This edition of our Quarterly Insights presents a concise overview of the key Customs and Foreign Trade Policy (FTP) notifications and circulars issued during the second quarter of 2026. The publication highlights important regulatory developments aimed at facilitating international trade, strengthening compliance, and streamlining customs and export procedures for businesses engaged in cross-border trade.

Recent judicial rulings and CBDT notifications continue to shape the interpretation and administration of India's direct tax laws. This edition analyses key decisions on the Black Money Act, charitable trusts, tax-neutral demergers, and significant CBDT notifications, offering practical insights into the evolving domestic tax landscape and their implications for taxpayers and businesses.

GST regime continues to evolve through important judicial interpretations that influence tax administration and compliance. This edition brings together key High Court decisions addressing corporate guarantees, recovery proceedings against legal heirs, multiple GST registrations, and the limits of writ jurisdiction, offering valuable guidance for navigating complex GST disputes.

As ESG becomes central to long-term value creation, gender equality has emerged as a strategic priority for businesses and policymakers alike. This edition examines the role of women in strengthening workforce participation, leadership, climate resilience, and governance, while showcasing the opportunities and actions required to build a more inclusive, resilient, and sustainable economy.

As India's corporate and regulatory framework continues to evolve, staying abreast of legislative changes and professional guidance is essential. This edition brings together the quarter's key developments across Company Law, SEBI, NFRA, labour regulations, financial reporting, and audit, providing timely insights into the regulatory changes influencing corporate governance, compliance, and professional practice

New Tax Bill to Boost Investment in India

The proposed Taxation and Other Laws (Amendment) Bill, 2026 introduces measures to attract foreign investment and strengthen India’s electronics manufacturing and data-centre sectors, while providing greater tax certainty to businesses.

Our Partner, Pallav Pradyumn Narang, was quoted by Outlook Business on how the proposed reforms could encourage long-term investment in electronics manufacturing and support the growth of India’s data-centre infrastructure.

Read the full article in Outlook Business for a detailed analysis of the proposed changes and their implications for businesses and investors.

ITAT Ruling: Third-Party Records Alone Cannot Establish Undisclosed Property Payments

The Mumbai ITAT has held that third-party documents recovered during a builder’s search cannot, by themselves, justify a tax addition under Section 69A without independent corroborative evidence.

Our Partner, Pallav Pradyumn Narang, in The Economic Times sheds light on the evidentiary requirements under Section 69A and why a direct, corroborated link is crucial.

Stay updated with the latest developments in Ind AS, IFRS and ISSB. Our July 2026 quarterly update covers major announcements on IFRS 20, IFRS 17 implementation, sustainability disclosures and global assurance standards, along with their implications for financial reporting and corporate governance.

RNOR Status: A Tax Window That Requires Careful Planning

For returning NRIs, RNOR status can provide a valuable transition period before worldwide income becomes taxable in India. However, the benefit depends on carefully monitoring residential-status conditions and the timing of foreign income and asset transactions.

CA Pallav Pradyumn Narang, Partner, CNK RK & CO, highlighted in Mint that the 9/10-year and 729-day tests must be tracked closely, as a change in RNOR status can bring foreign-income taxation and Schedule FA disclosure requirements into effect.

Read more about RNOR, its tax implications and key planning considerations in the featured article by Mint.

The Ministry of Home Affairs (MHA) has notified the Foreign Contribution (Regulation) Amendment Rules, 2026, introducing significant changes to the registration, governance and compliance framework for organisations receiving foreign contributions. The amendments strengthen disclosure requirements, introduce new compliance obligations and require existing FCRA-registered entities to meet additional filing requirements. Organisations should review the changes and take timely steps to ensure continued compliance.

Education is a key driver of sustainable development, fostering equality, innovation, and long-term economic growth. This edition of our Sustainability Newsletter explores SDG 4 – Quality Education through an Environmental, Social, and Governance (ESG) perspective, highlighting the importance of sustainable learning practices, inclusive access to education, and responsible policy initiatives.

The newsletter examines the environmental impact of traditional and digital education, the role of technology in bridging learning gaps, and the need for greater public investment to create an equitable, skilled, and future-ready workforce. It also highlights how collaborative efforts by governments, businesses, and civil society can help build a more inclusive and sustainable education ecosystem.

This edition of our Quarterly Insights provides a concise overview of the key regulatory developments under the Foreign Exchange Management Act (FEMA) and the Reserve Bank of India (RBI) during the second quarter of 2026. The publication covers significant notifications and amendments impacting foreign investments, cross-border transactions, export regulations, banking prudential norms, financial reporting, deposits, and capital adequacy requirements.

The update highlights the Government's and RBI's continued efforts to simplify regulatory compliance, strengthen the banking framework, enhance transparency, and promote ease of doing business. It serves as a quick reference for businesses, financial institutions, foreign investors, exporters, and professionals to stay informed of the latest regulatory changes.

The Ministry of Corporate Affairs (MCA) has amended the CSR Rules to allow eligible companies to invest up to 10% of their annual CSR obligation through Zero Coupon Zero Principal (ZCZP) Instruments issued by eligible Not-for-Profit Organisations (NPOs) listed on the Social Stock Exchange (SSE). Effective from 27 May 2026, the amendment promotes greater transparency, accountability, and regulated funding for social initiatives while enabling companies to align their CSR efforts with broader ESG objectives. Companies should evaluate this new mechanism and strengthen their due diligence processes before adopting this approach.