MIS Report Format for an Indian Subsidiary of a Foreign Parent (2026)

Written by Nihal Srivastava, Krystal7 Consultants. Last updated 1 October 2026.

An MIS report (management information system report) is an internal report that gives managers the figures they need to decide. It compares results with budget and shows cash, receivables, headcount, KPIs and exceptions. No Indian law prescribes its format. For an Indian subsidiary, the MIS is the monthly pack it sends its foreign parent, which in our practice closes by working day 10. Its India lines track TDS paid by the 7th, GSTR-1 by the 11th, GSTR-3B by the 20th, FEMA filings and the markup.

This page defines the MIS report and its types, then sets out the monthly pack we build for foreign owned subsidiaries in India. It gives a template, KPI formulas, a ten day close calendar and a worked example for a 60 person development centre. INR 1 lakh is INR 1,00,000 (100,000) and INR 1 crore is INR 1,00,00,000 (10 million).

What is an MIS report?

An MIS report is a structured summary of business data that managers receive on a fixed cycle. MIS stands for management information system. The report turns ledger, payroll, sales and operating data into a short set of figures, comparisons and comments. A manager should be able to act on it within the month.

Three features separate an MIS report from a ledger printout:

• It compares. Every figure sits next to a budget, a forecast, a prior period or a target.
• It explains. Each material variance carries a cause, an owner and an action.
• It looks forward. A good pack ends with the updated forecast and the decisions the reader must take.

In a foreign owned subsidiary, the main reader is the parent. Group finance needs it for consolidation, FP&A for the forecast and group tax for transfer pricing.

No law prescribes the format. Section 128 of the Companies Act, 2013 requires books of account that give a true and fair view. It requires them on the accrual basis and by double entry. The MIS draws on those books but is not one of them, so the parent should fix its layout in writing.

Question	Short answer
Full form	Management information system report
Who prepares it	The finance team or an outsourced finance provider
Who reads it	Board, managing director, department heads, the parent's finance teams, sometimes lenders
How often	Monthly for the full pack; weekly for cash
Legal format	None; the books behind it must meet section 128 of the Companies Act, 2013
Audited	No; the statutory auditor audits the annual financial statements

What types of MIS report do companies use?

Companies group MIS reports by function (finance, sales, people, operations, compliance) and by trigger (scheduled, exception and on demand). A subsidiary that reports to a foreign parent needs the financial, cash, receivables, headcount and compliance reports every month. It adds exception reports when a set limit breaks.

Type	What it shows	Usual cycle
Financial MIS	Income statement, balance sheet and cash flow against budget	Monthly
Flash report	Headline revenue, cost, cash and headcount before the full close	Monthly, early in the close
Cash report	Bank balances and a 13 week cash forecast	Weekly
Receivables and payables ageing	Invoices by age band, with MSME suppliers shown apart	Monthly
Sales MIS	Orders, billing, pipeline, customer mix	Weekly or monthly
Cost centre or project MIS	Cost by team or project against budget	Monthly
Headcount and payroll MIS	Joiners, leavers, open roles, cost per head	Monthly
Compliance MIS	Status of tax, FEMA, company law and labour filings	Monthly
Exception report	Items outside a set limit, such as a cost line 10% over budget	When triggered
Board pack	Quarterly results, KPIs, risks and decisions sought	Quarterly

What should an Indian subsidiary send its foreign parent each month?

Send one pack with twelve fixed sections. It opens with a one page summary. The core statements, cash forecast, headcount and KPIs follow. Then come the transfer pricing check, intercompany balances, capital spend, the India compliance block, open issues and appendices. Keep the order fixed so the parent can compare months at a glance.

No.	Section	Contents	Owner
1	One page summary	Headline figures, markup, cash, headcount, compliance status, issues	Finance head
2	Income statement	Month and year to date against budget, forecast and prior year	Accountant
3	Balance sheet	Closing balances, working capital, provisions	Accountant
4	Cash flow and forecast	Cash movement, 13 week forecast, funding needed	Finance head
5	Headcount and payroll	Opening, joiners, leavers, closing, open roles, cost by grade	HR and payroll
6	KPIs	The agreed KPI set with a 13 month trend	Finance head
7	Transfer pricing check	Cost base, markup billed and earned, true up to invoice	Finance head with group tax
8	Intercompany	Balances with each group entity, matched or explained	Accountant
9	Capital spend	Additions against the capex budget	Accountant
10	India compliance status	GST, TDS, advance tax, FEMA, company law and payroll items with evidence	Compliance lead
11	Issues and decisions	Risks, audit points, approvals the parent must give	Managing director
12	Appendices	Trial balance, GAAP bridge, group pack mapping, reconciliations	Accountant

Write the pack's rules into a short reporting manual that both finance teams sign. It fixes the definitions, the exchange rate source, the commentary threshold and the calendar. Our guide to a virtual CFO for a foreign subsidiary covers who owns each step when finance is outsourced.

What goes on the one page summary?

The one page summary answers five questions from the parent. Every other section of the pack supports those answers. It fits on one screen and keeps the same layout every month. The parent's CFO should be able to brief the group from this page alone.

1. Did we hit budget?
2. Is the markup right?
3. How much cash do we hold?
4. Are we staffed to plan?
5. Is anything overdue with a regulator?

