Today’s key finance, tax & compliance changes for professionals — what changed and why it matters.
Companies Act
One in five tile plants may shut as gas prices drive industry consolidation: Somany Ceramics CEO Abhishek | Interview
Livemint – Companies · 2026-06-14
The CEO of Somany Ceramics has indicated that rising gas prices may lead to the closure of one in five tile manufacturing plants, prompting potential consolidation in the industry. However, he remains optimistic due to strong demand in real estate and commercial construction sectors. Why it matters: This situation could impact financial planning and compliance for companies in the ceramics sector under the Companies Act.
Tax
Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2026
TaxGuru – Notifications/Circulars · 2026-06-15
The Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2026, expands investment eligibility under FEMA, permitting all individual persons resident outside India to invest in listed Indian companies, replacing the previous restrictions to NRIs and OCIs. Regulatory safeguards remain in place to ensure compliance. Why it matters: This change opens up new investment opportunities for foreign individuals, potentially increasing foreign capital inflow into Indian markets.
Tax
Section 143(2) tax notice coming by June 30, 2026
Economic Times – Top · 2026-06-15
The deadline for issuing Section 143(2) tax notices has been set for June 30, 2026. This provision is crucial for the assessment of income tax returns filed by taxpayers. Why it matters: This extended timeline allows Chartered Accountants and finance professionals to better prepare their clients for potential scrutiny of tax returns, ensuring compliance and timely responses to notices.
Tax
ITR filing AY 2026–27: What is AIS, how it differs from Form 16 and Form 26AS and how to download AIS?
Livemint – Money · 2026-06-15
The Annual Information Statement (AIS) is a new tool for taxpayers that consolidates financial data, including TDS, TCS, specified financial transactions, tax payments, and records of demand and refunds. It serves as a comprehensive overview of a taxpayer’s financial activities, differing from Form 16 and Form 26AS in its scope and detail. Taxpayers can download their AIS for better tax compliance.
Tax
India braces for oil prices & forex uncertainty; possible monsoon deficit, says Sitharaman
ET – Wealth/Tax · 2026-06-15
India’s Finance Minister Nirmala Sitharaman has indicated potential economic challenges due to fluctuating foreign exchange and crude oil prices, alongside rising fertilizer costs. The government is preparing for a possible weaker monsoon by maintaining adequate buffer stocks to ensure supply stability. This proactive approach aims to mitigate the impact on the economy and related sectors.
GST
55th GST Council meeting underway, chaired by FM Sitharaman – News On AIR
CBIC / GST (Google News) · 2026-06-14
The 55th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, is currently in progress. The outcomes of this meeting may include important decisions regarding GST rates, compliance measures, and other regulatory changes affecting businesses and taxpayers.
NFRA
NFRA tightens audit oversight with new rules on inspections, remediation – Business Standard
NFRA (Google News) · 2026-06-14
The National Financial Reporting Authority (NFRA) has introduced new rules aimed at enhancing audit oversight, focusing on inspections and remediation processes. These changes are designed to ensure higher compliance standards and accountability among auditors. Why it matters: This development will impact Chartered Accountants and audit firms by increasing scrutiny and necessitating adherence to stricter audit practices.
ICSI
ICSI announces historic shift to e-voting for its Elections at the 27th National Conference of Practicing Company Secretaries in Pune – ODISHA RAY
ICSI (Google News) · 2026-06-14
The Institute of Company Secretaries of India (ICSI) has announced a significant transition to e-voting for its elections during the 27th National Conference of Practicing Company Secretaries held in Pune. This move aims to enhance participation and streamline the voting process for its members.
IBBI
MCA invites applications for IBBI chairperson as Ravi Mital’s tenure nears end – Insolvency Tracker
IBBI (Google News) · 2026-06-14
The Ministry of Corporate Affairs (MCA) has issued a notification inviting applications for the position of Chairperson of the Insolvency and Bankruptcy Board of India (IBBI) as the current chairperson, Ravi Mital, approaches the end of his tenure. This move is significant for the governance of insolvency and bankruptcy regulations in India.
SEBI
FAQs on Quarterly Integrated Filing by Listed Entities– Governance
TaxGuru – Notifications/Circulars · 2026-06-15
The NSE has published detailed FAQs to assist listed entities in the submission of Quarterly Integrated Filing – Governance reports via XBRL. This guidance is intended to promote uniform compliance with SEBI’s corporate governance framework, addressing practical issues faced by companies in this process.