India amends Companies (Accounting Standards) for Pillar Two (G.S.R. 169(E))
Key Questions
What is the MCA GSR169(E) amendment about?
The Ministry of Corporate Affairs issued GSR169(E) on March 10, amending Companies (Accounting Standards) AS22, which excludes deferred tax for Pillar Two and SMEs. It also covers corporate and NFRA pensions.
What changes apply from Prarambh April 1?
Prarambh effective April 1 includes rules for crypto, NRI, salaried HRA, and F&O trading. These updates simplify tax compliance under new regimes.
Will ITR filing for FY26 use old or new tax law?
ITR filing for 2026 will follow the old tax law, as confirmed in taxpayer guidance. This allows continuity despite new Income Tax Act changes.
How does the new Income Tax Act affect salaried individuals?
The new Act impacts salary, HRA exemptions, and investments for salaried employees and businesses. Videos explain simplifications for better compliance.
What are ICAI updates on LFAR and IRAC?
ICAI has guidance on LFAR (Limited Review of Financial Audits) and IRAC (Internal Risk Assessment Committee), alongside SA500/530 auditing standards. These aid business and salaried tax filings.
MCA GSR169(E) Mar10 AS22 no def tax Pillar Two/SME; corp/NFRA pens; Labour Codes; Prarambh Apr1 (crypto/NRI/salaried HRA/F&O); ITR FY26 old; ICAI LFAR/IRAC; SA500/530. DD/CA Ved Jain salaried/business vids.