Fresh snowfall has blanketed the higher reaches of the Kashmir Valley, including Gulmarg, Sonamarg, and several mountain passes, while the plains experienced rain and cold conditions. Authorities have issued avalanche and travel advisories, with largely dry weather expected after February 12
The Centre on Wednesday (February 11, 2026) told the Supreme Court that climate activist Sonam Wangchuk has been examined medically 24 times since his detention and he is "fit, hale and hearty" and there is nothing alarming. Solicitor General Tushar Mehta told a bench of justices Aravind Kumar and
The Supreme Court allowed a mechanism proposed by the Assam government to clear alleged encroachments in forests. The bench said that the course of action to be adopted “contains sufficient procedural safeguards”. Residents of villages in the state's reserved forests had moved the court
A Reuters poll of economists indicates the Federal Reserve will hold interest rates steady through May, with a cut expected in June. Economists also expressed concern about potential erosion of Fed independence under Kevin Warsh, who is seen as likely to set policy too loosely
New Delhi, Feb 11 (PTI) The initial public offering of non-banking financial company (NBFC) Aye Finance received 97 per cent subscription on the final day of bidding on Wednesday. The initial public offering (IPO) received bids for 4,42,21,288 shares against 4,55,32,785 shares on offer
Sikandar Raza is back at the top of the ICC T20I All-Rounder rankings. This follows Zimbabwe's strong start in the T20 World Cup. Raza's performance against Oman secured his number one position. Teammate Brian Bennett also made significant gains in the T20I batter rankings
MG Majestor: JSW MG Motor India is set to unveil the MG Majestor SUV tomorrow, February 12, 2026. The SUV was first showcased at the 2025 Bharat Mobility Expo. 2026 MG Majestor: JSW MG Motor India is set to unveil the MG Majestor SUV tomorrow, February 12, 2026
Russia's Foreign Minister Sergei Lavrov has stated that only US President Donald Trump claimed India would stop buying Russian oil. Lavrov mentioned that Indian leaders have not made such a declaration. He highlighted that energy security is a key focus for India's BRICS chairmanship
Income Tax Draft Rules 2026: 10 Key Changes That Will Affect Your Money
Income Tax Draft Rules 2026: 10 Key Changes That Will Affect Your Money
India's direct tax law is set for a major overhaul. The Central Board of Direct Taxes (CBDT) has released the Draft Income-tax Rules, 2026, which will replace the six-decade-old Income-tax Rules, 1962, once implemented. The draft rules, which are open for public comments until February 22, aim to simplify compliance, modernise reporting and align thresholds with current economic realities.
CA Suresh Surana highlights 10 key changes in the income tax law that could directly affect your salary, investments, banking transactions and big-ticket purchases from April 1, 2026.
1. PAN Rules Overhauled for High-Value Transactions
Under the draft rules, PAN will be required for annual cash deposits or withdrawals of Rs 10 lakh or more (aggregate in a financial year). Currently, a per-day limit of Rs 50,000 is applicable in deposits, while withdrawals have no specific provision.
PAN will be mandatory for vehicle purchases of Rs 5 lakh or more, including two-wheelers. Currently, PAN is needed for all vehicles, except for two-wheelers, irrespective of value.
For immovable property transactions, including gifts and JDAs, exceeding Rs 20 lakh, PAN must be quoted.
PAN will now be mandatory for all insurance premium payments, regardless of amount. Currently, PAN is required if the premium is above Rs 50,000 in a fiscal year.
However, PAN will be required for hotel/ event payments above Rs 1 lakh per transaction, against the current Rs 50,000.
This replaces the earlier fragmented daily or transaction-based limits and introduces a more annualised reporting structure.
2. Cash Deposits & Withdrawals: Annual Threshold Introduced
Currently, PAN is required for cash deposits exceeding Rs 50,000 in a day. The draft rules shift focus to an annual aggregate threshold of Rs 10 lakh for both deposits and withdrawals.
This could mean tighter tracking of cash-heavy transactions while reducing paperwork for smaller daily banking activities.
3. HRA Benefits Expanded to More Cities
In a major relief for urban salaried taxpayers, Bengaluru, Pune, Ahmedabad and Hyderabad have been proposed to be treated as metro cities for House Rent Allowance (HRA) purposes.
This increases the HRA exemption cap to 50% of basic salary (from 40%) for employees living in these cities, potentially reducing tax liability for lakhs of professionals.
4. Higher Tax-Free Perquisite Limits
The draft rules enhance tax-free limits for certain employer-provided benefits, including official vehicles and employer-provided meals.
The earlier provisions were scattered and outdated. These have now been consolidated and rationalised to reflect current costs and business practices.
5. Property Transactions Threshold Raised
The PAN reporting threshold for immovable property transactions has been increased from Rs 10 lakh to Rs 20 lakh.
