9 Essential Accounting and Tax Stories for CFOs

Staying ahead in accounting and tax requires real-time access to the decisions shaping policy. Through our media monitoring of leading Indian publications, Press Monitor brings you the essential stories. This press review covers the latest on tax compliance, GST council moves, and corporate secretarial updates.

1. Taxman Investigates Suspicious Foreign Remittances

A front-page report in Financial Express says the income tax department has initiated a verification exercise into suspicious outward foreign remittances identified over the past three years. These remittances are estimated to exceed ¥30,000 crore.

Why it matters: Large-scale verification signals tighter scrutiny on outward remittances.

Key detail: The income tax department has initiated a verification into remittances exceeding ¥30,000 crore over the past three years.

Source: Financial Express

Next step: Corporates should review their remittance compliance proactively.

2. Complex Tax Compliance in REIT/InvIT

A front-page report in Financial Express says tax compliance in REITs and InvITs is complex due to the multiple income streams each subject to distinct tax rules.

Why it matters: Multiple income streams create distinct tax rule challenges.

Key detail: Each stream is subject to different tax treatments, requiring specialised advice.

Source: Financial Express by Amarpal S. Chadha

Next step: Engage tax experts to navigate compliance.

3. GST Council Meeting Scheduled for September 12

A front-page report in Business Line says that an overhaul of compliance procedures and a targeted rate cut on mobile phones take centre stage as the GST Council prepares to meet on September 12 after a 374-day hiatus.

Why it matters: First meeting after 374 days; likely to ease ITC restrictions and consider mobile rate cuts.

Key detail: Officers meet Sep 11, Council Sep 12 in New Delhi.

Source: Business Standard and Business Line

Next step: Prepare for possible compliance overhaul.

4. Taxation on Sale of Inherited Agricultural Land

A front-page report in Mint says that the capital gains on the sale of agricultural land located within specified limits of a municipality may not be taxable if sold beyond the limits. The exemption under section 54F or 54B of the Income Tax Act may apply if the proceeds are reinvested in a residential property or another agricultural land.

Why it matters: Exemptions under Section 54F/54B may apply.

Key detail: Land outside municipal limits may not attract tax if proceeds are reinvested in a residential property or agricultural land.

Source: Mint

Next step: Verify land location and reinvestment timeline.

5. Parliamentary Panel Flags Staff Shortages at ITAT

A front-page report in The Pioneer says a Parliamentary Committee has recommended timely and continuous filling of vacancies in the judicial, registry, and support cadres of the Income Tax Appellate Tribunal (ITAT), stating that staff shortages adversely impact hearing schedules and overall case disposal.

Why it matters: Vacancies adversely impact hearing schedules and case disposal.

Key detail: The committee recommends timely filling of judicial, registry, and support cadres.

Source: Asian Age, Financial Express, Deccan Chronicle, The Pioneer

Next step: Monitor potential case delays affecting appeals.

6. SC to Hear Plea on Anonymous Political Donations

A front-page report in Asian Age says the Supreme Court is scheduled to hear a plea which challenged the validity of a provision of the Income Tax Act that allows political parties to receive 'anonymous' cash donations below Rs 32,000. The plea said this lack of transparency undermines the purity of the election process as it deprives voters of the crucial knowledge about the source of political funding, including the donors and their motives, preventing them from making a rational, intelligent and fully informed decision while casting their vote.

Why it matters: Could transform political funding transparency.

Key detail: Challenges Income Tax Act provision allowing anonymous cash donations below Rs 2,000.

Source: Asian Age, Millennium Post, The Pioneer, Deccan Herald

Next step: Follow the Supreme Court hearing for implications.

7. Karnataka Bank's 102nd AGM via VC

A front-page report in Business Line says that the 102nd Annual General Meeting (AGM) of The Karnataka Bank Limited will be held on Tuesday, September 22, 2026, through Video Conferencing (VC) and Other Audio Visual Means (OAVM) due to regulatory compliance. The meeting will transact business as per the Notice of the 102nd AGM. Members can participate via VC and OAVM and the Bank will provide remote e-voting facility.

Why it matters: Reflects regulatory compliance with virtual meeting norms.

Key detail: AGM on Sep 22 through Video Conferencing with remote e-voting.

Source: Business Line

Next step: Members should participate via e-voting.

8. Venezuela and US Ink 25-Year Oil Deal

"Selon Statesman, Venezuela's interim President Delcy Rodriguez announced a landmark 25-year oil agreement with the United States, aiming to boost crude production to over 1.5 million barrels per day and preserve the country’s sovereignty despite handing over rights to billions of barrels of oil. The ‘historic’ deal covers the development of eight oil fields in the Orinoco Oil Belt and includes provisions for royalty and income tax rates, potentially generating $209.335 billion in revenue."

Why it matters: Includes tax provisions with royalty and income tax rates generating $209 billion revenue.

Key detail: Covers eight oil fields in Orinoco Belt.

Source: Statesman

Next step: Monitor cross-border tax planning opportunities.

9. SEBI Examines FPI Co-location Proposal

Selon Economic Times, SEBI is examining a proposal from FPIs to gain direct access to exchange trading systems through co-location. The regulator must consider whether such preferential treatment can be given to one category of investors, as even retail investors use algo trading. Sandeep Parekh notes that under Securities Contracts (Regulation) Act, only members of recognized stock exchanges can access trading systems, and SEBI’s new algo framework holds brokers accountable. Rajesh Gandhi suggests amending tax law to avoid creating a ‘permanent establishment’ for FPIs. Co-location accounts for a significant portion of cash market and algo derivative trades, and the regulator will tread carefully to avoid structural disparity.

Why it matters: Potential disparity if FPIs get direct trading access.

Key detail: Tax law amendment needed to avoid permanent establishment for FPIs.

Source: Economic Times

Next step: Regulatory watch for SEBI's balanced decision.

Which of these stories impacts your work most? Let us know in the comments.