Weekly Regulatory Update  ·  W26-2026

Tax & Regulatory
Digest

23 June 2026 to 26 June 2026 · W26
GST · Direct Tax · MCA · RBI/FEMA · ICAI
Dear Reader,
0
GST
2
Direct Tax
1
MCA
5
RBI / FEMA / FCRA
2
ICAI
6
Actions
GST

Goods & Services Tax — A Quiet Window: No Central Notification, Circular or Portal Advisory

No new CBIC Central Tax / IGST / UT Tax / Compensation Cess notification or circular, and no GSTN portal advisory, was issued in the 23–26 June 2026 window, and no GST Council meeting was held. (Checked against the CBIC notifications portal, the GST Council site and the @cbic_india / @askGST_GoI handles.) Routine monthly compliance continues unchanged — GSTR-1/IFF and GSTR-3B remain on their normal cycles.

Direct Tax

Income Tax — Two CBDT Notifications Issued (25 Jun); ITR Filing Season Live for AY 2026-27

New Law
CBDT issues two notifications on 25 June 2026 — Nos. 71/2026 and 72/2026 (subject under verification). The Income-tax Department's What's New feed lists two CBDT notifications dated 25 June 2026 — Notification No. 71/2026 (F.No. 203/21/2025/ITA-II; S.O. 3454(E)) and Notification No. 72/2026 (F.No. 203/22/2025/ITA-II; S.O. 3455(E)), both from the ITA-II division. The official gazette PDFs are image-only and the specific provision and notified entity could not yet be confirmed from the artifact, so the substance is flagged for verification before reliance. No. 71/2026 No. 72/2026
Live
ITR filing season is live for AY 2026-27 — reconcile Form 16, AIS and Form 26AS before filing. With the principal ITR utilities available, the Income-tax Department reiterated that taxpayers should reconcile Form 16, the Annual Information Statement (AIS) and Form 26AS — and cross-check income against bank and broker statements — before filing. For non-audit assessees the due date is 31 July 2026 (subject to any CBDT extension). File only after a full reconciliation to avoid mismatch notices. Source
MCA

Corporate Affairs — Corporate Mitra Scheme Goes Live: Guidelines Released, MoU with ICAI / ICSI / ICoAI / IIT Madras

New Law
MCA releases the Corporate Mitra Scheme Guidelines (26 Jun); MoU signed with ICAI, ICSI, ICoAI and IIT Madras (25 Jun). The MCA published the official Corporate Mitra Scheme Guidelines on its What's New feed on 26 June 2026, operationalising a Union Budget 2026-27 initiative to build a certified pool of paraprofessionals who help MSMEs meet basic accounting, statutory-filing and minimum-compliance requirements affordably — especially in Tier-2 and Tier-3 towns. The scheme is run with the three professional institutes (ICAI, ICSI, ICoAI) and IIT Madras under an MoU signed on 25 June 2026; eligibility, course structure and fees are set out in the released Guidelines. Of direct interest to CA firms — a new ICAI-partnered channel for MSME compliance support. Source
RBI / FEMA / FCRA

RBI / FEMA / FCRA — FCRA Rules Overhauled; FEMA Circulars Rationalised; Reporting Returns Recast; New TReDS Directions

New Law
FCRA Rules overhauled — a new "key functionary" concept and a one-year Form FC-6F intimation to retain registration. The Ministry of Home Affairs notified the Foreign Contribution (Regulation) Amendment Rules, 2026 via S.O. 3272(E) dated 22 June 2026 (gazetted 23 June), amending the FCRR, 2011 under section 48 of the FCRA, 2010. Key changes: (i) a new definition of "key functionary" [Rule 2(1)(ca)] — covering a company's director, a firm's partner, a trust's trustee, the Karta of a HUF, office bearers / members of the governing body or controlling authority of a society / trust / trade union / AOP, and anyone responsible for management — which now replaces the references to "office bearers / members of the Executive Committee or Governing Council" across Rules 5 and 9; and (ii) registration is now tied to specified purposes and States / UTs, with every already-registered association required to file an intimation in Form FC-6F within one year to retain its registration. Flag for every FCRA-registered NGO / trust / society client. Source
New Law
RBI rationalises the FEMA circular framework — a set of legacy circulars withdrawn. A.P. (DIR Series) Circular No. 18 (RBI/2026-27/175) dated 24 June 2026 — "Review of Circulars issued under FEMA, 1999" — withdraws a set of legacy FEMA circulars that have become inoperative through subsequent amendment, redundancy, overlap or supersession; the withdrawn circulars are listed in an Annex. Authorised Dealers and FEMA practitioners should refresh their reference set against the current (non-withdrawn) instructions. Source
New Law
FEMA reporting returns modified — primarily for money-changers / Authorised Persons. A.P. (DIR Series) Circular No. 17 (RBI/2026-27/174) dated 24 June 2026 rationalises certain FEMA reporting returns and forms. The forms affected (the FLM series and Money Transfer Service Scheme / franchisee reporting) sit with Authorised Persons, Full-Fledged Money Changers and money-transfer agents — so the impact on ordinary corporate or NRI FEMA filings (FC-GPR, FLA, ECB-2) is limited. Relevant mainly to AD Category-II / FFMC / money-changer clients. Source
New Law
New consolidated TReDS Directions, 2026. The Reserve Bank of India (Trade Receivables Discounting System) Directions, 2026 dated 23 June 2026 set out the updated framework for TReDS — the regulated electronic platforms for financing / discounting of trade receivables, principally of MSME suppliers. Relevant to companies that buy from MSME suppliers and to TReDS platform operators and financiers; advise corporate clients to note the updated receivables-financing framework. Source
Live
RBI issues a large batch of Master Direction amendments on 24 June (context). On 24 June 2026 the RBI released a broad set of amendment Master Directions across banks and NBFCs — including capital-adequacy / prudential-norm harmonisation and a "Responsible Business Conduct" framework across regulated-entity categories. Bank/NBFC-prudential in nature and noted here for awareness; relevant mainly to CAs auditing or advising banks and NBFCs. Source
ICAI

