Income Tax Rule 2026 Update
CA Raj Chawla
Quotes of the day:
1. Life and Time are the world's best teachers; Life teaches us the use of Time and Time teaches us the value of Life.
2. Never Compare your Progress with OTHERS. We all need our OWN TIME to TRAVEL our own DISTANCE. Uniqueness is the Beauty of our LIFE & we should RESPECT it.
Income Tax Rule 2026 Update
1. The draft Income-tax Rules, 2026, propose several significant changes that taxpayers and professionals should be aware of. Here's a summary of the key updates:
2. Mandatory Digital Books of Account:
3. Draft Rule 46: Specified professionals must maintain books and documents:
· In electronic mode
· Accessible in India at all times
· With backups stored on servers physically located in India
· Updated on a daily basis
4. PAN Quoting Threshold Realignment
5. Draft Rule 159: PAN is mandatory for transactions exceeding:
· ₹5 lakh for sale/purchase of motor vehicles
6. Higher Threshold for Property SFT Reporting Draft Rule 237: Reporting requirement for purchase/sale/gift/joint development of immovable property increased to: ₹45 lakh (from ₹30 lakh)
7. Recognition of New Electronic Payment Modes (CBDC)
8. Draft Rule 48: A new Tier-III category has been introduced covering:
· Full KYC Digital Rupee wallets (P-CBDC)
· Wholesale/cross-border CBDC transactions
9. These changes aim to enhance transparency, reduce compliance burden, and promote digital transactions. It's essential to stay updated on these changes to ensure compliance with the Income-tax Rules, 2026.
10. ITAT Indore granted a full Section 87A tax rebate on both short term and long-term capital gains from the sale of equity shares. This decision settled the long- standing dispute about whether Section 87A tax rebates could be applied to STCG and LTCG from equities. To give you some context on the Section 87A dispute.
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With best regards
CA (Dr) Raj Chawla
B.Com (Hons), FCA, FCS, FCMA, LLB
MIMA, DISA, MICA, Phd, ASA (Aust), CMP (USA)
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