CBDT Clarifies Principal Commissioner Can Condone Delay In Filing Form 10A

The Central Board of Direct Taxes (CBDT) has clarified that the jurisdictional Principal Commissioner of Income-tax or Commissioner of Income-tax may condone delay in filing Form 10A for registration of trusts and institutions under the Income Tax Act, 1961. The Board issued the clarification through Circular No. 01/2026 dated 23 March 2026 to resolve ambiguity regarding the competent authority to condone such delay. Section 12A of the Act prescribes the conditions for claiming tax exemption...

Finance Bill 2026: 12% Surcharge on Buybacks Applies Only to Additional Tax on Promoters'; Income Tax Dept. Clarifies

The Income Tax Department has clarified that the proposed 12% surcharge in the Finance Bill, 2026 will apply only to the additional income-tax payable by promoters on capital gains arising from buybacks, and not on the entire gains. In a clarification issued on March 26, 2026, the Department explained that the amendment relates to taxation of capital gains earned by promoters when companies buy back their own shares under section 68 of the Companies Act, 2013, which governs share...

Finance Minister Nirmala Sitharaman Launches PRARAMBH 2026, Unveils Income Tax Website 2.0

Union Finance Minister Nirmala Sitharaman on Friday (March 20) launched the Income Tax Department's nationwide outreach campaign 'PRARAMBH 2026' in New Delhi and also inaugurated the revamped Income Tax Website 2.0 as part of efforts to prepare taxpayers for the new Income Tax Act, which will come into force from April 1, 2026. The upgraded e-filing portal has been designed to provide improved usability, simpler navigation, and more efficient service delivery to taxpayers as part of the...

Central Bank Digital Currencies Not 'Relevant Crypto-Assets' For CRS Reporting: CBDT

The Central Board of Direct Taxes (CBDT) has amended the Income Tax Rules, 1962, to clarify that Central Bank Digital Currencies (CBDCs) will not fall within the definition of “relevant crypto-assets” for Common Reporting Standard (CRS) framework.The amendment forms part of the Income-tax (Amendment) Rules, 2026 notified on March 5, 2026 and the changes introduce new definitions and reporting provisions relating to crypto-assets, electronic money products and digital currencies under the Common...

CBDT Issues Draft Income Tax Rules 2026 Navigator Mapping Existing Rules To New Framework

With the Income Tax Act, 2025 set to come into force on 1 April 2026, the Central Board of Direct Taxes (CBDT) has released the Draft Income Tax Rules, 2026 for public consultation. To assist stakeholders in navigating the transition, the CBDT has also published an official navigator that maps each of the 333 draft rules to their corresponding provisions under the existing Income Tax Rules, 1962, which currently comprise 511 rules. In addition to revising and consolidating existing draft...

Deep Tech Startups To Retain Status For 20 years Under New DPIIT Notification

On 4 February, the Ministry of Commerce and Industry, through the Department for Promotion of Industry and Internal Trade (DPIIT), issued a notification extending enhanced tax incentives and revising the startup recognition criteria for “Deep Tech Startups” (DTSs) DTSs are entities engaged in developing advanced scientific or engineering solutions involving high research and development intensity, significant intellectual property creation, long gestation periods, and elevated technical or...