Income Tax

The government has come out with draft income tax forms that seek disclosure of tenant-landlord relationship for claiming I-T deductions and increased responsibility of auditors and companies for tax credit claims on foreign income. The draft forms also propose to entrust auditors with greater responsibility for checking PAN duplication and tax liability arising out of adverse audit observation. The new Income Tax Act, 2025, which replaces the six-decade-old law, will come into effect from April 1, 2026. The government has circulated draft Rules and Forms for stakeholder consultation. The final Rules and Forms will be notified next month. The new Form 124 requires disclosure of a relationship, if any, between a tenant (assessee) and a landlord, which tax experts said could act as a meaningful deterrent against fictitious or inflated rental claims, as it introduces transparency at the first point of reporting itself. An assessee claiming House Rent Allowance (HRA) is required to su

ITC CMD Sanjiv Puri says government tax cuts and GST reductions are aiding consumption, as digitisation, rural demand and evolving GenZ and millennial preferences reshape FMCG growth

A Mumbai ITAT ruling allows full indexed cost of acquisition and Section 54 exemption on multiple floors received after redevelopment, offering significant relief to homeowners facing LTCG disputes

In this session, Richa Sawhney, Partner – Tax, Grant Thornton Bharat talks about the new tax rules, business implications and gives tips to students aspiring to be in tax advisory roles

In the tax return forms, more data will come pre-filled, but it should be verified against your own records to avoid mismatches

The Income Tax Department has, for the first time, issued a demand notice of Rs 4.62 crore to the Equestrian Federation of India for the assessment year 2024-25 under Section 156 of the Income-Tax Act, 1961, according to official documents. The notice, dated February 9, 2026, states that a sum of Rs 4,62,18,102 has been determined as payable by the federation for the assessment year 2024-25. As per the notice, which is in possession of PTI, the amount is to be paid within 30 days of service to an authorised bank. According to correspondence from EFI's Chartered Accountant to the federation's office-bearers, certain compliance documents -- including a Non-Utilisation/Accumulation Certificate -- were required to be signed and furnished to enable submission before the Income Tax Department. A final accumulation certificate has also been prepared in connection with the matter but EFI Secretary General Col Jaiveer Singh told PTI that delays by the EFI Executive Committee in completing .

More than 24.6 lakh income tax returns for AY 2025-26 remain pending for over 90 days. Should taxpayers worry?

In the Union Budget 2022-23, the government clearly defined VDAs such as cryptocurrencies and NFTs under the Income Tax Act for the first time

The tax department has proposed a major redesign of 30 high-volume income-tax forms to reduce duplication, simplify compliance and support a data-driven regime under the new law

New rules likely to be notified by March 1st week

The draft norms reduce delegated legislation, with their number proposed to be cut to 333 from 511

The Income Tax department on Sunday said it has invited inputs and suggestions from stakeholders on the draft tax rules and forms under the new Income Tax Act, 2025, which will come into effect from April 1. To encourage wider stakeholder participation, the proposed Income Tax Rules, 2026, and corresponding Forms have been uploaded on the official website: www.incometaxindia.gov.in before their final notification, it added. As part of a wider consultative process, the Central Board of Direct Taxes (CBDT) invites inputs and suggestions from stakeholders in the following four categories - simplification of language, reduction of litigation, reduction of compliance burden and identification of redundant/obsolete rules and forms, the I-T department said in a statement. "Stakeholders are encouraged to study the same and make suggestions, which will be compiled and considered for review before final notification," it said. To facilitate this, a utility has been launched on the e-filing .

Draft rules and forms placed in public domain for 15 days as part of preparatory work for implementation of Income-tax Act, 2025 from April 2026

Draft rules and forms under the Income Tax Act, 2025 are set to be released this week, ahead of a phased transition from the 1961 law starting April 1

The proposal extends relief from penalty and prosecution in misreporting cases, but taxpayers must forgo the right to appeal and carefully weigh the strength of their case

Standard deduction cannot be claimed on freelance, interest, rental or business income, say experts

Income tax calculator: Compare old and new tax regimes to see how much you'll actually pay on Rs 6-50 lakh income in FY27

Budget 2026 has not changed income tax slabs for FY27. But that does not mean your tax bill stays the same. The choice between the old and new tax regimes still matters and for many, it can mean the d

Building on last year's clearance of 172K cases, I-T department is pushing for faster appeal disposals, penalty reforms and system-driven processes to curb litigation and boost tax certainty

New regime typically wins unless deductions are high enough to tilt the calculation toward old, says expert