Latest Tax Updates, News, Articles & Notifications
FAST-DS 2026 valuation guide: how to value each foreign asset for Form 1 under Rule 3, the lifetime-deposit bank account rule, the unquoted equity formula, indexed-cost fallback, and the 20 percent variance safe harbour.
FAST-DS 2026 is open from August 16 to December 31, 2026. CBDT Notification 114/2026 sets the rules: 60 percent on undisclosed foreign assets up to Rs 1 crore, or a flat Rs 1 lakh fee up to Rs 5 crore.
CBDT Notification 97/2026 notifies Form ITR-BN for block assessment in search and seizure cases. Who files it, the block period, the 60 per cent rate, and what changes from 1 April 2026.
CBDT Notification 80/2026 exempts specified payments to IFSC units from TDS from April 1, 2026. The 14 eligible categories, Form 1(N), and the reporting trap explained.
CBDT’s 8 July 2026 order shows foreign-asset AEOI data in your AIS. Reconcile Schedule FA before filing AY 2026-27 to avoid the Rs 10 lakh Black Money Act penalty.
CBDT notifies Cost Inflation Index 384 for FY 2026-27 via S.O. 3889(E) under Section 72(8)(a) of the Income-tax Act 2025. Who can still claim indexation on capital gains and how to compute LTCG.
No TDS on aircraft and ship lease rent paid to IFSC units: CBDT Notification 74/2026 and 75/2026 explained, with the Form 1(N) declaration process.
From FY 2026-27, Form 24Q is now Form 138 and Form 26Q is Form 140. Your Q1 TDS and TCS returns are due 31 July 2026. Full old-to-new form mapping inside.
CBDT Circular 06/2026 condones the delay in filing Form 10AB for Section 80G renewal where applications were filed between October 2025 and March 2026.
Scientific research and R&D deduction moves from Section 35 of the 1961 Act to Section 45 of the Income-tax Act 2025 from FY 2026-27. Weighted deductions end; here is the verified mapping and checklist.
