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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New Form 141 introduced for TDS filing: 4 existing forms merged into one challan-cum-statement

The Income Tax Department has introduced Form 141, a consolidated challan-cum-statement, merging four previous TDS forms. This new form simplifies TDS filing for various transactions including rent, property purchase, professional payments, and virtual digital asset transfers. It aims to enhance clarity and reduce duplication in reporting.

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Gratuity may rise under New Labour Code, but your income tax bill could too

The Code on Social Security, 2020 expands the wage base for gratuity, potentially increasing payouts, but tax rules under the Income-tax Act, 1961 and the Income-tax Act, 2025 still rely on basic pay plus DA. With the Payment of Gratuity Act, 1972 now subsumed, this mismatch could make part of the higher gratuity taxable—highlighting the need for alignment between labour and tax laws.

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New ITR forms alert: Secondary address field added, what taxpayers must know

New Income Tax Return forms are here for Assessment Year 2026-27. A key change is a new field for a secondary address. Contact details are now primary and secondary. Reporting for representative assessees is simplified. The need to split capital gains based on transfer dates before or after July 23, 2024, has been removed.

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Buckeye Trust ruling: How a single clause drafted without sufficient precision in trust deeds can trigger tax risk and derail estate planning

Whether in trust deeds, corporate agreements or commercial contracts, even a single clause drafted without sufficient precision can significantly alter the legal consequences of an arrangement. in matters of taxation, precision in drafting is not merely good practice but an essential safeguard.

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Sold property for Rs 94 lakh but lost Rs 21 lakh TDS due to buyer’s error; How Form 71 helped seller win relief from ITAT Delhi

A property seller successfully claimed a Rs 21 lakh TDS credit at ITAT Delhi after the buyer mistakenly deposited it in the wrong year. Despite the Income Tax Department's denial, the tribunal ruled that capital gains must be taxed in the year of transfer, allowing credit based on Form 71.

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Buying agricultural land near a city? Key income tax rules you must know

An ITAT ruling clarified that stamp duty valuation doesn't define agricultural land status for income tax. The tribunal emphasized that official revenue records, actual cultivation, and lack of formal conversion are key factors. This decision protects buyers from tax additions based solely on higher urban land stamp duty rates.

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