Income Tax News

ICAI: UDIN Validation Now Based on Five Parameters Including PAN

19 February 2026 at 08:10

ICAI announces PAN as a mandatory field for UDIN generation under GST & Tax Audit. UDIN validation on CBDT e-Filing portal will now be based on five parameters from February 2026.

Posted in Income Tax | 5772 Views

Govt Rejects 'Multi-Layered Tax Burden' Claims: Finance Ministry Cites Low Tax-to-GDP Ratio

19 February 2026 at 08:09

The government has rejected claims of excessive multi-layered taxation, stating India's tax-to-GDP ratio remains among the lowest in the G20 while highlighting GST rationalisation and ongoing tax reforms aimed at simplification and compliance.

Posted in Income Tax | 1533 Views

ICAI Introduces UDIN Ceiling & Field-Level Validation for Section 44AB Tax Audits from 1st April 2026

18 February 2026 at 09:06

ICAI announces field-level validation for all Section 44AB sub-categories and caps UDIN generation as per 60 tax audit limit from April 1, 2026. Read full details.

Posted in Income Tax | 6486 Views

Recognised Stock Exchange Criteria Tightened Under Draft IT Rules 2026

18 February 2026 at 07:09

Stock exchanges must maintain audit trails, prevent transaction erasure, record PAN and UCC, and submit monthly reports to DGIT under new Rule 4 of Draft IT Rules 2026.

Posted in Income Tax | 1773 Views

Net Direct Tax Collection for FY 2025-26 Grows 9.4%, Refunds Drop 18.8%

17 February 2026 at 09:17

India's net direct tax collection for FY 2025-26 rises 9.40% to Rs 19.43 lakh crore as on February 10, 2026. Check corporate tax, non-corporate tax, refunds and gross collection details.

Posted in Income Tax | 195 Views

Draft Form 48 Introduced for Transfer Pricing Reporting Under Section 172 of IT Act, 2025

17 February 2026 at 07:00

Draft Form 48 under Section 172 of the Income-tax Act, 2025 introduces a detailed reporting framework for international and specified domestic transactions, mandating transaction-wise ALP computation and CA certification for transfer pricing compliance.

Posted in Income Tax | 3096 Views

New Form 66 for Section 206 Book Profit: Companies to File CA-Certified Report

17 February 2026 at 07:00

Draft Form 66 introduces a structured reporting framework for computation of book profit under Section 206(1) of the Income Tax Act, 2025. The form mandates detailed Ind AS transition disclosures and CA certification for companies.

Posted in Income Tax | 4017 Views

FM Sitharaman vs Jaya Bachchan: Fiery Exchange Over Entertainment Tax in Rajya Sabha

16 February 2026 at 13:21

Finance Minister Nirmala Sitharaman and SP MP Jaya Bachchan clash in Rajya Sabha during Budget 2026 debate over film industry taxes and ticket pricing.

Posted in Income Tax | 327 Views

Lower TDS or Nil Deduction? Draft Form 128 Sets New Electronic Application Rules

16 February 2026 at 08:43

The Government has released Draft Form No. 128, prescribing the format for applying for a certificate for lower or nil deduction of income-tax (TDS) and lower collection of income-tax (TCS) under Section 395(1) and 395(3) of the Income-tax Act, 2025.

Posted in Income Tax | 5766 Views

Rule 285 Mandates Form 178 Filing for Capital Gains Exemption

16 February 2026 at 08:43

Rule 285 under Draft Income-tax Rules 2026 explains how specified funds can compute exempt capital gains on fund relocation and outlines Form 178 compliance requirements.

Posted in Income Tax | 2724 Views