Income Tax News
ICAI Introduces UDIN Ceiling for Tax Audit Assignments from FY 2026-27
19 May 2026 at 09:39ICAI has introduced a ceiling of 60 Tax Audit assignments per member for UDIN generation effective from April 1, 2026. Read the complete FAQs, applicable forms, counting rules, revised audit treatment and key compliance details.
Form 35: New Tax Form for Offshore Banking Units Under IT Act 2025
19 May 2026 at 09:37Form 35 under the Income Tax Act 2025 is mandatory for Offshore Banking Units and IFSC entities claiming deductions. Check eligibility, due date, filing process, required documents and FAQs.
Form 154 Filing Mandatory for Certain Non-Domiciled Individuals Before Leaving India
18 May 2026 at 09:16The Income Tax Department has clarified the process for obtaining ITCC through Form 154 and Form 155 under Income Tax Rules 2026. Here's who must file, due dates, documents required and compliance rules for non-domiciled persons leaving India.
No Foreign Travel Tax Planned: PM Modi Dismisses Viral Media Report
18 May 2026 at 09:16PM Modi has dismissed reports claiming the government plans to impose a cess, tax or surcharge on foreign travel. He reiterated the govt's focus on Ease of Doing Business and Ease of Living, while the media outlet later withdrew the inaccurate report.
Form No. 124 Under New Tax Rules: What Employees Must Submit to Reduce Salary TDS
18 May 2026 at 09:16Learn everything about Form No. 124 under the Income-tax Act, 2025. Check FAQs on HRA, LTA, home loan interest, investment deductions, PAN requirement, online submission process and employee TDS benefits.
Form 31 Under Income Tax Act 2025 Mandatory for Claiming Rent Deduction Without HRA
16 May 2026 at 10:34Form 31 under the Income-tax Act, 2025 is mandatory for claiming deduction under Section 134 on rent paid without HRA. Check eligibility, due date, deduction limit, FAQs and filing details.
Form No 27 Under IT Act 2025: Mandatory Reporting for Dissolution or Reconstitution of Firms
16 May 2026 at 10:34Form No. 27 under the Income-tax Act 2025 made mandatory for specified entities in dissolution or reconstitution cases. Check filing rules, due date, valuation requiremen and key FAQs.
Form 71 Under Income Tax Act 2025: FAQs, Filing Process, Eligibility, Due Date and Key Compliance Details
15 May 2026 at 09:42Understand Form 71 under Income Tax Act 2025 including filing procedure, eligibility, due date, mandatory audit requirements and tax exemption conditions.
Income Tax Department Releases ITR-1, ITR-4 Excel Utilities for AY 2026-27
15 May 2026 at 09:29Income Tax Department releases ITR-1 and ITR-4 Excel utilities for AY 2026-27 on 15 May 2026. Check eligibility, filing conditions, utility details, schema, validations and key updates.
Electoral Trusts Must File FN 181 Audit Report Under Income Tax Rules 2026
14 May 2026 at 09:38The Income Tax Department has introduced FN 181 under Income Tax Rules 2026 for electoral trusts claiming exemption on voluntary contributions. Know filing rules, eligibility, deadline, audit requirements and key FAQs.
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