10 Essential Accounting, Tax & Corporate Secretarial Stories for Professionals
According to Press Monitor's tracking of Indian publications, today's press review brings you news on accounting, tax, and corporate secretarial — ten stories that reflect the latest in media monitoring and print media intelligence across India's financial and regulatory landscape.
1. Coforge Chairman OP Bhatt Resigns After Shareholder Revolt
A front-page report in Times of India says that Coforge chairman OP Bhatt resigned as chairman and independent director with immediate effect on September eight, following internal audit findings that material information on the board evaluation process was not fully disclosed to the board. The board designated non-executive independent director Vivek Sharma as interim chairperson until January thirty-one, twenty twenty-seven. Bhatt's resignation followed a shareholder vote at the company's thirty-fourth annual general meeting on August twenty-four, where investors rejected his reappointment as an independent director.
Why it matters: A rare case of an insider blocking a chairman's reappointment signals strengthening shareholder activism in Indian IT services and board accountability.
Key detail: Shareholders rejected Bhatt's reappointment at the 34th AGM on August 24; shares fell 5.24% on the BSE. Vivek Sharma appointed interim chairman until January 31, 2027.
Source: Tracked by Press Monitor from Times of India.
Next step: Monitor Vivek Sharma's interim chairmanship and any board restructuring plans.
2. FIU-IND Issues Notices to 15 Virtual Digital Asset Service Providers
A front-page report in Economic Times says the Financial Intelligence Unit-India has issued compliance notices to 15 virtual digital asset service providers for allegedly violating the country's anti-money laundering framework. The regulator also directed action to take down the applications and URLs of these entities from public access, invoking its powers as the nodal authority under the Information Technology Act and related intermediary rules. The platforms named include Weex, Blofin, Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, FixedFloat, WhiteBIT and Guardarian.
Why it matters: The largest simultaneous takedown of crypto platforms in India underscores the tightening regulatory grip on virtual digital assets and anti-money laundering enforcement.
Key detail: Platforms include Weex, Blofin, Rezorex, and 12 others; all operated without registering under the Prevention of Money Laundering Act.
Source: Tracked by Press Monitor from Economic Times.
Next step: Expect further enforcement actions against non-compliant VDA service providers.
3. CBIC Defends GST Collection Growth Against Manipulation Claims
A front-page report in Financial Express says the CBIC defended GST collection growth in FY27 against claims by former finance secretary Subhash Chandra Garg that the data is being manipulated. Garg argued that excluding cess collections shows inflated growth rates, while the CBIC said the figures reflect the correct picture and that cess has been discontinued.
Why it matters: The dispute between CBIC and former finance secretary Subhash Chandra Garg over GST revenue methodology affects fiscal credibility and taxpayer trust.
Key detail: CBIC stated that cess collections have been discontinued and growth rates reflect the correct picture of the tax base shift in FY27.
Source: Tracked by Press Monitor from Financial Express.
Next step: Watch for parliamentary or judicial scrutiny of the GST collection methodology.
4. Rs 2.1 Lakh Crore Tax Evasion Scam Alleged by Congress
A front-page report in The Pioneer says the Congress party has alleged a Rs 2.1 lakh crore income tax evasion scam involving over 3,260 unrecognised political parties and demanded a Joint Parliamentary Committee probe. Jairam Ramesh accused the Modi Government of allowing black money laundering under the BJP's patronage and pointed out the lack of action against the alleged tax evaders.
Why it matters: Allegations of massive tax evasion through 3,260 unrecognised political parties raise serious questions about campaign finance transparency and regulatory compliance.
Key detail: Congress demanded a Joint Parliamentary Committee probe and accused the Modi Government of allowing black money laundering under BJP patronage.
Source: Tracked by Press Monitor from The Pioneer.
Next step: The Election Commission's response and any probe announcement will be critical.
5. Eleven Insurers Begin Ind AS Transition from FY27
A front-page report in The Hindu says eleven insurance companies have begun the transition to Indian Accounting Standards from FY27, the Insurance Regulatory and Development Authority of India said on Wednesday. SBI General Insurance, Niva Bupa Health Insurance and Star Health and Allied Insurance have submitted their financial numbers for Q1 FY27 under Ind AS. Other insurers include life insurers Acko and Tata AIA, general insurers Acko, Kiwi and ECGC, health insurers Aditya Birla and Galaxy, and foreign branch XL Insurance Company SE-India Reinsurance Branch (Axa XL).
Why it matters: The shift to Indian Accounting Standards by major insurers marks a significant milestone in financial reporting harmonisation and regulatory compliance.
Key detail: SBI General Insurance, Niva Bupa Health Insurance, Star Health and Allied Insurance, and eight other insurers submitted Q1 FY27 numbers under Ind AS.
Source: Tracked by Press Monitor from The Hindu.
