As the new financial year 2026-27 has started, every company in India must reset its compliance calendar.

The Financial Year 2026–27 brings significant changes in taxation, compliance, and digital governance. Whether you are a business owner, CFO, or professional, staying updated is essential to remain compliant and competitive.

One of the biggest changes this year is the introduction of the Income Tax Act, 2025, replacing the long-standing 1961 Act. While tax rates remain largely unchanged, the structure has been simplified.

The concept of “Previous Year” and “Assessment Year” has been removed. Going forward, only the term “Tax Year” will be used, making it easier to understand and apply.

Additionally, the law has been streamlined, reducing the number of sections from over 800 to 536.

India’s four Labour Codes (Wages, Industrial Relations, Social Security, Occupational Safety, Health & Working Conditions) have largely replaced the old 29‑law regime and are now practically in force from November 2025 onward. For FY 2026‑27, companies must consolidate compliance around these codes.

Below is a practical, high‑level checklist structured by law, to help you quickly map what to watch in FY 2026‑27.

1. Companies Act, 2013 –Key FY 2026‑27 actions:

• Board meetings & minutes
  • Hold at least four board meetings in the year in such a manner that not more than one hundred and twenty days shall intervene between two consecutive meetings of the Board

In case of Section 8 company – hold at least one meeting within every six calendar months and A One Person Company, small company, dormant company and a private company (if such private company is a start-up) shall be deemed to have complied with the said provisions if at least one meeting of the Board of Directors has been conducted in each half of a calendar year and the gap between the two meetings is not less than ninety days.

• Receive declarations (in DIR-8) and disclosure of interest in other entities (in MBP-1) from each Director in first Board meeting of financial year.

• MSME-1: Every company registered under the Companies Act, 2013 (public or private), that:
  • Has procured goods or services from micro or small enterprises (MSMEs) registered under the MSMED Act, 2006; and
  • Has outstanding payments to such MSMEs for more than 45 days from the date of acceptance (or deemed acceptance) of the goods/services, or had made such payments after 45 days during the reporting half‑year.

• DPT-3: If there is outstanding deposits and other moneys received by the company on or before 31 March 2026 and still unpaid as at that date, should be reported in form DPT-3 on or before 30^th June, 2026.
• PAS-6: The company (unlisted public company or applicable non-small private company) is the obligated entity to file PAS 6 with the Registrar of Companies (ROC) under the Companies (Prospectus and Allotment of Securities) Rules, 2014.

PAS‑6 is a half‑yearly return, due within 60 days from the end of each half‑year:

• Annual financial statements & AOC‑4
  • Prepare balance sheet, profit & loss, notes to accounts, and auditor’s report as per the Companies Act and applicable Accounting Standards.
  • File AOC‑4 with ROC within 30 days of the AGM (for FY 2025‑26, the AGM must be held by 30 September 2026 for private companies, unless extended).
• Annual return (MGT‑7/7A)
  • File MGT‑7/7A within 60 days of the AGM, disclosing shareholding, directors, key managerial personnel, etc.

2. Income‑tax Act – Key FY 2026‑27 Compliance

• Advance tax
  • Ensure advance tax is paid in four instalments (15 June, 15 September, 15 December, 15 March) if liability exceeds ₹10,000.
• TDS (tax deducted at source)
  • Deduct and deposit TDS on salary, rent, professional fees, interest, etc., as per sections 192, 194, etc.
  • File TDS returns (Form 24Q, 26Q, 27Q, 26QB‑related statements) quarterly and issue TDS certificates (Form 16/16A)

• TCS (tax collected at source)
  • For applicable businesses (e‑commerce, scrap, etc.), deposit TCS monthly and file TCS‑related returns.
• Filing of Income‑tax Return (ITR)
  • For companies, due date of ITR for FY 2025‑26 (AY 2026‑27) is generally 30 September if audited; 31 October if no tax audit but transfer‑pricing applies; and 30 November if neither.
  • Ensure books of accounts, reconciliation, and transfer‑pricing documentation are ready well before these dates.
• DPF (Dividend and Profit‑distribution)
  • New rules 2026 tighten dividend declaration (e‑governed share registers, AGM‑based approval, and domestic‑only payment); companies must ensure proper dividend books and resolutions.

3. GST & Indirect Tax Compliance

• Invoice series reset
  • For many taxpayers, new invoice series starts from 1 April 2026; ensure your billing system resets numbering and HSN‑based reporting.
  • If you export services/zero rated supplies, file LUT/Bond in starting for whole financial year 2026-27.
• GSTR‑3B & GSTR‑1
  • File GSTR‑3B monthly/quarterly by the due date (generally 20th for monthly filers).
  • File GSTR‑1 (or Sahaj‑Ready formats) by the due date (usually 11th/13th of the following month) with accurate HSN‑wise reporting.
• E‑invoicing & IRN/IRP
  • For businesses with AATO > ₹5 crore, e‑invoicing is mandatory; IRP‑processed invoices must be uploaded within 30 days on the IRP portal.
• GSTR‑9 / GSTR‑9C (annual return)
  • For FY 2026‑27, GSTR‑9 (annual return) and GSTR‑9C (reconciliation‑statement, where applicable) must be filed by the prescribed due date (generally end of November/December of the following year).

