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.
FAST-DS 2026 proposes a one-time disclosure scheme for small taxpayers to declare undisclosed foreign assets with tax payment and limited immunity under the Black Money Act.
Budget 2026 proposes major relief for taxpayers by reducing imprisonment, introducing graded penalties and decriminalising procedural offences under tax law.
Budget 2026 proposes amendments to the Income Tax Act, 2025, allowing taxpayers to file updated returns even after reassessment notices under Section 280, promoting voluntary compliance and reducing litigation.
Resident individuals and HUFs buying immovable property from non-residents will no longer need to obtain TAN for TDS deduction from October 1, 2026, reducing compliance burden.
Electronic filing for lower or nil TDS certificates under Section 395 to be introduced from April 1, 2026, easing compliance and enabling faster digital approval for taxpayers.
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