Next step: Other insurers should prepare their Ind AS transition timelines ahead of the FY27 deadline.
6. Rs 5 Crore Tax Relief Granted Under Section 54F
A front-page report in Times of India says that the Mumbai ITAT tribunal allowed a taxpayer to claim tax relief under Section 54F for two flats purchased as one home, after a previous disallowance. The decision, made on 18 July 2026, involved taxpayer S Shah who sold commercial units and bought two flats in Wing A, each costing more than Rs 2.5 crore.
Why it matters: The ITAT's decision expands the scope of capital gains tax relief for taxpayers who purchased multiple flats as a single home, setting a useful precedent.
Key detail: Taxpayer S Shah sold commercial units and bought two flats in Wing A, each costing more than Rs 2.5 crore; the Mumbai ITAT allowed the relief on 18 July 2026.
Source: Tracked by Press Monitor from Times of India.
Next step: Taxpayers with similar multi-flat acquisitions should review their Section 54F eligibility.
7. ITAT Cuts Penalty to 50% for NRI Withholding Tax Oversight
A front-page report in Times of India says the Mumbai-based Income Tax Appellate Tribunal has cut the penalty on a 57‑year‑old non‑resident Indian from two hundred percent to fifty percent of the tax payable on under‑reported income. The case involved a woman who omitted about Rs one and a half lakh of interest from her declared income, prompting a reassessment and subsequent payment of tax and interest.
Why it matters: The tribunal's reduction from 200% to 50% penalty acknowledges that non-resident status and remedial payment influence the assessment of deliberate misreporting.
Key detail: A 57-year-old NRI omitted about Rs 1.5 lakh of interest from declared income; the penalty was reassessed after tax and interest were paid.
Source: Tracked by Press Monitor from Times of India.
Next step: NRIs with similar withholding tax oversights should consider filing revised returns promptly.
8. 200% Penalty Upheld by ITAT for Accountant's Oversight
A front-page report in Times of India says that the Income Tax Appellate Tribunal upheld a 200 percent penalty for under‑reported income and recomputed it at 50 percent, after a taxpayer paid two lakh forty thousand rupees in tax and three lakh rupees in interest for an accountant’s oversight. The tribunal noted that non‑resident status and remedial payment do not exempt a taxpayer from responsibility, but they influence the assessment of deliberate misreporting.
Why it matters: The tribunal's ruling reinforces that non-resident status and remedial payment do not exempt taxpayers from responsibility for under-reported income.
Key detail: The taxpayer paid Rs 2.4 lakh in tax and Rs 3 lakh in interest; the ITAT recomputed the penalty at 50% of the tax payable.
Source: Tracked by Press Monitor from Times of India.
Next step: Firms should strengthen internal review processes to prevent accountant oversights that trigger heavy penalties.
9. BJP Receipts Top Rs 7,472 Crore in Assembly Elections
A front-page report in Tribune says the BJP received Rs 1,472.8 crore during the 2026 Assembly election cycle, more than seven times the Congress's Rs 207.17 crore. Congress also alleged tax evasion through unrecognised parties, while the Election Commission has not released BJP expenditure statements for West Bengal and Kerala.
Why it matters: The staggering disparity in political party funding — BJP receipts over seven times Congress's — raises questions about electoral finance equity and disclosure.
Key detail: BJP received Rs 1,472.8 crore during the 2026 Assembly election cycle compared to Congress's Rs 207.17 crore; BJP expenditure statements for West Bengal and Kerala remain unreleased.
Source: Tracked by Press Monitor from Tribune.
Next step: The Election Commission's disclosure of expenditure statements will be closely watched.
10. Indian Tax Implications of US Retirement Accounts for Relocating Citizens
A front-page report in Mint says an Indian citizen working in the United States with a 401k retirement plan rolled over to a Traditional IRA must understand tax implications upon relocating to India in late 2026. While foreign-source income from the IRA is not taxable during Non-Resident or Resident but Not Ordinarily Resident status, becoming a Resident and Ordinarily Resident makes global IRA income taxable in India on an accrual basis. The Income-tax Act, 2025 allows eligible taxpayers to defer taxation until the year income is taxed in the US by filing Form 40.
Why it matters: As more Indians work in the US and consider returning, understanding the tax treatment of 401k and IRA rollover accounts becomes critical for compliance and planning.
Key detail: While foreign-source IRA income is not taxable during NRI or RNOR status, becoming a Resident and Ordinarily Resident makes global IRA income taxable on an accrual basis; Form 40 allows deferral until US taxation.
Source: Tracked by Press Monitor from Mint.
Next step: Indian citizens with US retirement plans should consult tax advisors before relocating to India in late 2026.
Which of these developments will have the greatest impact on your compliance obligations this quarter? Stay informed with Press Monitor's print media monitoring of Indian publications.