4. Labour Codes – What Changes in FY 2026‑27

• Wage & payment compliance (Code on Wages, 2019)
  • Ensure timely payment of wages (within 7–10 days depending on size) and uniform wage‑structure complying with minimum wage and equal‑remuneration principles.
• Contract and migrant workers (Industrial Relations Code)
  • For contract labour, maintain details of principal employer, contractor, and ensure welfare facilities and safety measures; if contractor defaults, the principal employer may be liable to pay wages.
  • For fixed‑term and migrant workers, update records and ensure compliance with registration, welfare, and social‑security norms.
• Social Security & PF/ESI (Code on Social Security, 2020)
  • Continue PF and ESI contributions for eligible employees; due‑date for PF/ESI payment is typically around 15th of the following month.
  • Adjust for any new coverage thresholds or contribution slabs notified under the Codes.
• Safety, health & working conditions (OSH Code)
  • For establishments with 500+ workers, maintain safety committees and conduct safety audits and training as required.
  • Ensure factory‑like units or hazardous workplaces comply with licensing, inspection, and record‑keeping obligations.
• Registers & digital records
  • The new Codes emphasise digital‑first compliance; maintain electronic registers for wages, overtime, leave, attendance, and accidents as per Code‑specific rules.

5. FEMA / RBI compliance

• If the company has foreign investment, loans, or overseas transactions, ensure FEMA‑governed reporting (FC‑GPR, FC-TRS, ECB reporting, etc.) and internal‑FEMA policies are updated.
• Companies having FDI inflow or overseas investment (ODI/APR) in any year, including outstanding positions as on 31 March 2026 must file
  • Annual Return on Foreign Liabilities and Assets (FLA Return)
  • Due: On or before 15 July every year (for data as on 31 March of that FY).
  • If audited accounts are not ready, file based on unaudited accounts by 15 July and file revised FLA by 30 September after audit.
• Companies availing ECB under RBI’s ECB policy. File track‑II ECB applications / modifications as per RBI directions; timelines are event‑based (e.g., within 15 days of disbursement, 30 days of contract, etc.), not fixed calendar dates.
• ECB 2 Return (Monthly ECB transactions reporting) Due: 7th of every subsequent month for all ECB related transactions of the previous month.
• Indian companies/LLPs/partnerships
• that have made Overseas Direct Investment (ODI) in a foreign Joint Venture (JV) or Wholly Owned Subsidiary (WOS), and
  • Resident individuals who have invested abroad under the ODI route (not just under the Liberalized Remittance Scheme).
  • Due date: On or before 31 December of each year (for data as on 31 March of that FY, unless the foreign entity’s year end is 31 December, in which case the APR is due by 31 December of the next year).

We at LegalDelight assist business person in doing compliances on time in true letter and spirit.

New Financial Year (FY 2026-27) Compliance: Essential FAQs

1. What is the most significant change in India’s tax law this year?

The biggest shift is the introduction of the Income Tax Act, 2025, which replaces the long-standing 1961 Act. The new law is streamlined, reducing the total sections from over 800 to 536. A key change is the removal of “Previous Year” and “Assessment Year” terminology, replaced by the single, unified term “Tax Year”.

2. What are the key Board Meeting requirements under the Companies Act?

Companies must adhere to specific meeting frequencies based on their classification:

• General Companies: Must hold at least four board meetings annually, ensuring no more than 120 days pass between two consecutive meetings.
• Section 8 Companies: Must hold at least one meeting every six calendar months.
• Small, OPC, or Startup Private Companies: Must conduct at least one meeting in each half of a calendar year, with a minimum gap of 90 days between them.
• First Meeting Requirement: Every Director must submit declarations (DIR-8) and disclosures of interest (MBP-1) during the first Board meeting of the financial year.

3. Which MSME-related reporting must companies watch out for?

Every company (public or private) that has outstanding payments to registered MSMEs for more than 45 days must file Form MSME-1.

• For October 2025–March 2026: Due by April 30, 2026.
• For April–September 2026: Due by October 31, 2026.

4. What are the critical deadlines for Income Tax and GST filings?

• Advance Tax: Must be paid in four installments (June 15, Sept 15, Dec 15, and March 15) if tax liability exceeds ₹10,000.
• Income Tax Returns (FY 2025-26): Generally due by September 30 for audited companies, October 31 for non-audit cases with transfer pricing, and November 30 otherwise.
• GST Invoice Series: Many taxpayers must start a new invoice series from April 1, 2026, ensuring billing systems reset numbering and HSN reporting.
• E-invoicing: Mandatory for businesses with an Annual Aggregate Turnover (AATO) over ₹5 crore; invoices must be uploaded to the IRP portal within 30 days.

5. How have the new Labour Codes changed workplace compliance?

India’s four Labour Codes (Wages, Industrial Relations, Social Security, and OSH) are now practically in force. Key priorities include:

• Wage Structure: Ensuring a uniform structure and timely payment (within 7–10 days).
• Social Security: Continuing PF and ESI contributions, typically due by the 15th of the following month.
• Digital Records: The new codes emphasize digital-first compliance, requiring electronic registers for wages, overtime, attendance, and accidents.
• Safety Audits: Establishments with 500+ workers must maintain safety committees and conduct regular safety training and audits.

6. What are the mandatory FEMA and RBI reporting deadlines?

Companies with foreign investment (FDI) or overseas investments must file the following:

• FLA Return (Foreign Liabilities and Assets): Due by July 15 every year. If audited accounts are not ready, file based on unaudited data and submit a revised return by September 30.
• ECB 2 Return: Monthly reporting for External Commercial Borrowing transactions due by the 7th of every subsequent month.
• APR (Annual Performance Report): For those with Overseas Direct Investment (ODI), due generally by December 31