Daily trending news …
The Draft Income Tax Rules, proposing changes to tax forms, allowances, and compliance thresholds effective April 1, 2026, under the new Income-tax Act, 2025. These updates aim to simplify reporting by renumbering forms like Form 16 to Form 130 and 26AS to Form 168.
Buying a car above ₹10 lakh? The 1% TCS (₹10,000 on ₹10L car, ₹50,000 on ₹50L car) collected by dealers is fully refundable! Most Indians don’t know this money is credited to their PAN and can be claimed easily through Form 27D & Form 26AS while filing ITR. Ask dealer for Form 27D immediately after purchase, check TCS in 26AS, and get refund or adjust against tax liability – a legal benefit thousa
Under Section 206C(1F) of the Income Tax Act, sellers collect 1% TCS on motor vehicles priced above ₹10 lakh from retail buyers, excluding government entities and certain businesses. Buyers can claim this TCS credit or refund by obtaining Form 27D from the dealer, verifying it in Form 26AS, filing ITR for the purchase year, and checking refund status on the e-filing portal.
