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I. DIRECT TAX : SPOTLIGHT
The amended Rule applies to any search initiated under section 247 or requisition made under section 248 of the Income tax Act, 2025 on or after 1 April 2026. Form ITR -BN (Income tax return for Block Assessment) is inserted - Notification No. 97 of 2026 dated 24 July 2026.
2. CBDT has notified Foreign Assets of Small Taxpayers- Disclosure Scheme Rules, 2026 and has also released FAQ - Notification No. 114 of 2026 dated 14 August 2026.
II. FEMA
1. RBI releases draft rules for rationalization of Foreign Exchange Management (Non-debt Instruments) Rules, 2019 RBI has released the draft Foreign Exchange Management (Foreign Investment) Rules, 2026 to replace and rationalise the existing NDI Rules, 2019. The draft aims to simplify the regulatory framework, harmonise definitions, align FEMA provisions with the FDI Policy, reduce compliance burden and provide greater operational flexibility through a principle-based, investor-neutral and investee-neutral approach. The Rules are currently in draft form and will be finalised after public consultation. Comments on the draft Rules can be submitted by 31st August 2026.
