MCA Updates
The Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2025
The Ministry of Corporate Affairs (MCA), in exercise of the powers conferred by sub-sections (1), (2), (3), (4), (8), (9), (10), and (11) of Section 125 and sub-section (6) of Section 124, read with Section 469 of the Companies Act, 2013 (18 of 2013), has notified the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2025.
These rules amend the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 and shall come into effect from October 6, 2025. The amendment primarily substitutes the existing Form IEPF-5 with a revised form as specified in the notification.
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Establishment of RDs under the LLP Act, 2008
In exercise of the powers conferred by sub-section (1) of section 68A of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government has issued a notification establishing Regional Directors in the Ministry of Corporate Affairs.
The details of the Regional Directors and their respective territorial jurisdictions are specified in the table contained in the attached notification. This notification shall come into effect from January 1, 2026.
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Establishment of ROCs under the LLP Act, 2008
In exercise of the powers conferred by sub-sections (1) and (2) of section 68A of the Limited Liability Partnership Act, 2008 (6 of 2009), the Central Government has issued a notification for the establishment of Registrars of Companies under the Ministry of Corporate Affairs. The details of the Registrars and their respective territorial jurisdictions are provided in the table contained in the attached notification. This has been done for the purpose of registration of companies and for discharging functions under the provisions of the Act.
This notification shall come into effect from January 1, 2026.
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Establishment of RDs under the Companies Act, 2013
In exercise of the powers conferred by sub-section (1) of Section 396 of the Companies Act, 2013 (18 of 2013), and in supersession of the earlier notification of the Ministry of Corporate Affairs published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 832(E) dated November 3, 2015 (except as respects acts done or omitted before such supersession), the Central Government has issued a notification establishing Regional Directors in the Ministry of Corporate Affairs.
The details of the Regional Directors and their respective territorial jurisdictions are specified in the table contained in the attached notification. The Regional Directors mentioned in the table shall continue to exercise the powers and functions conferred or delegated to them under the Companies Act, 1956, insofar as the provisions of that Act remain in force.
This notification shall come into effect from January 1, 2026.
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Establishment of ROCs under the Companies Act, 2013
In exercise of the powers conferred by sub-sections (1) and (2) of Section 396 of the Companies Act, 2013, the Central Government has issued a notification for the establishment of Registrars of Companies under the Ministry of Corporate Affairs. The details of the Registrars and their respective territorial jurisdictions are provided in the table contained in the attached notification. This has been done for the purpose of registration of companies and for discharging functions under the provisions of the Act.
This notification shall come into effect from January 1, 2026.
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Extension of time for filing e-form DIR-3-KYC and web-form DIR 3-KYC-WEB without fee up to 31.10.2025
The Ministry of Corporate Affairs, in continuation to the General Circular No. 04/2025 dated 29.09.2025, has extended the timeline for filing e-form DIR-3-KYC and web-form DIR-3-KYC-WEB. Accordingly, the forms could be filed without payment of fees up to 31st October, 2025, instead of the earlier deadline of 30th September, 2025.
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Relaxation of additional fees and extension of time for filing of Financial Statements and Annual Returns under the Companies Act, 2013
The Ministry of Corporate Affairs (MCA) has revised and deployed the following e-Forms for annual filings on the MCA-21 Version 3 portal: MGT-7, MGT-7A, AOC-4, AOC-4 CFS, AOC-4 NBFC (Ind AS), AOC-4 CFS NBFC (Ind AS), and AOC-4 (XBRL).
In view of the deployment of these new e-Forms and to allow companies sufficient time to familiarize themselves with the updated filing process, the Ministry—after considering representations from various stakeholders—has decided that companies may complete their annual filings for the financial year 2024-25 up to December 31, 2025, without payment of additional fees. This extension cannot be construed as any extension of statutory timeline for holding the Annual General Meeting by the Companies under the Companies Act, 2013.
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Relaxation of additional fees in filing of CRA-4 (Cost Audit Report in XBRL Format)
In view of the representations received from various stakeholders seeking an extension of time for filing the Cost Audit Report for the financial year ended March 31, 2025, due to the deployment of the new form on the MCA V3 portal, it has been decided that filing of Form CRA-4 (Cost Audit Report in XBRL format) for the said financial year, made up to December 31, 2025, shall not attract any additional fees.
