Direct Taxation

April 2026

Introduction

by Anjali Darak

Manager - Direct Tax

The Government of India has taken several initiatives in recent years to enhance transparency and improve compliance in the taxation system. One such important initiative is the introduction of the Annual Information Statement (AIS) on the Income Tax e-Filing Portal. AIS provides taxpayers with a comprehensive summary of financial transactions reported to the Income Tax Department by various entities such as banks, financial institutions, employers & other reporting agencies.

The objective of AIS is to provide taxpayers with a detailed view of their financial information in one place so that they can verify the accuracy of the data before filing their Income Tax Return (ITR). It includes information relating to interest income, dividend income, securities transactions, mutual fund investments, Tax Deducted at Source (TDS) & other high-value transactions reported under the Income-tax Act, 1961.

However, merely viewing the information in AIS is not sufficient. Taxpayers are also provided with the facility to submit feedback on each transaction reported in the statement. Providing feedback helps correct inaccuracies, avoid mismatches between reported income and actual income, and ensures that the information available to the tax authorities truly reflects the taxpayer’s financial activities.

Therefore, reviewing AIS and providing appropriate feedback has become an important step in the process of accurate and compliant tax filing.

Coming to this month’s Taxation Times, here’s what we have:

An article on “Importance of Giving Feedback on AIS in the Income Tax Portal”.
Case Laws from various courts & jurisdictions.
Tax Compliance Calendar – April 2026
Circulars & Notifications – March 2026
Tax News from around the world

We hope that you find this month’s edition of the Taxation Times useful. In case you have any feedback or need us to include any information to make this issue more informative, please feel free to write to us at info@uja.in

Happy Reading!

Best Regards,
UJA Tax Team

Importance of Giving Feedback on AIS in the Income Tax Portal:

The introduction of the Annual Information Statement (AIS) on the Income Tax e‑Filing Portal has significantly improved transparency in India’s tax system. AIS provides taxpayers with a comprehensive view of financial transactions reported to the Income Tax Department by various institutions such as banks, mutual funds, employers and other reporting entities.

However, simply viewing the AIS is not enough. Providing feedback on AIS entries is an important step for every taxpayer before filing the Income Tax Return (ITR).

What is AIS?

The Annual Information Statement (AIS) is a detailed statement that contains information about a taxpayer’s financial transactions during a financial year. It includes information such as:

Interest income from banks and post offices
Dividend income
Purchase and sale of securities and mutual funds
Salary details
TDS and TCS information
Foreign remittances
High-value transactions reported by financial institutions

This information is collected under the Income-tax Act, 1961 through reporting mechanisms such as Statement of Financial Transactions (SFT) and Form 26AS.

Why Giving Feedback on AIS is Important?

Ensures Accuracy of Financial Information

Sometimes the information reported by banks or financial institutions may contain errors. For example:

- Duplicate entries
- Incorrect amounts
- Transactions belonging to another person
- Incorrect classification of income

By giving feedback such as “Information is correct,” “Information is not fully correct,” or “Information relates to other PAN”, taxpayers can ensure that the correct data is reflected in their records.

Helps Avoid Notices from the Income Tax Department

The Income Tax Department compares the information in AIS with the income reported in the Income Tax Return (ITR).

If there is a mismatch between:

- AIS data
- ITR income disclosure

It may trigger scrutiny or notices.

Providing feedback clarifies discrepancies and reduces the chances of receiving tax notices.

Helps the Department Improve Data Quality

When taxpayers submit feedback, it helps the Income Tax Department verify and correct information received from reporting entities.

This improves the overall reliability of the tax reporting ecosystem.

Supports Pre-filled ITR Accuracy

Many details in the ITR form are automatically pre-filled based on AIS data. If the AIS contains incorrect information and no feedback is provided, the same incorrect information may flow into the ITR.

Providing feedback ensures that pre-filled data remains accurate.

Creates a Transparent Tax Record

Submitting feedback establishes a documented explanation of your financial transactions. If any query arises in the future, the feedback history serves as evidence that the taxpayer had already clarified the discrepancy.

Types of Feedback Available in AIS

Taxpayers can submit feedback, such as:

Information is correct
Information is not fully correct
Information relates to other PAN/year
Information is duplicated
Information is denied

Each feedback helps refine the reported data.

