MACS Edge

01/10/2026

Happy Gandhi Jayanti

“Be the change you wish to see in the world.”

Remembering Mahatma Gandhi and his timeless values of truth, peace, simplicity, and perseverance.

May we continue to build a better world through responsible actions and positive change.

01/10/2026

📢 Law & Ledger Update by MACS Edge 4 | 30 September 2026

🔹 Scientific research approval: CBDT approved Jai Research Foundation, Valsad, as a Research Association for scientific research under Section 45(3)(a)(i) of the Income-tax Act, 2025. The approval applies for tax years 2026-27 to 2030-31, subject to Rule 33 compliance and donor statement/certificate requirements.

🔹 GST penalty on beneficiaries: Delhi High Court held that Section 122(1A) can cover non-taxable persons who retain the benefit of specified transactions, but only for acts or transactions on or after 1 January 2021.

🔹 GST show-cause notice: Delhi High Court declined to quash a Section 74 SCN at the audit stage, holding that alleged inadequate consideration of the taxpayer's audit reply is not by itself sufficient. Objections can be raised in statutory adjudication.

🔹 IFSCA certification deadline: The fund-management certification deadline for KMPs and employees of Fund Management Entities is extended from 30 September 2026 to 31 December 2026.

🔹 GSTAT reply filing: An SOP now sets out a step-by-step process for filing replies to departmental appeals on the GSTAT portal, from case search to receipt generation.

🔹 GSTAT consolidated appeals: Taxpayers with multiple GSTINs under the same PAN can now consolidate appeals involving an identical question of law across different Benches.

This post is for general professional awareness and should not be treated as legal or tax advice.

30/09/2026

📢 Law & Ledger Update | by MACS Edge 3
Today's update brings important relief for taxpayers and a key compliance framework refresh for debenture trustees.

🔹 Income-tax deadline extension: CBDT extended the ITR filing due date for AY 2026-27 for audit-case assessees from 31 October 2026 to 21 November 2026. Consequently, the tax audit report deadline for the same category is extended from 30 September 2026 to 21 October 2026, with a formal notification to follow separately.

🔹 SEBI - Debenture Trustees Master Circular: SEBI issued a fresh Master Circular for Debenture Trustees dated 28 September 2026, consolidating all applicable circulars and rescinding the earlier 13 August 2025 version, while preserving pending applications, rights, liabilities and proceedings under the old framework.

This post is for general professional awareness and should not be treated as legal or tax advice.

27/09/2026

📢 Law & Ledger Update by MACS Edge 2 | 25 September 2026

🔹 Anti-dumping duty: The Government re-quantified anti-dumping duty on jute yarn/twine, hessian fabric and sacking products from Bangladesh and Nepal, revising producer-specific rates and conditions for Jute Sacking Cloth.

🔹 Nidhi Companies: MCA cautioned the public against deposits with non-compliant Nidhi Companies, reiterating mandatory Form NDH-4 filing and noting only 395 companies are officially declared as Nidhis, with deposits not insured by DICGC.

🔹 SEBI - PMS framework: SEBI approved a comprehensive overhaul of the Portfolio Managers framework, widening the investment universe and introducing a new PRIM route with a minimum ticket size of Rs 25 lakh for investing in mutual fund direct plans.

🔹 SEBI - FPI commodity access: SEBI widened FPI participation in exchange-traded non-agricultural commodity derivatives, with safeguards requiring exit before delivery obligations arise.

🔹 SEBI - Advertisement code: A Common Advertisement Code was approved for seven categories of regulated entities, shifting most advertisements from prior approval to post-issue reporting, except celebrity endorsements.

🔹 SEBI - REITs/InvITs & accredited investors: New routes were approved for Depository Receipts against REIT/InvIT units and a broadened accredited-investor framework, including a Rs 5 crore asset-based route for individuals.

🔹 IBBI - Delayed filing fee: A Rs 500 per month (plus GST) fee now applies to liquidation forms filed late, starting with forms due on or before 30 September 2026.

🔹 IBBI - PGIRP deadline extended: The filing deadline for PGIRP-1 to PGIRP-6 forms is extended to 31 December 2026, with penalties applying only after that date.

🔹 Textile exports: CBIC has made additional export qualifiers (FR001/FR009) mandatory for specified textile products from 1 November 2026.

🔹 FEMA amendment: Export-Import Regulations under FEMA revise timelines under Regulation 5 from 15 to 9 months and 18 to 12 months, effective 1 October 2026.

This post is for general professional awareness and should not be treated as legal or tax advice.

25/09/2026

📢 & Ledger Update by MACS Edge 1

🔹 Income-tax appeal: Delhi High Court declined to entertain a parallel writ petition when the statutory appeal was already pending, but directed the CIT(A) to decide the appeal within two months of an early-hearing request given the delay.

🔹 Reassessment proceedings: Delhi ITAT quashed a Section 148 notice due to lack of pecuniary jurisdiction, vague satisfaction and absence of a live nexus with the alleged income escapement.

🔹 Edible-oil imports: The Government reduced Basic Customs Duty on specified edible-oil tariff entries with effect from 24 September 2026, requiring importers to revise duty calculations, landed costs and pricing models.

🔹 New customs locations: Campbell Bay and Car Nicobar have been notified for handling import and export cargo, subject to applicable customs procedures.

🔹 Personal guarantors: NCLAT held that liability already determined by the DRT and attaining finality cannot ordinarily be reopened during personal-guarantor insolvency proceedings.

🔹 Liquidation process: IBBI has permitted liquidators to modify stakeholder-list entries based on additional information, to be reported to the Adjudicating Authority within 30 days.

This post is for general professional awareness and should not be treated as legal or tax advice. Follow MACS Edge for daily compliance updates

24/09/2026

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03/09/2026

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01/09/2026

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25/08/2026

18/08/2026

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