Block	What it shows	Format tip
Headline numbers	Revenue, operating cost, operating profit and profit before tax against budget	Six to eight lines, in INR and parent currency
Markup	Markup earned and billed on actual cost, true up to invoice	Percent and INR
Cash	Closing cash, months of cost covered, funding request	Refer to the 13 week forecast
People	Headcount against plan, joiners, leavers, open roles	Numbers, not names
Compliance	Red, amber or green for GST, TDS, FEMA, company law and payroll	Red is overdue; amber is due within seven days
Issues and asks	Items that need the parent, each with a date	No more than five lines

The worked example below fills this layout with illustrative numbers for an invented company.

Which KPIs belong in the pack, and how are they calculated?

Pick KPIs the parent can act on, and define each one once in a KPI dictionary. A cost plus development centre needs markup on total cost, cost per FTE, personnel cost ratio, attrition, utilisation, DSO, cash runway and budget variance. A sales subsidiary adds revenue growth, gross margin and customer concentration.

KPI	Formula	Watch point
Operating cost (cost base)	Sum of operating expenses as the service agreement defines them	Agree the exclusions once, in writing
Markup on total cost	(Operating revenue − operating cost) ÷ operating cost	Compare with the agreed rate, the benchmark and the 15.5% safe harbour
EBITDA	Profit before tax + finance costs + depreciation and amortisation	State whether other income is inside
Gross margin (sales subsidiary)	(Revenue − cost of sales) ÷ revenue	Define cost of sales once
Cost per FTE per month	Total operating cost ÷ average FTE, where average FTE = (opening + closing) ÷ 2	Count contractors apart
Personnel cost ratio	Personnel cost ÷ total operating cost	Include employer PF, gratuity and leave
Annualised attrition	(Leavers in the month ÷ average headcount) × 12	Show voluntary leavers apart
Utilisation	Productive hours ÷ available hours	Agree what counts as productive
Budget variance	Actual − budget; percent = (actual − budget) ÷ budget	Label it favourable or adverse
DSO	Trade receivables ÷ revenue for the period × days in the period	Split intercompany and third party
Cash runway (months)	Cash and bank ÷ average monthly net cash outflow for three months	Include committed capex
Unbilled true up	Revenue at the agreed markup − amount invoiced	Invoice at least each quarter
Export invoices near the FEMA limit	Unrealised export invoices older than 180 days	The legal limit is nine months from the invoice date, or twelve if invoiced or settled in INR
Unutilised input tax credit	Closing balance of the electronic credit ledger	Track refund claims beside it
Statutory on time rate	Items paid or filed by the due date ÷ items due in the month	Target 100%

Keep a 13 month trend for each KPI, so the parent sees the same month last year. Do not change a definition in the middle of a year. If you must, restate the earlier months and note the change on the summary.

Which India specific compliance items belong in the pack?

Include every item with a statutory date that the parent cannot see from abroad. That means GST returns, TDS deposits and quarterly statements, advance tax, remittance forms, transfer pricing filings, FEMA reports, company law filings and payroll dues. Show each with its due date, its status and an evidence reference, such as a challan or acknowledgement number.

The block also serves the audit. CARO 2020 clause 3(vii) asks the statutory auditor whether the company deposited undisputed statutory dues regularly. A monthly record with challan numbers answers that question.

The first table covers GST and income tax. The Income Tax Act, 2025 and the Income Tax Rules, 2026 apply from 1 Apr 2026, so the TDS forms carry new numbers. Our guide to TDS on payments to non residents covers Form 144 in detail.

Item	Law or source	Due date	Evidence in the pack
GSTR-1	GSTN return FAQs	11th of the next month (monthly filers); 13th after the quarter (QRMP)	ARN
GSTR-3B	GSTN return FAQs	20th of the next month (monthly filers); 22nd or 24th after the quarter, by state (QRMP)	ARN, cash paid
Input tax credit reconciliation	Books against GSTR-2B	Before GSTR-3B	Unmatched credit
LUT for zero rated exports	Form GST RFD-11	Before the first export invoice of the financial year	ARN
GSTR-9 annual return	Section 44, CGST Act, 2017; GSTN FAQs	31 December after the year end; the portal opens it only after every GSTR-1 and GSTR-3B for the year is filed	ARN, or readiness before then
TDS deposit	Rule 218(2), Income Tax Rules, 2026	7th of the next month; 30 April for March	Challan number
Form 138 (salary), Form 140 (residents), Form 144 (non residents)	Section 397(3)(b); rule 219	31 Jul, 31 Oct, 31 Jan and 31 May	Token number
Form 131 TDS certificates	Rule 215(1)	15 days after the Form 140 or Form 144 due date	Issued
Forms 145 and 146	Section 397(3)(d); rule 220	Before each remittance abroad	Acknowledgement
Advance tax	Section 408	15% by 15 Jun, 45% by 15 Sep, 75% by 15 Dec, 100% by 15 Mar	Challan number
Transfer pricing report	Form 48; section 172; rule 85	One month before the return due date	Study status

For FY 2025-26, returns still use the Income Tax Act, 1961 forms. A company with international transactions files its tax audit report and Form 3CEB by 31 Oct 2026 and its return by 30 Nov 2026. Other audited companies file the tax audit report by 21 Oct 2026 and the return by 21 Nov 2026, under CBDT Circular No. 07/2026 of 28 Sep 2026.

