Income Tax News
Retired Income Tax Officer Convicted to 4 Years in Rs 15,000 Bribery Case
03 March 2026 at 07:19A Rajkot ACB court sentences retired Income Tax officer Maulesh Mehta to four years' rigorous imprisonment and Rs 1 lakh fine in a 2019 Rs 15,000 bribery case under the Prevention of Corruption Act.
New Reporting Norms: Draft Form 166 to Capture Detailed Account & TIN Information
02 March 2026 at 08:23Draft Form No. 166 introduced under Section 508(1) of the Income-tax Act, 2025 for reporting reportable accounts. Know key disclosure requirements for individuals, entities and controlling persons.
Indirect Transfer Tax Gets Clarity: New FMV and Attribution Formula Notified in Draft IT Rules 2026
28 February 2026 at 07:01Draft Income-tax Rules 2026 introduce detailed FMV and income attribution formula under Rules 11 & 12 for indirect transfer taxation of foreign entities deriving value from Indian assets.
New Accountant Certification Format for Slump Sale Capital Gains Under IT Act 2025
28 February 2026 at 07:01Draft Form No. 28 prescribes new reporting and FMV computation rules for slump sales under Section 77(4), mandating accountant certification and detailed net worth disclosure.
New Draft Form Proposed to Standardise Donation Deduction Certification Under Section 45(4)(a)
28 February 2026 at 07:01The newly proposed Draft Form No. 16 standardises how eligible donation certificates are issued, ensuring better verification, deduction accuracy and improved tax reporting compliance.
Detailed Valuation Report Format Proposed Under Section 514 for Asset Valuation
27 February 2026 at 06:48Draft Form No. 170 proposes a structured valuation report format for registered valuers covering property, securities, plantations, jewellery and other assets under Section 514.
Draft Form No. 86 Proposed to Regulate Digital Records and Seized Assets Under New Tax Law
27 February 2026 at 06:48The Income Tax Department has released Draft Form No. 86 under Section 248(1) of the Income Tax Act, 2025, detailing procedures for issuing a warrant of authorisation to requisition books, documents, digital records, and undisclosed assets.
TDS on Property, Rent & Virtual Digital Assets: Draft Form 141 Brings Detailed Reporting Norms
26 February 2026 at 08:40The Income Tax Department releases Draft Form No. 141, a challan-cum-statement for TDS on rent, property transfers, professional payments and virtual digital assets.
New Draft Form Introduced for Provisional Registration Under Income Tax Act, 2025
26 February 2026 at 08:40Draft Form 104 mandates detailed disclosures, beneficial ownership reporting, and document submissions for non-profit organisations seeking provisional registration.
Draft Form 165 Signals Stricter Financial Reporting Norms for Banks and Institutions
25 February 2026 at 08:54The Income Tax Department has released Draft Form 165 for reporting Specified Financial Transactions under the Income-tax Act 2025. Learn key reporting requirements, transaction coverage and compliance impact for banks, institutions and taxpayers.
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