New Delhi: India’s bullion market saw a pause in its recent rally on February 8, with gold prices easing slightly after touching record highs in late January. The price of 24-carat gold was around Rs 1.56 lakh per 10 grams, while 22-carat gold traded close to Rs 1.43 lakh per 10 grams in major markets across the country.

Silver prices remained volatile but stable compared to recent swings, trading at about Rs 2.85 lakh per kilogram. The metal has seen sharp movements in recent weeks, reflecting changing global demand and investor sentiment.

The correction in gold prices comes after the metal reached an all-time high of nearly Rs 1.79 lakh per 10 grams last month, driven by strong global demand for safe-haven assets. Since then, some investors have booked profits, leading to a decline in prices.

Market experts say precious-metal prices are currently being influenced by international economic conditions, currency fluctuations, and expectations around interest-rate decisions by major central banks. These factors often affect global bullion prices, which in turn impact domestic rates in India.

Despite the recent dip, demand for gold remains steady, especially with the wedding season and festive purchases supporting jewellery sales. Analysts believe gold and silver prices may continue to move cautiously in the coming weeks as global markets remain uncertain.

Overall, the bullion market is entering a phase of consolidation after a strong rally, with investors closely watching global trends for the next direction in prices.

New Delhi: The Income Tax Department has unveiled the Draft Income-tax Rules, 2026, laying the groundwork for how the new Income-tax Act, 2025 will be implemented. Although these rules are currently in draft form and could be revised after consultations with stakeholders, they offer taxpayers a clearer picture of what to expect from April 1, 2026. From better-defined valuation norms for income and perks to a push for simpler returns and more predictable compliance, the proposed rules signal a move towards a more structured and streamlined tax regime.

Push for easier ITR filing and transparent tax computation

A major focus of the draft rules is to make income-tax return (ITR) filing simpler under the new law. The government has clearly spelled out formulas and valuation methods in advance especially for salary income, perks, capital assets and foreign income. This is expected to reduce confusion and limit disputes while filing returns.

Clearer rules on taxation of employee benefits

The draft rules put special focus on how employer-provided benefits will be taxed, bringing more clarity for salaried individuals. Perks such as company accommodation, cars, meal benefits, gifts, credit card expenses, club memberships and concessional loans have been clearly defined under the proposed framework.

For instance, employer-provided housing will be taxed based on the city’s population and the employee’s salary. Use of a company car will be categorised as official, personal or mixed, with fixed monthly values assigned for tax purposes. The rules also highlight specific documentation requirements, particularly when employees claim official use. While this may mean tighter scrutiny, it also sets clearer expectations and reduces ambiguity for taxpayers.

Relief on meals, gifts and minor perks continues

The draft rules also retain tax relief on several common employee benefits. Free meals and non-alcoholic beverages provided during working hours will remain tax-free up to Rs 200 per meal. Similarly, gifts, vouchers or tokens given by employers will not attract tax as long as their total value does not exceed Rs 15,000 in a financial year.

In addition, interest-free or concessional loans from employers will continue to be exempt up to Rs 2 lakh. Loans taken for specified medical treatment will also enjoy tax benefits, subject to certain conditions. These provisions ensure that smaller workplace perks continue to offer some tax relief for salaried taxpayers.

Streamlined process, but better record-keeping required

The draft rules aim to make tax calculations more straightforward, but they also place greater emphasis on proper documentation. With detailed tables for valuing perks and clearly defined formulas, the scope for disputes and litigation may come down. However, both employees and employers will need to maintain accurate records, especially for travel claims, company car usage and reimbursements. In short, while compliance could become more structured and predictable, paperwork discipline will be key.

Clearer norms for NRIs, focus on global income rules

The draft rules also bring more clarity for non-resident Indians (NRIs), especially on how income connected to India will be calculated when exact figures are not readily available. They lay down specific methods for computation and clearly define thresholds for what qualifies as “significant economic presence,” potentially widening the scope of taxation in certain cases.

At the same time, Indian seafarers have been given much-needed clarity. The rules state that days spent on eligible foreign voyages will not be counted while determining residential status, provided the required certificates are maintained. This move is expected to reduce confusion and disputes around tax residency for those working at sea.

Clear valuation norms for ESOPs and share investments

The draft rules lay down detailed guidelines for valuing both listed and unlisted shares, which will be important for employees holding ESOPs as well as investors. They clearly spell out how the fair market value (FMV) will be determined and in which cases a valuation report from a merchant banker will be mandatory. This could directly impact the tax liability at the time of exercising stock options.

However, it is worth remembering that these are still draft rules and may be revised before final notification. That said, procedural provisions of this nature typically undergo limited changes once they are finalised.

New Income Tax law to replace 1961 Act from April 1

India is set to usher in a new tax regime with the Income Tax Act, 2025, which will replace the more than 60-year-old Income Tax Act of 1961 from April 1. The Income Tax Department has invited stakeholder comments on the Draft Income-tax Rules, 2026, and related forms till February 22, after which the final rules and forms under the new law will be notified.