CAclubindia News
Penalty for Under-Reporting of Income to Be Imposed in Assessment Order From AY 2027-28
04 February 2026 at 08:25Proposed amendments to Sections 270A, 274 and 220 seek to merge assessment and penalty proceedings and defer interest till appeal disposal.
GST Collections January 2026 Rise 6.2% YoY to Rs 1.93 Lakh Crore
04 February 2026 at 08:25January 2026 GST collections increased 6.2% to Rs 1.93 lakh crore as net GST revenue grew 7.6%, reflecting stable demand and improved tax compliance.
Finance Bill 2026: Key Penalties Converted into Mandatory Fees from AY 2026-27
04 February 2026 at 08:25Finance Bill 2026 proposes converting audit, transfer pricing and SFT penalties into graded mandatory fees from April 1, 2026, aiming to reduce litigation and ease income tax compliance.
ICAI Special Examination June 2026 Announced for Foreign Accounting Body Members Under MRA/MoU
04 February 2026 at 08:25ICAI announces Special Examination for members of foreign accounting bodies under MRA/MoU. Exams from 15-19 June 2026 in Noida. Apply by 16 February 2026.
FAST-DS 2026: Proposal of One-Time Disclosure Scheme for Foreign Assets of Small Taxpayers
03 February 2026 at 09:11FAST-DS 2026 proposes a one-time disclosure scheme for small taxpayers to declare undisclosed foreign assets with tax payment and limited immunity under the Black Money Act.
Big Relief for Taxpayers: Criminal Liability Rationalised in Income Tax Act, 2025
03 February 2026 at 08:23Budget 2026 proposes major relief for taxpayers by reducing imprisonment, introducing graded penalties and decriminalising procedural offences under tax law.
Income Tax Act 2025 Amendment: Taxpayers Can File Updated Returns Even After Reassessment Notice
03 February 2026 at 08:23Budget 2026 proposes amendments to the Income Tax Act, 2025, allowing taxpayers to file updated returns even after reassessment notices under Section 280, promoting voluntary compliance and reducing litigation.
TAN Exemption for Resident Individuals & HUFs on Immovable Property Purchases from 1st Oct 2026
03 February 2026 at 08:23Resident individuals and HUFs buying immovable property from non-residents will no longer need to obtain TAN for TDS deduction from October 1, 2026, reducing compliance burden.
Electronic Application for Lower or Nil TDS Certificates from 1st April 2026
03 February 2026 at 08:23Electronic filing for lower or nil TDS certificates under Section 395 to be introduced from April 1, 2026, easing compliance and enabling faster digital approval for taxpayers.
Updated Return Rules Amended: Filing of Loss-Adjusted Returns Allowed from FY 2026-27
02 February 2026 at 10:12Finance Ministry amends Section 263 of the Income Tax Act 2025 to allow filing of updated returns for reducing previously claimed losses. Effective FY 2026-27, this change eases compliance and provides flexibility for taxpayers.
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