Importantly, this now explicitly includes gift transactions, joint development agreements (JDAs), and stamp value-based transactions.
This aligns reporting requirements more closely with prevailing property values.
6. Insurance Premium: PAN Now Mandatory for All
Earlier, PAN was required only if the annual insurance premium exceeded Rs 50,000. Under the draft rules, PAN will be mandatory for all insurance premium payments, regardless of amount. This may increase traceability of high-value policies and prevent misuse.
7. Vehicle Purchases: Two-Wheelers Included
Previously, PAN was required for all motor vehicles except two-wheelers. Now, the rule shifts to a value-based threshold of Rs 5 lakh, and it includes motorcycles and two-wheelers. This aligns compliance requirements with vehicle price escalation.
8. Crypto Exchanges Face Wider Reporting Requirements
Acknowledging the growing digital asset ecosystem, the draft rules expand information-sharing requirements for crypto exchanges. This could mean tighter reporting standards, improved traceability of crypto trades, and greater alignment with anti-tax evasion mechanisms.
9. CBDC Recognised as Valid Electronic Payment Mode
The draft rules formally recognise Central Bank Digital Currency (CBDC) as a valid electronic mode of payment. The Reserve Bank of India has already introduced the Digital Rupee in pilot phases. Recognition under tax rules integrates CBDC into mainstream tax compliance frameworks.
10. Massive Structural Simplification: Rules & Forms Reduced
One of the biggest structural reforms is simplification:
Provisions earlier scattered across multiple rules have been consolidated into topic-based frameworks. Operational details are increasingly moved to Schedules, making the rulebook shorter and more navigable.
“A key feature of the Draft Rules is structural consolidation. Provisions that were earlier spread across multiple rules have now been grouped into clear, topic-based frameworks, with operational details increasingly shifted to Schedules under the ITA 2025. For instance, rules on valuation of perquisites have been consolidated under various tables in Rule 15 of the IT Rules 2026, replacing the fragmented approach under Rule 3 of the Income-tax Rules, 1962," Surana said.
Source: News18
Related Posts: Gen Z employee's reply to strict office rules for virtual meet goes viral UPSC CSE 2026 Attempt Rules Revised China rules out joining nuclear talks for now Pine Labs receives GST tax demand of Rs 37 Income Tax department issues draft rules for new Income Tax Act 2025 Domestic and foreign investors to get equal tax benefits on data centres Indian Railways tightens boarding rules Goa tightens rules New Income Tax Draft Rules Bring Old Tax Regime Back Into Focus Govt assures equal tax treatment for domestic
Warning: This story contains distressing details Shaheen Malik, an acid-attack survivor and disability rights activist in India, is fighting an uphill legal and social battle to secure justice and rehabilitation for others like her - and says she will not give up despite the odds
1 minutes ago
Shopify projected quarterly revenue well above market estimates on Wednesday, as the ecommerce platform benefits from resilient consumer spending against a backdrop of US tariffs and rising prices.US-listed shares of the Ontario
1 minutes ago
New Aadhaar App Features: To make the process simple and hassle-free, UIDAI has launched a new Aadhaar app. It offers features such as secure offline verification, selective data sharing, and mobile number updates. New Aadhaar App Features: Want to update the mobile number, name
1 minutes ago
Under the latest withdrawal rules, 100 percent lump-sum withdrawal is allowed at retirement (age 60 or later) if the total NPS corpus does not exceed Rs 8 lakh. New Delhi: Subscribers of the National Pension System (NPS) can withdraw their entire retirement corpus only under specific conditions
1 minutes ago
Apple growers in Jammu and Kashmir and Himachal Pradesh have raised alarm over the India-US trade deal that waives import duties on U.S. apples, fearing it could flood the market with cheaper produce. Experts and officials urge government safeguards to protect domestic farmers and preserve the
1 minutes ago
The upcoming Group stage encounter at the R. Premadasa Stadium comes after a brief period of uncertainty during which the Pakistan Cricket Board (PCB) had threatened a boycott. India's star middle-order batter, Tilak Varma, has signaled that the Men in Blue are mentally and physically prepared for
1 minutes ago
Assam Chief Minister Himanta Biswa Sarma on Wednesday claimed that lakhs of “doubtful voters” had been removed in the state during the special revision of electoral rolls, PTI reported. Several of these deletions had taken place based on complaints filed by workers of the ruling
1 minutes ago
Singer Jasmine Sandlas, known for songs like Taras, Yaar Na Miley, and Illegal Weapon 2.0, is currently making headlines for all the right reasons. A video from her Delhi concert is going viral on the internet and netizens can't stop praising her. Jasmine
1 minutes ago
India has introduced new rules that make it mandatory for social media companies to remove unlawful material within three hours of being notified, in a sharp tightening of the existing 36-hour deadline. The amended guidelines will take effect from 20 February and apply to major platforms including
