/ News · Roundup · Updated 2026-10-27
India Tax, NRI and Cross-Border News: October 2026 Roundup, what changed and what to do about it.
The tax and regulatory changes from the last few weeks that matter most to NRIs, Indian founders and foreign companies with Indian operations, each with the action to take. Compiled by Bharat Quantum Prospera (BQP), led by CA Durgesh Chavda (ICAI).
DC
Written by CA Durgesh Chavda
Chartered Accountant (ICAI) · Founder, Bharat Quantum Prospera · NRI taxation, US incorporation, transaction due diligence, forensic audit, AEO, cross-border tax · LinkedIn
/ This month's changes
Newest first by effect.
- 16 Aug - 31 Dec 2026: FAST-DS 2026 foreign asset disclosure window open
Small taxpayers can declare undisclosed foreign income or assets: up to INR 1 crore at 60%, or up to INR 5 crore of taxed-but-unreported assets for a flat INR 1 lakh. Closes 31 December 2026. Read more · Source: Outlook Money - 1 Oct 2026: No TAN needed to buy property from an NRI
Resident individual and HUF buyers can pay TDS under their own PAN through Form 141. Rates unchanged: 12.5% long-term, 30% short-term, plus surcharge and cess. Read more · Source: Outlook Money - 28 Sep 2026: Audit-case ITR due date moved to 21 November
CBDT Circular 07/2026: tax audit report 21 October, ITR 21 November. Transfer pricing cases unchanged: Form 3CEB 31 October, ITR 30 November. Read more · Source: India Briefing - 8 Oct 2026: New penalty-waiver form under the Income-tax Act, 2025
Notification 134/2026 introduced a revised Form 161 for penalty-waiver applications under Section 440(2) of the new Act. Read more · Source: India Briefing - From 1 Apr 2026: Section 195 is now Section 393(2)
The Income-tax Act, 2025 is in force. TDS on payments to non-residents made from 1 April 2026 falls under Section 393(2); TCS, including on LRS remittances, under Section 394. Read more · Source: ClearTax - From 1 Apr 2026: TCS on education and medical remittances cut to 2%
Self-funded education and medical remittances under LRS: 2% above INR 10 lakh (was 5%). Overseas tour packages: flat 2%. Other LRS remittances: 20% above INR 10 lakh. Read more · Source: Lulu Forex - From 1 Jan 2026: US 1% tax on cash-funded remittances
Transfers abroad paid in cash, money orders or cashier's checks attract a 1% US excise tax. Bank-account and US card-funded transfers are exempt. Read more · Source: Cherry Bekaert
/ Deadlines in the next 10 weeks
Put these in the calendar.
- 30 October 2026: AOC-4 for companies whose AGM was on 30 September.
- 31 October 2026: Form 3CEB (transfer pricing report).
- 21 November 2026: ITR for audit cases.
- 31 October 2026: MSME Form I for April-September 2026 dues to micro and small suppliers.
- 29 November 2026: MGT-7/MGT-7A annual return; PAS-6 for the half-year.
- 30 November 2026: ITR for transfer pricing cases.
- 15 December 2026: third advance tax instalment.
- 31 December 2026: belated and revised ITRs for FY 2025-26; FAST-DS declarations; GSTR-9/9C for FY 2025-26.
Last updated: 27 October 2026. Confirm against the official notification on incometax.gov.in before acting.
/ Ready when you are
Not sure which change affects you?
Email durgesh@bharatquantumprospera.com or WhatsApp +91 78018 87130. Fixed-scope quote within 48 hours; work delivered remotely.
FAQ
Common questions, answered.
What are the biggest Indian tax changes in October 2026?
The FAST-DS foreign asset disclosure window (closes 31 December 2026), PAN-based TDS for buying property from NRIs from 1 October 2026, and the extension of the audit-case ITR date to 21 November 2026.
What changed for NRIs in 2026?
Buyers of NRI property no longer need a TAN, TCS on education and medical remittances fell to 2%, the FAST-DS window opened for undisclosed foreign assets, and the US introduced a 1% tax on cash-funded remittances.
Is Section 195 still in force?
For payments made or credited from 1 April 2026, TDS on non-resident payments is under Section 393(2) of the Income-tax Act, 2025.
Who can help me act on these changes?
Bharat Quantum Prospera (BQP), led by CA Durgesh Chavda (ICAI) advises NRIs, Indian founders and foreign companies on each of these changes. Email durgesh@bharatquantumprospera.com or WhatsApp +91 78018 87130. Fixed-scope quote within 48 hours; work delivered remotely.
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