IT Rules 2026, New Forms, and TDS Consolidation: The Complete Professional Action Plan for Tax Year 2026-27
Quick Summary Box Compliance Item Old (IT Rules 1962) New (IT Rules 2026) Impact TDS certificate — salary Form 16 Form 130 High — all employers Declaration — no TDS Form 15G + Form 15H Form 121 (combined) Medium — depositors/investors Foreign remittance Form 15CA + Form 15CB Form 145 + Form 146 High — […]
Tax Year vs Previous Year vs Assessment Year: Ending 65 Years of Confusion — A Complete Professional Guide
Quick Summary Box Concept Under IT Act, 1961 Under IT Act, 2025 Income earning period Previous Year (PY) Tax Year Tax filing/assessment period Assessment Year (AY) Subsequent Tax Year Duration 12 months (April–March) 12 months (April–March) Example PY 2024-25 → AY 2025-26 Tax Year 2026-27 → Return filed in 2027 Confusion factor HIGH (two different […]
Income Tax Act 2025 Has Replaced the 1961 Act: What Every Tax Professional Must Know
Quick Summary Box Particulars Details Old Act Income Tax Act, 1961 New Act Income Tax Act, 2025 Date of Presidential Assent 21 August 2025 Effective Date 01 April 2026 Old Act Sections 819 sections + 14 schedules New Act Sections 536 sections + 16 schedules Old Rules IT Rules, 1962 (511 rules, 399 forms) New […]
CBDT Circular 04/2026 on Document Identification Number (DIN)
Circular-4-2026 CBDT Circular 04/2026 prescribes revised rules for mandatory Document Identification Number (DIN) in notices, letters, orders and tax communications. Introduction The Central Board of Direct Taxes (CBDT) has issued Circular 04/2026 to prescribe revised guidelines regarding mandatory quoting of Document Identification Number (DIN) in income-tax communications. Further, the circular replaces earlier Circular No. 19/2019 […]
Penalty for Under-Reporting vs. Misreporting
Section 270A Penalty — Under-Reporting vs. Misreporting: Key Differences, Immunity Provisions & Landmark ITAT Rulings (2024–2025) Relevant Sections & Provisions Section 270A — Penalty for under-reporting and misreporting of income (w.e.f. AY 2017-18) Section 270AA — Immunity from penalty and prosecution Section 271(1)(c) — Penalty for concealment (applicable up to AY 2016-17) Section 274 — Procedure for penalty Section […]
The Supreme Court’s Landmark Ruling on Reassessment
Section 148A Reassessment Procedure — Supreme Court’s Definitive Ruling in Rajeev Bansal Case: What Every Tax Professional Must Know Relevant Sections & Provisions Section 147 — Income escaping assessment Section 148 — Notice for income escaping assessment Section 148A — Conducting inquiry, providing opportunity before issue of notice under Section 148 (inserted by Finance Act […]