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SEBI Updates
Minimum Information to be provided to the Audit Committee and Shareholders for approval of Related Party Transactions
SEBI Master Circular dated November 11, 20241(“Master Circular”) and SEBI Circular no. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/93 dated 26th June, 2025 (link), required listed entities to follow “Minimum information to be provided to the Audit Committee and Shareholders for approval of Related Party Transactions” (“RPT Industry Standards”), formulated by Industry Standards Forum (“ISF”). Based on the representations received from ISF, SEBI in consultation with the Advisory Committee on Listing Obligations and Disclosures, had approved the proposal for relaxation in minimum information to be provided to the Audit Committee and Shareholders for the approval of the Related Party Transactions.
To facilitate the ease of doing business by the Listed entities, the circular amends part A and part B of Section III-B of SEBI’s Master Circular dated 11 November 2024 by introducing threshold-based relaxations for the information to be furnished when seeking approval of RPTs.:
- Thresholds introduced:
- Transactions (individually or cumulatively in a financial year including ratified ones) not exceeding ₹1 crore are fully exempt from the “minimum information” disclosure requirement.
- Transactions exceeding ₹1 crore but not exceeding the lesser of 1% of the listed entity’s annual consolidated turnover or ₹10 crore: simplified disclosure suffices (as per Annexure-13A of the circular).
- Transactions above those thresholds require full disclosures as per the existing “RPT Industry Standards”.
The circular is effective immediately from 13th October, 2025.
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Master Circular for issue and listing of Non-convertible Securities, Securitized Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial paper
For the effective regulation of the issuance and listing of Non-Convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities, and Commercial Paper, the Securities and Exchange Board of India (SEBI) has, from time to time, issued various circulars.
To facilitate ease of reference for issuers and other market participants, SEBI has consolidated all applicable circulars and directions on the subject into this Master Circular. This Master Circular has been updated to incorporate the provisions of all circulars issued up to June 30, 2025.
- Scope: Applies to issuers of Non-Convertible Securities (NCS), Securitised Debt Instruments (SDIs), Security Receipts (SRs), Municipal Debt Securities (MDS) and Commercial Paper (CP).
- Rescission: Earlier circulars listed in the Annexure to the Master Circular are rescinded to the extent they relate to these instruments, though past rights/obligations under them remain valid.
- Implementation: Issuers, Stock Exchanges, Depositories and other intermediaries must:
- ensure compliance with this consolidated framework;
- update their systems, rules/bye-laws and processes accordingly;
- disseminate the circular’s provisions for stakeholder awareness.
Click here to access the circular
RBI Updates
Investment in Government Securities by Persons Resident outside India through Special Rupee Vostro Account
The Reserve Bank of India (RBI) has expanded investment options for persons resident outside India (PROIs) maintaining Special Rupee Vostro Accounts (SRVAs) used for international trade settlement in Indian Rupees.
Earlier, SRVA holders could invest surplus rupee balances only in Central Government securities (including Treasury Bills). Under the revised framework, they are now also permitted to invest in:
- Non-convertible debentures (NCDs)
- Bonds, and
- Commercial papers (CPs) issued by Indian companies.
Key Amendments (Master Direction – Non-resident Investment in Debt Instruments, 2025)
- The term “Government Securities” has been replaced with “eligible instruments.”
- Investments made through SRVA in NCDs/bonds/CPs will be reckoned under the corporate debt investment limits applicable to Foreign Portfolio Investors (FPIs) under the General Route.
- Minimum residual maturity and issue-wise investment limits applicable to FPIs will not apply to SRVA investments.
- SRVA holders and their AD Category-I banks bear primary responsibility for ensuring compliance with applicable investment limits.
- AD Category-I banks must:
- Facilitate opening of separate demat accounts for SRVA holders’ investments in corporate debt; and
- Report such transactions to SEBI-registered depositories for monitoring of investment limits.
Effective Date
These provisions are applicable immediately.