When Should You Check AIS?

Taxpayers should review AIS:

Before filing the Income Tax Return (ITR)
After the financial year ends
When verifying income details from multiple sources

Regular review ensures that the financial information reported to the Income Tax Department matches the taxpayer’s actual records.

Conclusion

The Annual Information Statement (AIS) is a powerful tool that promotes transparency and accuracy in the tax system. However, its effectiveness depends on taxpayers actively reviewing the information and providing feedback wherever necessary.

Providing timely feedback on AIS not only helps avoid tax notices but also ensures the Income Tax Return is filed with accurate, verified financial data.

Case Laws

MARCH 2026

[2026] 184 taxmann.com 161 (Mumbai - Trib.) IN THE ITAT MUMBAI BENCH 'I'
Elara India Opportunities Fund Ltd. v. Deputy Commissioner of the Income-tax (International Taxation)
MARCH 9, 2026

Section 68, read with sections 9 and 115BBE, of the Income-tax Act, 1961 and articles 13 and 22 of the India-Mauritius DTAA

Fact I :

The assessee was a SEBI-registered Foreign Portfolio Investor and a tax resident of Mauritius. The assessee had acquired and held 65 lakh shares of ICL since 2008/2009. During the year under consideration, it sold around 17.77 lakh shares for approximately Rs. 5.08 crores.
The Assessing Officer treated the scrip as a penny stock and considered the sale proceeds as bogus long-term capital gain. He accordingly made additions under sections 68 and 69C.
The DRP upheld the order of the Assessing Officer.
On appeal to the Tribunal.

Held I:

Identical issues raised in the present appeal are squarely covered by the decision of the Coordinate Bench of the ITAT in assessee’s own case titled Elara India Opportunities Fund Ltd. v. Dy. CIT (International Taxation) [2024] 163 taxmann.com 566 (Mumbai – Trib.)/[2024] 207 ITD 330 (Mumbai – Trib.). and the operative paras are reproduced as under:

In the above factual matrix of the case, it is to be noted that the assessee, being a tax resident of Mauritius, has acquired the shares and has been holding the same for almost 10 years from the date of acquisition, which was during the year under consideration and was purchased by M/s. Team India Managers Ltd. The contention of the Id. A.O. that the movement of the price of shares is abrupt and unrealistic, is not acceptable for the reason that the price per share was Rs.11.90 at the time of acquisition and has increased to Rs.29.66 over a period of 10 years, is according to us a reasonable increase in the price of the share unlike in most of the penny stock cases where the price of the shares sky rockets manifolds within a short span of time. We also have noticed that the assessee has substantiated the financials of M/s. ICL, where it is inferred that the said company is not merely a bogus entity having dummy directors. The Id. A.O. has failed to substantiate how the assessee is involved with Shri Naresh Jain, alleged to be an accommodation entry provider, who has even otherwise not specifically mentioned the assessee to be the beneficiary of accommodation entry and the scrip of ICL to be a penny stock.
In the above facts and circumstances of the case, we deem it fit to allow the grounds of appeal filed by the assessee by holding that the transaction made by the assessee in the scrip of ICL is a genuine transaction and, therefore, direct the Id. A.O. to delete the addition made u/s. 68 of the Act r.w.s 115BB of the Act.” [Para 7]

On examination of the facts, the record and the decisions cited, the grounds raised by the assessee are squarely covered by the Coordinate Bench decision in Elara India Opportunities Fund Ltd. v. Dy. CIT (International Taxation) (supra). Adhering to judicial consistency and the doctrine of ‘Binding Precedents’, the transaction made by the assessee under the scrip of ICL is held to be a genuine transaction and the Assessing Officer is directed to delete the additions made under sections 68 and 69C of the Income-tax Act, 1961. [Para 8]
Consequently, these grounds raised by the assessee stand allowed. [Para 9]

In Favour of: The assessee

[2026] 184 taxmann.com 151 (Ranchi - Trib.) IN THE ITAT RANCHI BENCH
Rinki Singh v. I.T.O.
MARCH 5, 2026

