TAX ADVISOR - YOUR OWN TAX GUIDE

By CA Shivam Gupta | Published: September 30, 2026 EXECUTIVE SUMMARY Purchasing immovable property from a Non-Resident Indian (NRI) has historically represented one of the most operationally burdensome tax compliance workflows for individual homebuyers in India. Unlike transactions involving resident sellers—which are streamlined through a PAN-based challan-cum-statement— acquisitions from NRIs previously required retail buyers to apply for a Tax Deduction and Collection Account Number (TAN), deposit tax through ITNS 281 challans, file quarterly non-resident TDS returns in Form 27Q, and manually issue Form 16A certificates. Effective 1 October 2026, CBDT Notification No. 121/2026 (Income-tax (Fifth Amendment) Rules, 2026) fundamentally simplifies this framework by abolishing the TAN mandate for resident individual and HUF buyers, integrating NRI property purchases into PAN-based Form 141 through a newly notified Schedule E. Concurrently, the CBDT has issued formal statutory Circular No...

  Tax Audit 2026 Crisis Reaches Parliament & High Court: Extension Demands Peak & ITAT Delhi Delivers Vital Foreign Tax Credit Relief By CA Shivam Gupta | Published: September 26, 2026 EXECUTIVE SUMMARY With the statutory September 30 deadline for Tax Audit Reports under Section 44AB and Trust Audits under Section 12A/10(23C) less than 96 hours away, the professional accounting community across India is facing acute operational pressure. The escalating compliance strain has transcended tax bar memorandums to become a matter of formal parliamentary advocacy, with Members of Parliament directly petitioning Union Finance Minister Nirmala Sitharaman and a writ petition being instituted before the Madhya Pradesh High Court for judicial intervention. Meanwhile, in international taxation, the Income Tax Appellate Tribunal (ITAT) Delhi Bench has delivered a crucial taxpayer-friendly decision, holding that late filing of Form 67 cannot extinguish an assessee's statut...