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.

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.

Income-tax exemption for OPELIP covers specified government grants, interest income, and tender fees subject to ongoing compliance conditions.
Income-tax exemption under section 10(46) is notified for Odisha PVTG Empowerment and Livelihoods Improvement Programme (OPELIP), a State Government authority, for specified income consisting of State Government grants, interest on fixed deposits and savings accounts refundable to the Government of Odisha, and non-refundable tender fees. The exemption is subject to conditions that OPELIP shall not undertake commercial activity, its activities and specified income shall remain unchanged, and returns shall be filed under section 139(4C)(g). Non-compliance may lead to penal action and withdrawal of the exemption.

Income tax exemption for legal services authority income covers grants, fees, deposits, and compliance conditions.
Exemption from income tax is notified for District Legal Services Authority, Panipat under clause (46) of section 10 of the Income-tax Act, 1961 in respect of specified income, including grants from legal aid authorities, government grants or donations, amounts received under court order or from other sources, recruitment application fees, and interest on bank deposits. The notification is subject to conditions that the Authority must not engage in commercial activity, must keep its activities and income profile unchanged, and must file returns in the prescribed manner.

Tax exemption for Andhra Pradesh Pollution Control Board's specified income under the Income-tax Act, subject to continuing eligibility.
The Central Government notifies the Andhra Pradesh Pollution Control Board as an eligible assessee under clause (46A) of section 10 of the Income-tax Act, 1961, for exemption of specified income. The notification is effective from assessment year 2027-28, subject to the Board continuing as a State Government-established Board under the Water (Prevention and Control of Pollution) Act, 1974, with one or more of the prescribed purposes.

Tax exemption notification for Goa Board of Secondary and Higher Secondary Education covers specified income subject to compliance conditions.
Tax exemption under section 10(46) is notified for Goa Board of Secondary and Higher Secondary Education, Goa in respect of specified income comprising government grants, fees and moneys received under the governing Act and Rules, and interest on bank deposits and investments. The exemption is subject to conditions that the Board shall not engage in commercial activity, its activities and specified income shall remain unchanged during the financial year, and it shall file its return of income under section 139(4C)(g). The notification applies for assessment years 2024-25 to 2028-29.

Tax exemption notification for Improvement Trust, Sangrur applies subject to continued statutory constitution and specified purposes.
Tax exemption is notified for Improvement Trust, Sangrur under clause (46A) of section 10 of the Income-tax Act, 1961. The notification applies from assessment year 2025-26, subject to the trust continuing under the Punjab Town Improvement Act, 1922 and retaining one or more of the purposes specified in sub-clause (a) of clause (46A). The explanatory memorandum states that retrospective effect is certified as not adversely affecting any person.

Tax exemption notification for Uttarakhand Avas and Nagar Vikas Pradhikaran applies from assessment year 2025-26 subject to statutory conditions.
Tax exemption is notified for Uttarakhand Avas and Nagar Vikas Pradhikaran under clause (46A) of section 10 of the Income-tax Act, 1961, by recognising it as an authority constituted under the Uttarakhand Urban and Country Planning and Development (Amendment) Act, 2013. The notification applies from assessment year 2025-26, subject to the authority continuing to satisfy the statutory purposes specified in the exemption provision and remaining constituted under the 2013 Amending Act.

Tax exemption for a special economic zone authority covers specified income, subject to no commercial activity and return filing conditions.
Tax exemption under section 10(46) is notified for the Visakhapatnam Special Economic Zone Authority in respect of specified income, including lease rent, permit fees, allotment fees, transfer charges, processing fees, site usage charges, licence fee, and bank interest. The exemption is subject to the authority not engaging in commercial activity, keeping its activities and specified income unchanged, and filing returns as prescribed. Non-compliance may attract penal action and withdrawal of the exemption, and the notification applies for the assessment years stated in the notification.

Tax exemption for Varanasi Development Authority notified under the Income-tax Act, subject to continuing statutory conditions.
The Central Government has notified Varanasi Development Authority as an authority for the purposes of clause (46A) of section 10 of the Income-tax Act, 1961, subject to the statutory framework governing such notifications. The notification is effective from assessment year 2025-26, provided the entity continues to be an authority constituted under the Uttar Pradesh Urban Planning and Development Act, 1973 and continues to satisfy one or more of the purposes specified in sub-clause (a) of clause (46A) of section 10.

Tax exemption for urban planning authority notified under the Income-tax Act subject to continuing statutory purpose and eligibility.
Tax exemption is extended to the Patiala Urban Planning And Development Authority (PDA) as an authority constituted under the Punjab Regional and Town Planning and Development Act, 1995, for the purposes of section 10(46A) of the Income-tax Act, 1961. The notification applies from assessment year 2024-25 and remains conditional on the authority continuing to function under the Punjab Regional and Town Planning and Development Act, 1995 with one or more of the purposes recognised under the statutory clause.

Tax exemption notification for Haryana Urban Development Authority under section 10(46A) takes effect from assessment year 2024-25.
The Central Government notifies the Haryana Urban Development Authority, now known as Haryana Shehri Vikas Pradhikaran, as an authority covered by section 10(46A) of the Income-tax Act, 1961 for specified income exemption purposes. The notification is effective from assessment year 2024-25, subject to the authority continuing to be established under the Haryana Urban Development Authority Act, 1977 and continuing to have one or more of the purposes specified in section 10(46A).

Tax exemption for District Legal Service Authority income notified with compliance conditions and specified income categories under the Income-tax Act.
Tax exemption was notified under clause (46) of section 10 of the Income-tax Act, 1961 for District Legal Service Authority, Karnal, for specified income including grants, donations, court-ordered amounts, recruitment application fees, and bank interest. The exemption is subject to non-engagement in commercial activity, unchanged activities and income character, and filing of return under section 139(4C)(g), with retrospective and prospective application for the stated assessment years.

Tax exemption for legal services authority covers grants, court receipts, fees and bank interest, subject to compliance conditions.
Tax exemption under section 10(46) is notified for CJM cum District Legal Services Authority, Fatehabad, in respect of specified grants, donations, court-received amounts, recruitment application fees and bank interest. The exemption applies subject to conditions that the Authority does not engage in commercial activity, keeps its activities and the nature of its specified income unchanged, and files return of income under section 139(4C)(g). Non-compliance may lead to penal action and withdrawal of the exemption.