Today’s key finance, tax & compliance changes for professionals — what changed and why it matters.
Tax
CBDT Compulsory Scrutiny Guidelines for TY 2026-27: What Businesses Need to Know – India Briefing
CBDT / Income Tax (Google News) · 2026-06-12
The CBDT has issued new compulsory scrutiny guidelines for the assessment year 2026-27, outlining the criteria and procedures for selecting cases for scrutiny. These guidelines aim to enhance transparency and ensure that assessments are conducted fairly and consistently. Why it matters: This impacts CAs and finance professionals as they will need to prepare their clients for potential scrutiny and ensure compliance with the new guidelines.
Tax
CBDT holds outreach webinar on new Income-tax Act 2025 and new Income-tax Rules 2026 – The Tribune
CBDT / Income Tax (Google News) · 2026-06-12
The CBDT conducted an outreach webinar focusing on the upcoming Income-tax Act 2025 and the new Income-tax Rules 2026. This initiative aims to educate stakeholders about the significant changes and implications of the new legislation and rules. Why it matters: This outreach is crucial for Chartered Accountants and finance professionals to prepare for compliance and advisory roles under the new tax framework.
Tax
GSTAT Mumbai Issues Notice on Operational Launch & Appeal Filing
TaxGuru – Notifications/Circulars · 2026-06-12
The GST Appellate Tribunal (GSTAT) Mumbai Bench has officially started operations, requiring taxpayers in its jurisdiction to file appeals directly with the Tribunal. The notice details the procedures for filing appeals, scrutiny requirements, and the relevant procedural rules that must be followed.
Tax
Earning FD interest? Why you should submit Form 121 — TDS provisions explained
Livemint – Money · 2026-06-13
Banks deduct 10% TDS on fixed deposit interest exceeding ₹50,000 (₹1 lakh for senior citizens) in a financial year. To avail TDS exemption, customers must submit Form 121, although they still need to declare the interest while filing their Income Tax Return (ITR).
GST
GST Council at 53rd meeting decides to roll out Pan-India biometric authentication to check fake invoicing – News On AIR
CBIC / GST (Google News) · 2026-06-12
The GST Council, during its 53rd meeting, has decided to implement a Pan-India biometric authentication system aimed at combating fake invoicing. This initiative is expected to enhance the integrity of the GST system and reduce tax evasion. Why it matters: This move will require finance professionals to adapt to new compliance measures and may impact invoicing processes for businesses across the country.
GST
12.06.2026: CBIC Introduces Mandatory Same-Day Court Proceedings Reporting Mechanism – taxo.online
CBIC / GST (Google News) · 2026-06-12
The CBIC has introduced a mandatory mechanism for reporting court proceedings on the same day they occur, effective from June 12, 2026. This initiative aims to enhance transparency and efficiency in the legal processes related to GST. Why it matters: This change will require finance professionals to ensure timely reporting of court proceedings, impacting compliance and legal strategies in GST-related matters.
IBBI
IBBI Requires Going Concern Assessment Reports Before CoC Decides On Continuation Of Operations – LiveLawBiz
IBBI (Google News) · 2026-06-12
The Insolvency and Bankruptcy Board of India (IBBI) has mandated that a Going Concern Assessment Report must be submitted before the Committee of Creditors (CoC) makes decisions regarding the continuation of operations during insolvency proceedings. This requirement aims to ensure that the financial viability of the company is thoroughly evaluated before any decisions are made.
IBBI
IBBI CIRP Fourth Amendment 2026: Key Changes to CoC Assistance, Cost Approval & Resolution Plan Rules – SCC Online
IBBI (Google News) · 2026-06-12
The IBBI has introduced the Fourth Amendment to the CIRP regulations, which includes significant changes regarding the Committee of Creditors (CoC) assistance, cost approval processes, and the rules governing resolution plans. These amendments aim to streamline the insolvency resolution process and enhance the role of CoC in decision-making. Why it matters: These changes will impact how insolvency professionals and financial advisors navigate the resolution process, ensuring compliance with updated regulations.
Markets
Small savings interest rates up to 8.2%: Check rates
Economic Times – Top · 2026-06-13
The interest rates on small savings schemes have been revised, with some rates now reaching up to 8.2%. This change is significant for investors looking for safe investment options with better returns. Why it matters: This adjustment in interest rates can influence investment decisions for individuals and businesses, impacting overall savings and financial planning strategies.
Markets
Inflation in June quarter may undershoot RBI aim
Economic Times – Top · 2026-06-13
The inflation rate for the June quarter is projected to be lower than the Reserve Bank of India’s (RBI) target, indicating potential easing of price pressures. This development could influence monetary policy decisions moving forward.