New I-T forms provide for tenant-landlord relationship disclosure

The government has come out with draft income tax forms that seek disclosure of tenant-landlord relationship for claiming IT deductions and increased responsibility of auditors and companies for tax credit claims on foreign income.

- MPOST BUREAU

‘The draft forms also propose to entrust auditors with greater responsibility for checking PAN duplication and tax liability arising out of adverse audit observation.

‘The new Income Tax Act, 2025, which replaces the six-decade-old law, will come into effect from April 1, 2026.

‘The government has circulated draft Rules and Forms for stakeholder consultation. The final Rules and Forms will be notified next month.