CBDT has extended the return due date for persons subject to audit from 31 October 2026 to 21 November 2026. The specified date for the audit report moves from 30 September to 21 October 2026.
The Income-tax (Fifth Amendment) Rules, 2026 bring the case where a resident individual or HUF deducts tax on buying immovable property from a non-resident into rules 215, 218 and 219, and add a new Schedule E to Form No. 141.
The Income-tax (Fourth Amendment) Rules, 2026 replace “30th September, 2026” with “31st March, 2027” in rule 246(4) and rule 256(4), and substitute the application forms for registration as a valuer and as an authorised income-tax practitioner.
CBDT data for FY 2026-27 as on 17 September 2026 shows gross direct tax collections of ₹14,32,437.43 crore (up 15.19%), refunds of ₹2,20,026.72 crore (up 29.19%) and net collections of ₹12,12,410.71 crore (up 12.96%). Advance tax stands at ₹5,21,940.72 crore, 16.18% more than a year ago.
DGIT (Systems) has notified how a reporting person registers on the Reporting Portal, gets an ITDREIN and files, corrects or deletes the statement in Form No. 98 under rule 160 of the Income-tax Rules, 2026.
CBDT has issued two orders under section 258(1) of the Income-tax Act, 2025 naming the Director General of Income-tax (Systems), Delhi as the authority to share information. Andhra Pradesh will get a flag on whether a person crosses an agreed income threshold, to identify welfare-scheme beneficiaries. The Ministry of Petroleum and Natural Gas will get flags on five questions, in an order that replaces one of 17 June 2025.
The Directorate of Income Tax (Systems) has notified the format and procedure for two statements of financial transactions under section 508(1) of the Income-tax Act, 2025: SFT-2517 for depositories and SFT-2518 for registrars and share transfer agents of mutual funds. The data, used to pre-fill capital gains in the return, is due half-yearly — by 31 October and 30 April — and must also be given to the account holder.
A nationwide verification launched on 18 August 2026 covers about 394 entities and 36 professionals. CBDT has asked Accountants to exercise due care before certifying remittances in Form 15CB / Form 146.
CBDT’s FAQs on the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 explain that even a person who is now non-resident can declare, that undisclosed foreign assets and income up to ₹1 crore cost 30% tax plus an equal amount, and that foreign assets up to ₹5 crore already taxed but not reported cost a flat ₹1 lakh. Payment is through Challan No. ITNS 289.
The Scheme’s rules, notified on 14 August 2026 and in force from 16 August, fix 31 March 2026 as the valuation date, set out how each foreign asset is valued, and prescribe Forms 1 to 4 for the declaration, the order, the payment and the final certificate.
CBDT’s FAQs explain six proposals of the Taxation and Other Laws (Amendment) Bill, 2026 on the Income-tax Act, 2025: a ten-year extension of the exemption for foreign companies supplying capital goods to electronics contract manufacturers, easier data centre conditions, two new exemptions, dividend relief for unit holders of business trusts and five conditions instead of thirteen for offshore funds.
Rule 75 of the Income-tax Rules, 2026 sets the forms for double taxation relief: a resident applies to the Assessing Officer for a certificate of residence in Form No. 42 and receives it in Form No. 43; a non-resident gives the other information for treaty relief in Form No. 41.
Rule 279 of the Income-tax Rules, 2026, in force from 1 April 2026, lists eight places for the 50%-of-salary limit of the house rent allowance exemption: Mumbai, Kolkata, Delhi, Chennai, Hyderabad, Pune, Ahmedabad and Bengaluru. Every other place stays at 40%.
The morning brief
One email each working morning with the day’s tax, GST and company-law news. It is starting soon; leave your address and it comes to you from day one.
