Tax on destination wedding outside India: Will income tax apply on gifts in form of cash, property, gold jewellery? Know the rules

Whether it is cash, gold, car, or even a property, if gifted to the bride or the groom on their wedding, no tax would be levied on the gift. Under Section 56(2)(x) of the Income Tax Act, 1961 (Section 92(3) of the Income Tax Act, 2025) gifts received by the bride or groom on the occasion of marriage are completely exempt from tax.

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Alert for CXOs and Directors: Acting as authorised signatory for a foreign company now requires PAN, address & more details under Income Tax Rules, 2026

New Income Tax Rules, 2026 mandate that Indian employees acting as authorised signatories for foreign companies must now provide their PAN, residential address, and other key details. This change aims to enhance compliance and links individuals directly to the foreign entity's tax obligations, potentially increasing scrutiny.

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Meal card reporting when filing ITR: How to do it correctly and claim tax benefits under both the old and new tax regimes

Salaried employees can now claim meal card tax benefits under both old and new tax regimes from Tax Year 2026-27. For AY 2026-27, the benefit is restricted to the old tax regime, with limits of Rs 50 per meal. Proper reporting in ITR and documentation are crucial for claiming these exemptions.

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GSTN launches offline Excel-based utility to boost Invoice Management System for greater accuracy in ITC claims; Here’s how it can help

GSTN has launched a new offline Excel utility for its Invoice Management System (IMS), aiming to boost accuracy in Input Tax Credit (ITC) claims. This tool allows taxpayers to process and upload IMS data offline, enabling bulk actions like accepting or rejecting invoices. Experts believe this will simplify compliance and encourage wider adoption of the IMS.

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Government is considering one-day extension of GSTR-3B filing due date

The GST Network has apologised for technical difficulties hindering GSTR-3B filings for the March 2026 tax period. Many chartered accountants reported portal issues, leading the government to consider a one-day extension for the April 20th deadline to April 21st. Taxpayers faced payment reflection delays and potential late fees and interest due to these persistent glitches.

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Has the GSTR-3B return filing due date for the March 2026 tax period been extended?

Tax professionals are struggling to file GSTR-3B for March 2026. The GST portal is experiencing significant slowdowns, preventing logins and filings. This is causing concern as missed deadlines can lead to severe consequences, including the suspension of GST numbers. An interim fix was previously suggested for a similar issue in February 2026.

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Buying property above Rs 45 lakh without a PAN? You must use new Form 97, says Income Tax Department

The Income Tax Department has introduced a new Form 97, replacing Form 60, for individuals without a PAN card undertaking specific transactions. This includes buying property above Rs 45 lakh, opening bank accounts, and making certain cash payments. The revamped forms aim to simplify compliance, with reduced reporting expected for these declarations.

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Is tax clearance mandatory before foreign travel? What the Income-Tax Act, 2025 says

The introduction of Form 157 and Form 159 under the Income-Tax Rules, 2026 has sparked confusion over whether tax clearance is now mandatory for all Indians travelling abroad. However, a closer reading of Section 420 of the Income-Tax Act, 2025—read with Section 536 and CBDT Instruction No. 1/2004—makes it clear that no such blanket requirement exists.

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India Inc salary restructuring: How new labour codes and income tax rules will impact take-home pay and retirement savings

Salaried employees face uncertainty as new labor codes and tax rules loom. Companies are preparing for changes, but widespread implementation is delayed pending final government notifications. The shift towards a fixed-heavy salary structure, with higher basic pay, may reduce take-home salaries while boosting long-term retirement savings.

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Meal vouchers at Rs 200 per meal: Who gets income tax benefit and how the ‘working hours’ rule applies

The increase in the tax-exempt limit for employer-provided meals to ₹200 per meal under Rule 15 of the Income-Tax Rules, 2026 marks a significant shift from the earlier ₹50 cap. However, the real issue lies not in the quantum of the benefit, but in the interpretation of the rule—particularly the condition that meals must be provided “during working hours.

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Employee fined Rs 10 lakh over lack of ESOP disclosure in ITR; here's why ITAT Chennai cancelled it

An Indian employee faced a Rs 10 lakh penalty for not disclosing foreign ESOPs in his Income Tax Return. The Income Tax Appellate Tribunal, Chennai, has now cancelled this penalty. The tribunal ruled that the omission was accidental and bona fide, especially as it was the first year of the reporting requirement.

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Form 121 for EPF members: EPFO clarifies who needs to file new form instead of Forms 15G, 15H

The Employees’ Provident Fund Organisation (EPFO) has replaced Forms 15G and 15H with a single Form 121, effective April 1, 2026, under the new Income-tax Act, 2025.

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ITR assessment rules change from April 2026: Four key amendments explained

Four key changes to Income Tax Return (ITR) assessment rules will be effective from April 2026 for Tax Year 2026-27. These amendments, introduced in the Finance Bill, 2026, aim to enhance efficiency and transparency in tax assessments. The changes cover tax notices, DIN in communications, assessment completion timelines, and block assessments.

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