Income Tax News
CIC Asks Income Tax Department to Fix TDS Mismatch Process, Protect Honest Taxpayers
09 March 2026 at 08:53The Central Information Commission has advised the Income Tax Department to create a taxpayer-friendly mechanism to resolve TDS mismatches between Form 16 and Form 26AS and prevent harassment of honest taxpayers.
Income Tax Rules 2026: Financial Institutions Must Report Crypto and Digital Currency Holdings
07 March 2026 at 06:57CBDT notifies the Income Tax (First Amendment) Rules, 2026 to expand reporting requirements under Rule 114F and 114G. The amendment brings crypto assets, electronic money products and central bank digital currency accounts under financial reporting norms.
ED Arrests Two CAs in Rs 641 Crore Cyber Fraud and Money Laundering Case Under PMLA
06 March 2026 at 09:14ED has arrested CAs Ashok Kumar Sharma and Bhaskar Yadav in a Rs 641 crore cyber fraud and money laundering case under the PMLA.
Charitable Trusts Oppose Mandatory Irrevocable Clause for Tax Exemption Registration
06 March 2026 at 08:11Charitable trusts and tax bodies move the Bombay High Court challenging the Income Tax Department’s insistence on an explicit 'irrevocable' clause in trust deeds for tax exemption registration.
BCAS Flags Concerns Over Finance Bill 2026 Proposals on SGB Taxation, Dividend Rules and TDS Norms
05 March 2026 at 06:56Bombay Chartered Accountants’ Society (BCAS) urges the Finance Ministry to reconsider proposed changes in the Finance Bill 2026 affecting Sovereign Gold Bonds, dividend taxation and TDS rules to protect investors and businesses.
New Draft Format for TDS/TCS Book Adjustment: Full Details, Applicability & Compliance Guide
04 March 2026 at 08:08Income Tax Department releases Draft Form No. 137 for TDS/TCS Book Adjustment Statement. Check structure, DDO reporting rules, compliance requirements, and key updates for Accounts Officers and Government departments.
Rahul Gandhi Demands Rollback of Tax on Disability Pensions, Seeks Higher ECHS Budget from FM Sitharaman
03 March 2026 at 07:19Rahul Gandhi writes to Finance Minister Nirmala Sitharaman seeking withdrawal of income tax on disability pensions under Finance Bill 2026 and immediate funding support for Ex-Servicemen Contributory Health Scheme (ECHS).
Retired Income Tax Officer Convicted to 4 Years in Rs 15,000 Bribery Case
03 March 2026 at 07:19A Rajkot ACB court sentences retired Income Tax officer Maulesh Mehta to four years' rigorous imprisonment and Rs 1 lakh fine in a 2019 Rs 15,000 bribery case under the Prevention of Corruption Act.
New Reporting Norms: Draft Form 166 to Capture Detailed Account & TIN Information
02 March 2026 at 08:23Draft Form No. 166 introduced under Section 508(1) of the Income-tax Act, 2025 for reporting reportable accounts. Know key disclosure requirements for individuals, entities and controlling persons.
Indirect Transfer Tax Gets Clarity: New FMV and Attribution Formula Notified in Draft IT Rules 2026
28 February 2026 at 07:01Draft Income-tax Rules 2026 introduce detailed FMV and income attribution formula under Rules 11 & 12 for indirect transfer taxation of foreign entities deriving value from Indian assets.
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