The 62nd edition of DevMantra Times lands on the second day of May 2026 -and it carries the regulatory, judicial, and policy shifts that every business owner, CFO, and compliance professional in India needs to read before the month closes.
This edition covers the CBDT's amendment to Rule 10U of the Income-tax Rules, 1962, which restores grandfathering benefits for investments made before 01-04-2017 and effectively dilutes the Supreme Court's Tiger Global ruling. New PAN correction forms (PAN CR-01 and CR-02), a revised DIN circular replacing the 2019 framework, and the India-Japan MoU on mutual assistance in tax collection effective 8 July 2025 are all unpacked, alongside the ITAT's ruling on Section 94B disallowance under the India-Denmark DTAA and the ₹25 lakh leave encashment exemption under Notification No. 31/2023.
On the GST front, we decode multiple High Court and GSTAT rulings - consolidated SCNs spanning multiple years under fraud allegations held impermissible, DRC-01 summaries ruled an invalid substitute for a proper SCN, rectification windows for ITC under the 2024 amendment, restoration of cancelled GST registrations on full compliance, and the GSTAT's anti-profiteering ruling on post-GST villa construction. The GSTN's new Excel-based IMS offline tool for bulk invoice actions is also covered.
The regulatory landscape is active: SEBI has proposed reintroducing open-market buybacks through stock exchanges, granted a one-time relaxation from MPS penalties for the April-September 2026 window, introduced a lock-in mechanism for pledged shares under ICDR norms, and clarified that the broad-based fund requirement applies at the individual scheme level for AIFs. The MCA has proposed amendments to the Companies (Incorporation) Rules, 2014 and revised the DIR-3 KYC Web fee structure effective 21 April 2026.
Industry and innovation developments - the planned ₹2-2.5 lakh crore credit guarantee scheme amid the West Asia conflict, microfinance returning to growth after 11 quarters of contraction, IndiGo's ₹10 crore equity stake in Sarla Aviation's eVTOL programme, Humyn Labs' $20 million deployment to scale AI training data, and Zerodha's expansion of Coin into a passive wealth management hub - are covered in full.
The May 2026 compliance calendar maps every deadline you need, from GSTR-1 on 11 May to the 31 May quarterly TDS statement.
