The CBDT has introduced a revised ITR-3 form through Notification No. 47/2026 to improve reporting standards. The amendment mandates updated disclosures, strengthening compliance and transparency for taxpayers filing returns for AY 2026–27.
The amendment replaces the existing ITR-2 form with an updated version for AY 2026-27. The ruling mandates taxpayers to adopt the revised format, ensuring improved compliance and reporting accuracy.
The notification addressed limitations in ITR-1 eligibility for multiple house properties. The amendment permits reporting of up to two properties, simplifying return filing for more taxpayers.
The government granted income tax exemption on specified income including cess and contributions. The benefit is subject to strict conditions like no commercial activity and mandatory return filing.
Courts have clarified that purchases cannot be disallowed without proper evidence. Genuine transactions supported by documents cannot be treated as unexplained expenditure.
The issue involved granting recognition to a research institution for tax deduction eligibility. The notification approved it under Section 35(1)(ii), allowing donors to claim deductions subject to strict compliance requirements.
The notification grants approval for scientific research, allowing donors to claim tax deductions on contributions. It also mandates strict compliance with reporting and certification requirements.
The notification recognises a statutory board under section 10(46A) of the Income-tax Act. It clarifies eligibility conditions and confirms applicability from AY 2024–25, reinforcing compliance with statutory requirements.
The government approved an institution under section 35(1)(ii) for scientific research benefits. The ruling highlights compliance conditions and reporting obligations for continued eligibility.
The shift to the new tax regime requires ERP systems to handle dual compliance logic. Businesses must upgrade systems to avoid errors and ensure seamless compliance.
