Experts expect fewer irrelevant disclosures, better system stability and smoother reconciliation with AIS in FY26 returns ...
Budget 2026 reshapes taxation of unexplained income. Self-reporting undisclosed income now attracts a 30% tax rate. This is a significant reduction from the previous 60% rate. Income detected by tax ...
Taxpayers also get more flexibility to correct mistakes: the time limit to file a revised return has been increased from 9 ...
India’s income tax system will undergo a major overhaul from April 1, 2026, according to various reports. The Income Tax ...
Moving beyond rate-centric reforms, the government has focused on re-designing the compliance lifecycle spanning original ...
From April 1, 2025, taxpayers earning up to ₹12 lakh can enjoy zero income tax under the new tax regime, following a higher ...
Finance Minister Nirmala Sitharaman has proposed extending the deadline for revising income tax returns from December 31 to March 31, allowing for a nominal fee. This change aims to address issues ...
New Delhi: The government has extended the deadline for revising Income Tax Returns (ITRs) till March 31 of the relevant ...
In keeping with the spirit of Jan Vishwas, ease of living, and to reduce the burden of litigation and compliance, Budget 2026 ...
With the December 31 deadline for filing revised income tax returns now over, many taxpayers who later spot missed income or ...
The amount of the income tax refund is equal to the excess tax paid, which is not taxable and cannot be considered income.
Taxpayers would continue to use existing income tax return (ITR) forms to report income for 2025-26 (FY26), even as revamped ...
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