The second table covers FEMA, company law and payroll.

Item	Law or source	Due date or limit	Evidence in the pack
Shares against parent funding	Regulation 3.1, FEMA 395/2019-RB	Issue within 60 days of receipt; refund within the next 15 days	Days since receipt
FC-GPR	Regulation 4(1), FEMA 395/2019-RB	30 days from the date of issue	FIRMS acknowledgement
FC-TRS	Regulation 4(3), FEMA 395/2019-RB	60 days	FIRMS acknowledgement
FLA return	RBI FAQ on the FLA return	15 July each year	FLAIR acknowledgement
Form ECB 2	Schedule I, paragraph 16(1)(c), as substituted by FEMA 3(R)(5)/2026-RB	7 calendar days after the end of a month with a drawdown or debt servicing	Bank acknowledgement
Export realisation	Regulation 5(1)(a), FEMA 23(R)/2026-RB, as amended by FEMA 23(R)/(1)/2026-RB; from 1 Oct 2026	Nine months from the invoice date; twelve if invoiced or settled in INR; the AD bank may extend	Invoices over 180 days
EDF for services	Regulation 3(2), FEMA 23(R)/2026-RB	30 days from the end of the invoice month	EDF reference
Board meetings	Section 173(1), Companies Act, 2013	Four a year, with no more than 120 days between two meetings	Last and next date
AGM	Section 96	Within six months of the year end (nine months for the first AGM)	Date held
AOC-4 and MGT-7	Sections 137 and 92(4)	30 and 60 days after the AGM	SRN
DPT-3	Rule 16, Companies (Acceptance of Deposits) Rules, 2014	30 June	SRN
PAS-3	Section 39(4); rule 12	30 days after a rights allotment	SRN
MSME Form 1	Paragraph 3, Specified Companies Order, 2019 (S.O. 368(E)), as amended by S.O. 2751(E) of 15 Jul 2024	Half yearly: 31 October for April to September, 30 April for October to March; only if a micro or small supplier is unpaid beyond 45 days	SRN, or no dues over 45 days
DIR-3 KYC Web	Rule 12A, as substituted by G.S.R. 943(E)	30 June after every third financial year; next by 30 Jun 2028 for directors whose KYC is current	Status per director
PF and ESI	Code on Social Security, 2020; EPF Scheme, 2026 and ESIC regulations	Monthly; we work to the 15th of the next month and check each scheme's current text with EPFO and ESIC	ECR and challan
EPF wage ceiling	S.O. 5109(E)	INR 25,000 from 17 Sep 2026	Payroll updated

The export rows changed on 1 Oct 2026. The Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 replaced the 2015 regulations and SOFTEX on that date. Before they started, FEMA 23(R)/(1)/2026-RB of 22 Sep 2026 cut their realisation period from fifteen months to nine. For INR invoicing or settlement, it cut eighteen months to twelve. On our reading, an invoice raised before 1 Oct 2026 stays under the 2015 regulations. Their limit has also been nine months since FEMA 23(R)/(8)/2026-RB of 5 Jun 2026.

Use three status values only. Green means filed or paid with evidence. Amber means due within seven days. Red means overdue, with the late fee and the fix date. Our compliance calendar for 2026-27 lists the full year.

How should the pack track the transfer pricing markup?

Track it monthly on the cost base that the benchmark study and the service agreement use. Compute cost, the markup earned, the amount billed and the true up still to invoice. Then compare the year to date markup with the agreed rate, the benchmark and the 15.5 percent safe harbour margin for IT services.

A year end surprise is expensive, because the parent may have closed its books by then. Take the cost base from the study, not from the MIS team's judgement. A study usually lists exclusions, such as interest, income tax and extraordinary items. Book the true up each month as unbilled revenue, and invoice it at least each quarter.

The safe harbour changed in 2026. The Union Budget of 1 Feb 2026 merged the IT categories into one, "Information Technology Services", as the PIB release records. It carries one margin of 15.5 percent, and the threshold rose from INR 300 crore to INR 2,000 crore. CBDT's release of 31 Mar 2026 repeats both figures.

The safe harbour sits in section 167 of the Income Tax Act, 2025. Rule 88 of the Income Tax Rules, 2026 lists the eligible transactions. Rule 89 sets the margin at an operating profit of at least 15.5 percent on operating expense. Operating revenue must not exceed INR 2,000 crore. Rule 89 applies for a block of three tax years starting with tax year 2026-27.

Rule 91 covers the procedure for IT services. The department verifies the option electronically, and a valid option runs for five consecutive tax years. The INR 2,000 crore test applies to the first of those years.

The company files Form 49 for that first year. Rule 91(3) on the department's site ties its due date to the return due date under section 263(1)(c). The Form 49 FAQs and guidance note say 30 June of the next financial year. We file by 30 June, which meets both. Our safe harbour guide covers the conditions.

A centre on cost plus 15 percent sits 0.5 points below the safe harbour margin. On our reading, it cannot opt in at 15 percent. It either reprices to 15.5 percent or defends 15 percent with a benchmark study in Form 48. The MIS should show both lines, so the parent can price the choice.

