Summarises major tax, GST, customs, and regulatory changes released in early February 2026. The key takeaway is the breadth of compliance-impacting updates across sectors.
Explains how Draft Form 26 fundamentally reshapes tax audit reporting by expanding it beyond book-to-tax reconciliation. The key takeaway is that tax audits will now function as a full-spectrum compliance and risk-validation tool.
The Tribunal upheld disallowance of political donation deductions where the assessee failed to prove genuineness and the transactions were linked to suspected accommodation entries. The ruling reinforces the burden on taxpayers to substantiate claims under section 80GGC with credible evidence.
Draft Income-tax Rules and Forms have been released for public feedback before the new law takes effect, with inputs to shape the final notification.
Learn how Section 87A rebate works with LTCG u/s 112A under the new tax regime for FY 2025–26. Eligibility, limits, and tax calculation explained simply.
Explains how the new tax regime under Section 115BAC impacts higher-income salaried taxpayers, analysing the 25% slab, loss of deductions, marginal tax effect, and whether salary hikes still lead to real take-home growth.
The High Court ruled that penalty proceedings arising from search and initiated in assessment are governed by appeal-linked limitation rules. A penalty passed within six months from receipt of the tribunal order was held valid.
The Tribunal upheld deletion of disallowance where the tax authority failed to produce direct evidence linking the taxpayer to any refund of alleged bogus political donations.
A tax bar body has sought reduction of GSTAT appeal and application fees, citing affordability concerns. The key takeaway is that high costs may defeat the purpose of a statutory appellate forum.
The Budget projects steady growth with fiscal discipline while introducing structural tax reforms. The key takeaway is stability in rates alongside simplification and long-term competitiveness.
