India’s Cash Transaction Rules: Key Changes from April 2026
India has further reinforced its regulatory framework governing cash-based transactions with effect from 1 April 2026. This evolving regime expands the practical scope of existing provisions under the Income-tax Act, 1961, while strengthening the reporting and monitoring responsibilities of banks and financial institutions. For a banking-focused audience, the framework represents a convergence of tax law…
Read article
Form 130 replaces form 16: The New TDS Certificate You Must Know
Starting April 1, 2026, India introduces a significant change in its tax documentation system: Form 130 will replace the current Form 16 as the mandatory annual certificate for Tax Deducted at Source (TDS). This update comes under the framework of the new Income Tax Act, 2025, and aims to simplify and modernize tax reporting for…
Read article
ITR Forms Renumbered: Key Changes for FY 2026-27
🚀 New Numbers, Smarter Filing & Easier Compliance The income tax landscape is set for a major refresh in FY 2026–27 (AY 2027–28) under the Income Tax Act, 2025, effective April 1, 2026. With a strong focus on simplification, digitization, and user convenience, the government has introduced renumbered forms, redesigned ITRs, and improved compliance mechanisms.…
Read article
Goodbye 15G & 15H: Now Form 121 for TDS Declarations
From April 1, 2026, the Government of India has introduced Form 121, replacing the existing Form 15G and Form 15H for TDS declarations. This change is part of the updated Income Tax rules aimed at simplifying the process for taxpayers who want to avoid Tax Deducted at Source (TDS) on eligible income such as bank…
Read article
Forms 15G & 15H: Key Changes for FY 2025–26
With the revised income tax slabs and new regime thresholds applicable for FY 2025–26, Forms 15G and 15H have been updated to align with India’s evolving tax framework. These changes aim to simplify compliance, enhance digitization, and ensure that eligible individuals and HUFs can avoid unnecessary TDS on interest and dividend income—provided their total taxable…
New Income Tax Form Numbers 2026: Quick Guide for Banks
India’s Income Tax Department has released draft rules for 2026, renumbering key forms under the new Income-tax Act, 2025, effective April 1, 2026. This structural update simplifies form references without altering core compliance requirements. Key Form Renumbering The table below maps select old forms to their new numbers as per the draft Income-tax Rules, 2026,…
Read article