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 Rule 42 of the Income-tax Rules, 2026 specifies categories of bad and doubtful debts for banks, financial institutions, and housing finance companies. It clarifies when interest income will be governed by Section 56, based on non-performing asset criteria and security erosion thresholds.
Draft Rule 41 of the Income-tax Rules, 2026 defines the meaning of “actually paid” for spectrum fee deductions under Section 52. It distinguishes between upfront and deferred payment options and mandates reassessment if spectrum allocation is terminated due to non-compliance.
Rule 40 of the Draft Income-tax Rules, 2026 sets mandatory audit, reporting, expense restrictions, and employee training limits for skill development projects notified under section 47(1)(b). The key takeaway is that non-compliance can trigger Board action, including revocation of notification.
Rule 39 of the Draft Income-tax Rules, 2026 lays down a detailed approval mechanism involving NCVET, the Commissioner of Income-tax, and CBDT for skill development projects under section 47(1)(b).
Rule 38 of the Draft Income-tax Rules, 2026 prescribes mandatory audit, separate books of account, capped beneficiary receipts, and strict reporting conditions for Agricultural Extension Projects claiming deduction under section 47(1)(a).
Rule 37 of the Draft Income-tax Rules, 2026 lays down mandatory conditions, prior Ministry approval, minimum ₹25 lakh expenditure, and CBDT notification procedures for agricultural extension projects under section 47(1)(a).
Rule 36 of the Draft Income-tax Rules, 2026 lays down detailed application procedures and eligibility conditions for affordable housing projects and semiconductor wafer fabrication units to be notified as specified businesses under section 46.
Rule 35 prescribes the authority, procedure, timelines, and compliance conditions for company approval under Section 45(3)(b). It mandates strict audit, reporting, and research-use requirements to prevent misuse of tax benefits.
Rule 34 prescribes conditions for universities, colleges, and institutions seeking approval under Section 45(4), mandating separate books, audits, and detailed research reporting. The rule ensures research funds are properly utilised and monitored.
Rule 33 of the Draft Income-tax Rules, 2026 prescribes strict conditions for research associations seeking approval under Section 45(4). It mandates audit, reporting, donation tracking, and genuine research activity to retain approval.
