Stay informed with the latest income tax news, notifications, circulars, and important deadlines.
The new tax regime has become the default regime for taxpayers. Individuals can still opt for the old regime while filing ITR.
The due date for filing Income Tax Returns for AY 2026-27 has been extended to 31st July 2026 for individual taxpayers.
TDS rates have been revised for various sections including 194C, 194H, and 194J. New rates effective from 1st July 2026.
New ITR forms (ITR-1 to ITR-7) have been notified with additional disclosures on foreign assets and crypto income.
The deduction limit under Section 80C remains unchanged at ₹1.5 Lakhs for FY 2026-27. No increase announced in the budget.
Late filing penalty under Section 234F has been increased. Maximum penalty now ₹10,000 for filing after 31st July 2026.
New tax slabs have been introduced under both regimes. Standard deduction increased to ₹75,000 for salaried individuals.
New features added to the Annual Information Statement (AIS) portal. Taxpayers can now view and verify all financial transactions.
CBDT releases comprehensive guidelines on taxation of crypto assets and virtual digital assets (VDAs).
All ITRs must be verified electronically within 30 days of filing. Manual verification will not be accepted from this year.
HRA exemption rules have been simplified. Rent receipts no longer required for rent up to ₹3,000 per month.
New formats for Form 16 and Form 12BAA have been notified. Employers must issue updated forms from 1st June 2026.
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