ITR-7 amendment expands disclosure, exemption and tax-computation reporting for trusts, institutions, political parties and electoral trusts.
Income-tax (Seventh Amendment) Rules, 2026 substitute FORM ITR-7 in Appendix II of the Income-tax Rules, 1962 for returns filed for Assessment Year 2026-27 with effect from 31 March 2026. The substituted return form applies to persons required to furnish returns under sections 139(4A), 139(4B), 139(4C) and 139(4D), and requires expanded disclosure of registration, approval, objects, activities, accumulation, application of income, corpus, loans, investments, donations, foreign contributions, audit and governing persons.

Corporate return filing format updated with a revised ITR-6 form covering audit, MAT, capital gains, losses, and foreign asset disclosures.
Amends the Income-tax Rules, 1962 by substituting Form ITR-6 in Appendix II for companies other than those claiming exemption under section 11. The amended return form applies to returns filed for Assessment Year 2026-27 and comes into force from 31 March 2026. The substituted form expands corporate return reporting on company identity, audit, business structure, balance sheet, profit and loss particulars, capital gains, losses, MAT, tax relief, foreign assets, deductions, exemptions, GST turnover, and verification.

ITR-5 revised for assessment year 2026-27 with expanded disclosure, audit, capital gains and foreign asset reporting fields.
The Income-tax (Fifth Amendment) Rules, 2026 substitute Form ITR-5 in Appendix-II of the Income-tax Rules, 1962. The amended form applies to returns filed for Assessment Year 2026-27 and takes effect from 31 March 2026. The revised ITR-5 contains extensive fields covering general information, filing status, audit details, balance sheet and profit and loss disclosures, presumptive income, capital gains, other sources, set-off and carry-forward of losses, deductions, foreign assets, GST turnover, tax payments, refund particulars and verification.

Income-tax return form ITR-3 is substituted with expanded reporting for business income, capital gains, foreign assets, and tax payments.
Income-tax Rules, 1962 are amended by substituting FORM ITR-3 in Appendix II. The substituted return form applies to returns filed for Assessment Year 2026-27, with effect from 31 March 2026. The revised form is designed for individuals and Hindu undivided families having income from profits and gains of business or profession, and it updates the return architecture to capture detailed particulars relating to personal information, filing status, residential status, audit requirements, business and profession accounts, presumptive income, capital gains, other sources, foreign assets, tax relief, deductions, and tax payments.

Income-tax return form revision updates ITR-2 disclosures for individuals and HUFs for assessment year 2026-27.
Amends the Income-tax Rules, 1962 by substituting the FORM ITR-2 in Appendix-II. The substituted return form applies to Assessment Year 2026-27 and comes into force on 31 March 2026. It is prescribed for individuals and HUFs not having income from profits and gains of business or profession, and sets out the revised disclosure structure for filing status, residential status, income heads, capital gains, other sources, exempt income, foreign assets and income, deductions, loss set-off, tax relief, tax payments, and verification.

Income-tax return forms updated to allow two house properties and revised disclosure requirements for the new assessment year.
The Income-tax (Second Amendment) Rules, 2026 amend the Income-tax Rules, 1962 with effect from 31 March 2026 and apply to returns filed for Assessment Year 2026-27. The amendment revises rule 12 to update the relevant year references and to permit disclosure of income from two house properties in specified clauses instead of one house property. It also substitutes Form ITR-1 and Form ITR-4, updating eligibility conditions, regime-selection disclosures, income-computation schedules, deduction and tax-payment particulars, bank account reporting, TDS/TCS details, verification requirements, and related schedules.

Tax exemption for welfare board income under section 10(46) subject to non-commercial activity and return-filing conditions.
Tax exemption is notified under section 10(46) for the Chandigarh Building and Other Construction Workers Welfare Board in respect of specified income comprising cess collection, beneficiary contributions, and interest earned on bank deposits. The exemption is subject to conditions that the Board must not engage in commercial activity, its activities and specified income must remain unchanged, and it must file returns under section 139(4C)(g); non-compliance may attract penal action and withdrawal of the exemption. The notification applies retrospectively for certain assessment years and prospectively for later assessment years.

Scientific research approval for a research association is subject to compliance, reporting, and donor certificate requirements.
Approval is granted under section 35(1)(ii) of the Income-tax Act, 1961, read with Rules 5C and 5D, to Indian Rubber Materials Research Institute, Thane, Maharashtra, for scientific research as a research association. The approval applies for assessment years 2026-27 to 2030-31 and is subject to compliance with Rule 5D, filing of the prescribed statement in Form No. 10BD under section 35(1A), and issuance of donor certificates in Form No. 10BE within the prescribed time.

Scientific research approval for IIT Bombay under section 35 requires compliance with donation reporting and donor certification rules.
Approval is granted to Indian Institute of Technology (IIT) Bombay for scientific research under section 35(1)(ii) of the Income-tax Act, 1961, as a university, college or other institution. The approval applies for assessment years 2026-27 to 2030-31, subject to compliance with Rule 5E and the reporting and donor-certification requirements under Rule 18AB, including filing Form No. 10BD by 31 May following the financial year and issuing Form No. 10BE to donors.

