Page 2 - Income Tax

CBDT issues revised DIN norms, replaces 2019 circular on tax notices

New guidelines introduce flexibility in quoting DIN in tax communications while ensuring traceability and reducing litigation over procedural lapses

Income Tax Dept signs record 219 advance pricing agreements in FY26

The Income Tax Department has signed a record 219 advance pricing agreements (APA) in the current fiscal year ending March 31. With this the total APAs signed so far stood at 1,034. "CBDT signs a record 219 Advance Pricing Agreements in FY 2025-26, the highest ever in a single FY, crossing the record of 174 APAs signed last year," the I-T department said in a post on X. The success of the APA programme has significantly contributed to ease of doing business, particularly for multinational enterprises engaged in cross-border transactions, it added. "The APA programme, together with Safe Harbour Rules, provides tax certainty, reduces disputes, and strengthens a transparent and non-adversarial tax regime," CBDT said. Also, CBDT has concluded a record-breaking 84 BAPAs (Bilateral Advance Pricing Agreement) with 13 treaty partners, the highest ever in India's BAPA history. During this year, the first-ever BAPAs were signed with France, Indonesia, Ireland, and Sweden, building avenues

Explained: 7 financial changes from April 1

From income tax rules to ATM charges and salary structure, April 1, 2026 brings a major financial reset. Here are key changes that will directly impact your money.

FY26 marks sweeping tax overhaul with new income tax law, GST reforms

Union Budget-driven changes introduce new Income Tax Act, GST 2.0 rationalisation, and compliance reforms aimed at simplifying taxation and boosting transparency

Fortis Healthcare arm receives ₹117 crore income tax demand, weighs appeal

Fortis Healthcare Ltd on Saturday said its arm Fortis Hospitals Ltd has received a demand notice of Rs 117.04 crore from the income tax authority. Fortis Hospitals Ltd is in receipt of an income tax order dated March 27, 2026, for AY 2024-25 and a demand of Rs 117.04 crore has been raised, it said in a regulatory filing. The company is evaluating all options, including filing an appeal and rectification application against the said order, it added.

New income-tax rules 2026 notified: What changes for your salary, HRA, EV perks and compliance

India has notified the Income-tax Rules, 2026 ahead of April 1 rollout. From EV tax perks and expanded HRA benefits to tighter crypto reporting and no change in tax slabs,

New Income-Tax rules: Registration to become simpler for charitable trusts

New Income-tax Rules, 2026 introduce a single registration form and cut record retention to six years, reducing compliance burden for charitable trusts and non-profits

New I-T rules notified; new Act to ease compliance, cut litigation, says FM

New rules expand HRA benefits to more cities, clarify EV taxation, tighten reporting norms and streamline transfer pricing and foreign tax credit processes

CBDT notifies rules for simplified I-T law, to be effective from April 1

Central Board of Direct Taxes on Friday notified the rules for Income-tax Act, 2025 which provided enhanced tax benefit for HRA to salary earner but makes disclosure of landlord-tenant relationship mandatory. The Income-tax Rules, 2026 will operationalise the simplified direct tax legislation that was approved by Parliament last year and will come into effect from April 1. "These rules may be called the Income-tax Rules, 2026. They shall come into force on the April 1, 2026," a gazette notification said. Parliament on August 12, 2025 passed a new Income Tax Bill to replace the six-decade-old Income Tax Act, 1961. It does not impose any new tax rate and only simplified the language, which was required for understanding the complex Income Tax laws. The Act has removed redundant provisions and archaic language and reduces the number of Sections from 819 in the Income Tax Act of 1961 to 536 and the number of chapters from 47 to 23. The number of words had been reduced from 5.12 lakh t

FY26 advance tax collection up 6.42% at ₹11.13 trn, shows I-T data

Net direct tax collection for FY26 as of March 17 grew 7.19 per cent to ₹22.80 trillion, driven by higher corporate and non-corporate taxes

MCA aligns accounting standards with OECD's Pillar Two Model Rules

Companies must disclose exposure to Pillar Two income taxes under revised AS 22, while small and medium-sized firms are exempt from the new requirements

Consumer panel orders Axis Bank to pay ₹3.19 cr in demonetisation case

The National Consumer Disputes Redressal Commission (NCDRC) has directed Axis Bank to pay Rs 3.19 crore to a Delhi-based logistics company, holding the bank guilty of "deficiency in service" for refusing to accept demonetised currency notes for deposit during the 2016 demonetisation window. The commission, comprising presiding member AVM J Rajendra and judicial member Anoop Kumar Mendiratta, was hearing an appeal filed by Procure Logistics Services Pvt Ltd against the Axis Bank. In an order dated March 10, the commission said, "The bank clearly failed by repeatedly disallowing the complainant to deposit the notified cash into its own KYC-compliant account, despite multiple requests and persisted with this till the entire timeline lapses." It was alleged that the bank refused to accept the notes during the limited period allowed after the government announced demonetisation on November 8, 2016. The commission noted that nothing prevented the bank from accepting the cash and reportin

Parliamentary committee flags rising delays in income tax refunds

Finance panel notes rising delays in income tax refunds beyond the 90-day norm and flags a surge in outstanding direct tax arrears

I-T Dept asks brokers to remit excess STT collected from customers

Income Tax Department has asked brokers to deposit excess securities transaction tax collected from clients for FY24 and earlier years along with interest

I-T dept detects ₹408 crore sales suppression; surveys restaurants

A data analytics-driven probe by the Income Tax Department has uncovered ₹4.08 billion in suppressed sales in the restaurant sector, prompting surveys across 46 cities nationwide

SC refuses to examine challenge to IT Act's digital search provisions

SC refused to examine a plea challenging Income Tax Act provisions permitting digital access during search operations, calling the concerns speculative and allowing withdrawal of the petition

Meesho receives income tax demand notice of around ₹1,500 crore

E-commerce firm Meesho has received an income tax demand notice of around Rs 1,500 crore, including interest, which the company plans to contest, a recent company filing said. Meesho received the notice on March 6 for assessment year 2023-24. "The Assessment Unit of Income Tax Department has raised a tax demand aggregating to Rs 14,99,73,82,840, including applicable interest," the filing said. The filing said that the demand order is based on certain additions and adjustments to the income reported by the company. "The company is currently evaluating the Assessment Order and does not concur with the observations and adjustments made in the Assessment Order. The company believes that it has adequate legal and factual grounds to contest the same and is taking necessary steps to protect its interest," Meesho said. The e-commerce firm said that a similar demand order was issued for the assessment year 2022-23 as well, which it disclosed in detail in the prospectus filed on December 5,

Govt amends I-T rules: Crypto, digital money now under reporting framework

From January 2026, crypto-assets, CBDCs and electronic money products will fall under India's expanded FATCA-CRS reporting regime, strengthening tax transparency and compliance

Draft I-T forms seek tenant-landlord disclosure for claiming tax deduction

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

Investments in rural India aiding FMCG growth: ITC CMD Sanjiv Puri

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