Rockey & Associates

27/08/2026

23/08/2026

📢 ICAI Guidance Note on Financial Statements of Non-Corporate Entities (NCEs)

For FY 2025-26, the Guidance Note is applicable to NCEs having turnover exceeding ₹5 crore.

The disclosure can be structured as:

✅ Applicable & Followed
Financial statements prepared in accordance with the ICAI Guidance Note, to the extent applicable.
⚠️ Applicable but Not Followed
The Guidance Note is applicable but has not been adopted. However, the financial statements have been prepared in accordance with applicable GAAP, Accounting Standards and other statutory requirements.

🔹 Not Applicable but Voluntarily Followed
The Guidance Note is not mandatorily applicable, but the Entity has voluntarily adopted its principles of presentation and disclosure.
📌 Separate General Disclosure:
Suitable modifications in presentation, classification and disclosure may be made, wherever necessary, for better presentation and consistency/comparability with the previous year.

From FY 2026-27, the Guidance Note applies to all NCEs.

22/08/2026

GST Squad stops your truck. E-Way Bill has a typo or expired by 3 hrs (breakdown).

Officer demands 200% penalty u/s 129.
Don’t pay.

Here’s your shield
1. Minor typo ≠ Section 129 Invoice 3096 vs 3063?
If goods, qty & tax match the invoice, Circular 64/38/2018-GST caps the penalty at ₹500 (₹1,000 IGST). Not 200%.

2. Expired due to breakdown = no mens rea
Allahabad HC (Globe Panel, Kamla Machines, Ga***rd Packers) is consistent: no intent to evade = no 129(3) penalty. A dead engine isn’t fraud.

3. Circulars bind the department SC has settled this and CBIC circulars aren’t optional for officers.

Action: Don’t panic-pay via DRC-03.
File a written reply citing Circular 64 + lack of mens rea. Force a speaking order.

22/08/2026

The Centre and state tax officers are working on guidelines to bring uniformity in documents that are to be submitted for faster processing of GST registration application of businesses who pass on tax credit of over Rs 2.5 lakh a month, a senior official said on Friday.

Once agreed to by all states and the Centre, the proposal will be placed before the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising ministers from all states and UTs.

Central Board of Indirect Taxes and Customs (CBIC) member GST Sanjay Mangal also said tax officers are also discussing automation in the process of cancellation of GST registration and streamlining the grounds on which a GST officer can cancel registration of a business.

Mangal said currently there is a “non-uniformity” in the procedure followed by the central GST formation and various state formations in granting registration under goods and services tax (GST) to large businesses who pass on credit over Rs 2.5 lakh/month and this creates uncertainty in the minds of taxpayers.

19/08/2026

Lakshmanan Meyyappan has been recognised by Guinness World Records as the world’s youngest male Chartered Accountant at 16 years and 141 days. He began studying ACCA at 15 during the COVID-19 lockdown, later earned the CFA charter and is now pursuing an MSc in Finance while working as a Senior Research Analyst in Dubai.

18/08/2026

The Income Tax Department has launched a nationwide verification exercise into suspicious foreign remittances. The exercise follows data analysis and ground intelligence indicating significant overseas remittances by entities with little or no reported business activity.

The Department has emphasised the importance of exercising due diligence and sound judgment by professionals while issuing cerfiticates in Form 15CB/Form 146.

Details in the Press Release:

15/08/2026

🚨 BIG TAX UPDATE | Foreign Assets Disclosure Scheme, 2026

CBDT has notified the Foreign Assets of Small Taxpayers – Disclosure Scheme Rules, 2026.

📌 Effective: 16 Aug 2026
📌 Valuation Date: 31 Mar 2026
📌 Last Date: 31 Dec 2026

Key thresholds:

🔹 Undisclosed foreign assets + foreign income ≤ ₹1 Cr
➡️ Amount payable = 60% of value
(30% Tax + 100% Penalty on tax)

🔹 Specified undisclosed foreign assets ≤ ₹5 Cr
➡️ ₹1 lakh fee

📝 Declaration through Form 1 electronically.

This could be a significant compliance opportunity for taxpayers having small-value undisclosed foreign assets/income.

📄 Source: Gazette Notification No. 114/2026 dated 14 August 2026

08/08/2026

Payments Council of India: "UPI will continue to remain free for consumers, and small merchants will not be charged for accepting digital payments."

"Banks, fintech companies, NPCI, and the RBI have been investing in technology, cybersecurity, fraud prevention, and innovation to maintain UPI’s reliability. Any merchant service charges, where applicable, would be commercial arrangements between merchants and payment providers and would not mean consumers have to pay for using UPI."