Column in the markup tracker	Definition
Operating cost	Costs inside the cost base as the agreement and study define it
Amount invoiced	Provisional invoice to the parent
Revenue at the agreed markup	Operating cost × (1 + agreed markup)
True up	Revenue at the agreed markup − amount invoiced, booked as unbilled revenue
Markup billed on actual cost	(Amount invoiced − operating cost) ÷ operating cost
Year to date markup earned	(Year to date revenue − year to date cost) ÷ year to date cost
Benchmark and safe harbour test	Year to date markup against the study and against 15.5%

Rule 84 of the Income Tax Rules, 2026 requires the local file where international transactions exceed INR 1 crore in the year. Form 48, the transfer pricing report that replaced Form 3CEB, is due one month before the return due date (rule 85). For a US parent, see our note on transfer pricing between a US parent and its Indian subsidiary.

How does the MIS feed the parent's group reporting pack?

The MIS runs on Indian books under AS or Ind AS. The group pack uses the parent's GAAP, currency and calendar. A bridge connects them in four steps: map the chart of accounts, post GAAP adjustments, match intercompany balances and translate the currency. Build the bridge once and run it each month.

Area	Indian books	Group pack (IFRS or US GAAP)	What the monthly pack does
Year end	31 March under section 2(41), Companies Act, 2013	The parent's year end, often 31 December	Shows both year to date views
Framework	AS; Ind AS from INR 250 crore of net worth or by choice	IFRS or US GAAP	Keeps a GAAP bridge by line
Leases	AS 19 expenses operating lease rent	IFRS 16 or ASC 842 records a right of use asset and a lease liability	Adds a lease schedule
Employee benefits	Gratuity and leave under AS 15 or Ind AS 19	IAS 19 or ASC 715	Uses one actuary
Parent share awards to Indian staff	Recharge from the parent, if any	IFRS 2 or ASC 718 charge	Reports grants and recharges apart
Deferred tax	AS 22 timing differences	IAS 12 or ASC 740 temporary differences	Leaves it to group tax
Foreign currency	AS 11 restates monetary items at the closing rate	IAS 21 or ASC 830	Restates balances each month

Intercompany differences come from four places. Timing is the first: an invoice raised on 30 September may reach the parent's books in October. Exchange rates are the second, when each side books at a different rate.

Indian TDS is the third. When the subsidiary pays the parent a licence fee, it deducts tax under section 393(2), and the parent books the gross amount. Disputes are the fourth. Match to zero each month or list each reconciling item with its expected clearing date.

Currency translation follows the parent's standard. Under paragraph 39 of IAS 21, assets and liabilities translate at the closing rate. Income and expenses translate at the rates on the transaction dates. The resulting exchange differences go to other comprehensive income. Paragraph 40 allows an average rate for the period when it approximates the transaction rates, but not when rates swing sharply. US GAAP (ASC 830) uses the current rate method where the foreign entity's functional currency is its local currency.

Most Indian subsidiaries have INR as their functional currency, because salaries and rent are in INR. A captive centre should still record its assessment. Paragraph 11(a) of IAS 21 asks whether the operation works as an extension of the parent or with a significant degree of autonomy. Indian tax rules use the telegraphic transfer buying rate in rule 207 for some conversions, so keep tax rates apart from group rates.

Our guide to financial reporting for foreign subsidiaries covers the GAAP differences in more depth.

How fast should the monthly pack close?

We aim for a flash report by working day 5 and the full pack by working day 10. That timetable is our practice, not a legal rule. The parent's consolidation calendar sets the real deadline, so fix it in the reporting manual and plan the close backwards from it.

Working day	Tasks	Owner
Before day 1	Freeze payroll inputs, request accruals, agree the cut off with the parent	Finance head
Day 1	Download bank statements, post payroll, raise the provisional invoice to the parent	Accountant
Day 2	Post supplier bills and accruals, release prepaid expenses, run depreciation	Accountant
Day 3	Restate foreign currency balances, compute the markup true up, send the intercompany confirmation	Accountant
Day 4	Book gratuity, leave, bonus and tax provisions; review balance sheet schedules	Finance head
Day 5	Send the flash report to the parent	Finance head
Day 6	Map to the group chart of accounts, run the GAAP bridge, match intercompany	Accountant
Day 7	Update the compliance block with challan and filing references	Compliance lead
Day 8	Calculate KPIs, draft variance commentary, update the forecast	Finance head
Day 9	Review with the managing director; clear the parent's FP&A queries	Managing director
Day 10	Issue the final pack and the group pack; lock the period	Finance head

Statutory dates are calendar dates, not working days. TDS for the month is due by the 7th under rule 218(2), whichever close day that falls on. So we pay TDS from the payroll and supplier data before the pack is final. GSTR-1 (11th) and GSTR-3B (20th) fall after the pack, so the block reports the previous month's filings.

How do you write variance commentary the parent can use?

Explain every variance above an agreed threshold in five parts. State what moved, by how much, why, whether it recurs and what happens next. Name an owner and a date for the action. In our practice the threshold is INR 1 lakh or 5 percent of the line, whichever is higher, unless the parent sets its own. No rule fixes it.

