Tax Reforms

Govt notifies Finance Act 2026, gives effect to changes in tax provisions

The government has notified the Finance Act 2026, paving way for effecting changes in tax provisions. This Act gives effect to financial proposals of the central government for 2026-27, a gazette notification dated March 30 issued by the Ministry of Law and Justice said. "The following Act of Parliament received the assent of the President on March 30, 2026 and is hereby published for general information," it said. Last week, Parliament approved the Finance Bill 2026 with the Rajya Sabha returning it to the Lok Sabha with a voice vote, completing the budgetary exercise for the next fiscal year starting April 1. The Lok Sabha had passed the bill on March 25, along with 32 amendments. The Rajya Sabha returned the bill after a brief discussion, and Finance Minister Nirmala Sitharaman replied to queries raised by members. The Union Budget 2026-27 envisages a total expenditure of Rs 53.47 lakh crore, an increase of 7.7 per cent over the current fiscal year ending March 31. The total

Income Tax department notifies all seven ITR forms for AY 2026-27

The Income Tax department has notified all income tax return forms for the assessment year (AY) 2026-27. While ITR forms 1-4, filed by small and medium taxpayers, were notified on March 30, ITR forms 2, 3, 5, 6 and 7, as well as ITR-U (for filing updated returns), were notified on Tuesday. With the ITR (income tax return) notification, individuals, businesses and other entities can start filing I-T returns for the income earned in the financial year 2025-26. The last date for filing ITR for individuals and those who do not have to get their accounts audited is July 31. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simpler forms that cater to a large number of small and medium taxpayers. Sahaj can be filed by a resident individual having annual income up to Rs 50 lakh and who receives income from salary, one house property, other sources (interest) and agricultural income up to Rs 5,000 a year. Sugam can be filed by individuals, Hindu Undivided Families (HUFs) and firms (other tha

FY26 marks sweeping tax overhaul with new income tax law, GST reforms

Union Budget-driven changes introduce new Income Tax Act, GST 2.0 rationalisation, and compliance reforms aimed at simplifying taxation and boosting transparency

Finance Bill 2026 cleared; limit buyback tax to domestic entities

Amendments raise start-up tax threshold, remove arrest provisions and introduce safeguards in reassessment, aiming to ease compliance and reduce litigation

Budget 2026 should boost private investment, ensure tax clarity: EY India

EY India says Union Budget 2026 should focus on tax certainty, private investment and sector reforms to support growth amid global uncertainty

India cuts GST, revamps tax regime in 2025, I-T Act in effect from April 1

India overhauled its tax regime in 2025 with sharp cuts in Goods and Services Tax (GST) rates and a higher income tax exemption limit, with the spotlight now turning to customs duty rationalisation and procedural simplification in the coming Budget. Next year will see the new simplified Income Tax Act, 2025, to come into effect from April 1, replacing the over six-decade-old current Income Tax Act, 1961. Also, two new laws -- one to levy additional excise duty on cigarettes and another to levy cess on pan masala over and above GST rates -- will be implemented on a date decided by the government. The tax reforms rolled out by the government in 2025 were aimed at stimulating demand amid a challenging global economic environment. With tariff uncertainties casting a shadow over economic decision-making, India's tax reform measures focused on boosting domestic demand to drive consumption and support growth. A key highlight was the reduction of GST rates on about 375 goods and services .

Pre-Budget meeting: Ficci seeks faster resolution of tax disputes

Industry body calls for clearing ₹18 trillion in pending tax appeals, TDS rationalisation and tax neutrality for fast-track demergers ahead of Union Budget 2026

Dr Reddy's hopes GST reforms will fix pharma tax issues, boost access

Dr Reddy's Laboratories on Tuesday expressed hope that the new GST structure will take care of existing challenges and aid in ushering a rationalised, industry-friendly tax framework for the pharmaceutical industry. For an extended period, the pharmaceutical sector has faced structural challenges, including higher GST rates and an inverted duty structure, which have impacted the cost efficiency of domestic manufacturing and the affordability of medicines, Dr Reddy's Laboratories Chairman Satish Reddy said in a statement. "We are optimistic that the forthcoming reforms will address these critical concerns and introduce a rationalised, industry-friendly tax framework," he noted. Such measures will significantly improve the affordability and accessibility of essential medicines for every citizen, while also enhancing the global competitiveness and innovation capacity of the Indian pharmaceutical industry, Reddy said. The industry remains fully committed to working in close partnership

GST reform: Turning crisis into opportunity for India's growth story

The finance ministry is clear in its message that the reforms would be comprehensive, going beyond rate rationalisation. The question is how the government should go about it

Arvind Shrivastava takes charge as revenue secretary amid policy challenges

Prior to this, Shrivastava served in the Prime Minister's Office as joint secretary and later as additional secretary

If your salary is just above Rs 12 lakh, do you pay full tax of Rs 61,500?

Central Board of Direct Taxes (CBDT) has clarified that marginal relief applies to incomes up to Rs 12.75 lakh. This means individuals with incomes up to Rs 12.75 lakh won't pay full tax on the excess

Income Tax dept not an adversarial entity, but participative: CBDT chief

CBDT chairman Ravi Agrawal said the tax administration is committed to 'fostering stability and simplifying business operations' in India

From new slabs to crypto tax: 10 key tax reforms in recent Union Budgets

Budget 2025: Union Finance Minister Nirmala Sitharaman is set to make history today as she presents her eighth consecutive Union Budget

Union Budget 2025 expectations highlights: "Will Budget 2025 boost EV growth and manufacturing?

Union Budget 2025 Latest Updates: Catch all the latest developments related to Union Budget 2025 here

Budget 2025: Hospitality sector seeks infra status, tax rates reforms

Lack of infrastructure status, rationalisation of tax rates, easier visa processes and more incentives by state governments to promote investments are some of the key issues that need to be addressed for India's hospitality sector to realise its full potential, Hotel Association of India President K B Kachru said ahead of the Budget. In an interview to PTI, Kachru, emphasised upon the need for India to be marketed in a better fashion, and noted that countries like Japan, South Korea and Thailand have been able to grow their GDP by giving importance to the tourism sector. He emphasised upon the need for India to identify and promote MICE (Meetings, Incentives, Conferences, and Exhibitions) destinations with high potential, and work towards building the required infrastructure to draw tourists globally. "We need investment. Investment can't be done by the government alone. Private sector has to come in and invest. What would motivate them to invest in the country is they must have a .

Union Budget 2025 expectations highlights: Finance sector calls for reduction in loan limits

Union Budget 2025 Latest Updates: Catch all the latest developments related to Union Budget 2025 here

Budget 2025: Govt's third shot at tax reform shouldn't miss the target

Nearly 47 million, or 63 per cent of those who did file returns last year, paid nothing

Budget FY26: Economists urge govt to focus on consumption, tax reforms

India's economic growth slowed more sharply than anticipated in the July-September period of FY25, dropping to a seven-quarter low of 5.4 per cent

Tax reform dilemmas: Taxing agri, adjusting exemptions key to fairness

Any proposed reforms, therefore, need to be analysed from this perspective as well

Non-reporting of foreign moveable assets up to Rs 20 lakh decriminalised

Be cautious, taxman could still come after you for wilfully withholding information