Executive Summary
Income Tax
- The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026
Goods And Service Tax (GST)
- Instruction No. 01/2026-GST, Dated 03.08.2026 – Coordination with State Mining Authorities
- Advisory Revision of Timeline for Amendment of Aggregate Annual Turnover (AATO), Dated 01.07.2026 (Implemented / Review Period: 1 August 2026 to 15 August 2026.
- Office Order No. 4/GSTAT/PB/2026, Dated 29.07.2026 – Reconstitution of Benches and Revised Classification of Categories of Cases, Dated 01.08.2026
Companies Act 2013/ Other Laws
- MCA Notifies Companies (Indian Accounting Standards) Amendment Rules, 2026
- Revision in Name Reservation and E-Form Resubmission Timelines
- Andhra Pradesh Notifies Occupational Safety, Health and Working Conditions Rules, 2026 (6 August 2026)
- THE FOREIGN ASSETS OF SMALL TAXPAYERS DISCLOSURE SCHEME, 2026 (CHAPTER IV, SECTIONS 130 TO 144 OF THE FINANCE ACT, 2026, READ WITH THE FOREIGN ASSETS OF SMALL TAXPAYERS – DISCLOSURE SCHEME RULES, 2026), DATED 14-08-2026
Foreign Assets of Small Taxpayers – Disclosure Scheme, 2026 is a one-time voluntary disclosure scheme contained in Chapter IV (sections 130 to 144) of the Finance Act, 2026. It enables eligible taxpayers to declare certain undisclosed foreign assets, undisclosed foreign income, or undeclared foreign assets, on payment of a specified tax or fee.
The Scheme comes into force on 16th August 2026. The last date has been fixed as 31st December 2026. No declaration can be filed after this date
An “assessee” eligible under the scheme is one —
- who is resident in India, (as per section 6 of the Income-tax Act, 1961), in the relevant previous year; or
- who is a non-resident, or resident but not ordinarily resident (RNOR), [as per section 6(6) of the Income-tax Act, 1961], in the relevant previous year, but was resident in India either-
- in the previous year to which the undisclosed foreign income under section 4 of the Black Money Act, 2015 relates, or
- in the previous year in which the undisclosed asset located outside India was acquired.
A person being a non-resident but was resident in India either
- in the year to which the undisclosed income relates; or
- in the year in which the undisclosed asset was acquired can make a declaration.
A declaration may be made where the assessee —
- has failed to furnish a return under section 139 of the Income-tax Act, 1961; or
- has failed to disclose the asset or income in return furnished before the scheme commenced; or
- Such assets or income has escaped assessment within the meaning of section 147 of the Income-tax Act, 1961.
There are two broad categories of declaration —
- an undisclosed asset located outside India or undisclosed foreign income which was not offered to tax. [Section 133 – Table: Sl. No. 1]
- an asset located outside India, which was already offered to tax or was acquired when the assessee was a non-resident, but not declared in the relevant Schedule of the return.[Section 133 – Table: Sl. No. 2]
- INSTRUCTION NO. 01/2026-GST, DATED 03.08.2026 – COORDINATION WITH STATE MINING AUTHORITIES
CBIC has issued instructions for coordination between CGST authorities and State Mining Authorities to facilitate information sharing regarding illegal mining and transportation of minerals.
Key Highlights:
- Strengthened information sharing between CGST and State Mining Authorities.
- Focus on illegal mining and transportation of minerals.
- Information may be analyzed to identify potential GST evasion and non-compliance.
Impact:
Mining and mineral businesses may face increased GST scrutiny. Proper invoices, reporting and
E-way bill compliance will be important.
- ADVISORY REVISION OF TIMELINE FOR AMENDMENT OF AGGREGATE ANNUAL TURNOVER (AATO), DATED 01.07.2026 (IMPLEMENTED / REVIEW PERIOD: 1 AUGUST 2026 TO 15 AUGUST 2026)
Jurisdictional tax officers reviewed the AATO details amended by taxpayers for FY 2025-26 during the prescribed review period in August 2026.
Key Highlights:
- Amended AATO data was reviewed by jurisdictional tax officers.
- Review period: 1 August to 15 August 2026.
- The process focuses on ensuring the accuracy of turnover information available on the GST Portal.
Impact:
Businesses should ensure that their AATO details are accurate and consistent with their GST returns and financial records to avoid discrepancies or queries.
- OFFICE ORDER NO. 4/GSTAT/PB/2026, DATED 29.07.2026 – RECONSTITUTION OF BENCHES AND REVISED CLASSIFICATION OF CATEGORIES OF CASES, DATED 01.08.2026
GSTAT reconstituted its benches and revised the classification and allocation of cases to streamline the handling of GST appeals.
Key Highlights:
- GSTAT benches were reconstituted under a revised operational structure.
- Case categories and allocation procedures were revised.
- Pending matters may be reassigned under the new framework.
Impact:
Taxpayers and professionals should verify the appropriate GSTAT Bench and case category while filing or pursuing appeals. The restructuring is expected to improve the efficient disposal of GST disputes.
- MCA NOTIFIES COMPANIES (INDIAN ACCOUNTING STANDARDS) AMENDMENT RULES, 2026
The Ministry of Corporate Affairs (MCA), vide Notification G.S.R. 725(E) dated 12 August 2026, notified the Companies (Indian Accounting Standards) Amendment Rules, 2026. These amendments introduce changes to Ind AS 101, Ind AS 107, Ind AS 109, Ind AS 110 and Ind AS 7, covering areas such as classification and measurement of financial instruments, hedge accounting, nature-dependent electricity contracts, electronic settlement of financial liabilities, enhanced disclosure requirements and transition provisions. The amendments are largely aligned with recent international accounting developments and are applicable for annual reporting periods beginning on or after 1 April 2026, with certain provisions becoming effective from the date of publication in the Official Gazette. Companies following Ind AS should evaluate the impact on financial reporting, disclosures and accounting policies for FY 2026-27.
- REVISION IN NAME RESERVATION AND E-FORM RESUBMISSION TIMELINES
MCA has revised the timelines relating to the extension of validity of reserved names and the resubmission of e-forms filed on the MCA portal. The revision seeks to streamline incorporation and post-incorporation filing processes and provide greater clarity regarding the permissible period available for rectifying defects in filings. These changes are expected to improve efficiency in processing e-forms and reduce avoidable delays in corporate transactions.
- ANDHRA PRADESH NOTIFIES OCCUPATIONAL SAFETY, HEALTH AND WORKING CONDITIONS RULES, 2026 (6 AUGUST 2026)
The Government of Andhra Pradesh notified the Occupational Safety, Health and Working Conditions (OSHWC) Rules, 2026 under the Occupational Safety, Health and Working Conditions Code, 2020. The Rules supersede several existing state labour enactments and provide a consolidated framework relating to workplace safety, welfare, working conditions, licensing and compliance obligations. Employers operating in Andhra Pradesh should review the new requirements and update their internal policies, registers, compliance systems and health and safety practices accordingly.
Disclaimer Information in this note is intended to provide only a general update of the subjects covered. It is not intended to be a substitute for detailed research or the exercise of professional judgment. KNM accepts no responsibility for loss arising from any action taken or not taken by anyone using this publication. Updates for the period 31.08.2026