Section 56, read with sections 147 and 148, of the Income-tax Act, 1961

Facts I :

For assessment year 2018-19, a residential flat was registered in the assessee’s individual name in March 2018 for a stated consideration of Rs. 10.45 lakhs, while the stamp duty value was Rs. 31.56 lakhs.
The Assessing Officer completed reassessment under section 147 read with section 144B determining total income at about Rs. 23.56 lakhs and made an addition of about Rs. 21.11 lakhs under section 56(2)(x) on account of the difference between the stamp duty value and the declared consideration for the flat.
On appeal, the Commissioner (Appeals) dismissed the appeal, holding that, in terms of section 249(4)(b), the assessee, having filed a belated return in response to notice under section 148 without payment of the advance tax due, was not entitled to have the appeal admitted.
On appeal to the Tribunal.

Held I :

Though the Commissioner (Appeals) dismissed the appeal on the technical ground that the assessee was required to file the returns of income in response to notice under section 148 and was also required to pay the advance tax as per section 249, it is viewed that the agreement for sale of flat was reached between the assessee’s husband and the seller way back on 4-12-2010 and section 56(2)(x) was not there in the Statute at the time of agreement for sale and therefore, the assessee had rightly made a request to the Assessing Officer that this case is not covered under section 56(2)(x) and therefore, no notice under section 148 was required to be issued to the assessee and no tax was payable by the assessee. The Commissioner (Appeals), however, missed that point and dismissed the appeal on a technical ground. There is merit in the submission of the assessee that since the original agreement was passed way back in 2010, section 56(2)(x) cannot be applied in this case, despite the fact that the sale deed was registered on 18-3-2018. Accordingly, the addition made by the Assessing Officer and confirmed by the Commissioner (Appeals) is deleted and the appeal of the assessee is allowed. [Para 7]
In the result, this appeal of the assessee is allowed. [Para 8]

Conclusion: In favour of assessee

Circulars and Notifications January 2026

PRESS RELEASE:

The Income Tax Department carries out nation-wide verification exercise on Restaurants suppressing turnover

The Income Tax Department carried out an investigation relating to tax evasion patterns in Food & Beverage sector in November 2025. During the exercise, it was found that several restaurants were engaged in the deletion of bulk bills and other modifications to suppress the actual sales. Advanced analytics of transactional data from about 1.77 lakh restaurants in the F&B sector was carried out using AI-enabled analytical tools. The data was compared with the turnover declared in Income Tax Returns. The analysis revealed large-scale under-reporting of income. In some cases, recorded sales were not fully reflected in financial accounts or tax filings and certain transactions were excluded from reported sales. Consequently, on 8 March 2026, a nationwide survey was conducted on 62 restaurants across 46 cities in 22 States. On a preliminary basis, the exercise revealed suppression of sales amounting to around Rs. 408 Crores. Investigations in this regard are underway. The Department continues to emphasize voluntary compliance and a trust-based approach. It has commenced the SAKSHAM NUDGE campaign to guide and advise taxpayers to correct their mistakes. Taxpayers are encouraged to file updated returns under Section 139(8A) of the Income Tax Act. In the first phase, emails and messages will be sent to the identified 63,000 restaurants, requesting them to update their returns before 31 March 2026.

PRESS RELEASE, DATED 09 March, 2026

Notifications

INCOME-TAX (AMENDMENT) RULES, 2026 - AMENDMENT IN RULES 114F, 114G AND 114H

In exercise of the powers conferred by section 295, read with section 285BA of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:–

(1) These rules may be called the Income-tax___________________ (Amendment) Rules, 2026.

(2) They shall come into force on the 1st day of January, 2026.