ICAI — Two New IDTC GST Handbooks (June 2026 Editions)

Publication
Handbook on Job Work under GST — 4th Edition (June 2026). ICAI's Indirect Taxes Committee (IDTC) released the 4th edition of its Handbook on Job Work under GST — an updated practitioner reference on the job-work provisions, procedures and input-tax-credit treatment under GST. Source
Publication
Handbook on Finalisation of Accounts with GST Perspective — 2nd Edition (June 2026). The IDTC also released the 2nd edition of its Handbook on Finalisation of Accounts with GST Perspective — guidance on year-end finalisation of accounts viewed through GST reconciliation and compliance (turnover, ITC, GSTR-9/9C). Source
S. Triyambaka Patro, CA
YouWe Quest LLP
Technical Reference
I.
GST
Goods & Services Tax
A Period Context — No Central CBIC Notification / Circular, No GSTN Advisory, No GST Council Meeting ▾
No central GST action in the window: No CBIC Central Tax / IGST / UT Tax / Compensation Cess circular or notification was issued between 23 and 26 June 2026, no GSTN portal advisory was published, and no GST Council meeting was convened.
Diligence: Verified against the CBIC notifications portal, the GST Council site and the official @cbic_india / @askGST_GoI handles — none of which carried a new GST regulatory item dated in the window.
Practice note: Routine monthly compliance continues unchanged — GSTR-1 / IFF and GSTR-3B remain on their normal cycles. (Carry-forward: the e-Invoice / e-Way Bill "Ship-To GSTIN" + voluntary-closure API changes flagged in the prior issue remain scheduled for Production from 1 August 2026 — complete Sandbox testing and master-data cleanup before then.)
II.
Direct Tax
Direct Tax
A CBDT Notifications No. 71/2026 & No. 72/2026 (25 June 2026) — Subject Under Verification ▾
Reference: Two CBDT notifications appear on the Income-tax Department's "What's New" feed dated 25 June 2026 — Notification No. 71/2026 (F.No. 203/21/2025/ITA-II; S.O. 3454(E)) and Notification No. 72/2026 (F.No. 203/22/2025/ITA-II; S.O. 3455(E)), both issued by the ITA-II division.
Status: The official gazette PDFs are image-only and were not yet web-indexed at the time of compiling. The exact section and the entity/subject of each notification could not be read off the artifact, and have deliberately not been inferred. Source links point to the official Income-tax PDFs.
Practice note: Treat as awareness-only pending verification. Confirm the section and notified entity directly from the official PDFs (Income-tax → Notifications, Year 2026) before relying on either notification or citing it to a client.
B ITR Filing Season — AY 2026-27 Reconciliation & the 30 June s.143(2) Cut-off (Carry-Forward) ▾
ITR season: With the principal ITR utilities live for AY 2026-27, the Income-tax Department reiterated that taxpayers reconcile Form 16, the AIS and Form 26AS — and verify income against bank / broker statements — before filing. Non-audit due date: 31 July 2026 (subject to any CBDT extension).
Imminent — compulsory scrutiny: Under the CBDT Guidelines for Compulsory Selection for Complete Scrutiny, FY 2026-27 (F.No. 225/56/2026/ITA-II, 4 June 2026 — covered in a prior issue), notices under s.143(2) for returns filed in FY 2025-26 must be served on or before 30 June 2026. Watch clients' e-filing inbox / registered email and prepare to respond within time.
Practice action: File ITRs only after a full Form 16 / AIS / TIS / 26AS reconciliation; and prioritise the 30 June s.143(2) cut-off — map at-risk AY 2025-26 returns and pre-assemble documentation for the faceless response windows.
III.
MCA
Ministry of Corporate Affairs
A Corporate Mitra Scheme — Guidelines Released (26 Jun 2026); Institutes' MoU & Logo (25 Jun 2026) ▾
Reference: MCA "What's New" feed — release of the Corporate Mitra Scheme Guidelines (with an accompanying flyer and scheme logo) on 26 June 2026; the MoU between the professional institutes and IIT Madras was signed on 25 June 2026.
What it is: A Union Budget 2026-27 initiative to create a national, certified pool of paraprofessionals who assist MSMEs with basic accounting, statutory filings and minimum compliance at affordable cost — targeted at Tier-2 and Tier-3 towns where professional access is thin.
Delivery partners: Run under an MoU with the three professional institutes — ICAI, ICSI and ICoAI — together with IIT Madras. Detailed eligibility, course structure, training model and fees are set out in the released Scheme Guidelines on the MCA portal.
Practice note: Of direct interest to CA firms — a new ICAI-partnered channel that can extend compliance support to MSME clients, and a training/certification route for graduates and staff. Review the released Guidelines for eligibility and engagement specifics. (The MCA V3 per-item PDF has no stable shareable URL — the Guidelines are published on the MCA "What's New" page, dated 26 June 2026.)
IV.
RBI / FEMA / FCRA
RBI · FEMA · FCRA
A FCRA — Foreign Contribution (Regulation) Amendment Rules, 2026 (MHA · S.O. 3272(E), 22 Jun 2026) ▾
Reference: Ministry of Home Affairs notification S.O. 3272(E) dated 22 June 2026 (gazetted 23 June) — the Foreign Contribution (Regulation) Amendment Rules, 2026, made under section 48 of the FCRA, 2010, amending the Foreign Contribution (Regulation) Rules, 2011; in force from the date of publication in the Official Gazette.
New "key functionary" definition [Rule 2(1)(ca)]: for a person other than an individual, "key functionary" now includes the Director of a company, a partner in a firm, a trustee of a trust, the Karta of a HUF, an office bearer / member of the governing body, managing committee or other controlling authority of a society, trust, trade union or AOP, and any other person who has control over or responsibility for the management or affairs of such person.
