayed payments to MSMEs (Section 43B(h)) and virtual digital asset transactions.

TDS rates under several sections revised as per Finance Act 2025. Section 194D (insurance commission) reduced to 2%, Section 194H (commission) reduced to 2%.

CBDT notified ITR-1 through ITR-7 for AY 2026-27. New disclosures include buy-back loss restrictions, capital gains segregation and ESOP taxation details.

Clarification that TDS under Section 194-IA must be deducted on the entire sale consideration when aggregate consideration exceeds the threshold.

MCA clarified that CARO 2020 applies to all subsidiary companies of listed entities irrespective of their own listing status. Auditors must report under all applicable CARO clauses.

Phase II of MCA21 V3 is now live. AOC-4, AOC-4 CFS, MGT-7 and MGT-7A must be filed through the new portal. Legacy V2 portal decommissioned.

Amendments to CARO 2020 require additional reporting on contingent liabilities, pending litigations exceeding ₹1 crore and utilisation of borrowed funds.

MCA notified further amendments to Schedule III of the Companies Act 2013, requiring additional disclosures on crypto assets, CSR unspent amounts and related-party transaction classifications.

All LLP designated partners must file DIR-3 KYC annually. Non-compliant LLPs will be marked as 'Under KYC Defaulter' and restricted from subsequent filings.

GSTN advisory confirms GSTR-9C (Reconciliation Statement) is mandatory for taxpayers with aggregate annual turnover exceeding ₹5 crore. Deadline for FY 2025-26 is 31 December 2026.

GSTN extended the due date for GSTR-9 annual return for FY 2024-25 to 31 March 2026. Late fee waiver applicable for taxpayers with turnover up to ₹2 crore.

GSTN issued advisory mandating Input Tax Credit claims to be restricted to amounts reflected in GSTR-2B. Excess ITC claims will trigger system-generated notices under Section 61.

GST Council decision implemented: e-invoicing is now mandatory for all registered persons with aggregate turnover exceeding ₹5 crore in any preceding financial year.

Suppliers making supplies through e-commerce operators must separately report such turnover in GSTR-1 under Table 14. Non-compliance may result in mismatch notices.