The Economic Times

Tax department releases draft Income Tax Rules, 2026; Rule 57 of draft rules tell how fair market value of assets like jewellery, property is determined for taxation purposes

The Income Tax Department has released draft Income Tax Rules, 2026, and forms for public feedback, aiming to simplify taxpayer experience and align with the Income Tax Act, 2025. These new rules, set to replace the 1962 rules and become effective from April 1, 2026, introduce simplified language, standardized information, and smart forms with pre-fill capabilities.