In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in Rule 114F,–

(a) in clause (1),–

(A) after sub-clause (v), in the Explanation–

(I) In clause (a), the following provisos shall be inserted, namely:– “Provided that for an account other than a U.S. reportable account, the provision of this clause shall apply with the effect that the phrase “financial Institution in the ordinary course of a banking or similar business” shall be substituted by the phrase “depository institution”: Provided further that for an account other than a U.S. reportable account, a “depository account” shall also include —

- an account or notional account that represents all specified electronic money products held for the benefit of a customer; and

(ii) an account that holds one or more central bank digital currencies for the benefit of a customer’;

(II) after clause (a), the following clause shall be inserted, namely:– ‘(aa) “central bank digital currencies” means any digital fiat currency issued by a Central Bank;’;

(III) in clause (h),

(i) in sub-clause (vi), after item (D), the following shall be inserted, namely:–– “(E) a foundation or capital increase of a company provided that the account satisfies the following requirements, namely: —

- the account is used exclusively to deposit capital that is to be used for the purpose of the foundation or capital increase of a company, as prescribed by law;

(ii) any amounts held in the account are blocked until the Reporting Financial Institution obtains an independent confirmation regarding the foundation or capital increase;

(iii) the account is closed or transformed into an account in the name of the company after the foundation or capital increase;

(iv) any repayments resulting from a failed foundation or capital increase, net of service provider and similar fees, are made solely to the persons who contributed the amounts; and

(v) the account has not been established for more than 12 months ago: Provided that the provisions of item (E) shall apply in respect of an account other than a U.S. reportable account;

(ii) after sub-clause (vii), the following sub-clause shall be inserted, namely:––

(viii) a depository account, other than a U.S. reportable account, which represents all specified electronic money products held for the benefit of a customer, if the rolling average ninety-day end-of-day aggregate account balance or value during any period of ninety consecutive days did not exceed USD 10,000 at any day during the calendar year or other appropriate reporting period;

(b) In clause (2), after the proviso, the following proviso shall be inserted, namely:–

“Provided further that for an account other than a U.S. reportable account, “financial asset” shall also include any interest (including a futures or forward contract or option) in a relevant crypto-asset;

(i) in clause (b), the following proviso shall be inserted namely:–

‘Provided that for an account other than a U.S. reportable account, “depository institution” shall also include an entity that holds specified electronic money products or central bank digital currencies for the benefit of customers;

(ii) In clause (c),

(I) In sub-clause (A), in item (iii), the following shall be inserted, namely:–

‘Provided that for an account other than a U.S. reportable account, the provisions of item (iii) shall apply with the effect that the phrase “financial assets” shall be substituted by the phrase “financial assets or relevant crypto-assets”.

Provided further that for an account other than a U.S. reportable account, the item (iii) shall not include the provision of services effectuating exchange transactions for or on behalf of customers.

Explanation— For the purposes of item (iii), the term “exchange transaction” means any –

(i) exchange between relevant crypto-assets and fiat currencies; and

(ii) exchange between one or more forms of relevant crypto-assets;

(II) In sub-clause (B), below Explanation 2, the following proviso shall be inserted, namely:––

“Provided that for an account other than a U.S. reportable account, the provisions of sub-clause (B) and Explanation 1 shall apply with the effect that the phrase “financial assets” shall be substituted by the phrase “financial assets or relevant crypto-assets”.

(d) in clause (5)

(i) in sub-clause (a), in item (i), for the words “depository institution,” the following shall be substituted, namely:––

“depository institution, or

- with respect to the activity of maintaining central bank digital currencies for account holders which are not financial institutions, governmental entities, international organizations or central banks: Provided that the provisions of item (ii) shall apply in respect of an account other than a U.S. reportable account.”;
- after sub-clause (h), the following sub-clause shall be inserted, namely:–

“(ha) a qualified non-profit entity in respect of an account other than a U.S. reportable account.”;

(iii) in the Explanation, after clause (M), the following clause shall be inserted, namely:–– “(MA) “Qualified Non-Profit Entity” means an entity resident in India that has obtained confirmation by the Income-tax Department or other governmental authority of India that such entity meets all of the following conditions, namely: —

(i) it is established and operated in India exclusively for religious, charitable, scientific, artistic, cultural, athletic or educational purposes; or it is established and operated in India and it is a professional organisation, business league, chamber of commerce, labour organisation, agricultural or horticultural organisation, civic league or an organisation operated exclusively for the promotion of social welfare;

(ii) it is exempt from income tax in India;

(iii) it has no shareholders or members who have a proprietary or beneficial interest in its income or assets;

(iv) the applicable laws of India or the entity’s formation documents do not permit any income or assets of the entity to be distributed to, or applied for the benefit of, a private person or a noncharitable entity other than pursuant to the conduct of the entity’s charitable activities, or as payment of reasonable compensation for services rendered, or as payment representing the fair market value of property which the entity has purchased; and

(v) the applicable laws of India or the entity’s formation documents require that, upon the entity’s liquidation or dissolution, all of its assets be distributed to a Governmental entity or other entity that meets the conditions set out in (i) to (v), or escheat to the Government of India or any political sub-division thereof.”

