Don’t Miss These Compliance Deadlines & Tax Changes!

1.New Form 97 for High-Value Transactions (BIG UPDATE)

  • For property purchase above ₹20 lakh without PAN, new Form 97 introduced
  • Earlier Form 60 replaced in such cases
  • Form 98 to be filed by reporting entity

      Objective:

  • Track high-value transactions
  • Improve tax transparency & compliance

2. Tax Clearance Before Foreign Travel – Clarified

  • No general requirement for tax clearance certificate
  • Required only in specific cases like:
    • Ongoing tax disputes
    • Long-term foreign stay

Forms introduced:

  • Form 157 (application)
  • Form 159 (certificate)

 Relief: Normal travellers not impacted

3. Major FX Rule Rollback (Biggest Update)

  • Reserve Bank of India partially rolled back forex restrictions (20 April 2026)
  • Key relaxations:
    • NDF (Non-Deliverable Forward) trading allowed again
    • Rebooking of cancelled forex contracts permitted
    • Easier rules for related-party FX transactions

 Why it matters:

  • Earlier restrictions (1 April) were to control rupee volatility
  • Now rollback signals market stabilization & liquidity support

4. LLP Form 11 – Key Compliance Overview

  • LLP Form 11 is a mandatory annual return to be filed by all LLPs with the Ministry of Corporate Affairs, even if there is no business activity.
  • The due date is 30th May every year for the preceding financial year.
  • It contains details of partners, designated partners, and their contribution in the LLP.
  • Late filing penalty is ₹100 per day with no maximum limit, making timely filing critical.
  • The form cannot be filed if Form 4 (partner changes) is pending, so ensure records are updated before submission.

5.Form 121 – New Unified Declaration for NIL TDS (Effective 1 April 2026)

  • Form 121 replaces Form 15G & 15H as a single, unified declaration for claiming NIL TDS, simplifying compliance under the Income Tax Department.
  • It introduces a fully digital filing system, allowing submission through banking portals / NSDL, reducing paperwork and manual errors.
  • The form applies to resident individuals and HUFs (not applicable to firms/companies) and eliminates confusion based on age criteria.
  • PAN-based verification & UIN (Unique Identification Number) ensure better tracking, faster processing, and improved transparency.
  • It must be submitted at the beginning of the financial year to the payer (bank/company) for incomes like interest, PF withdrawal, pension, rent, and dividends to avoid TDS deduction

6. Compliance Due Dates (After 25 April 2026)

April End Compliances

Due DateLawComplianceParticulars
30 April 2026GSTGSTR-1 (QRMP)Quarterly return (Jan–Mar 2026)
30 April 2026GSTCMP-08Composition scheme quarterly payment
30 April 2026Companies ActForm MSME-1Half-yearly return (Oct–Mar) for outstanding dues

Early May Compliances

Due DateLawComplianceParticulars
07 May 2026Income TaxTDS PaymentDeposit TDS for April 2026
10 May 2026GSTGSTR-7TDS return under GST
10 May 2026GSTGSTR-8TCS return (E-commerce operators)
11 May 2026GSTGSTR-1Monthly return for April 2026
13 May 2026GSTGSTR-1 (QRMP)April 2026 (IFF filing)
13 May 2026GSTGSTR-5 / 5A / 6Non-resident / OIDAR / ISD returns

 Mid-May Compliances

Due DateLawComplianceParticulars
15 May 2026EPFPF PaymentContribution for April 2026
15 May 2026ESICESIC PaymentContribution for April 2026
20 May 2026GSTGSTR-3BMonthly return for April 2026
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