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Dear Reader,
Greetings for the day!!!
We are pleased to share the recent Tax notification and circulars.
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Direct Tax
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CBDT condones delayed Form 10AB (80G renewal) filing made between 01.10.2025 to 31.03.2026, disposal by 31.12.2026
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CBDT grants exemption u/s 10(46) to “Mussoorie Dehradun Development Authority” (PAN: AAAAM4651Q) for specified income subject to conditions, for FY 2021-22 & AY 2022-23
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CBDT exempts TDS on aircraft lease rent paid to eligible IFSC units claiming deduction u/s 147 of ITA25, subject to conditions
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CBDT exempts TDS on ship lease rent paid to eligible IFSC units claiming deduction u/s 147 of ITA25, subject to conditions
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ITD rolled out second set of statutory forms as per ITA Rules,2026 on e-Filing portal:
- Form 121 (Old Form 16)
- Form 138 (Old Form 24Q)
- Form 140 (Old Form 26Q)
- Form 143 (Old Form 27EQ)
- Form 144 (Old Form 27Q)
- Form 147 (New Quarterly Form for ADs to report foreign remittance)
- Form 148 (New Quarterly Form for IFSCs to report foreign remittance)
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ITR filing FY 2025-26: ITD added new field, “Receipts not in the nature of income,” to report exempt income such as foreign receipts, gifts (inheritance or on occasion of marriage), proceeds from sale of agricultural land/personal assets, loans, any other similar receipts
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Goods And Services Tax
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Advisory on Revision of Timeline for Amendment of Aggregate Annual Turnover (AATO), 2026
GSTN has revised the timeline for amendment of Aggregate Annual Turnover (AATO) for FY 2025–26 following the rollout of an enhanced system that will automatically update AATO as subsequent GST returns are filed. The AATO amendment window will now remain open from 1 July to 31 July 2026, replacing the earlier May schedule, while jurisdictional tax officers will review the amended details from 1 August to 15 August 2026. Taxpayers are advised to verify and submit accurate AATO details within the revised timeline. In case of any issues, grievances may be raised through the Self-Service Portal on the GST Portal.
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FAQs on Mandatory Capture of Ship-to Field and Voluntary Closure of E-Way Bill, 2026
The GST authorities have issued comprehensive FAQs dated 2 July 2026 to clarify various queries raised by taxpayers, trade, and GST Suvidha Providers (GSPs) regarding the mandatory capture of the Ship-to field and the voluntary closure of E-Way Bills. The FAQs explain the applicable system validations, procedural requirements, and compliance framework for these enhancements to the E-Way Bill system. Stakeholders are advised to familiarize themselves with the updated requirements and procedures to ensure seamless compliance with the revised E-Way Bill functionalities.
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