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Mumbai: Salaried taxpayers claiming House Rent Allowance (HRA) under the Income-Tax (I-T) Act, face tighter disclosure norms from April 1, 2026, with the introduction of a new declaration format: Form 124 which replaces the earlier Form 12BB and requires additional details to curb misuse.Employees are required to submit this form to their employers for the…
The Central Board of Direct Taxes (CBDT) on Friday notified the Income-tax Rules, 2026 to operationalise the simplified direct tax legislation passed by Parliament last year, with the new framework set to come into effect from April 1. “These rules may be called the Income-tax Rules, 2026. They shall come into force on the April…
The Income Tax Department has released the Draft Income Tax Rules 2026. (AI image) The Income Tax Department has released the Draft Income Tax Rules 2026, which once approved will be applicable for FY 2026-27. For salaried and middle class income taxpayers, several changes have been proposed, which will have implications for their taxable income…
