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Income Tax News


Finance Ministry Allows 7 Financial Entities to Use Aadhaar Authentication Under PMLA

   22 May 2026 at 09:40

The Ministry of Finance has authorised seven reporting entities to perform Aadhaar authentication under the Prevention of Money-laundering Act, 2002, strengthening KYC and compliance mechanisms.

Posted in Income Tax |   918 Views


New Income Tax Act 2025 More Taxpayer-Friendly, Simpler to Understand: Chief Commissioner

   21 May 2026 at 09:35

Income Tax Act 2025 is simpler, clearer and more taxpayer-friendly, says Chief Commissioner. The new law aims to reduce complexity and improve tax compliance.

Posted in Income Tax |   2391 Views


ICAI Introduces UDIN Ceiling for Tax Audit Assignments from FY 2026-27

   19 May 2026 at 09:39

ICAI 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.

Posted in Income Tax |   6546 Views


Form 35: New Tax Form for Offshore Banking Units Under IT Act 2025

   19 May 2026 at 09:37

Form 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.

Posted in Income Tax |   2511 Views


Form 154 Filing Mandatory for Certain Non-Domiciled Individuals Before Leaving India

   18 May 2026 at 09:16

The 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.

Posted in Income Tax |   2541 Views


No Foreign Travel Tax Planned: PM Modi Dismisses Viral Media Report

   18 May 2026 at 09:16

PM 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.

Posted in Income Tax |   2253 Views


Form No. 124 Under New Tax Rules: What Employees Must Submit to Reduce Salary TDS

   18 May 2026 at 09:16

Learn 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.

Posted in Income Tax |   4140 Views


Form 31 Under Income Tax Act 2025 Mandatory for Claiming Rent Deduction Without HRA

   16 May 2026 at 10:34

Form 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.

Posted in Income Tax |   2526 Views


Form No 27 Under IT Act 2025: Mandatory Reporting for Dissolution or Reconstitution of Firms

   16 May 2026 at 10:34

Form 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.

Posted in Income Tax  1 comments |   4221 Views


Form 71 Under Income Tax Act 2025: FAQs, Filing Process, Eligibility, Due Date and Key Compliance Details

   15 May 2026 at 09:42

Understand Form 71 under Income Tax Act 2025 including filing procedure, eligibility, due date, mandatory audit requirements and tax exemption conditions.

Posted in Income Tax |   2898 Views



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