(e) after clause (5), the following clause shall be inserted, namely:–– “(5A) “relevant crypto-asset” means any crypto-asset––

(a) That is not a Central Bank Digital Currency or

(b) that is not a specified electronic money product; or

(c) for which the reporting crypto-asset service provider has adequately determined that it cannot be used for payment or investment purposes.”

(f) In clause (6), in item (vi) of sub-clause (F) of the Explanation, the following shall be substituted, namely:– “(vi) the excess of gains over losses from the sale or exchange of financial assets;”

(g) in clause (8), in sub-clause (b), for sub-clauses (i) and (ii), the following sub-clauses shall be substituted, namely:–

“(i) an entity, the stock of which is regularly traded on one or more established securities markets;

(ii) any entity that is a related entity of an entity mentioned in item (i).”

(h) after clause (9), the following shall be inserted, namely:––”(9A) “Specified Electronic Money Product” means any product that satisfies the following criteria, namely:—

(a) It is a digital representation of a single fiat currency.

(b) It is issued on receipt of funds for the purpose of making payment transactions.

(d) It is accepted in payment by a natural or legal person other than the issuer; and

(e) It is, by virtue of regulatory requirements to which the issuer is subject, redeemable at any time and at par value for the same fiat currency upon request of the holder of the product.

Explanation – For the purposes of this clause,

(i) ‘Specified Electronic Money Product’ does not include a product created for the sole purpose of facilitating the transfer of funds from a customer to another person pursuant to instructions of the customer;

(ii) a product is not created for the sole purpose of facilitating the transfer of funds if, in the ordinary course of business of the transferring entity, either the funds connected with such product are held longer than 60 days after receipt of instructions to facilitate the transfer, or, if no instructions are received, the funds connected with such product are held longer than 60 days after receipt of the funds;

(iii) “fiat currency” means the official currency of a country or territory, issued by such country or territory, or by the designated Central Bank or monetary authority of such country or territory, as represented by physical banknotes or coins or by money in different digital forms, including bank reserves and Central Bank Digital Currencies, including commercial bank money and electronic money products (including specified electronic money products);”

In the said rules, in rule 114G,

(a) in sub-rule (1),–

(i) in clause (a), the following proviso shall be inserted, namely:–

“Provided that in the case of an account other than a U.S. reportable account, a reporting financial institution shall also, –

(i) maintain and report whether the account holder has provided a valid self-certification; and

(ii) report whether the account is a joint account, including the number of joint Account Holders.”;

(ii) In clause (b),–

(A) In sub-clause (i), for the words “residence,” occurring at the end, the words “residence; and” shall be substituted.

(B) In sub-clause (ii), the following proviso shall be inserted, namely:- “Provided that in the case of an account other than a U.S. reportable account, a reporting financial institution shall also –

(i) maintain and report the role by virtue of which each reportable person is a controlling person of the entity and whether a valid self-certification has been provided for each reportable person;

(ii) report whether the account is a joint account, including the number of joint Account Holders.”;

(iii) in clause (c), the following proviso shall be inserted, namely:––

“Provided that in the case of an account other than a U.S. reportable account, a reporting financial institution shall also maintain and report the type of account and whether the account is a pre-existing account or a new account.”;

(iv) in item (ii) of clause (e), the following shall be substituted, namely:–– “(ii) the total gross proceeds from the sale or redemption of financial assets paid or credited to or with respect to the account during the calendar year with respect to which the reporting financial institution acted as a custodian, broker, nominee or otherwise as an agent for the account holder;”

(v) after clause (f), the following clause shall be inserted, namely:– “(fa) in the case of an account other than U.S. reportable account, where any equity interest is held in an investment entity that is a legal arrangement, the role(s) by virtue of which the reportable person is an equity interest holder;”;