Tax exemption notification for Karnataka Industrial Areas Development Board under specified income conditions and continuing statutory purposes.
The Central Government has notified the Karnataka Industrial Areas Development Board for the purposes of clause (46A) of section 10 of the Income-tax Act, 1961. The notification operates from assessment year 2024-25, subject to the condition that the Board continues to be constituted under the Karnataka Industrial Areas Development Act, 1966 and continues to meet one or more of the purposes specified in sub-clause (a) of clause (46A). The explanatory memorandum records retrospective effect from the year of application and states that no person is adversely affected.

Scientific research approval granted for IIT Bhilai, with compliance, reporting, and donor certification conditions attached.
Approval is granted to Indian Institute of Technology (IIT), Bhilai as a scientific research institution under section 35(1)(ii) of the Income-tax Act, 1961 read with Rules 5C and 5E of the Income-tax Rules, 1962. The approval applies for the assessment years 2026-27 to 2030-31 and is subject to compliance with Rule 5E, filing of Form No. 10BD for each financial year, the facility of correction statements, and issuance of Form No. 10BE to donors within the prescribed time.

Double taxation treaty amendments update India-Brazil tax rules, including permanent establishment, benefits eligibility, and withholding limits.
Amends the India-Brazil Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, and brings the amending Protocol into effect in India under section 90 of the Income-tax Act, 1961. The revised treaty framework updates the rules on residence, permanent establishment, shipping income, dividends, interest, royalties, fees for technical services, capital gains, employment income, pensions and the elimination of double taxation, while also adding an extensive entitlement to benefits article containing qualified person, active business and principal purpose limitation tests.

Tariff values for edible oils, brass scrap, areca nuts, gold and silver are revised under customs valuation rules.
Fixes revised tariff values for specified imported goods under the Customs Act, 1962 by amending the existing customs notification on tariff valuation. The substituted tables prescribe tariff values for crude palm oil, palmolein, soya bean oil, brass scrap, areca nuts, gold and silver, including certain bullion, coins, findings, medallions and semi-manufactured forms. The valuation entries set out the applicable tariff values in US dollars per metric tonne, per kilogram, or per 10 grams, and retain a specific no-change value for areca nuts.

Sea cargo manifest compliance deadline is amended through substitution of the prescribed table entry under transshipment regulations.
Sea cargo manifest and transshipment compliance is amended by substituting the entry against serial number 6 in the Table following Form XII under the Sea Cargo Manifest and Transshipment Regulations, 2018, with "30.06.2026". The amendment takes effect upon publication in the Official Gazette.

Customs exemption for re-imported goods now requires identity with exported goods, with risk-based treatment for courier imports.
Amends the customs exemption for re-import of goods exported under duty drawback, rebate of duty, or under bond by requiring that the re-imported goods be the same goods that were originally exported. For goods re-imported through courier mode, other than excluded goods under the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010, risk-based treatment applies. The notification is made under section 25(1) of the Customs Act, 1962 and takes effect from 1 April 2026.

Limitation period for GST tribunal appeals notified for backlog and future orders under Gujarat GST law.
The Government of Gujarat has notified the limitation date for filing appeals before the Appellate Tribunal under the Gujarat Goods and Services Tax Act, 2017. Where the order sought to be appealed against was communicated before 1 April 2026, appeals may be filed up to 30 June 2026. For orders communicated on or after 1 April 2026, appeals may be filed within three months from the date of communication of the order to the appellant.

Unique Identification Number procedure governs Form No. 121 declarations, sequencing, digitization, and quarterly Part B reporting.
Procedure, formats and standards are prescribed for generation and allotment of a Unique Identification Number for declarations in Part A of Form No. 121 and for quarterly furnishing of Part B by the payer. The payer must allot a 26-character UIN to each declaration, digitize paper declarations, maintain the running sequence number series, and furnish Part B within the prescribed timelines and file format on the income-tax e-filing portal, along with quarterly reporting of the declarations and UIN even where no tax has been deducted.

Central Excise exemption corrigendum corrects an entry in the tariff notification by revising the prescribed rate column.
A corrigendum to the Central Excise exemption notification corrects an entry in the tariff schedule. In the relevant column, the originally printed figure is substituted with the revised figure, thereby amending the notification as published.

Central excise corrigendum revises the notified value by substituting one figure for another in the exemption notification.
A corrigendum to Notification No. 06/2026-Central Excise corrects an entry in column (4) of the notification issued by the Government of India, Ministry of Finance, Department of Revenue. The amendment substitutes the figure '18.5' with '12' in line 17, thereby revising the applicable value stated in the notification.

State trading enterprise status extended for urea imports through Indian Potash Limited under the import policy framework.
Amendment in the import policy for urea under ITC (HS) 2022 extends the State Trading Enterprise status of Indian Potash Limited for import of urea on Government account until 31.03.2027. Import of agricultural grade urea on Government account is permitted through Indian Potash Limited, subject to paragraph 2.21 of FTP 2023 relating to imports by State Trading Enterprises, while all other terms and conditions remain unchanged.