October 2026 is going to be an important month from a tax, GST, banking and financial-compliance perspective. Several important changes and compliance developments are either becoming effective during October or are scheduled to require attention during the month.
For taxpayers and professionals, one of the biggest updates is the extension of the tax-audit and income-tax return deadlines. At the same time, the GST sector is heading towards the 57th GST Council meeting, while taxpayers should also start preparing for the annual GST return for FY 2025-26.
Apart from taxation, changes relating to NRI property transactions, UPI charges, EPF, NPS, bank withdrawals, fixed deposits and digital banking records also deserve attention.
Here are the major October 2026 updates you should know.
1. Tax Audit Deadline Extended to 21 October 2026
One of the biggest updates for taxpayers and Chartered Accountants is the extension of the tax-audit deadline for Assessment Year 2026-27.
CBDT Circular No. 07/2026 dated 28 September 2026 has extended the due date for furnishing the tax-audit report from 30 September 2026 to 21 October 2026 for the persons covered under the relevant category in Explanation 2 to Section 139(1) of the Income-tax Act, 1961.
The corresponding due date for filing the Income Tax Return has been extended from 31 October 2026 to 21 November 2026.
Who gets the benefit of this extension?
This is an important point because the extension should not be understood as a blanket extension for every taxpayer or every audit report.
Broadly, the extension covers the taxpayers falling under the category for which the normal ITR due date was 31 October 2026, including:
- Companies whose accounts are required to be audited and which are not covered by transfer-pricing provisions.
- Non-company assessees whose accounts are required to be audited under the Income-tax Act or any other applicable law, subject to the relevant conditions.
- Firms, LLPs and other entities falling within the applicable audit category.
- Partners of firms whose accounts are required to be audited, where the relevant conditions are satisfied.
- Other taxpayers covered by the same category under Explanation 2 to Section 139(1).
The important dividing line is transfer pricing. Taxpayers covered by Section 92E fall under a separate category and are not covered by this particular extension. Their applicable reporting and return dates continue under the transfer-pricing timeline.
What about trusts and Form 10B / 10BB?
Charitable or religious trusts and institutions should also pay close attention to this extension.
Form 10B is an audit report for eligible charitable or religious trusts/institutions and is required to be furnished by the specified date referred to in Section 44AB. Form 10BB is applicable in the other eligible cases and is also required to be furnished before the specified date under Section 44AB.
Therefore, where the relevant trust or institution falls within the category covered by the extended specified date, the applicable Form 10B/10BB deadline also moves to 21 October 2026.
However, this should not be confused with Form 10BD.
Form 10BD is different
Form 10BD is the statement of donations received by specified charitable institutions. Its due date is 31 May immediately following the financial year in which the donation is received. Therefore, the October tax-audit extension does not mean that Form 10BD gets a new 21 October deadline.
So, in simple terms:
| Compliance | October 2026 position |
|---|---|
| Tax Audit Report – eligible audit cases | 21 October 2026 |
| ITR for eligible audit cases | 21 November 2026 |
| Form 10B – eligible cases | 21 October 2026, where linked to the specified date |
| Form 10BB – eligible cases | 21 October 2026, where applicable |
| Form 10BD | Not covered by this extension; normal due date is 31 May |
| Transfer Pricing Report – Form 3CEB | Not covered by this extension |
2. Income Tax Return Deadline for Audit Cases Extended to 21 November
The tax-audit extension also provides additional time for filing the Income Tax Return.
For the eligible category of taxpayers, the ITR deadline has moved from:
31 October 2026 → 21 November 2026
This gives taxpayers and professionals additional time after completion of the audit and finalisation of the tax-audit report.
It is important, however, to remember that this does not extend the due date for every taxpayer. Non-audit cases and transfer-pricing cases have separate statutory timelines.
3. 57th GST Council Meeting on 7 October 2026
Another important development to watch in October is the 57th GST Council meeting scheduled for 7 October 2026.
For taxpayers, businesses and GST professionals, the meeting is important because GST-related procedural and compliance issues may be discussed, including matters relating to GST administration and taxpayer facilitation.
However, taxpayers should distinguish between a proposal or discussion before the GST Council and an actual change in law.
A recommendation of the GST Council does not by itself mean that a new GST rate or compliance requirement becomes immediately applicable. The relevant notification, circular or legislative change should be checked before implementing any change in accounting or GST compliance.
