Income Tax News

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 | 3462 Views

New Form 66 for Section 206 Book Profit: Companies to File CA-Certified Report

17 February 2026 at 07:00

Draft Form 66 introduces a structured reporting framework for computation of book profit under Section 206(1) of the Income Tax Act, 2025. The form mandates detailed Ind AS transition disclosures and CA certification for companies.

Posted in Income Tax | 4098 Views

FM Sitharaman vs Jaya Bachchan: Fiery Exchange Over Entertainment Tax in Rajya Sabha

16 February 2026 at 13:21

Finance Minister Nirmala Sitharaman and SP MP Jaya Bachchan clash in Rajya Sabha during Budget 2026 debate over film industry taxes and ticket pricing.

Posted in Income Tax | 426 Views

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 | 5967 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 | 2859 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 | 7215 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 | 4149 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 | 1482 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 | 2676 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 | 22155 Views