"Key functionaries" substituted across Rules 5 & 9: references to "Members of the Executive Committee or Governing Council" / "office-bearers or members of the governing body" are replaced by "key functionaries" — including Rule 5 (clauses (i) and (iii)), Rule 9(1)(a) ("each office bearer and key functionary and member" → "each key functionary") and Rule 9(2)(f)(ii)(B).
Purpose- and State-specific registration [new Rule 9(1B)]: the certificate of registration shall specify the purpose(s) and the States / UTs for which registration is granted, and every application must choose its purpose(s) from the list in the Schedule and state the States / UTs of intended activity. Crucially, every association registered before commencement must, within one year, submit an intimation in Form FC-6F specifying the purpose(s) and States / UTs for which it seeks to retain its registration.
Practice action: Flag every FCRA-registered client (NGO / trust / society / Section 8 company). Two priorities: (1) file Form FC-6F within one year (by ~22 June 2027) to retain registration, mapping activities to the Schedule's purpose list and the relevant States / UTs; (2) re-map governance roles to the new "key functionary" definition for FCRA registration, undertakings and annual filings. Source: official MHA FCRA portal gazette PDF.
B Review of FEMA Circulars — Legacy Circulars Withdrawn (A.P. DIR Series Circular No. 18) ▾
Reference: A.P. (DIR Series) Circular No. 18 (RBI/2026-27/175) dated 24 June 2026 — "Review of Circulars issued under the Foreign Exchange Management Act, 1999 (FEMA)".
What it does: As part of an ongoing rationalisation of the FEMA instruction framework, the RBI withdraws a set of legacy FEMA circulars that have ceased to be operative owing to subsequent regulatory amendment, redundancy, overlap or supersession. The specific circulars withdrawn are listed in an Annex to the circular.
Practice note: Authorised Dealers and FEMA practitioners should refresh their circular reference set — items listed in the Annex are no longer operative. Check internal FEMA compliance manuals and checklists against the current (non-withdrawn) instructions.
C Modification of Returns / Reporting under FEMA (A.P. DIR Series Circular No. 17) — Money-Changer / AP Scope ▾
Reference: A.P. (DIR Series) Circular No. 17 (RBI/2026-27/174) dated 24 June 2026 — "Modification of Returns / Reporting requirements under FEMA, 1999".
What it does: Rationalises certain FEMA reporting returns and forms. The forms in question (the FLM series and Money Transfer Service Scheme / franchisee reporting) are filed by Authorised Persons, Full-Fledged Money Changers (FFMCs) and money-transfer agents — not by ordinary corporate or NRI investors.
Practice note: Direct relevance is to AD Category-II / FFMC / money-changer clients, which should adopt the revised reporting. Limited impact on mainstream corporate / NRI FEMA filings (FC-GPR, FLA, ECB-2, etc.), which are not the subject of this circular.
D Reserve Bank of India (Trade Receivables Discounting System) Directions, 2026 ▾
Reference: Reserve Bank of India (Trade Receivables Discounting System) Directions, 2026 dated 23 June 2026.
What it is: A consolidated / updated set of directions for TReDS — the RBI-regulated electronic platforms on which trade receivables (principally of MSME suppliers) are financed and discounted by financiers, against accepted invoices of corporate / PSU / government buyers.
Practice note: Relevant to TReDS platform operators and financiers, and to corporate buyers that transact with MSME suppliers on TReDS. Advise corporate clients to note the updated framework for receivables financing; the operative thresholds and timelines are in the Directions themselves.
E Context — Large Batch of Master Direction Amendments across Banks & NBFCs (24 June 2026) ▾
What happened: On 24 June 2026 the RBI issued a broad set of amendment Master Directions across many regulated-entity categories — including capital-adequacy / prudential-norm harmonisation and a "Responsible Business Conduct" framework — spanning commercial banks, co-operative banks, small finance banks, payments banks, RRBs, AIFIs, standalone primary dealers and NBFCs.
Practice note: Bank/NBFC-prudential in nature and outside the core scope of this digest; noted for awareness. Relevant mainly to CAs auditing or advising banks, co-operative banks and NBFCs, who should review the specific amendment directions for their regulated clients.
V.
ICAI
ICAI
New Publications
A Handbook on Job Work under GST · IDTC · 4th Edition, June 2026 ▾
Reference: ICAI Indirect Taxes Committee (IDTC) — Handbook on Job Work under GST, 4th Edition (June 2026), listed as a new release on the IDTC publications page.
Coverage: Updated practitioner guidance on the GST treatment of job work — the statutory framework, procedures (challans, time limits, returns), input-tax-credit treatment and documentation.
Practice note: A useful refreshed reference for manufacturing / processing clients that send goods out for job work. Final publication — included per the final-publications-only rule.
B Handbook on Finalisation of Accounts with GST Perspective · IDTC · 2nd Edition, June 2026 ▾
Reference: ICAI Indirect Taxes Committee (IDTC) — Handbook on Finalisation of Accounts with GST Perspective, 2nd Edition (June 2026).
Coverage: Guidance on year-end finalisation of accounts through a GST lens — reconciliation of turnover and ITC, treatment of GST balances, and the link to the annual return / reconciliation statement (GSTR-9 / 9C).
Practice note: Timely for the audit / finalisation season — a practical aid for GST reconciliations at the accounts-finalisation stage. Final publication — included per the final-publications-only rule.
Action Items