4. GSTR-9 and GSTR-9C for FY 2025-26
October 2026 is also important for businesses because GSTR-9 and GSTR-9C for FY 2025-26 are expected to become available on the GST portal during the October period.
For FY 2024-25, GSTN’s annual-return advisory and FAQs were released in October, with the forms becoming available during that period.
Therefore, businesses should not wait until December to start preparing their annual return.
The preparation should ideally begin in October itself by reconciling:
- Books of accounts with GSTR-1
- GSTR-1 with GSTR-3B
- ITC as per books with ITC claimed in GSTR-3B
- ITC with GSTR-2B
- RCM transactions
- Credit notes and debit notes
- Amendments reported in subsequent periods
- HSN details
- Exempt, nil-rated and non-GST supplies
- Refunds and demands
For FY 2025-26, the annual return filing deadline is 31 December 2026, subject to the applicable provisions and any subsequent notification. Current professional guidance also indicates the ₹2 crore threshold for GSTR-9 and ₹5 crore threshold for GSTR-9C.
Practical tip: October should be treated as the beginning of GSTR-9/9C preparation rather than waiting for December.
5. New TDS Rule for Purchase of Property from an NRI
From 1 October 2026, an important change is coming for certain property transactions involving an NRI seller.
Where a resident individual or HUF purchases an immovable property from a non-resident, the buyer-side compliance mechanism is being changed so that the buyer does not need to obtain TAN merely for this specified TDS compliance.
The PAN-based reporting mechanism and the prescribed form, including Form 141, become important under the new framework.
The important point is that the removal of the TAN requirement does not mean that TDS itself has been removed.
Therefore, anyone purchasing a property from an NRI should carefully check:
- Whether the seller is resident or non-resident.
- Whether TDS under the applicable provision is required.
- The applicable TDS rate.
- The PAN details of the parties.
- The new reporting/form requirements applicable from 1 October 2026.
This is particularly important for property transactions because an error in TDS compliance can create interest, fee and other consequences.
6. EPF Wage Ceiling Changes
Another significant development relates to the EPF wage ceiling.
The wage ceiling has been revised from ₹15,000 to ₹25,000, with the change taking effect from 17 September 2026. Consequently, the October payroll and ECR process may be relevant for employers implementing the revised framework.
Employers should review their payroll configuration, employee eligibility, contribution calculations and ECR data before processing the relevant month’s compliance.
7. Changes in NPS Charges
NPS subscribers should also review the revised charges applicable to NPS-related services from October 2026.
The change is particularly relevant when opening a new NPS account or understanding the charges levied by the Point of Presence and other service providers.
However, subscribers should distinguish between PoP-distributed NPS accounts and direct/e-NPS routes, because the applicable charges can differ depending on the mode of onboarding and service.
Therefore, before making a decision based on the headline charge, subscribers should check the applicable PFRDA/NPS charge structure for their particular account.
8. New Disclosure Requirement for Bulk Fixed Deposits
Another banking-related development concerns bulk fixed deposits.
Banks are required to disclose applicable interest rates for bulk deposits through their websites in accordance with the revised framework.
The change is primarily relevant to larger depositors and businesses rather than an ordinary individual maintaining a small fixed deposit.
Companies, trusts, institutions and other entities maintaining substantial deposits should therefore review the bank’s published bulk-deposit rates before placing or renewing large deposits.
9. SBI Basic Savings Bank Deposit Account: Cash Withdrawal Charges
SBI’s revised service-charge framework for Basic Savings Bank Deposit accounts is another October development to watch.
Under the revised arrangement, BSBD account holders receive a specified number of free cash withdrawals, after which charges can apply.
The reported revised charge is ₹15 plus applicable GST per transaction after the free limit.
Customers who regularly withdraw cash should therefore check the number of free withdrawals available under their particular account and the applicable SBI service-charge schedule.
10. SBI ATM Transaction Limits for Certain Customers
SBI customers should also check the revised ATM transaction limits applicable from October 2026.
For certain SBI salary-account customers using other-bank ATMs, the free transaction limit is being revised.
Once the applicable free limit is exhausted, charges can apply for financial as well as non-financial transactions, depending upon the transaction type and the applicable service-charge rules.
Therefore, customers who frequently use other-bank ATMs should check the applicable limit instead of assuming that the earlier free-transaction limit continues.
11. UPI Merchant Payments and MDR
UPI-related charges are another major development to watch during October.
