Quick Summary
The financial and regulatory landscape in India has been changing rapidly. To remain compliant and prepared, it is needed that the professionals stay updated with the latest legislative, accounting, and auditing developments. Below is a checklist of the key changes and reforms that should be on our
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FAQ :
The new Income-Tax Act, 2025, received presidential assent on August 21st, 2025, and is proposed to be implemented from April 1, 2026. It aims to consolidate and amend income-tax law, offering easier compliance, clearer provisions on virtual digital assets, and a stronger framework for dispute resolution.
A GoM for GST rationalisation has recommended reforms including the removal of the 18% and 28% tax slabs to streamline the rate structure and improve the ease of doing business in India.
Yes, from April 1, 2026, the Institute of Chartered Accountants of India (ICAI) will enforce guidelines limiting each partner to a maximum of 60 tax audits per financial year.
Key Ind-AS amendments include clearer guidance on deferring liability settlement (Ind AS 1), new disclosures on supplier finance arrangements (Ind-AS 7 and 107), guidance on derecognition of financial liabilities and reclassification of financial assets (Ind AS 109), and mandatory exceptions for Pillar Two income taxes (Ind AS 12).
Yes, the NFRA has recommended changes to auditing standards (SAs) to align with global practices, proposed to be effective from April 1, 2026. These include increased responsibility for principal auditors in group audits (SA600) and joint and several liability for joint auditors (SA299). The standards will also be renamed 'IndSAs'.
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