Income Tax News

Stay informed about the latest news and trends from the accounting and finance industry, and stay ahead of the competition.

Form 143 to Govern Quarterly TCS Reporting Under Income-tax Act, 2025

Form 143 to Govern Quarterly TCS Reporting Under Income-tax Act, 2025

11th Aug 2026

The new Form 143 framework will carry forward quarterly tax-collected-at-source reporting under the Income-tax Act, 2025. Collectors will continue using Form 27EQ for FY 2025–26 before moving to the new format.

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Income Tax Portal Adds 13 Statutory Forms, Expands Return Utility Availability

Income Tax Portal Adds 13 Statutory Forms, Expands Return Utility Availability

11th Aug 2026

The Income Tax Department has made 13 additional statutory forms, including quarterly forms, available on the e-filing portal. It has also enabled AY 2026-27 return utilities across ITR categories and released Excel utilities for updated returns for AY 2022-23.

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CBDT Exempts Specified Payments to Eligible IFSC Units from TDS

CBDT Exempts Specified Payments to Eligible IFSC Units from TDS

11th Aug 2026

CBDT Notification No. 80/2026, dated 13 July 2026, exempts specified payments received by eligible IFSC units from tax deduction at source under the Income-tax Act, 2025. The covered categories reported in the update include interest, dividends, professional fees, commission and brokerage.

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AY 2026-27 Returns Stay Under 1961 Act Despite Tax Law Transition

AY 2026-27 Returns Stay Under 1961 Act Despite Tax Law Transition

11th Aug 2026

Returns for income earned in FY 2025-26 will remain governed by the Income-tax Act, 1961, even though they are filed after the new law takes effect. The Income Tax Department has clarified the treatment of belated, revised and updated returns during the transition.

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Foreign Asset CRS/FATCA Information Becomes Visible in AIS

Foreign Asset CRS/FATCA Information Becomes Visible in AIS

11th Aug 2026

The Income Tax Department has reported that foreign asset information received through CRS and FATCA can now be viewed in the Annual Information Statement. Taxpayers with overseas financial interests should examine the information carefully and reconcile it with their records before finalising return disclosures.

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Section 148 Notices and the ‘Surviving Period’: What Rajeev Bansal Means for Reassessment

Panaji ITAT Quashes ₹17.95 Crore Reassessment as Section 148 Notice Time-Barred

9th Aug 2026

The Panaji ITAT has reportedly quashed a ₹17.95 crore reassessment after holding that the Section 148 notice was issued beyond the surviving limitation period. The ruling applies the Supreme Court’s framework in Ashish Agarwal and Rajeev Bansal for reassessment notices caught in the transition to the substituted reassessment regime.

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