Income Tax News

IT Department Sends Notices to High-Earning Senior Executives for Undisclosed Foreign Assets

21 February 2026 at 08:27

Income Tax Department scrutinizes high-earning executives with salaries over Rs 50 lakh for underreporting income, hiding foreign assets and claiming unwarranted exemptions. Notices issued, penalties may follow.

Posted in Income Tax | 750 Views

CBDT introduces Draft Form No 41 for Tax Residency Reporting

21 February 2026 at 07:53

Draft Form No. 41 under Section 159(8) introduces new reporting requirements for residency certificates. Learn key details, information required and compliance impact.

Posted in Income Tax | 138 Views

New Eligibility and Remuneration Rules for Investment Funds Under Draft IT Rules 2026

21 February 2026 at 07:53

Draft Rule 274 under Income Tax Rules 2026 outlines eligibility conditions, compliance relaxations, control thresholds and remuneration norms for investment funds claiming Section 9(12) benefits.

Posted in Income Tax | 69 Views

New Reporting and Eligibility Norms for Foreign Pension Funds Under Rule 282

21 February 2026 at 07:53

Rule 282 of Draft Income-tax Rules 2026 introduces strict conditions for foreign pension funds, covering eligibility, reporting, filings and compliance certification requirements.

Posted in Income Tax | 1788 Views

Supreme Court Flags Misuse of Taxpayers' Money in Rising Freebies Culture Across States

21 February 2026 at 07:53

The Supreme Court questions states over freebies funded by taxpayers' money, warning of fiscal stress, revenue deficits and long-term risks to India's economic growth.

Posted in Income Tax | 1152 Views

ICAI Finds 11 CAs Guilty in Bogus Political Donations Case, Issues Reprimand

20 February 2026 at 09:20

ICAI finds 11 chartered accountants guilty in a bogus political donations case and issues reprimand. Read key details, implications and compliance lessons.

Posted in Income Tax | 3825 Views

New Reporting Rules for Income Accumulation Under Section 342(1) Explained

20 February 2026 at 06:57

Draft Form No. 109 has been introduced to report accumulation of income under Section 342(1). Here's a detailed look at key fields, compliance requirements, and impact on non-profit organisations.

Posted in Income Tax | 2208 Views

New Tax Residency Certificate Application Format Proposed Under Section 159

20 February 2026 at 06:57

Draft Form No. 42 proposes a structured format for applying for a Tax Residency Certificate under Section 159, detailing applicant information, residency basis, and supporting documents.

Posted in Income Tax | 459 Views

No AI Surveillance Under Section 247: Finance Ministry Clears Confusion Over New Tax Law

19 February 2026 at 09:08

Section 247 of the Income Tax Act 2025 explained: Govt says no new authority or AI monitoring powers for tax officials. Read key details!

Posted in Income Tax | 3279 Views

ICAI: UDIN Validation Now Based on Five Parameters Including PAN

19 February 2026 at 08:10

ICAI announces PAN as a mandatory field for UDIN generation under GST & Tax Audit. UDIN validation on CBDT e-Filing portal will now be based on five parameters from February 2026.

Posted in Income Tax | 4974 Views