A "timing" comment is acceptable only with the month in which the difference reverses. The strong comments below use illustrative figures from the worked example.

Weak comment	Strong comment
Travel over budget.	Travel INR 0.90 lakh over budget: two engineers spent ten days at the parent for the release. One off; approved by the parent's engineering head.
Timing difference.	Professional fees INR 0.90 lakh over: tax audit and Form 3CEB fees accrued in September against an October budget. Nil variance for the year.
Payroll higher due to statutory changes.	Employer PF up INR 0.34 lakh: the EPF wage ceiling rose to INR 25,000 from 17 Sep 2026. Recurs at INR 0.72 lakh a month; forecast updated.
Headcount below plan.	Two open roles, replacing a June leaver and a September leaver. Joining on 5 Oct and 19 Oct 2026.

Put the commentary beside the numbers in full sentences, because the parent's FP&A team copies it into the group commentary.

What format and tools work for an MIS report?

A spreadsheet pack on a locked template works for a single entity with moderate volumes. Larger groups feed the ledger into a reporting tool and the parent's consolidation system. The tool matters less than three habits: a fixed layout, a trail from every figure back to the ledger and version control. The ledger itself must meet the Companies (Accounts) Rules, 2014.

Need	Common options	India check
Ledger	Tally Prime, Zoho Books, SAP Business One, Oracle NetSuite, Microsoft Dynamics 365 Business Central	Audit trail that nobody can disable (rule 3(1)); daily backup in India (rule 3(5))
Payroll	Indian payroll software or a payroll provider	PF, ESI, professional tax and salary TDS for Form 138
Pack and KPIs	Excel or Google Sheets on a locked template; Power BI or Looker Studio	Every figure links to the trial balance
Consolidation	The parent's system, such as Oracle EPM, OneStream or Anaplan	Account mapping kept in the appendix

The audit trail rule matters most when the parent runs the ERP. The proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 requires software that logs every change in an audit trail. Nobody may disable it. It applies from financial years starting 1 Apr 2023. The books must stay accessible in India, with a daily backup on servers located in India (rule 3(5)).

Where a service provider hosts the books, rule 3(6) requires yearly details to the Registrar. These include the provider's name, IP address and location. Where the provider is outside India, they also include the person in India who controls the books. We set up ledgers to these rules under our accounting and bookkeeping service, and run the monthly pack under our eCFO service.

Which controls keep the numbers reliable?

Reliable numbers come from a few controls, run every month and evidenced. Bank and intercompany reconciliations, journal approval, a period lock and statutory ledger reconciliations do most of the work. Each control should leave a record that the statutory auditor can test.

Control	What it catches	Evidence
Bank reconciliation	Missed receipts, duplicate payments	Signed reconciliation
Maker and checker on journals	Unsupported entries	Approver in the audit trail
Period lock after day 10	Back dated changes after the pack goes out	Lock date log
Intercompany confirmation	Mismatches with the parent	Confirmation signed by both sides
GST reconciliation (books, GSTR-1, GSTR-3B, GSTR-2B)	Short paid tax, lost credit	Reconciliation file
TDS reconciliation (books, challans, Form 168)	Short deduction, missed credit	Reconciliation file
Payroll against HR headcount	Ghost employees, missed leavers	Signed headcount tie out
User access review	Users with rights they should not hold	Signed user list

The statutory auditor reports on internal financial controls under section 143(3)(i) of the Companies Act, 2013, unless the company is exempt. Internal audit under section 138 binds a private company with turnover of INR 200 crore or more. It also binds one whose bank or public financial institution loans topped INR 100 crore during the preceding year. Rule 13 of the Companies (Accounts) Rules, 2014 sets both tests. Our note on the statutory audit of a foreign owned subsidiary lists what the auditor requests.

How does an MIS report differ from statutory accounts?

The MIS is an internal monthly pack in whatever format management chooses. Statutory accounts are the annual financial statements the Companies Act, 2013 requires. They follow section 129 and Schedule III under AS or Ind AS, and a Chartered Accountant audits them. The MIS guides decisions; the statutory accounts go to members, the Registrar and the tax authorities.

Point	MIS pack	Statutory financial statements
Legal basis	None; internal	Sections 128 and 129 and Schedule III, Companies Act, 2013
Frequency	Monthly, with a quarterly board pack	Annual
Deadline	The parent's calendar	AGM within six months of year end; AOC-4 within 30 days of the AGM
Readers	Parent, board, management	Members, Registrar of Companies, tax authorities, banks
Framework	Management basis or group GAAP	AS or Ind AS
Currency	INR plus the parent currency	INR
Assurance	Internal review	Audit under section 143
Content	KPIs, headcount, forecast, commentary	Prescribed statements and notes

The March MIS should equal the draft statutory accounts before audit adjustments. Post each audit adjustment back into the MIS, so April's year to date figures start from audited balances.

What changed in 2026

Several 2026 changes reach the monthly pack of a foreign owned subsidiary. The largest are the new income tax law and forms, the safe harbour for IT services, the FEMA export rules and the EPF wage ceiling.

