Income Tax News
Govt Rejects 'Multi-Layered Tax Burden' Claims: Finance Ministry Cites Low Tax-to-GDP Ratio
19 February 2026 at 08:09The 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.
ICAI Introduces UDIN Ceiling & Field-Level Validation for Section 44AB Tax Audits from 1st April 2026
18 February 2026 at 09:06ICAI 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.
Recognised Stock Exchange Criteria Tightened Under Draft IT Rules 2026
18 February 2026 at 07:09Stock 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.
Net Direct Tax Collection for FY 2025-26 Grows 9.4%, Refunds Drop 18.8%
17 February 2026 at 09:17India'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.
Draft Form 48 Introduced for Transfer Pricing Reporting Under Section 172 of IT Act, 2025
17 February 2026 at 07:00Draft 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.
New Form 66 for Section 206 Book Profit: Companies to File CA-Certified Report
17 February 2026 at 07:00Draft 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.
FM Sitharaman vs Jaya Bachchan: Fiery Exchange Over Entertainment Tax in Rajya Sabha
16 February 2026 at 13:21Finance Minister Nirmala Sitharaman and SP MP Jaya Bachchan clash in Rajya Sabha during Budget 2026 debate over film industry taxes and ticket pricing.
Lower TDS or Nil Deduction? Draft Form 128 Sets New Electronic Application Rules
16 February 2026 at 08:43The 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.
Rule 285 Mandates Form 178 Filing for Capital Gains Exemption
16 February 2026 at 08:43Rule 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.
Provident Fund Contributions Above Threshold? Here's How Rule 277 Taxes Interest
16 February 2026 at 08:43Rule 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.
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