1. Key Highlights
- CBIC notification under s.1(2)(b), Finance Act 2026 (26 Oct 2026) — Sections 153–155 of Finance Act 2026 come into force from 1 Nov 2026: post-supply discounts excluded from value where a credit note is issued and the recipient reverses ITC; credit notes expressly allowed for post-supply discounts; provisional refunds widened; export refund position clarified. (Source: SCC Online – CBIC notification dt. 26-10-2026)
- ITR-5 Excel Utility v1.6 (29 Oct 2026) — Revised ITR-5 utility for AY 2026-27 (firms, LLPs, AOPs); use the latest version for audit-case returns due 21 Nov 2026. (Source: Income-tax e-filing portal – Downloads)
- CBDT Notification No. 137/2026 (posted 27 Oct 2026, late catch) — Rule 281A and new Form 173A notified for claiming Schedule IV (ITA 2025) exemption on interest and capital gains from Government securities. (Source: CBDT – Notification No. 137/2026)
- CBDT Notification No. 138/2026, S.O. 5855(E) (28 Oct 2026) — Chapter XIX (TDS/TCS) of ITA 2025 made inapplicable to payments received by IRRI, subject to specified conditions. (Source: CBDT – Notification No. 138/2026)
2. Income-tax & TDS/TCS
- ITR-5 Excel Utility v1.6 (29 Oct 2026) — Revised ITR-5 (firms, LLPs, AOPs) utility released for AY 2026-27 — use the latest version for audit-case returns due 21 Nov 2026. (Source: Income-tax e-filing portal – Downloads)
- Notification No. 137/2026 (posted 27 Oct 2026, late catch) — Rule 281A and new Form 173A notified for claiming Schedule IV (ITA 2025) exemption on interest and capital gains from Government securities. (Source: CBDT – Notification No. 137/2026)
- Notification No. 138/2026, S.O. 5855(E) (28 Oct 2026) — Chapter XIX (TDS/TCS) of ITA 2025 made inapplicable to payments received by IRRI, subject to specified conditions. (Source: CBDT – Notification No. 138/2026)
3. GST
- CBIC notification under s.1(2)(b), Finance Act 2026 (26 Oct 2026) — Sections 153–155 of Finance Act 2026 in force from 1 Nov 2026: post-supply discounts via credit note with ITC reversal; wider provisional refunds; export refund clarified. (Source: SCC Online – CBIC notification dt. 26-10-2026)
4. MCA / ROC & ICAI
No material updates this week.
5. Charity Commissioner (Gujarat & Maharashtra)
No material updates this week.
6. Labour Laws (PF & ESI)
- Shram Samvad, Lucknow (27 Oct 2026) — Labour Ministry outreach on the Labour Codes with compliance handbook and FAQs; no change in PF/ESI law or due dates. (Source: PIB – Ministry of Labour & Employment)
7. Key Judgments
No material updates this week.
8. Professional News
No material updates this week.
9. Due Dates – Next 14 Days
| Date | Compliance | Applies to | Source |
|---|---|---|---|
| 31 Oct 2026 | Q2 (Jul–Sep) TDS/TCS statements – Forms 138, 140, 144 and 143 | All deductors/collectors | e-filing portal – Form 140 manual |
| 31 Oct 2026 | PF ECR & remittance for Sept 2026 wage month (extended from 15 Oct) | EPF-covered establishments | SCC Online – EPFO circular dt. 13-10-2026 |
| 31 Oct 2026 | Last date – Employees' Enrolment Campaign 2026 (Rs 100 damages) | EPF-covered employers | PIB – Ministry of Labour |
| 07 Nov 2026 | Deposit of TDS/TCS for October 2026 | Non-Government deductors/collectors | Income-tax Dept – Rule 218 |
| 10 Nov 2026 | GSTR-7 (GST TDS) for October 2026 | GST TDS deductors | GSTN – GSTR-7 FAQ |
| 11 Nov 2026 | GSTR-1 for October 2026 | Monthly GST filers | GSTN – GSTR-1 FAQ |
| 13 Nov 2026 | IFF for October 2026 (optional) | QRMP taxpayers | GSTN – IFF FAQ |
Sources: official Government / statutory-body portals, Taxmann and SCC Online. For information only – not professional advice.
This update is for general information only and does not constitute professional advice. Readers should verify with the original notification or circular and seek advice on their specific facts before acting.