The new law replaces “Previous Year” and “Assessment Year” with one unified “Tax Year.” This simplifies return filing and reduces confusion for ...

India’s income tax system will undergo a major overhaul from April 1, 2026, according to various reports. The Income Tax ...

The previous Income Tax Act was over 65 years old and had more than 800 sections. The new law reduces this to around 536 sections and removes many explanations and provisos that made the law ...

The drafts have been opened for public comments for 15 days, until February 22, 2026. The tax department has invited ...

India's income tax system is about to enter a new era. The government is preparing to implement the Income Tax Act, 2025, ...

Income Tax Return: Under the new tax regime, the effective threshold may start from Rs 3 lakh for some, but mandatory filing applies if income crosses the exemption.

New income tax rules for 2026-27 propose redesigned ITR forms with more pre-filled details, aiming for simplification. Eligibility criteria for simplified forms like ITR-1 and ITR-4 have been adjusted ...

Public feedback and comments have been invited before finalising the rules, which will be notified by the first week of March, said CBDT chairman Ravi Agrawal.

Misclassification, delayed deposits, or reporting errors in TDS can trigger interest, penalties, and disallowance of expenses under the Income-tax ...

Budget 2026 tax changes for NRIs explained by a CA, covering overseas income exemption, residency rules, property sales, ...