Income Tax News

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 | 4521 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 | 2586 Views

Provident Fund Contributions Above Threshold? Here's How Rule 277 Taxes Interest

16 February 2026 at 08:43

Rule 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.

Posted in Income Tax | 6345 Views

Special Allowance Tax Relief: How Rule 279 Changes Exemption Limits

16 February 2026 at 08:43

Rule 279 introduces clear limits for exemption of special allowance under Schedule III, detailing calculation methods, salary definition, and metro vs non-metro limits.

Posted in Income Tax | 3927 Views

New Reporting Framework for Payments to Non-Residents and Foreign Companies

14 February 2026 at 06:49

Draft 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.

Posted in Income Tax | 1050 Views

Draft Form 103 Prescribes 30-Day Payment Rule for Tax Demand

14 February 2026 at 06:48

Draft 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.

Posted in Income Tax | 2388 Views

Exceptions for Cash Payments Above Rs 10,000 under Rule 26 of Draft IT Rules 2026

14 February 2026 at 06:48

Rule 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.

Posted in Income Tax | 18399 Views

Middle Class Not Crushed by Taxes, Says FM Sitharaman Amid Income Tax Debate

14 February 2026 at 06:48

Finance Minister Nirmala Sitharaman says rising personal income tax collections reflect middle-class expansion and economic growth, not suppression.

Posted in Income Tax | 2676 Views

Rule 18 Specifies Conditions for Medical Perquisite Exemption Under Section 17

14 February 2026 at 06:48

Draft 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.

Posted in Income Tax | 84 Views

Draft Income Tax Rules 2026: Rule 9 on Determination of Income for Non-Residents

13 February 2026 at 09:03

Rule 9 of the Draft Income-tax Rules 2026 outlines how Assessing Officers can determine taxable income of non-residents when exact India-sourced income cannot be ascertained. Know the methods and implications.

Posted in Income Tax | 495 Views