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    February 7, 2026
    Siddaramaiah launches software, mobile app developed to facilitate chit transactions
    February 7, 2026
    Two indigenous quantum computers will be launched on April 14: Andhra CM
    February 7, 2026
    I-T dept releases draft rules, forms for new Income Tax Act; seeks public inputs
    February 7, 2026
    Nabin kickstarts BJP's campaign in Kerala, promises to fight for justice in Sabarimala issue
    February 7, 2026
    ISM 2.0 to prioritise chip design, ecosystem partners, talent: Ashwini Vaishnaw
    February 7, 2026
    Following are the top foreign stories at 2040 hours
    February 7, 2026
    Trade deal with US gives another boost to India's roaring growth engine: Amit Shah
    February 7, 2026
    End of Thackeray-era, BJP's Ritu Tawde set to become Mumbai mayor in unopposed contest
    February 7, 2026
    IPO-bound MF arm dividend powers SBI to highest ever net at Rs 21,028 cr in Q3
    February 7, 2026
    Partition took place because `Hindu bhav' was forgotten: RSS chief Bhagwat
    February 7, 2026
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    February 7, 2026
    Bengal minister voices displeasure after mic 'turns off' while speaking in assembly
    February 7, 2026
    Indo-US trade deal in our nation’s favour: Ladakh LG Kavinder Gupta
    February 7, 2026
    US wines, spirits, dry fruits to enter India at lower or zero duty under trade pact
    February 7, 2026
    India US Interim Agreement framework to support MSMEs integration into global value chains: FM
    February 7, 2026
    BJP-led NDA will form govt in Kerala in 2026: Nitin Nabin
    February 7, 2026
    Bengaluru - Mumbai premium train service will start soon: Ashwini Vaishnaw
    February 7, 2026
    Congress always opposes India's economic growth: BJP slams Ramesh's remarks on India-US deal
    February 7, 2026
    India, US reach framework for interim bilateral trade agreement
    February 7, 2026
    J&K must harness full hydropower potential: Home Minister Amit Shah
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February 7, 2026
Siddaramaiah launches software, mobile app developed to facilitate chit transactions
Show AI Summary
MSIL launches app to digitise chit fund transactions with UPI payments, online bidding and expanded agent networks.
MSIL launched a software platform and mobile app to digitise chit fund transactions-integrating UPI and online bidding-to enhance transparency and reduce fraud, expand access via appointed agents including women self help group Sakhis and retail outlets, prioritise rural outreach and government employees, and implement a Vision 2030 roadmap supported by CSR funding to scale operations.
February 7, 2026
Two indigenous quantum computers will be launched on April 14: Andhra CM
Show AI Summary
Quantum computers will launch in Amaravati to seed a regional hub for research, local manufacturing, and talent development.
The Amaravati Quantum Valley will host two indigenous quantum computers as reference facilities on April 14, integrating industry-academia-government MoUs, quantum cloud services, an innovation centre, and a talent hub to position the region as a centre for quantum research, local component manufacturing, talent development, and applications in quantum medicine and biology under the broader National Quantum Mission.
February 7, 2026
I-T dept releases draft rules, forms for new Income Tax Act; seeks public inputs
Show AI Summary
Income tax draft rules and simplified smart forms released; public comments invited by Feb 22.
The tax department released draft rules and forms under the new Income Tax Act, 2025, inviting stakeholder comments and aiming to simplify and consolidate the regulatory framework. The draft rules reduce redundancies, standardise common information, and introduce smart forms with prefill and automated reconciliation. Two navigators map old rules/forms to the new drafts. The proposals rationalise perquisite thresholds and revise the definition of Accountant for certification, linking it to experience and revenue criteria, with separate thresholds for entities providing accountancy or valuation services.
February 7, 2026
Nabin kickstarts BJP's campaign in Kerala, promises to fight for justice in Sabarimala issue
Show AI Summary
Sabarimala gold loss case: BJP pledges to pursue justice as SIT probe and arrests continue.
A Special Investigation Team formed following judicial direction is probing two cases about gold missing from guardian deity idols and sanctum doorframes at the Sabarimala shrine; the probe has led to the arrest of 12 persons, including two former Devaswom Board presidents. The BJP has pledged to pursue justice in the matter and has made the investigation and resulting arrests a central part of its political campaign narrative.
February 7, 2026
ISM 2.0 to prioritise chip design, ecosystem partners, talent: Ashwini Vaishnaw
Show AI Summary
India Semiconductor Mission 2.0 will prioritise indigenous chip design and talent development, backed by Rs 1,000 crore.
India Semiconductor Mission 2.0 will prioritise indigenous chip design, productisation, ecosystem partner engagement and talent development, backed by Rs 1,000 crore for FY 2026-27 and an emphasis on industry led research and training centres. The programme targets support for production at the 2 nanometer node, integration of equipment and materials suppliers, deployment of EDA tools across institutions, and explicit talent objectives including an 85,000 person ten year target and substantial early progress already recorded.