Area	Before	Now	From	Instrument
Income tax law and forms	Income Tax Act, 1961; Forms 24Q, 26Q, 27Q, 16A, 15CA, 15CB, 3CD, 3CEB	Income Tax Act, 2025; tax year; Forms 138, 140, 144, 131, 145, 146, 26, 48	1 Apr 2026	Act 30 of 2025; Income Tax Rules, 2026 (G.S.R. 198(E), 20 Mar 2026)
Safe harbour for IT services	Separate categories; INR 300 crore threshold	One category at 15.5% of operating expense; INR 2,000 crore threshold; electronic verification; option for five tax years	Tax year 2026-27 (announced 1 Feb 2026)	Section 167; rules 88, 89 and 91; Form 49
ECB reporting	Monthly Form ECB 2 within seven working days	Form ECB 2 within seven calendar days after a month with a drawdown or debt servicing	16 Feb 2026	FEMA 3(R)(5)/2026-RB
Export of services	SOFTEX under the 2015 regulations; realisation in nine months (fifteen from the 13 Nov 2025 amendment until the 5 Jun 2026 amendment)	EDF within 30 days of the invoice month end; realisation within nine months of the invoice, twelve if invoiced or settled in INR	1 Oct 2026; periods cut from fifteen and eighteen months on 22 Sep 2026	FEMA 23(R)/2026-RB; FEMA 23(R)/(1)/2026-RB
EPF wage ceiling	INR 15,000 a month	INR 25,000 a month; September 2026 split at 17 Sep	17 Sep 2026	S.O. 5109(E); EPFO FAQs
Wages for gratuity and leave	Old labour laws	Code wages under the four labour codes	Codes 21 Nov 2025; central rules 8 May 2026	S.O. 5319(E) to 5322(E); G.S.R. 342(E) to 345(E)
DIR-3 KYC	Every year by 30 September	By 30 June after every third financial year; next by 30 Jun 2028 for directors whose KYC is current	31 Mar 2026	G.S.R. 943(E), 31 Dec 2025; PIB release, 1 Jan 2026

Two of these change the cost base itself. For staff whose PF the company caps at the ceiling, employer PF moves from INR 1,800 to INR 3,000 a month. The labour codes moved gratuity to Code wages. Both flow into the markup, so the service fee rises with them. Our note on the new labour codes covers the payroll side.

Worked example

This example is an illustration. DevCo and every figure below are invented to show the method, and none comes from a client.

The company

DevCo India Private Limited is an invented wholly owned subsidiary of a US company with a 31 December year end. It runs a 60 person software development centre. A service agreement pays it operating cost plus 15 percent. DevCo invoices each month at budgeted cost × 1.15 and trues up to actual cost each quarter. It has no borrowings.

Amounts are in INR lakh unless stated. The US dollar figures use an assumed rate of INR 88.00 per USD, not a market rate.

The one page summary for September 2026 (illustrative)

Measure	Sep 2026 actual	Sep 2026 budget	Variance	Jul to Sep 2026 actual
Closing headcount (number)	60	62	2 below	60
Total operating cost	88.40	86.00	2.40 adverse	260.00
Service revenue at cost plus 15%	101.66	98.90	2.76 above	299.00
Of which invoiced	98.90	98.90	0.00	294.86
Of which unbilled true up	2.76	0.00	2.76	4.14
Operating profit	13.26	12.90	0.36 above	39.00
Markup earned on actual cost	15.0%	15.0%	0.0 points	15.0%
Markup billed on actual cost	11.9%	15.0%	3.1 points short	13.4%
Foreign exchange gain (outside the cost base)	0.80	0.00	0.80	1.10
Interest on deposits	0.30	0.30	0.00	0.85
Profit before tax	14.36	13.20	1.16 above	40.95
Cost per average FTE (INR)	1,46,116	1,38,710	7,406 adverse	Not shown
Closing cash and bank	145.20	140.00	5.20 above	145.20
DSO (days)	29	30	1 better	29
Compliance	Green; TDS for September paid by 7 Oct 2026; Forms 138, 140 and 144 and MSME Form 1 due 31 Oct 2026

Revenue at cost plus 15 percent is 88.40 × 1.15 = 101.66. The invoice was 86.00 × 1.15 = 98.90, so the true up is 2.76. Operating profit is 101.66 − 88.40 = 13.26.

Headcount fell from 61 to 60, so average FTE is 60.5. Cost per FTE is INR 88,40,000 ÷ 60.5 = INR 1,46,116. The budget assumes 62 heads for the whole month, so its figure is INR 86,00,000 ÷ 62 = INR 1,38,710. At the assumed rate, revenue is USD 115,523 and operating profit is USD 15,068.

