Income Tax News
FM Sitharaman vs Jaya Bachchan: Fiery Exchange Over Entertainment Tax in Rajya Sabha
16 February 2026 at 13:21Finance Minister Nirmala Sitharaman and SP MP Jaya Bachchan clash in Rajya Sabha during Budget 2026 debate over film industry taxes and ticket pricing.
Lower TDS or Nil Deduction? Draft Form 128 Sets New Electronic Application Rules
16 February 2026 at 08:43The 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.
Rule 285 Mandates Form 178 Filing for Capital Gains Exemption
16 February 2026 at 08:43Rule 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.
Provident Fund Contributions Above Threshold? Here's How Rule 277 Taxes Interest
16 February 2026 at 08:43Rule 277 under Draft Income Tax Rules 2026 explains how taxable interest on provident fund contributions exceeding Rs 2.5 lakh or Rs 5 lakh will be calculated and tracked.
Special Allowance Tax Relief: How Rule 279 Changes Exemption Limits
16 February 2026 at 08:43Rule 279 introduces clear limits for exemption of special allowance under Schedule III, detailing calculation methods, salary definition, and metro vs non-metro limits.
New Reporting Framework for Payments to Non-Residents and Foreign Companies
14 February 2026 at 06:49Draft Form No 145 proposes detailed reporting requirements for remittances to non-residents and foreign companies, covering TDS compliance, Section 395 certification, DTAA relief claims, and cross-border payment disclosures under the Income-tax Act.
Draft Form 103 Prescribes 30-Day Payment Rule for Tax Demand
14 February 2026 at 06:48Draft Form No. 103 outlines the procedure for tax demand recovery under Section 289, including a 30-day payment timeline, interest under Section 411 and penalty provisions.
Exceptions for Cash Payments Above Rs 10,000 under Rule 26 of Draft IT Rules 2026
14 February 2026 at 06:48Rule 26 under Draft Income Tax Rules, 2026 outlines cases where cash payments exceeding Rs 10,000 will not attract disallowance under Sections 36(4) and 36(5). Check the full list of exemptions.
Middle Class Not Crushed by Taxes, Says FM Sitharaman Amid Income Tax Debate
14 February 2026 at 06:48Finance Minister Nirmala Sitharaman says rising personal income tax collections reflect middle-class expansion and economic growth, not suppression.
Rule 18 Specifies Conditions for Medical Perquisite Exemption Under Section 17
14 February 2026 at 06:48Draft Income Tax Rules 2026 introduce Rule 18 specifying hospital approval norms and prescribed diseases for medical perquisite exemption under Section 17(2)(b)(ii). Check infrastructure, staffing and compliance requirements.
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