February 7, 2026
Following are the top foreign stories at 2040 hours
Show AI Summary
India-US interim trade framework reduces import duties to boost two-way trade and expand market access.
India and the United States have reached a framework for an interim bilateral trade agreement in which both parties will reduce import duties on selected goods to boost two way trade and expand market access, including for American farmers; this forms part of a series of trade deals that Indian officials say reinforce India's role as a trusted partner.
February 7, 2026
Trade deal with US gives another boost to India's roaring growth engine: Amit Shah
Show AI Summary
India-US trade agreement establishes reciprocal tariff cuts and duty removals to expand market access and two way trade.
Interim bilateral trade framework sets reciprocal tariff adjustments: the United States will reduce tariffs on specified Indian goods to 18% from about 50%, and India will eliminate or reduce import duties on all American industrial goods and a specified list of agricultural and food products, as the first phase of the broader Bilateral Trade Agreement, with formal signing expected by mid March.
February 7, 2026
End of Thackeray-era, BJP's Ritu Tawde set to become Mumbai mayor in unopposed contest
Show AI Summary
Mumbai mayoral election: BJP candidate Ritu Tawde nominated unopposed under a woman open-category reservation, process to proceed.
BJP's Ritu Tawde was nominated unopposed for Mumbai mayor after other parties did not file competing nominations by the filing deadline; the post was made reserved for a woman from the open category by a draw of lots. Officials recorded single nominations for mayor and deputy mayor before the deadline and the municipal election process will continue according to the scheduled withdrawal and procedural dates.
February 7, 2026
IPO-bound MF arm dividend powers SBI to highest ever net at Rs 21,028 cr in Q3
Show AI Summary
State Bank of India's profit boosted by a Rs 2,200 crore mutual fund dividend amid stronger loan growth and regulatory support.
A Rs 2,200 crore special dividend from the IPO bound mutual fund arm materially lifted standalone net profit and non interest income. The bank raised its FY loan growth target to 13-15% amid 15.14% loan growth, a 72% credit deposit ratio, excess government securities holdings, and a large sanctioned loan pipeline. Management flagged regulatory support from RBI measures allowing bank lending to REITs and an RBI stance on compensating defrauded customers, while asset quality improved and capital adequacy stood at 14.04%.
February 7, 2026
Partition took place because `Hindu bhav' was forgotten: RSS chief Bhagwat
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Partition of India occurred due to forgetting Hindu sentiment, and Hindutva preserves cultural unity, says RSS chief.
Mohan Bhagwat contended that the partition resulted from a neglect of collective Hindu sentiment and maintained that Hindutva need not displace personal religious practice, language or food habits, framing it instead as a guarantee of individual safety within the nation. He promoted dialogue to address factual criticisms of the RSS, opposed reliance on perception or propaganda, advocated balanced swadeshi with global interdependence (not tariff-driven), and called for social measures-family dialogue, self-pride and self-awareness-to strengthen peaceful co-existence.
February 7, 2026
Ride hailing app services partially impacted as drivers go on strike
Show AI Summary
Ride-hailing drivers protest for minimum base fares and a ban on non-commercial vehicles operating commercially.
Drivers staged a coordinated partial stoppage refusing some bookings during demand surges to protest dynamic fare increases and to demand that the government notify a minimum base fare, and to bar use of non-commercial vehicles for commercial passenger and goods transport, pressing regulators to establish fare slabs and clarify vehicle classification.
February 7, 2026
Bengal minister voices displeasure after mic 'turns off' while speaking in assembly
Show AI Summary
Assembly microphone cut off during a minister's speech, raising questions about speaking list rules and speaker discretion.
A minister's microphone was switched off while speaking because his name was not on the original speakers' list; the Speaker acknowledged the omission but exercised discretion to allot four minutes, after which warning and cutoff lights activated and the microphone was reportedly silenced, prompting visible displeasure and a subsequent cordial recess meeting with the Speaker.
February 7, 2026
Indo-US trade deal in our nation’s favour: Ladakh LG Kavinder Gupta
Show AI Summary
Indo US trade deal will expand market access, boost jobs and support Make in India while regional security concerns persist.
The Lieutenant Governor of Ladakh characterises the recent Indo US trade agreement as advancing India's economic objectives by expanding market access, benefiting farmers, creating jobs, and supporting initiatives such as Make in India and startup promotion toward a 'Viksit Bharat' by 2047. He condemns a terrorist bombing in Pakistan, attributes regional instability to Pakistan's security institutions undermining civilian governance, and links defence and technological progress to national advancement.
