Income Tax : The Income Tax Act 2025 introduces mandatory reporting of high-value gifted immovable properties exceeding ₹45 lakh. The amendme...
Income Tax : Clause 43 in Tax Audit Form No. 26 requires auditors to verify remittances reported in Part-D of Form 145. Incorrect classificatio...
Income Tax : The new Income Tax Act, 2025 significantly reduces the number of statutory sections and reorganises tax compliance procedures effe...
Income Tax : The new law defines strict conditions for reopening assessments using specified information categories. It ensures transparency an...
Income Tax : The reform consolidates TDS provisions into a structured system and introduces digital compliance mechanisms. It enhances clarity,...
Income Tax : Rules 307–311 of the Draft Income-tax Rules, 2026 outline how pension funds must purchase annuities, restrict commutation, preve...
Income Tax : Draft Income-tax Rules 2026 prescribe definitions, trust conditions, investment rules, and limits on employer contributions for ap...
Income Tax : Draft Income-tax Rules 2026 outline procedures for provident fund recognition, penalties for assigning PF interest, and tax treatm...
Income Tax : Draft Income-tax Rules 2026 require provident fund nominations to favour family members and mandate annual account reporting by tr...
Income Tax : Rule 333 mandates electronic tax payments for companies and specified taxpayers, while the draft rules also prescribe detailed dep...
Income Tax : Rule 81 prescribes dataset construction, weighted averages, and a 35th–65th percentile arm’s length range when multiple compar...
Income Tax : The latest amendment excludes income arising from transfer of pre-2017 investments from GAAR scrutiny. It reinforces the protectio...
Income Tax : CBDT introduced Income-tax Rules, 2026 to operationalize the Income-tax Act, 2025. The rules standardize procedures on valuation, ...
Draft Rules 75 and 76 prescribe mandatory forms, timelines, and verification requirements for claiming treaty relief and foreign tax credit, limiting credit to actual tax liability and disallowing unsupported or disputed claims.
Draft Rule 74 permits specified persons to defer taxation of income accrued in foreign retirement benefit accounts until withdrawal in a notified country. The option, once exercised in Form 40, is binding and subject to reversal if residential status changes.
Draft Rule 73 prescribes structured formulas for computing relief under Section 157(1) where tax liability increases due to arrears, gratuity, compensation or pension commutation. It standardizes multi-year tax averaging and mandates filing Form 39 to claim the benefit.
Draft Rules 67 to 72 prescribe specific forms and designated authority certifications for claiming deductions under Sections 144 to 152. The rules standardize reporting, audit documentation, and regulatory verification as a precondition for availing tax benefits.
Draft Rule 66 requires mandatory audit, Form 32 filing, and section-wise document submission for claiming deductions under Sections 46 to 144, reinforcing strict procedural compliance.
Draft Rules 63–65 prescribe strict approval, notification, and compliance conditions for universities, sports bodies, and rent deduction claims under Sections 133 and 134, strengthening regulatory control and transparency.
Rule 62 mandates that deductions under Section 128 for specified serious diseases are allowed only when supported by prescriptions from qualified medical specialists. The rule clearly defines eligible ailments, authorised doctors, and the mandatory certification format.
Rule 61 of Draft Income-tax Rules, 2026 prescribes medical authority certification and Form 30 for autism, cerebral palsy and multiple disabilities for deductions under Sections 127 and 154.
Draft Income-tax Rule 60 permits carry forward of accumulated loss and unabsorbed depreciation in amalgamation only if 50% installed capacity is achieved and maintained, with mandatory Form 29 certification and scope for government relaxation.
Draft Rule 59 of the Income-tax Rules, 2026 prescribes a formula-based method to compute taxable income from life insurance payouts under Section 92(2)(l), ensuring premiums already claimed as deductions are not reduced again.
