INTRODUCTION:
In order to simplify the process of implementation of the recently passed Income-tax Act, 2025, from 1st April 2026, CBDT has prepared Draft Income-tax Rules, 2026. This is expected to make tax filing simpler and easier while also allowing for technological filing of returns by taxpayers and companies.
SIMPLIFIED TAX FRAMEWORK:
The main aim of the Draft Income Tax Rules, 2026 has been that of simplification old Rules. The draft has been simplified in language and unnecessary provisions have been removed. The forms have been standardizing in order to make compliance easy.
KEY CHANGES IN INCOME TAX RULES, 2026:
1. Allowances and Perquisite Valuation Rules
In the year 2026, Income Tax Rules have been amended so as to increase the threshold of different types of allowances and perquisites in keeping with the inflation prevailing at the time. The exemptions related to child’s education, hostel charges, free meals, gifts,
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