(b) In sub-rule (4), after the proviso, the following proviso shall be inserted, namely:-“Provided further that for an account other than a U.S. reportable account, the reporting financial institution shall obtain the taxpayer identification number and date of birth whenever it is required to update the information relating to the pre-existing account pursuant to the rules made under the Prevention of Money-Laundering Act, 2002 (15 of 2003).”;

(c) after sub-rule (6), the following sub-rule and proviso shall be inserted, namely:-“(6A) Notwithstanding anything contained in sub-clause (ii) of clause (e) of sub-rule (1) and unless the reporting financial institution elects otherwise with respect to any clearly identified group of accounts, the gross proceeds from the sale or redemption of a financial asset are not required to be reported to the extent such gross proceeds from the sale or redemption of such financial asset are reported by the reporting financial institution under the Crypto-Asset Reporting Framework: Provided that the provisions of this sub-rule shall apply in respect of an account other than a U.S. reportable account.”;

(d) after sub-rule (11), the following sub-rule shall be inserted, namely:– “(12) Notwithstanding anything in sub-clauses (b) and (fa) of sub-rule (1) of this rule, with respect to each reportable account other than a U.S. reportable account that is maintained by a reporting financial institution as of 31st December, 2025 and for reporting periods ending by the second calendar year following such date, information with respect to the role by virtue of which each reportable person is a controlling person or equity interest holder of the entity is only required to be reported if such information is available in the electronically searchable data maintained by the reporting financial institution.”;

In the said rules, in rule 114H–

(a) in sub-rule (2),–

(i) in clause (d), for sub-clause (ii), the following sub-clause shall be substituted, namely:– “(ii) in case of other reportable account, the 1st January, 2016 or, if the account is treated as a financial account solely by virtue of the amendments to the Common Reporting Standard, on or after 1st January 2026;”;

(ii) in clause (h), for sub-clause (II), the following sub-clause shall be substituted, namely:– “(II) in case of other reportable account, the 31st December, 2015 or, if the account is treated as a financial account solely by virtue of the amendments to the Common Reporting Standard, as of 31st December 2025.”

(b) in sub-rule (6), in clause (a), in sub-clause (ii), in item (B), the following proviso shall be inserted, namely:- “Provided that in the case of an account other than a U.S. reportable account, if the reporting financial institution is not legally required to collect and maintain information in accordance with the rules made under the Prevention of Money-laundering Act, 2002 (15 of 2003), it must apply substantially similar procedures for the purpose of determining the controlling persons”.

(c) In sub-rule (7), after clause (a), the following clause shall be substituted, namely:–“(aa) in the case of an account other than a U.S. reportable account, in exceptional circumstances where a self-certification cannot be obtained by a reporting financial institution in respect of a new account in time to meet its due diligence and reporting obligations with respect to the reporting period during which the account was opened, the reporting financial institution must apply the due diligence procedures as applicable for the pre-existing accounts to such new accounts, until such self-certification is obtained and validated;”;

(d) After sub-rule (8), the following sub-rule shall be inserted, namely:– “(9) For the purposes of rule 114F, 114G and this rule, exchange of any information in respect of any transaction in relevant crypto-assets is only for the limited purposes of administration of taxes by the relevant jurisdiction.”

NOTIFICATION G.S.R. 158(E) [NO. 19/2026/F.NO. 370149/209/2025-TPL], DATED 5-3-2026

Tax Calendar April 2026

07th April 2026

TDS/TCS Deposit: Due date for deposit of Tax deducted/collected by an office of the government for the month of March, 2025. However, all sums deducted by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income tax Challan.

14th April 2026

Due date for issue of TDS Certificate for tax deducted under section 194-IA/194-IB/194M/194S in the month of January 2026

30th April 2026

Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA/ 194-IB/ 194M/ 194S in the month of March 2026
TDS/TCS Deposit: Due date for deposit of Tax deducted by an assessee other than an office of the Government for the month of March, 2025
Form 15G/15H: Due date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 2025
Form 61: Due date for e-filing of a declaration in Form No. 61 containing particulars of Form No. 60 received during the period October 1, 2024 to March 31, 2025

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