Legal Basis
The circular is issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999, and does not supersede other regulatory approvals required under applicable laws.
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Foreign Exchange Management (Borrowing and Lending) (Amendment) Regulations, 2025
The Reserve Bank of India, in exercise of the powers conferred by sub-section (2) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999, has introduced the Foreign Exchange Management (Borrowing and Lending) (Amendment) Regulations, 2025.
This amendment modifies the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 by inserting the following clause (iv) under Regulation 7A, after clause (iii):
An AD bank may lend in Indian Rupees to a person resident outside India being a resident in Bhutan, Nepal or Sri Lanka, including a bank in these jurisdictions, for cross border trade transactions
The amendment is effective from the date of publication in the Official Gazette.
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Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Seventh Amendment) Regulations, 2025
The Reserve Bank of India (RBI), under powers conferred by the Foreign Exchange Management Act, 1999, has amended the Foreign Currency Accounts by a Person Resident in India Regulations, 2015 through the Seventh Amendment Regulations, 2025.
Key Amendments:
- Definition Added:
- The term “International Financial Services Centre (IFSC)” has been introduced and defined as per the International Financial Services Centres Authority Act, 2019.
- Foreign Currency Accounts for Exporters:
- Exporters in India may now open, hold, and maintain foreign currency accounts with banks outside India for:
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- Realisation of export proceeds, and
- Advance remittances received against exports of goods or services.
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- Funds in these accounts may be:
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- Used for import payments into India, or
- Repatriated to India within:
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- Three months, if the account is held with a bank in an IFSC; or
- One month, if held in any other jurisdiction.
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- These are subject to compliance with the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015.
- Clarification Added:
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- Foreign currency accounts permitted to be opened “outside India” may also be opened within an IFSC.
Effective Date: The amendment comes into force from the date of publication in the Official Gazette.
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Income Tax Updates
Extension of Income Tax Return and Audit Report Filing Deadlines for AY 2025-26
CBDT Circular No. 15/2025 dated 29 October 2025 extends the due dates for filing Income Tax Returns and Audit Reports for AY 2025-26. The ITR filing deadline is extended to 10th December 2025, and the audit report submission deadline to 10th November 2025, providing additional time for compliance under the Income-tax Act, 1961. Taxpayers and professionals are advised to take note of these revised timelines.
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Government notifies revised India – Qatar Double Taxation Avoidance Agreement (“DTAA”)
The Government of India has notified the revised DTAA signed in February 2025 between India and Qatar. The DTAA is effective from in India in respect of income arising or accruing in India after April 1, 2016.
The revised treaty aligns with the global standards on tax transparency, anti-abuse, tax, avoidance and treaty shopping. Significant changes are made towards the following:
- Tie-breaker rule for residency
- Scope of Permanent establishment
- Shareholding threshold for lower dividend rate
- Capital gains on immovable property-linked shares
- Exchange of information; and
- Principal purpose test introduces
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CBDT directs CIT (CPC) to issue rectification & demand orders
(a) CBDT directs that the Commissioner of Income-tax shall exercise the following concurrent powers: –
- rectify under section 154 of the IT Act 1961, the mistakes which are apparent from records including any refund issued earlier under the provisions of the Act and/or non-consideration of any pre-paid tax credit and/or non-consideration of any relief eligible and/or calculation of interest u/s 244A of the IT Act 1961, in passing any order under the Income-tax Act resulting in error in computation of the Tax and/or refund determined and/or demand;
- issue notice of demand under section 156 of the Income-tax Act, 1961 in such cases covered under (a) above in respect of such territorial area or such cases or classes of cases or such persons or classes of persons specified in the corresponding entry in column (4) of the said Schedule and in respect of all income or classes of income thereof;
(b) authorizes the Commissioner of Income-tax referred to in this notification to issue orders in writing for the exercise of the powers and performance of the functions by the Additional Commissioners or Joint Commissioners of Income-tax, who are subordinate to him, in respect of such territorial area or such persons or classes of persons or of such income or classes of income or of such cases or classes of cases specified.
