Income Tax News
Draft Form 124 Proposes Mandatory Disclosure of Relationship With Landlord for HRA Claims
23 February 2026 at 06:54Draft Form 124 under Draft Income Tax Rules 2026 proposes detailed reporting for HRA claims including landlord PAN, Aadhaar, rent details, and supporting documents. Know impact.
IT Department Sends Notices to High-Earning Senior Executives for Undisclosed Foreign Assets
21 February 2026 at 08:27Income Tax Department scrutinizes high-earning executives with salaries over Rs 50 lakh for underreporting income, hiding foreign assets and claiming unwarranted exemptions. Notices issued, penalties may follow.
CBDT introduces Draft Form No 41 for Tax Residency Reporting
21 February 2026 at 07:53Draft Form No. 41 under Section 159(8) introduces new reporting requirements for residency certificates. Learn key details, information required and compliance impact.
New Eligibility and Remuneration Rules for Investment Funds Under Draft IT Rules 2026
21 February 2026 at 07:53Draft Rule 274 under Income Tax Rules 2026 outlines eligibility conditions, compliance relaxations, control thresholds and remuneration norms for investment funds claiming Section 9(12) benefits.
New Reporting and Eligibility Norms for Foreign Pension Funds Under Rule 282
21 February 2026 at 07:53Rule 282 of Draft Income-tax Rules 2026 introduces strict conditions for foreign pension funds, covering eligibility, reporting, filings and compliance certification requirements.
Supreme Court Flags Misuse of Taxpayers' Money in Rising Freebies Culture Across States
21 February 2026 at 07:53The Supreme Court questions states over freebies funded by taxpayers' money, warning of fiscal stress, revenue deficits and long-term risks to India's economic growth.
ICAI Finds 11 CAs Guilty in Bogus Political Donations Case, Issues Reprimand
20 February 2026 at 09:20ICAI finds 11 chartered accountants guilty in a bogus political donations case and issues reprimand. Read key details, implications and compliance lessons.
New Reporting Rules for Income Accumulation Under Section 342(1) Explained
20 February 2026 at 06:57Draft Form No. 109 has been introduced to report accumulation of income under Section 342(1). Here's a detailed look at key fields, compliance requirements, and impact on non-profit organisations.
New Tax Residency Certificate Application Format Proposed Under Section 159
20 February 2026 at 06:57Draft Form No. 42 proposes a structured format for applying for a Tax Residency Certificate under Section 159, detailing applicant information, residency basis, and supporting documents.
No AI Surveillance Under Section 247: Finance Ministry Clears Confusion Over New Tax Law
19 February 2026 at 09:08Section 247 of the Income Tax Act 2025 explained: Govt says no new authority or AI monitoring powers for tax officials. Read key details!
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