Page 2 - Latest Updates on Income tax
Union Budget 2026: From semiconductors to rare-earth hubs, key takeaways
Budget 2026: The Budget lays out new schemes and higher spending on infrastructure, technology, healthcare and jobs, while offering support for industry and students
 "Union Budget 2026: From semiconductors to rare-earth hubs, key takeaways")
Eco Survey suggests synergy between I-T & customs on related-party imports
Experts welcomed the recommendation, saying it could lower transaction costs and litigation, making India more competitive against peer economies
 "Eco Survey suggests synergy between I-T & customs on related-party imports")
Budget 2026-27: Experts seek reforms to ease I-T litigation backlog
Experts suggest direct ITAT access and stronger dispute resolution mechanisms to tackle 5.4 lakh pending tax appeals and ease litigation backlog
 "Budget 2026-27: Experts seek reforms to ease I-T litigation backlog")
Budget 2026: Why old income tax regime still appeals to salaried taxpayers
As the Finance Minister readies Budget 2026, salaried taxpayers remain split on whether lower rates can truly replace deductions
Budget 2026: No big-bang cuts but some relief likely for salaried class
Tax experts say the Centre is expected to strengthen the new tax regime through slab rationalisation and higher rebates rather than expanding deductions
 "Budget 2026: No big-bang cuts but some relief likely for salaried class")
Co-borrowers must be co-owners and contribute to EMIs to claim tax benefits
The deduction claimed must be in proportion to their ownership share and actual EMI contribution
 "Co-borrowers must be co-owners and contribute to EMIs to claim tax benefits")
Budget 2026: Experts explain why the new tax regime still needs fixes
Experts argue cost-of-living relief can reduce the sharp tax jump after ₹12 lakh
 "Budget 2026: Experts explain why the new tax regime still needs fixes")
Centre's net direct tax collections rose 9% to ₹18.38 trillion till Jan 11
The mop-up includes net corporate tax collection of over Rs 8.63 trillion and tax from non-corporates, including individuals and HUFs, of Rs 9.30 trillion
 "Centre's net direct tax collections rose 9% to ₹18.38 trillion till Jan 11")
Income Tax Act, 2025 to replace the 1961 law from April 1: Explained
What the Income Tax Act, 2025 changes and what stays the same for taxpayers
 "Income Tax Act, 2025 to replace the 1961 law from April 1: Explained")
Budget 2026: Why higher super-rich tax may backfire, experts explain
Tax specialists warn higher surcharges could push wealth and talent overseas
Budget 2026: Experts ask govt to not up income tax surcharge on super rich
Those earning above Rs 5 crore and are in the new income tax regime pay a 25 per cent surcharge, while those under the old tax regime pay a surcharge at a 37 per cent rate
Simplified Income Tax Act 2025 to come into force from Apr 1: What it means
The new law simplifies the tax timeline by doing away with the distinction between the assessment year and the previous year, replacing it with a single 'tax year' framework
Govt may relax transfer-pricing regime, make eligibility rules flexible
Move aimed at making safe-harbour rules more attractive and practical
 "Govt may relax transfer-pricing regime, make eligibility rules flexible")
I-T dept flags inaccuracies in returns, allows revised returns up to Dec 31
The notices have been issued under Section 142(1) of the Income-tax Act, which empowers the department to seek information or documents during assessment proceedings
 "I-T dept flags inaccuracies in returns, allows revised returns up to Dec 31")
Claimed donations in your ITR? Here's why many are revising returns now
CBDT's NUDGE campaign prompts over 1.5 mn taxpayers to revise their returns as the tax department cracks down on donation claims linked to unrecognised political parties and trusts
 "Claimed donations in your ITR? Here's why many are revising returns now")
Can tax officials access emails and social media under new tax rules 2025?
Section 247 under the new Act allows authorised officers to access computer systems or virtual spaces, but strictly during search and survey operations where there is credible evidence of evasion
 "Can tax officials access emails and social media under new tax rules 2025?")
ITR refund stuck? Experts warn December 31 delays could block revisions
'Act fast: Rectification can save your refund if ITR isn't processed by year-end,' say experts
Got tax alert on property deals or foreign assets? I-T dept explains why
Authorities clarify that compliance alerts for high-value transactions are prompts for voluntary correction rather than a precursor to enforcement action
Income Tax dept emails flag cash deposits, property deals: What to do
Emails about high-value transactions in Annual Information Statements nudge people on compliance processes, say experts
 "Income Tax dept emails flag cash deposits, property deals: What to do")
Belated return: Claim refunds, credits, carry forward house property loss
If you file an updated return later, you will have to pay interest and additional tax, and will not be able to claim refunds
 "Belated return: Claim refunds, credits, carry forward house property loss")