Mumbai: The Income Tax Department organised “PRARAMBH–2026” in Mumbai to raise awareness about the new Income Tax Act, 2025, and Income-tax Rules, 2026, with a focus on international taxation and transfer pricing in collaboration with Gem & Jewellery Export Promotion Council and Bharat Diamond Bourse.

The programme, under the theme “Bridging Borders, Building Trust”, witnessed participation from more than 200 stakeholders, including members of the Gem & Jewellery Export Promotion Council (GJEPC), traders associated with Bharat Diamond Bourse, tax practitioners, chartered accountants, and representatives from the trade and industry.

In his welcome address, Mr. Mehul Shah, Vice President, Bharat Diamond Bourse, highlighted the significance of taxpayer awareness and constructive engagement between the Department and industry for ensuring efficient tax administration and promoting voluntary compliance. Shri Shaunak Parikh, Vice Chairman, Gem & Jewellery Export Promotion Council (GJEPC), emphasised the important role of industry stakeholders in promoting responsible tax practices and fostering trust-based compliance mechanisms.

Chief Guest Nirupama Kotru, Chief Commissioner of Income Tax (International Taxation & Transfer Pricing), West Zone, Mumbai, and Mohit Jain, Chief Commissioner of Income Tax, highlighted that the Income Tax Act, 2025, is a simplified, progressive, and taxpayer-friendly legislation aimed at enhancing transparency, reducing complexities, and promoting ease of compliance in the evolving tax administration system. This was followed by an audio-visual presentation on the Income Tax Act, 2025, aimed at familiarising participants with the latest legislative and regulatory developments introduced under the new tax framework.

An interactive technical session on “Ushering in the Income Tax Act, 2025 and Income Tax Rules, 2026 relating to International Taxation and Transfer Pricing” was conducted by the department, where detailed insights into the provisions of the new Income Tax Act, 2025 and Income Tax Rules, 2026 were explained to participants with a comparative overview of the provisions of the new and old Income Tax Acts.

The programme also featured a demonstration of ‘Kar Saathi’, the Income Tax Department’s newly introduced AI-powered chatbot designed to provide taxpayers with real-time guidance and assistance on tax-related matters.

Members of GJEPC and Bharat Diamond Bourse actively participated in the two-hour interactive session. Participants raised several queries and sought clarifications on issues relating to TDS provisions, tax payment and return filing provisions under the Income Tax Act, 2025; transitional provisions from the Income Tax Act, 1961, to the new Income Tax Act, 2025; and provisions relating to international taxation and transfer pricing. The queries raised during the session were comprehensively addressed by senior officers of the Income Tax Department.

The outreach programme was widely appreciated by participants for its informative, practical, and interactive approach towards taxpayer education and stakeholder engagement.

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