Latest Tax Updates, News, Articles & Notifications
India Mauritius DTAA principal purpose test: CBDT Notification 135/2026 gives effect to new Article 27B from 10 August 2026. What changed and what to do.
CBDT Notification 134/2026 substitutes Form 161 for penalty waiver under Section 440: pay 100% or 120% additional income-tax instead of a 200% misreporting penalty.
CBDT Circular 07/2026 extends the AY 2026-27 tax audit due date to 21 October 2026 and the ITR date to 21 November 2026 for audited assessees outside Section 92E.
Missed the 30 September 2026 tax audit deadline? Section 271B penalty (0.5%, max Rs 1.5 lakh), the Section 273B defence, and the new Section 428 flat fee from 2026-27.
From 1 October 2026, resident individual and HUF buyers deduct TDS on property bought from an NRI through Form 141 Schedule E, with no TAN (CBDT Notification 121/2026).
Section 40A(3) disallows cash business payments over Rs 10,000 (Rs 35,000 for goods carriage) in full. Rule 6DD exceptions, Clause 21(d) reporting and the move to Section 36 of the Income-tax Act 2025.
Tax audit applicability for FY 2025-26: Section 44AB limits (Rs 1 crore, Rs 10 crore digital, Rs 50 lakh profession), the presumptive trap and the September 30, 2026 due date.
The Form 3CD clauses that trip up FY 2025-26 tax audits before 30 September 2026: MSME 43B(h), employee PF, TDS, cash payments and GST, plus the move to Form 26 under Section 63.
Section 43B(h) disallows dues to a micro or small enterprise unpaid at 31 March. What your FY 2025-26 tax audit must report by 30 September 2026, and its move to Section 37, Act 2025.
Section 40(a)(ia) disallows 30% of a resident payment where TDS was not deducted or not paid by the ITR due date. How it works before the 30 September 2026 tax audit, and the move to Section 35(b) of the Income-tax Act 2025.