The variance commentary

Ref	Line	Actual	Budget	Variance	Cause	Action and owner
V1	Salaries	64.20	65.00	0.80 favourable	Two replacement roles open	Joiners on 5 Oct and 19 Oct 2026; HR lead
V2	Employer PF, gratuity and leave	5.10	4.40	0.70 adverse	EPF ceiling of INR 25,000 from 17 Sep 2026 (0.34); half year actuarial update at Code wages (0.36)	Rebase the October to December forecast for PF at 0.72 a month; finance head
V3	Travel	1.90	1.00	0.90 adverse	Two engineers at the parent for a release	None; one off, approved by the parent
V4	Professional fees	2.10	1.20	0.90 adverse	FY 2025-26 tax audit and Form 3CEB fees accrued early	Reverses in October
V5	Software licences	3.40	3.20	0.20 adverse	Three extra licences	Add to the budget; engineering head
V6	Other administration	1.20	0.70	0.50 adverse	Recruitment agency fees for the replacements	None; one off
	Staff welfare, rent, depreciation	10.50	10.50	0.00	On budget
	Total operating cost	88.40	86.00	2.40 adverse

The PF line needs one assumption. The EPFO FAQs split the September 2026 wage month at 17 Sep. Days 1 to 16 use the INR 15,000 ceiling, and days 17 to 30 use INR 25,000. We prorated the extra INR 1,200 a month by days, so 14 of 30 days gives INR 560 per capped employee. For 60 capped employees, that is INR 33,600, or 0.34 lakh. From October, the full extra cost is 60 × INR 1,200 = INR 72,000 a month, or 0.72 lakh.

The markup check

Month	Actual operating cost	Invoiced (budget cost × 1.15)	Revenue at actual cost × 1.15	True up	Markup billed on actual cost
Jul 2026	85.20	97.75	97.98	0.23	14.73%
Aug 2026	86.40	98.21	99.36	1.15	13.67%
Sep 2026	88.40	98.90	101.66	2.76	11.88%
Jul to Sep total	260.00	294.86	299.00	4.14	13.41%

The billed markup for the quarter is (294.86 − 260.00) ÷ 260.00 = 13.41 percent. DevCo books the INR 4.14 lakh true up as unbilled revenue and invoices it by 15 Oct 2026. After the true up, the quarter's markup is (299.00 − 260.00) ÷ 260.00 = 15.00 percent.

At the 15.5 percent safe harbour margin, July to September revenue would be 260.00 × 1.155 = 300.30, which is 1.30 more. On a similar cost base for four quarters, the gap is about INR 5.2 lakh a year. The pack puts that figure beside the cost of the annual benchmark study, and the parent decides whether to reprice.

The true up invoice is an export of services. To invoice it at zero rate without paying IGST, DevCo needs its LUT for FY 2026-27 on file. An invoice raised in October 2026 also needs an EDF within 30 days from the end of October, so by 30 Nov 2026. Our EDF guide covers the filing.

The compliance lines in the September pack

The flash report on working day 5 showed TDS for September as amber, due 7 Oct 2026. The final pack shows it green with the challan number. Forms 138, 140 and 144 for July to September are due 31 Oct 2026. MSME Form 1 for April to September has the same date, if a micro or small supplier waited beyond 45 days. The AGM met on 22 Sep 2026. So AOC-4 is due by 22 Oct 2026 and MGT-7 by 21 Nov 2026.

Common mistakes

1. Sending the parent a ledger dump. Fix: open with the one page summary and move detail to the appendices.
2. Changing KPI definitions mid year. Fix: keep a KPI dictionary and restate prior months when a definition changes.
3. Invoicing on budget cost and never truing up. Fix: accrue the true up monthly and invoice it each quarter.
4. Assuming cost plus 15 percent is inside the safe harbour. The 2026 margin for IT services is 15.5 percent. Fix: show the gap in the pack and let the parent choose.
5. Tracking compliance with ticks. Fix: record the challan, ARN, SRN or acknowledgement number for each item.
6. Using old form numbers. Forms 24Q, 26Q and 27Q became Forms 138, 140 and 144 from 1 Apr 2026. Fix: update the compliance block and the payroll software.
7. Ignoring the FEMA realisation clock on intercompany invoices. Fix: flag export invoices older than 180 days, well before the nine month limit.
8. Leaving intercompany differences unexplained. Fix: match monthly and list each reconciling item, including TDS on payments to the parent.
9. Running the MIS on unaudited opening balances. Fix: post audit adjustments back as soon as the auditor agrees them.
10. Missing payroll cost changes in the forecast. Fix: rebase the forecast in the month the EPF ceiling or a wage change takes effect.

Checklist

1. Agree the pack's sections, definitions, exchange rate source, commentary threshold and deadline with the parent in a reporting manual.
2. Set up the ledger with an audit trail that cannot be disabled and a daily backup on servers in India.
3. Map the Indian chart of accounts to the group chart of accounts, and document the GAAP adjustments.
4. Build a locked template with the one page summary, the twelve sections and the KPI dictionary.
5. Load the service agreement's cost base and markup into a markup tracker.
6. List every statutory item with its due date, owner and evidence field in the compliance block.
7. Close the books to a reviewed trial balance by working day 4.
8. Pay TDS by the 7th and record the challan in the compliance block.
9. Send the flash report by working day 5.
10. Match intercompany balances and run the GAAP bridge and currency translation.
11. Write variance commentary for every line above the threshold, with a cause, an owner and a date.
12. Issue the final pack by working day 10 and lock the period.
13. Compare the year to date markup with the agreement, the benchmark and the 15.5 percent safe harbour each quarter.

To have us build or run your monthly pack, send your latest trial balance and intercompany agreement through our contact page.