The reported change relates to merchant transactions above the specified threshold, with MDR being applicable under the revised framework from 15 October 2026.
This is important because MDR is fundamentally a merchant-side payment acceptance cost. It should not be confused with a charge on ordinary person-to-person UPI transfers.
Businesses accepting UPI payments should therefore review the applicable acquiring-bank/payment-service-provider charges and understand how the revised MDR structure will affect their transaction costs.
The exact applicability should be checked against the final regulatory/implementation instructions before changing customer pricing or accounting treatment.
12. LPG Subsidy and Aadhaar Authentication
Consumers receiving LPG subsidy benefits should also ensure that their Aadhaar authentication/e-KYC requirements are completed wherever applicable.
The important point is that consumers who have already completed the required authentication generally do not need to repeat the process merely because October has arrived.
Those who have not completed the required authentication should check their LPG provider’s current instructions so that their subsidy-related benefits are not affected.
13. Digital and Electronic Banking Records Get Greater Legal Recognition
The new framework relating to bankers’ books is another important development for the banking and legal ecosystem.
From October 2026, the framework recognises electronic, digital and certain cloud-based banking records as part of the evidentiary framework, subject to the prescribed requirements.
This is significant because modern banking records are increasingly maintained electronically rather than in traditional physical books.
For businesses, this also reinforces the importance of maintaining proper digital records, audit trails and reliable backups.
14. Changes Relating to Birth and Death Registration
The registration framework for delayed birth and death registration is also undergoing changes.
The revised process provides different levels of approval depending on how long the registration has been delayed.
Therefore, individuals requiring delayed registration should not assume that the same authority will approve the registration irrespective of the delay period.
The applicable authority and documentary requirements should be checked based on the exact period of delay.
15. October Is Also an Important TDS/TCS Compliance Month
October is important for deductors and collectors because quarterly TDS/TCS compliance for the second quarter falls during this period.
Businesses should ensure that:
- TDS has been correctly deducted.
- Challans have been properly mapped.
- PAN details are correct.
- TDS/TCS returns are filed within the applicable due date.
- Corrections, if any, are initiated promptly.
- Form 26AS/AIS and related records are reconciled where relevant.
With the continuing transition towards more online compliance and correction facilities, taxpayers should also keep their underlying documentation properly organised.
16. MCA and Annual Corporate Compliance
October is also an important month for companies and LLPs because many annual MCA compliances become due depending upon the entity’s financial year, AGM date and statutory filing timeline.
Companies should review the applicability of:
- AOC-4
- MGT-7 / MGT-7A
- MSME-related reporting
- Director-related compliances
- Auditor-related filings
- Other event-based MCA forms
There is no single October deadline applicable to every company. The correct filing date depends on the company’s individual AGM and statutory circumstances.
Therefore, companies should prepare their MCA compliance calendar entity-wise rather than relying on a generic October deadline.
Important October 2026 Dates at a Glance
| Date | Important development |
|---|---|
| 1 October 2026 | Several banking, NPS, property-TDS and other compliance changes |
| 7 October 2026 | 57th GST Council Meeting |
| October 2026 | Expected availability/preparation window for GSTR-9 & GSTR-9C for FY 2025-26 |
| 15 October 2026 | UPI merchant MDR-related implementation |
| 21 October 2026 | Extended tax-audit/reporting deadline for eligible cases |
| 21 November 2026 | Extended ITR deadline for eligible audit cases |
| 31 December 2026 | Annual GST return deadline for FY 2025-26, subject to applicable provisions |
What Should Taxpayers and Businesses Do in October 2026?
October should not be treated merely as a month of new rules. It is also a preparation month for several important year-end compliances.
Businesses should first identify whether their tax-audit deadline has actually been extended to 21 October. If the entity is a company, firm, LLP, society, trust or another organisation, the applicable statutory provision and return category should be checked rather than assuming that the extension applies automatically.
Charitable and religious institutions should separately review Form 10B/10BB requirements and should not confuse these with Form 10BD, whose due date operates under a separate provision.
GST-registered businesses should begin their FY 2025-26 GSTR-9/9C reconciliation as soon as the forms become available on the GST portal. Waiting until December can make it difficult to identify and resolve mismatches in books, GSTR-1, GSTR-3B and ITC records.
Businesses should also review payroll changes, NPS-related charges where relevant, banking service charges, UPI merchant costs and NRI property transactions before implementing October changes.
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