Section 536 of the Income-tax Act, 2025 is proposed to be amended to tax deductions or excluded income allowed under the repealed Income-tax Act, 1961, even without violation of conditions, from AY 2026-27.
TDS and TCS guidelines issued under section 400(2) to be made binding on tax authorities and deductors from 1 April 2026.
Penalty proposed for non-furnishing or inaccurate reporting of crypto-asset transaction statements. Rs 200 per day and Rs 50,000 penalty from April 2026.
Clarification proposed on computation of 60 days for passing TPO orders under section 92CA. Amendment to apply retrospectively from June 2007.
New TCS rates proposed under Section 394 include a flat 2% TCS on overseas tour packages without threshold and reduced rates for education and medical remittances under LRS from April 2026.
Minimum Alternate Tax provisions are rationalised from AY 2026-27 with MAT rate cut to 14%, MAT becoming final tax in old regime and limited credit in new regime.
Proposed amendments to Sections 270A, 274 and 220 seek to merge assessment and penalty proceedings and defer interest till appeal disposal.
January 2026 GST collections increased 6.2% to Rs 1.93 lakh crore as net GST revenue grew 7.6%, reflecting stable demand and improved tax compliance.
Finance Bill 2026 proposes converting audit, transfer pricing and SFT penalties into graded mandatory fees from April 1, 2026, aiming to reduce litigation and ease income tax compliance.
ICAI announces Special Examination for members of foreign accounting bodies under MRA/MoU. Exams from 15-19 June 2026 in Noida. Apply by 16 February 2026.
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