Frequently Asked Questions

What is the full form of MIS in accounting?+

MIS stands for management information system. In accounting, an MIS report is the periodic internal report that summarises the books for managers. It shows results against budget, cash, receivables, payables, headcount and KPIs, with commentary. It is separate from the statutory financial statements under section 129 of the Companies Act, 2013, which report the year to members and the Registrar.

Is an MIS report mandatory for a Private Limited company in India?+

No statute requires a Private Limited company to prepare an MIS report or prescribes its format. Section 128 of the Companies Act, 2013 requires proper books of account, and the MIS draws on them. In practice, a foreign parent, lender or investor requires one by contract. Boards also need current figures for the four meetings a year under section 173(1).

How is an MIS report different from management accounts?+

Management accounts are the financial core of the MIS: the income statement, balance sheet and cash flow for internal use. An MIS pack adds operating data such as headcount, receivables ageing, KPIs and compliance status, plus commentary and a forecast. For a foreign owned subsidiary, it also carries the transfer pricing markup check.

Who prepares the MIS report in an Indian subsidiary?+

The local finance head or accountant prepares it from the books and payroll, and the managing director reviews it. Many foreign owned subsidiaries outsource the monthly close and the pack to a virtual CFO provider. Either way, name one owner for each section and fix the calendar in a reporting manual.

What is a flash report?+

A flash report is a short early view of the month, sent before the full close. It usually shows revenue, operating cost, cash and headcount against budget. We send it by working day 5, and the full MIS pack follows by working day 10. The flash lets the parent start its own consolidation while the Indian team completes the close.

Should the MIS be in INR or in the parent's currency?+

Show both. The Indian books are in INR, so the MIS starts there, and the parent consolidates in its own currency. Use the rate table the parent's treasury publishes and state it on the cover. Under IAS 21 (paragraphs 39 and 40), assets and liabilities use the closing rate. Income and expenses use transaction or average rates.

Should the MIS follow Indian GAAP or the parent's GAAP?+

Prepare the MIS from the Indian books, which follow AS or Ind AS, and add a GAAP bridge to IFRS or US GAAP. The bridge covers leases, employee benefits, share based payments, deferred tax and depreciation. A subsidiary moves to Ind AS once its own net worth reaches INR 250 crore, or if it opts in. The parent's framework does not decide it.

How does the MIS work when the parent has a December year end?+

The Indian subsidiary still closes its statutory year on 31 March under section 2(41) of the Companies Act, 2013. A different year needs Central Government approval, open only to a subsidiary that needs it for consolidation abroad. The MIS therefore shows two year to date views: April to date for India and January to date for the group. The statutory audit remains on the March accounts.

How often should the transfer pricing markup be trued up?+

Track it monthly and invoice the true up at least each quarter. Book the monthly difference as unbilled revenue, so the income statement always shows the agreed markup. A single year end adjustment can land after the parent closes its books. It also risks a mismatch with the Form 48 transfer pricing report, due one month before the return due date under rule 85.

Can a development centre on cost plus 15 percent use the 2026 safe harbour?+

On our reading, not at 15 percent. From tax year 2026-27, rule 89 of the Income Tax Rules, 2026 sets one IT services margin of 15.5 percent on operating expense. Operating revenue must not exceed INR 2,000 crore. A centre at 15 percent can reprice to 15.5 percent and opt in through Form 49 under section 167. Or it can defend 15 percent with a benchmark study.

Which forms replaced Forms 24Q, 26Q and 27Q in the compliance block?+

From 1 Apr 2026, the quarterly TDS statements are Form 138 for salary and Form 140 for other payments to residents. Form 144 covers payments to non residents. Rule 219 of the Income Tax Rules, 2026 sets the due dates: 31 July, 31 October, 31 January and 31 May. Form 131 replaced Form 16A, and Forms 145 and 146 replaced Forms 15CA and 15CB.

Does the MIS need to track export receivables for FEMA?+

Yes, if the subsidiary exports services to its parent or other customers abroad. From 1 Oct 2026, regulation 5(1)(a) of FEMA 23(R)/2026-RB requires realisation within nine months of the invoice date. The limit is twelve months if the export is invoiced or settled in INR. FEMA 23(R)/(1)/2026-RB of 22 Sep 2026 set these periods, down from fifteen and eighteen months. Regulation 3(2) requires an EDF within 30 days from the end of the invoice month.

What should the board see from the MIS at board meetings?+

The board should see a quarterly board pack built from the monthly MIS. It covers results against budget, cash and funding, KPIs, the compliance status, key risks and the decisions the board must take. Section 173(1) of the Companies Act, 2013 requires at least four board meetings a year, with no more than 120 days between two meetings.

How long should we keep MIS packs?+

No rule sets a retention period for MIS packs as such. Section 128(5) of the Companies Act, 2013 requires the books of account and vouchers for at least eight financial years. We keep each month's final pack, trial balance and reconciliations with the books for the same period, so they support audits and tax assessments.

What does a bank lender expect in the MIS?+

Lenders usually ask for monthly or quarterly results, receivables and stock statements, and covenant calculations under the sanction letter. CARO 2020 clause 3(ii)(b) covers quarterly returns to banks where working capital limits above INR 5 crore rest on current assets. The auditor checks whether those returns agree with the books, so prepare them from the same ledger as the MIS.

Sources

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