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September 2026
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Income TaxAudit-case ITR for AY 2026-27 can now be filed till 21 November 2026; audit report date moves to 21 October
21 November 2026ExtendedCBDT 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.
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Income TaxTDS on property bought from a non-resident: Forms 132 and 141 amended from 1 October 2026
Form 141, Schedule ERule changeThe 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.
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Income TaxValuers and authorised income-tax practitioners: date in rules 246 and 256 moved to 31 March 2027; Forms 169 and 171 replaced
31 March 2027ExtendedThe 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.
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Income TaxNet direct tax collections at ₹12,12,411 crore as on 17 September 2026, up 12.96%; refunds 29.19% higher at ₹2,20,027 crore
Net ₹12.12 lakh crore, up 12.96%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.
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Income TaxForm No. 98 for declarations in Form No. 97: Income Tax Department lays down registration and filing procedure
Form 98 by 31 OctoberAction neededDGIT (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.
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Income TaxIncome-tax data sharing under section 258: CBDT to give Yes/No income flags to Andhra Pradesh for welfare schemes and to the Petroleum Ministry
Yes / No / Not Available flagsNew facilityCBDT 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.
August 2026
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Income TaxIncome Tax Department verifies suspicious foreign remittances; 36 professionals who issued Form 15CB covered
394 entitiesAction neededA 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.
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Income TaxForeign assets disclosure scheme: CBDT FAQs explain who can declare, the 30% tax plus equal amount, the ₹1 lakh fee and payment through Challan ITNS 289
30% tax + equal amountClarifiedCBDT’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.
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Income TaxForeign Assets of Small Taxpayers Disclosure Scheme: rules and forms notified; last date is 31 December 2026
31 December 2026New facilityThe 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.
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Income TaxCBDT FAQs on the Taxation and Other Laws (Amendment) Bill, 2026: electronics contract-manufacturing exemption to 2040-41, data centre conditions eased, new exemptions for rough diamonds
Six changes to the IT Act, 2025ClarifiedCBDT’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.
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