Income Tax Updates

NOTIFICATION  |  CBDT  |  NOTIFICATION NO. 61/2026  |  10 APRIL 2026

CBDT Issues Corrigendum to ITR Form 6 — Schedule CG and Schedule 112A Corrected

CBDT issued Notification No. 61/2026 dated 10 April 2026, publishing a corrigendum to the earlier Notification No. G.S.R. 230(E) dated 30 March 2026 through which ITR Form 6 (for companies other than those claiming exemption under Section 11) was notified for AY 2026-27. The corrigendum makes targeted technical corrections. In Schedule CG (Capital Gains), row items B(4)(i) and B(4)(ii) at page 132 of the original notification have been removed. In Schedule 112A (Long-Term Capital Gains on listed equity shares and equity-oriented mutual funds), column (1b) at page 136 has been deleted. The same deletion applies to Schedule 115AD(1)(b)(iii) proviso at the same page.

Companies filing ITR Form 6 for AY 2026-27 must use the corrected version. The deletions reflect a rationalisation of reporting fields — the removed column (1b) in Schedule 112A typically related to a specific sub-category of capital asset cost data that has been consolidated elsewhere in the updated form architecture. Tax professionals and companies should download the latest version of Form 6 from the income tax portal before filing, and update any pre-populated templates used in house. The corrigendum is effective immediately from the date of notification.

Source: StudyCafe — CBDT Notification No. 61/2026, ITR Form 6 Corrigendum (10 Apr 2026)

CIRCULAR  |  CBDT  |  CIRCULAR NO. 4/2026  |  EFFECTIVE APRIL 2026

DIN Now Mandatory on All Income Tax Communications — Old Circular Superseded

CBDT issued Circular No. 4/2026 dated 31 March 2026, superseding Circular No. 19/2019 dated 14 August 2019. With effect from April 2026, every official communication issued by income tax authorities to taxpayers — including notices, orders, summons, letters, and scrutiny intimations — must mandatorily contain a computer-generated Document Identification Number (DIN). This requirement applies across all channels: the DIN may be mentioned directly in the document, attached separately, or included in email correspondence. The CBDT has issued these directions under Section 119 of the Income Tax Act, 1961, read with Section 292B, and also under the newly inserted Section 292BA of IT Act 1961 and Section 522 of the Income Tax Act, 2025 — both inserted by the Finance Act, 2026.

The key practical implication: any notice or communication received from an income tax authority without a valid computer-generated DIN is invalid and cannot be acted upon. This protection, which was introduced in 2019 for specific categories of communications, has now been extended, updated, and made universally applicable across all official tax communications under the new legal framework. Taxpayers receiving notices should verify the DIN on the income tax portal before responding. This is a significant taxpayer protection measure that strengthens accountability and prevents unauthorised or fraudulent communications.

Sources: StudyCafe — CBDT Circular No. 4/2026: DIN Mandatory  |  SAGInfotech — CBDT Circular No. 4/2026

GST Updates

REVENUE DATA  |  MINISTRY OF FINANCE  |  1 APRIL 2026

GST Collections Cross ₹2 Lakh Crore in March 2026 — A Historic First

The Ministry of Finance released GST revenue data on 1 April 2026 confirming that gross GST collections for March 2026 reached ₹2,00,064 crore — the first month in India's GST history to cross the ₹2 lakh crore mark. This represents an 8.8% year-on-year growth over March 2025. The breakdown: domestic revenue rose 5.9% to ₹1.46 lakh crore, while import-related GST revenue surged 17.8% to ₹0.54 lakh crore, reflecting the import intensity of India's year-end economic activity. After accounting for refunds of ₹22,074 crore (up 13.8% YoY — with domestic refunds alone rising a sharp 31.2%), net GST revenue for March stood at ₹1.78 lakh crore.