Forward-looking deadlines and action items arising from, or live during, the 23–26 June 2026 window (W26).

Due Date Domain Action Required
30 JunDirect Taxs.143(2) scrutiny notices for returns filed in FY 2025-26 (compulsory complete scrutiny, FY 2026-27 — CBDT F.No. 225/56/2026/ITA-II) must be served by 30 June 2026. Watch clients' e-filing inbox / registered email and prepare to respond within time. (Imminent.)
15 JulDirect TaxTCS return in Form 27EQ for Q1 FY 2026-27 (Apr–Jun 2026) due.
31 JulDirect TaxTDS returns (Form 24Q / 26Q / 27Q) for Q1 FY 2026-27 due; and ITR (non-audit) for AY 2026-27 due (subject to any CBDT extension). File only after Form 16 / AIS / 26AS are reconciled.
31 JulMCAFile Form DPT-3 (Return of Deposits, position as on 31 Mar 2026) by 31 July 2026 to avail the additional-fee relaxation under MCA General Circular No. 02/2026. Do not defer to the last day given recent V3 instability.
22 Jun 27FCRAFCRA-registered associations: within one year of commencement of the FCRA Amendment Rules, 2026 (i.e. by ~22 June 2027), file an intimation in Form FC-6F specifying the purpose(s) and States / UTs for which registration is to be retained (MHA S.O. 3272(E), 22 Jun 2026).
OngoingRBI / FEMARefresh FEMA circular references for those withdrawn under A.P. (DIR Series) Circular No. 18; AD Category-II / FFMC / money-changer entities to adopt the modified returns under A.P. (DIR Series) Circular No. 17.
S. Triyambaka Patro, CA
YouWe Quest LLP
Compiled 26 June 2026 · W26-2026 covering 23 – 26 June 2026. For informational purposes only — does not constitute legal or tax advice.