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LatestIncome Tax 19 September 2026

Key Tax and Trade Updates for India FY 2026-27

India’s fiscal landscape sees major shifts: eight revisions to the Form 3CD audit for AY 2026‑27 tighten reporting on presumptive income, MSME payments and digital transactions; the Supreme Court has paused a High Court ruling that struck down Section 147A of the Income Tax Act, with hearings slated for December 3; WTO chief praises India’s balance between new bilateral deals and multilateral commitments after the latest Trade Policy Review; market data shows GST notices, DGFT relief measures, reduced SAED on fuel exports and a 13% rise in net direct tax collections to ₹12.12 trillion.

Income tax audit forms revamped – The Economic Times outlines eight changes to Form 3CD for AY 2026‑27, including new fields for presumptive taxation, MSME payments and digital transactions. Read more

Supreme Court stays Section 147A verdict – The SC has put on hold a High Court order striking down Section 147A of the Income Tax Act; hearings continue on Dec 3. Details in both Informist and The Hawk articles. Info | Info

WTO chief praises India's multilateral stance – After the WTO Trade Policy Review, the WTO director‑general highlighted India’s effort to balance new bilateral deals with its commitment to the multilateral system. Watch

Market and policy notes – Moneylife reports a GST show‑cause notice to JSW Dulux; DGFT offers a 7‑day relief for PSIC backlogs; SAED on petrol and diesel exports reduced; net direct tax collection rose 13% to ₹12.12 trillion. Details | DGFT | SAED | Tax collection

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