CBDT
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The 'Foreign Assets of Small Taxpayers‑Disclosure Scheme Rules, 2026' will come into force on August 16 and set out four categories of foreign holdings that can be declared, according to an official statement.
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The guidance note reiterates that the primary compliance burden falls on Reporting Crypto-Asset Service Providers (RCASPs), not directly on individual investors.
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The Cost Inflation Index, or CII, provides for adjusting the purchase price of assets for inflation when calculating long-term capital gains tax after these assets are sold to the next buyer.
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In its notification, the CBDT said that GAAR will not apply to income arising from the transfer of investments made before April 1, 2017. The amendment will come into effect from April 1, 2026.
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The draft rules indicate a big shift in how PAN will be used in everyday financial transactions. One of the key proposals is a higher threshold for quoting PAN in cash dealings. Currently, individuals must provide PAN for a single cash deposit above Rs 50,000 in a day.
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CBDT has advised all eligible taxpayers to utilise this opportunity to ensure complete compliance with statutory reporting requirements.
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NUDGE Campaign: The data shows that some returns contain incorrect or invalid PANs of donees, while others have errors regarding the actual amount of the deduction claimed.
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The Central Board of Direct Taxes (CBDT) is holding detailed talks with tax experts, industry representatives and income tax officials nationwide to revamp the ITR forms. The goal is to make the forms more simple, clear and easy for taxpayers to understand.
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The CBDT said that it carried out follow-up searches against some of these RUPPs and Trusts and gathered incriminating evidence in respect of bogus donations by individuals and bogus CSR by companies.
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The Finance Ministry has revealed that advanced data analytics applied to AEOI (Automatic Exchange of Information) records have identified several high-risk cases. In the first phase, about 25,000 taxpayers will receive alerts regarding possible unreported or incorrectly reported foreign assets.
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Analysis of the Automatic Exchange of Information (AEOI) for FY 2024-25 (CY 2024) by CBDT has identified high-risk cases where foreign assets appear to exist but have not been reported in the ITRs filed for AY 2025-26.
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CBDT Chairman Ravi Agrawal has clarified the reasons and shared when taxpayers can expect pending refunds to be credited.
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Speaking on the sidelines of the India International Trade Fair (IITF) here, Agarwal stated direct tax mop-up is growing at 6.99 per cent as compared to last year, which is an encouraging trend.
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With the new directive, CBDT has authorised the CPC in Bengaluru to exercise concurrent powers under Sections 120(1) and 120(2) of the Income-Tax Act, 1961, ensuring quicker resolution of taxpayer grievances arising from computation errors or refund mismatches.
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In the financial year 2023-24, many taxpayers claimed a rebate on short-term capital gains, but the Income Tax department denied their requests and raised demands for the pending taxes.
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Earlier, SEBI had simplified the appointment of nominees to ensure smooth transfer of securities after the death of an investor.
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The chamber noted that although ITR-5 was made available on August 8, ITR-1 through ITR-4 were only made available on July 30. ITR-6 and ITR-7 are yet to be released. Likewise, the tax audit forms, Forms 3CA-3CD and 3CB-3CD, were only released on July 29.
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CBDT has directed thatreturns of income filed electronically upto 31.03.2024 which have been erroneously invalidated by CPC shall now be processed.
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The tax benefit has kicked in with effect from July 9, 2025.
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The Finance Minister directed all Principal Chief Commissioners of Income Tax to prioritise and accelerate the disposal of disputed tax demands that are currently pending before the faceless appellate authorities.
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The I-T department recently launched the 'e-Pay Tax' feature which aims to simplify tax-related procedures for taxpayers.
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The Central Board of Direct Taxes (CBDT) regularly undertakes a systematic review of data received and identifies taxpayers, whose cases require further verification.
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