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 Date | Law | Compliance | Particulars |
| 30 April 2026 | GST | GSTR-1 (QRMP) | Quarterly return (Jan–Mar 2026) |
| 30 April 2026 | GST | CMP-08 | Composition scheme quarterly payment |
| 30 April 2026 | Companies Act | Form MSME-1 | Half-yearly return (Oct–Mar) for outstanding dues |
Early May Compliances
| Due Date | Law | Compliance | Particulars |
| 07 May 2026 | Income Tax | TDS Payment | Deposit TDS for April 2026 |
| 10 May 2026 | GST | GSTR-7 | TDS return under GST |
| 10 May 2026 | GST | GSTR-8 | TCS return (E-commerce operators) |
| 11 May 2026 | GST | GSTR-1 | Monthly return for April 2026 |
| 13 May 2026 | GST | GSTR-1 (QRMP) | April 2026 (IFF filing) |
| 13 May 2026 | GST | GSTR-5 / 5A / 6 | Non-resident / OIDAR / ISD returns |
Mid-May Compliances
| Due Date | Law | Compliance | Particulars |
| 15 May 2026 | EPF | PF Payment | Contribution for April 2026 |
| 15 May 2026 | ESIC | ESIC Payment | Contribution for April 2026 |
| 20 May 2026 | GST | GSTR-3B | Monthly return for April 2026 |