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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 notified Income-tax Rules, 2026 to operationalise the provisions of Income tax Act, 2025. The rules will come into force from 1st April 2026.
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CBDT issued FAQs on the interplay and transition from the Income-tax Act, 1961 to the Income-tax Act, 2025, along with a guidance note and FAQs on new forms prescribed under the Income-tax Rules, 2026.
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CBDT directs all Income Tax offices across India to remain open on 31st March 2026, to ensure completion of pending departmental work before the close of FY 2025-26, despite being a holiday on account of Mahavir Jayanti.
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CBDT provides recognition to “G.S.L. Medical College and General Hospital under the aegis of G.S.L. TRUST’ (PAN: AAATG3008N),” as a recognized institution for ‘scientific research’ u/s 35(1)(ii) of the Act, from A.Y. 2026-27 to A.Y. 2030-31, subject to specific conditions.
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CBDT issued a corrigendum to rectify the Notification dtd 5th March 2026, whereby the term “Income-tax (Amendment) Rules, 2026” has been substituted with “Income-tax (First Amendment) Rules, 2026”, with no change in the substantive provisions of the rules.
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CBDT clarified that certain emails issued under Advance Tax e-Campaign for AY 2026-27 contained incorrect ‘significant transaction’ details. Taxpayers are advised to ignore such emails and verify information via e-Campaign tab on the Compliance Portal.
These communications are merely facilitative reminders and do not imply any adverse action.
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CBDT launched a SAKSHAM NUDGE campaign to promote voluntary tax compliance in F&B sector. Restaurants with possible discrepancies in reported sales will receive SMS/emails and are advised to review and update their ITR u/s 139(8A) of the Income Tax Act, 1961 by 31st March 2026 to rectify under-reporting and avoid penal consequences.
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CBDT amend the Rule 114F to H of the Income tax rules, 1962 w.e.f. 1st January 2026. The amendment expands the definition of “Depositary Accounts” to include accounts holding specified electronic money products, Central Bank Digital Currency (CBDC) and relevant crypto-assets for FATCA/CRS reporting under Income tax Act, 1961.
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CBDT provides recognition to “Sri Ramachandra Institute of Higher Education and Research Trust, Chennai (PAN: AAMTS4531L),” as a recognized institution for ‘scientific research’ u/s 35(1)(ii) of the Act, from A.Y. 2026-27 to A.Y. 2030-31, subject to specific conditions.
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