(c) authorizes the Additional Commissioners or Joint Commissioners of Income-tax referred to in clause (b) of this notification, to issue orders in writing for the exercise of the powers and performance of the functions by the Assessing Officers, who are subordinate to them, in respect of such territorial area or such persons or classes of persons or income or classes of income, or cases or classes of cases specified, in respect of which such Additional Commissioners or Joint Commissioners of Income-tax are authorized by the Commissioner of Income-tax under clause (b) of this notification.
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GST Updates
Introduction of Import of Goods Details in Invoice Management System (IMS)
From October 2025, the Invoice Management System (IMS) on the GST portal will include a new feature for “Import of Goods,” providing taxpayers access to their Bill of Entry (BoE) details, including imports from SEZ. Taxpayers can accept, reject, or keep pending each BoE record; if no action is taken, it is deemed accepted. The GST portal will generate the draft GSTR-2B for recipients based on these actions by the 14th of the following month. Click here to read the detailed advisory on the new changes.
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Advisory on Filing Pending GST Returns Before Three-Year Expiry
As per the Finance Act, 2023, taxpayers cannot file GST returns after three years from the due date under Sections 37, 39, 44, and 52, covering various GST forms like GSTR-1, GSTR-3B, GSTR-4, GSTR-5, and others. This restriction will take effect from the November 2025 tax period on the GST portal. Returns with due dates older than three years from November 2025 will be barred from filing. Taxpayers are strongly advised to reconcile and file all pending returns promptly to avoid bar on filing.
For ease of reference and better clarity, the latest GST returns that will be barred from filing w.e.f 1st December 2025 are detailed in the table below:
| GST Forms | Barred Period (w.e.f. 1st December,2025) |
| GSTR-1/IFF | October-2022 |
| GSTR-1Q | July-Sep 2022 |
| GSTR-3B/M | October-2022 |
| GSTR-3BQ | July-Sep 2022 |
| GSTR-4 | FY 2021-22 |
| GSTR-5 | October-2022 |
| GSTR-6 | October-2022 |
| GSTR-7 | October-2022 |
| GSTR-8 | October-2022 |
| GSTR-9/9C | FY 2020-21 |
Hence, the taxpayers are once again advised to reconcile their records and file their GST Returns as soon as possible if not filed till now.
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Introduction of “Pending” Option for Credit Notes and ITC Reversal in IMS
A new enhancement in the Invoice Management System (IMS) on the GST portal now allows taxpayers to mark credit notes as “Pending” for one tax period, offering greater flexibility during reconciliation. Additionally, taxpayers can now modify their Input Tax Credit (ITC) reversal amount upon acceptance of credit notes, thus facilitating resolution of business disputes and smoother tax compliance. In this regard please click here to go through some FAQs for a better understanding on the new facility.
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FAQs on GSTR-9/9C for FY 2024-25
The GSTR-9/9C annual return and reconciliation statement forms are now available for taxpayers to file for FY 2024-25. A comprehensive FAQ document has been released to help taxpayers understand key aspects and reporting requirements of various tables in GSTR-9/9C, providing guidance on correct value disclosures and addressing common compliance queries. FAQ can be accessed by clicking here
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Advisory for GSTR 9/9C for FY 2024-25
GSTR-9/9C for FY 2024-25 has been enabled on the GST portal from 12th October 2025. Please ensure that all returns (GSTR 1 and GSTR 3B) for FY 2024-25 are filed to enable Tile of GSTR-9/9C. Further, detailed FAQ will be published shortly for assisting the taxpayer in filing GSTR-9/9C.
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Important Advisory: Correct Information on IMS Updates
Official clarification from GSTN confirms there has been no change in the auto-population mechanism of Input Tax Credit (ITC) from GSTR-2B to GSTR-3B after October 1, 2025; ITC continues to auto-populate without manual intervention due to the Invoice Management System (IMS). GSTR-2B will still be generated automatically on the 14th of every month, regardless of taxpayer actions. Taxpayers can take actions in IMS after GSTR-2B generation and before filing GSTR-3B, allowing them to regenerate GSTR-2B if needed. Starting October 2025, recipient taxpayers may also keep credit notes or documents pending for a period and adjust ITC reversals based on actual availment, offering clearer flexibility and control.
