Income Tax News

ICAI Finds 11 CAs Guilty in Bogus Political Donations Case, Issues Reprimand

20 February 2026 at 09:20

ICAI finds 11 chartered accountants guilty in a bogus political donations case and issues reprimand. Read key details, implications and compliance lessons.

Posted in Income Tax | 3336 Views

New Reporting Rules for Income Accumulation Under Section 342(1) Explained

20 February 2026 at 06:57

Draft 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.

Posted in Income Tax | 1875 Views

New Tax Residency Certificate Application Format Proposed Under Section 159

20 February 2026 at 06:57

Draft 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.

Posted in Income Tax | 399 Views

No AI Surveillance Under Section 247: Finance Ministry Clears Confusion Over New Tax Law

19 February 2026 at 09:08

Section 247 of the Income Tax Act 2025 explained: Govt says no new authority or AI monitoring powers for tax officials. Read key details!

Posted in Income Tax | 3264 Views

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 | 4092 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 | 1413 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 | 6153 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 | 1689 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 | 159 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 | 1338 Views