For the full financial year 2025-26, gross GST collection reached ₹22.27 lakh crore, with net revenue at ₹19.34 lakh crore — a 7.1% growth over FY25. The ₹2 lakh crore milestone reflects the compounding effect of GST 2.0 reforms (including the shift to a two-tier rate structure), technology-driven IMS enforcement, and a steadily widening taxpayer base now exceeding 1.5 crore registered taxpayers. Cess collections for March turned slightly negative at ₹(−177) crore due to higher refunds and adjustments. Maharashtra remained the top state contributor, followed by Karnataka and Gujarat.

Sources: Republic World — March 2026 GST ₹2 Lakh Crore  |  Blitz India — March 2026 GST Collections Analysis

PORTAL UPDATE  |  GSTN  |  EFFECTIVE 6 APRIL 2026

Pre-Deposit Percentage Now Editable in Form APL-01 — Key Relief for GST Appellants

GSTN has implemented a significant portal change effective 6 April 2026: the pre-deposit percentage field in Form APL-01 (the GST First Appeal form under Section 107 of the CGST Act) is now editable at the time of filing. Previously, this field was auto-populated at 10% of the disputed tax demand as required under Section 107(6) of the CGST Act, and could not be modified by the taxpayer. This created practical difficulties in two common scenarios: first, where the taxpayer had already paid the pre-deposit through a separate mode such as DRC-03, making the portal-calculated amount result in double payment; and second, where the demand amount was incorrectly reflected under the applicable head in the electronic cash or credit ledger.

The fix allows taxpayers to edit the pre-deposit percentage in APL-01, calculate the correct amount payable after accounting for amounts already deposited, and proceed to pay only the balance. This is particularly relevant for appeals where DRC-03 payments were made before filing the appeal. GST practitioners filing first appeals should review this change before the next filing cycle — it eliminates a long-standing procedural irritant that was forcing many appellants to contact GSTN helpdesks individually for manual corrections.

Source: CA Club India — GSTN: APL-01 Pre-Deposit Percentage Now Editable (6 Apr 2026)

PORTAL TOOL  |  GSTN  |  LAUNCHED 7 APRIL 2026

GSTN Launches IMS Offline Utility v1.0 — Manage Invoice Actions Without Continuous Internet Access

GSTN released the Invoice Management System (IMS) Offline Utility Version 1.0 on 7 April 2026, available for download from the official GST portal. The Excel-based tool allows taxpayers to take action on their IMS dashboard — accepting, rejecting, or pending invoices — without requiring continuous or uninterrupted internet access. This is a particularly valuable tool for businesses with large volumes of monthly purchase invoices, where portal connectivity and real-time response times have been a friction point since IMS was introduced. The utility supports bulk actions and data reconciliation in a familiar Excel environment, and completed actions can be uploaded to the portal in a single submission.

Under the current IMS framework, inaction on invoices is treated as "deemed acceptance" into GSTR-2B — meaning incorrect or inflated invoices not explicitly rejected will flow directly into the taxpayer's ITC credit. Businesses processing hundreds or thousands of supplier invoices each month have been most exposed to this risk, particularly where internet connectivity is inconsistent or ERP-to-portal integration is incomplete. The offline utility addresses this directly. It should be noted that the utility is Version 1.0 — an initial release. Users should download the latest version from the GST portal for each filing cycle to ensure they are using the most current build.

Source: CA Club India — GSTN: IMS Offline Utility v1.0 Launched (7 Apr 2026)

RBI & Financial Sector

MONETARY POLICY  |  RBI MPC — 60TH MEETING  |  6–8 APRIL 2026

RBI Holds Repo Rate at 5.25% — Neutral Stance, GDP at 6.9%, Caution on Imported Inflation

The Reserve Bank of India's Monetary Policy Committee (MPC) concluded its 60th meeting on 8 April 2026 — the first policy review of FY 2026-27 — with a unanimous decision to hold the policy repo rate at 5.25%. Announced by RBI Governor Sanjay Malhotra, the decision maintains the same rates across all policy instruments: the Standing Deposit Facility (SDF) rate at 5.00% and the Marginal Standing Facility (MSF) / Bank Rate at 5.50%. The MPC retained its neutral stance, signalling data-dependence rather than any immediate bias toward easing or tightening. This is the second consecutive meeting at which rates have been held steady, following cumulative cuts of 125 basis points during 2025 that brought the repo rate down from 6.50% to 5.25%.