February 7, 2026
US wines, spirits, dry fruits to enter India at lower or zero duty under trade pact
Show AI Summary
US-India trade pact cuts or eliminates tariffs on many goods while addressing non-tariff barriers to trade.
The bilateral framework provides for immediate and phased tariff elimination and reduction on numerous industrial, food, agricultural, medical, and high-value goods, while preserving targeted protections such as minimum import prices. It also requires both parties to address non-tariff barriers, reform restrictive licensing for ICT goods, and establish quota-based and phased modalities; reciprocal zero-tariff access in the partner market is granted for a specified list of Indian agricultural and processed food exports.
February 7, 2026
India US Interim Agreement framework to support MSMEs integration into global value chains: FM
Show AI Summary
India US trade framework supports MSME integration, cuts tariffs and opens markets while protecting sensitive agricultural sectors.
The India US Interim Agreement framework modifies bilateral market access and duties to support MSME integration and reduce business costs: the US will cut tariffs on specified Indian goods to 18%, India will eliminate or lower duties on a wide range of US industrial and agricultural products, and India intends to purchase USD 500 billion of US goods over five years; the framework preserves safeguards for sensitive agricultural and dairy sectors and includes joint technology cooperation to position India as a hub for AI, data and digital services.
February 7, 2026
BJP-led NDA will form govt in Kerala in 2026: Nitin Nabin
Show AI Summary
Election projection: national party claims it will form government, citing increased funding and budget-driven development plans.
The national party asserts it will form the state government, citing a 23% rise in loans and doubled grants-in-aid as evidence of supportive central funding and linking the Viksit Bharat Budget 2026 to growth in Tourism, a Rare Earth Corridor, and High-Value Crops; it accuses prior administrations of sectoral stagnation, raises national security concerns over alleged local support for Islamist forces, and pledges cultural protection, empowerment of women, youth and farmers, and business-friendly measures.
February 7, 2026
Bengaluru - Mumbai premium train service will start soon: Ashwini Vaishnaw
Show AI Summary
Bengaluru-Mumbai premium train service announced; Centre seeks state support for land acquisition under cooperative federalism.
Central projects, including a premium Bengaluru-Mumbai service and suburban rail expansion, depend on state cooperation for land acquisition under a policy of cooperative federalism; administrative prerequisites such as design approvals, tendering, testing, and electrification certification are reported as advanced for several services.
February 7, 2026
Congress always opposes India's economic growth: BJP slams Ramesh's remarks on India-US deal
Show AI Summary
India-US interim trade framework preserves agriculture and dairy while lowering tariffs and expanding market access for exporters and MSMEs.
The BJP defends the India-US interim trade framework as preserving sensitive agriculture and dairy sectors while reducing reciprocal tariffs to 18 percent and granting zero-tariff access in sectors such as generic pharmaceuticals, gems and diamonds, and aircraft parts, thereby boosting export competitiveness, supporting MSMEs, farmers and fishermen, and expanding market access and employment opportunities.
February 7, 2026
India, US reach framework for interim bilateral trade agreement
Show AI Summary
India and the US agreed a framework reducing reciprocal tariffs and committing to phased duty eliminations and regulatory cooperation.
The United States and India reached a framework for an Interim Agreement in which the US will reduce tariffs on specified Indian goods to 18% and India will eliminate or reduce duties on a wide range of US industrial, food and agricultural products, with immediate eliminations, phased reductions, quota-based concessions, sector-specific tariff relief (including zero tariffs on generic pharmaceuticals, gems and aircraft parts), regulatory cooperation on standards and commitments to address non-tariff barriers.
February 7, 2026
J&K must harness full hydropower potential: Home Minister Amit Shah
Show AI Summary
Jammu and Kashmir hydropower development urged; Centre brings region under SASCI with 50-year interest-free capital loans.
The Union Home Minister directed full utilisation of Jammu and Kashmir's hydropower projects and 100 per cent saturation of government welfare schemes, while the Centre brought the territory under the SASCI scheme for FY 2025-26 to enable access to 50-year interest-free loans for capital projects and emphasised fiscal discipline and targeted investments such as sports infrastructure and dairy sector promotion.

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DRAFT INCOME-TAX RULES, 2026

February 9, 2026

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DRAFT INCOME-TAX RULES, 2026

1. NOTE – DRAFT INCOME-TAX RULES & FORMS, 2026

2. NAVIGATOR – INCOME-TAX RULES, 2026

3. DRAFT – INCOME-TAX RULES, 2026

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