1 minutes ago
Soundarya Rajinikanth meets casts and crew of "With Love", shares glimpses with father. Chennai:Superstar Rajinikanth had a special meeting with the cast and crew of 'With Love' after the film's strong start at the box office. The romantic drama, led by Abhishan Jeevinth and Anaswara Rajan
1 minutes ago
Britain has secured a free trade agreement with India, a rapidly growing economy. This deal positions the UK ahead of the European Union, which reportedly used Britain's agreement as a benchmark. The pact is expected to boost UK GDP and trade significantly
1 minutes ago
The Indian National Space Promotion and Authorization Centre (IN-SPACe), the commercial arm of ISRO, on Wednesday announced the selection of three private companies to build indigenous small satellite platforms under its “Satellite Bus as a Service” (SBaaS) initiative
1 minutes ago
As per the local news media multiple gunmen entered the school in Hat Yai district on Wednesday evening. During the incident, a teacher was reportedly shot. A gunman opened fire at Patongprathankiriwat School in Hat Yai, located in Songkhla Province in southern Thailand on Wednesday
1 minutes ago
Mir Yar Baloch outlines the Baloch freedom movement's case for independence, accusing Pakistan of political repression, economic exploitation, and demographic change while opposing projects like CPEC. He also details the movement's expectations from regional powers, including Afghanistan and India
1 minutes ago
Australian opposition leader Sussan Ley, the first woman to head the Liberal Party, is under renewed pressure after the resignation of her shadow defence minister Angus Taylor. His resignation paves the way for an expected leadership challenge. Local media say he has long been plotting to oust her
1 minutes ago
The Bar Council of India (BCI) has commenced the registration process for the All India Bar Examination (AIBE) 21 today, February 2. Interested and eligible candidates can apply on the official website at allindiabarexamination.com by April 30. The exam is set to be conducted on June 7
1 minutes ago
Samsung has finally confirmed the big Galaxy Unpacked 2026 launch event date and other details without exactly telling us what will be announced. We have seen leaks suggest the big day for Samsung expected this month and the official teaser now confirms all the rumours
1 minutes ago
Infants and toddlers often cannot clearly express what they are feeling, so illnesses can easily go unnoticed. Yet every disease leaves behind subtle signs and symptoms, and if detected in time, even serious conditions can be treated. One such condition is congenital heart disease (CHD)
1 minutes ago
During a heated debate in the Rajya Sabha, opposition politicians lambasted the government's handling of soaring unemployment rates and dwindling purchasing power, claiming the budget fails to address pressing issues for the urban youth. In contrast
1 minutes ago
The aerospace industry in India represents a huge opportunity for growth and could account for ₹3 lakh billion of defence production in India by 2029. The aerospace market alone is projected to require an estimated 43,000 new aircraft over the next 20 years because of increasing demand coming
1 minutes ago
Prime Minister Narendra Modi will visit Assam on February 14. He will inaugurate the Advanced Emergency Landing Facility in Moran. This facility is the first highway-based emergency landing ground in Northeast India. The Prime Minister will also inaugurate a bridge in Guwahati and dedicate electric
1 minutes ago
Google Revenge Porn Protection: Google is making it easier to fight deepfakes and revenge porn. The company has introduced new tools and policies to detect and remove manipulated media and explicit content shared without consent. Google Revenge Porn Protection: The internet can quickly spread
1 minutes ago
Deloitte on Tuesday (February 10, 2026) became the first amongst the Big Four to announce its fully-India developed global readiness for AI with GenW.AI, its next-generation open source, Java-based, low-code enterprise platform. It would help organisations rapidly build applications, dashboards
1 minutes ago
This Valentine's Day, romance moves beyond roses and predictable candlelight dinners. Across India, from rooftop runways in Mumbai and chef-led omakase tables in Delhi to vinyl-led evenings in Bengaluru and tranquil backwaters in Kerala, hospitality brands are reimagining love through craft
1 minutes ago
Kohrra 2 Web Series Review: The year was 2023 when Kohrra came, redefined whodunits, created conversations and conquered. Three years later comes its sequel. The larger template pretty much remains the same. The murder of an NRI. The ‘everybody did it' trope. A village in Punjab. Winters
1 minutes ago
Shimla, Feb 11 (PTI) The National Commission for Women will organise a state-level consultation on women's safety in higher educational institutions here on Thursday. The objective of the meeting is to discuss current challenges, assess institutional systems
1 minutes ago
The tension was resolved late Monday night following a series of discussions in Lahore between Naqvi, BCB President Aminul Islam, and ICC Deputy Chair Imran Khwaja. Mohsin Naqvi, the Chairman of the Pakistan Cricket Board (PCB), has clarified that Pakistan's recent threat to boycott their
1 minutes ago