The primary reason for the pause is the nature of current inflation risks: crude oil prices have hardened sharply above $100 per barrel following geopolitical tensions in West Asia, creating supply-side inflationary pressures that a rate cut cannot effectively address. The RBI revised its FY 2026-27 CPI inflation projection upward to 4.6% (within the 4% ± 2% target band) and projected GDP growth at 6.9%, reflecting India's underlying economic resilience despite external headwinds. The MPC's communication was explicitly cautious: it noted that rate hikes would only be considered if second-round inflation effects — driven by fuel prices and currency weakness — materialise more broadly. The next MPC meeting is scheduled for 3–5 June 2026.

Sources: India.com — RBI MPC April 2026: Repo Rate Unchanged at 5.25%  |  EduNovations — RBI MPC April 2026 Full Decision

MCA Updates

AMNESTY SCHEME  |  MCA  |  OPENS 15 APRIL 2026  |  CLOSES 15 JULY 2026

CCFS-2026 Opens Today — File Pending ROC Returns at 10% of Additional Fees Until 15 July

The Companies Compliance Facilitation Scheme 2026 (CCFS-2026) opens on 15 April 2026 and runs until 15 July 2026. Under this scheme, companies with pending annual filings on the MCA V3 portal can file overdue forms at a significantly reduced additional fee of 10% of the normal additional fee that would otherwise be applicable. The scheme covers a wide range of filings — including annual returns (MGT-7/MGT-7A), financial statements (AOC-4 and its variants), director KYC (DIR-3 KYC), and other forms where the default has already accrued. This is a significant one-time window particularly for companies that have accumulated filing backlogs across multiple financial years.

Additional fees on MCA filings escalate steeply over time — from 2× at first default to 12× for prolonged delays. For a company with ₹1,200 in base filing fees and a 12× additional fee accumulation, the normal penalty would be ₹14,400; under CCFS-2026 at 10% of the additional fee, only ₹1,440 in additional fees would apply (saving ₹12,960 per form). Companies with multiple overdue filings across several years stand to benefit the most. The scheme also provides protection against prosecution risk — companies completing their filings during the amnesty window significantly reduce their exposure to adjudication proceedings under Section 454 of the Companies Act. The window closes on 15 July 2026 and is unlikely to be extended — companies should act early rather than wait for the last week.

Source: CA Club India — MCA CCFS-2026 Amnesty Scheme

KEY COMPLIANCE DEADLINES — APRIL TO JULY 2026

15 APR 2026 — TODAY CCFS-2026 opens — file pending ROC annual returns at 10% of additional fee. Window closes 15 July 2026.	30 APR 2026 MSME Form-1 due — half-yearly return for Oct 2025–Mar 2026 · NDH-3 due — Nidhi Companies half-yearly return
20 APR 2026 GSTR-3B due for March 2026 (monthly filers, turnover above ₹5 crore) · GSTR-5 and GSTR-5A for March 2026	22 APR 2026 GSTR-3B due for March 2026 (monthly filers, turnover up to ₹5 crore — Category 1 states)
31 JUL 2026 ITR-1 & ITR-2 due for AY 2026-27 (non-audit individuals & HUFs) · DIR-3 KYC for all active DINs	31 AUG 2026 ITR-3 & ITR-4 due for AY 2026-27 — non-audit business and professionals. Extended under Budget 2026.
15 JUL 2026 CCFS-2026 closes — last day to file pending ROC returns at reduced fee. Full fees and prosecution risk apply after this date.	3–5 JUN 2026 Next RBI MPC meeting — second bi-monthly policy review of FY 2026-27. Rate guidance will depend on inflation trajectory and geopolitical developments.

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