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Overview on Registration of Income-tax Practitioners (ITPs) as per New I Tax Act 2025 Section 515 of the Income-tax Act, 2025 – Authorised Income-tax Practitioners (ITPs) Section 515 of the Income-tax Act, 2025 provides a formal framework for representation of taxpayers before Income-tax Authorities and the Appellate Tribunal through an authorised representative. This section is …
FAST-DS 2026 (Foreign Assets of Small Taxpayers Disclosure Scheme, 2026) The attached document explains the FAST-DS 2026, a one-time voluntary disclosure scheme introduced by the Government of India for small taxpayers holding undisclosed foreign assets or foreign income. The scheme is effective from 16 August 2026 and remains open until 31 December 2026. What is …
New permanent account number Quoting Rules (From 1 April 2026) These new permanent account number quoting rules specify when a permanent account number must be quoted for certain financial transactions. above compares old limits vs revised limits. Cash Withdrawals (Bank/Post Office) Old Rule New Rule INR 20 lakh (FY basis) INR 10 lakh (FY basis) Meaning: …
CBDT Releases Navigator for Income-tax Rules, 2026 The Central Board of Direct Taxes on 7 February 2026 released the “Navigator Income-tax Rules, 2026,” a comprehensive concordance tool designed to facilitate a smooth transition from the Income-tax Rules, 1962 to the newly notified Income-tax Rules, 2026, framed under the Income-tax Act, 2025. What is the Navigator means …
Union Budget 2026—Direct Tax Changes Explained Capital Markets – STT Hike on F&O What changed Instrument Old STT New STT Futures 0.02% 0.05% Options (premium) 0.10% 0.15% Options (exercise) 0.125% 0.15% Policy intent Discourage excessive speculative trading Increase non-distortionary revenue (STT is simple to collect) Push traders towards longer-term instruments Practical impact : High-frequency traders …
Use of artificial intelligence by the Tax Department: India’s New Compliance Reality Introduction CBDT has confirmed the expanded use of artificial intelligence and advanced data analytics by the Income Tax Department to detect discrepancies, strengthen enforcement, and enhance transparency, especially ahead of the passage of the new Income Tax Bill. This marks a structural shift: …
Foreign Income Not in Your ITR? Expect a Sharp NUDGE Before Dec 31! What is NUDGE 2.0? CBDT has launched NUDGE 2.0—a proactive, data-driven initiative to strengthen voluntary compliance for foreign assets and overseas income in AY 2025–26 ITRs. It uses global data-sharing systems like AEOI, CRS, FATCA, and information from overseas financial institutions to …
CBDT Notifies New Rules for Simplified ITR Rectification & Refunds The Central Board of Direct Taxes has issued new rules aimed at improving efficiency in correcting income tax return errors and expediting refunds. The CBDT has rolled out a new framework to streamline the rectification of income tax return (ITR) errors and expedite refund processing …
Online portal to gather public feedback on Proposed Income Tax Bill, 2025 CBDT has introduced an online portal to gather public feedback on the proposed Income Tax Bill, 2025, which aims to simplify and modernize India’s tax framework. This initiative allows stakeholders, including taxpayers, professionals, and businesses, to suggest improvements to tax rules and related …
Tax Benefits on Formation of Employee Provident Fund & Gratuity Trust Tax Exemption on Income of the Gratuity Trust: Income received from the gratuity trust is exempt under Section 10(25)(iv) of the Income Tax Act, 1961. A tax-free return of 10% p.a. is equivalent to a pre-tax return of 13-14% p.a., making it a highly …