📢 INCOME TAX UPDATE: MAJOR RENNUMBERING OF KEY FORMS UNDER DRAFT RULES 2026

 The Draft Income-tax Rules, 2026 propose a complete restructuring and renumbering of several commonly used compliance forms. While there is no change in core compliance requirement, the form numbers have been rationalised for better system alignment.

🔄 Key Changes You Must Know:

✔️ Form 16 (Salary TDS Certificate) ➜ Now Form 130
✔️ Form 49A (PAN Application) ➜ Now Form 93
✔️ Forms 15G & 15H (Non-deduction of TDS) ➜ Merged into Form 121
✔️ Form 26AS (Tax Credit Statement) ➜ Now Form 168
✔️ Forms 26QB & 26QC (Property Purchase / Rent TDS) ➜ Now Form 141
✔️ Form 27Q (TDS on Non-Residents) ➜ Now Form 144

🎯 Professional Insight:

• This is a structural renumbering, not a new tax levy
• Systems, documentation, and internal processes will need updating
• Taxpayers and businesses must align compliance references
• Transitional phase may require extra caution while filing and reporting

⚠️ Action Point:
Ensure your finance team, payroll, and compliance systems are updated once the rules are formally notified.

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