Income Tax 2026: 3 key changes in deductions & exemptions every taxpayer must know

The Finance Act, 2026 outlines significant changes in income tax deductions and exemptions for Tax Year 2026-27. Non-resident individuals will benefit from tax exemptions on foreign-source income for five tax years. Disability pensions are only exempted if individuals are invalided out due to service-related disabilities. Compulsory land acquisition income will also be tax-exempt, clarifying previous ambiguities in the law.

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Sold property? You may pay zero tax if these Section 82 rules under Income Tax Act 2025 are met

For Tax Year 2026-2027, Income Tax Act, 2025 is applicable and this means you need to be versed with the renumbered Sections in order to continue your financial plan as usual. If you want to claim income tax exemption on selling property then note that Section 54 is now renumbered as Section 82 of the Income Tax Act, 2025.

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Gold taxation explained: How much tax you pay on selling gold jewellery, ETFs, fund of funds and SGBs

Tax on capital gains from gold investment: Investing in gold can yield gains, but investors must be informed about the associated tax liabilities. Different types of gold investments, including physical gold, ETFs, and FoFs, have varying tax implications. Gold held for less than 24 months generates short-term capital gains, while long-term gains apply to gold held longer. Sovereign Gold Bonds (SGBs) have specific tax exemptions if held until maturity, which investors should note.

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₹20.45 lakh cash deposits, ₹12.64 lakh capital gains from property sale questioned by Income Tax Department; here’s why woman wins relief at ITAT Hyderabad

A Telangana woman successfully challenged an income-tax dispute involving substantial cash deposits and a property sale. The ITAT Hyderabad canceled most tax notices but left one aspect open for verification. Taxpayers can learn from this case about the importance of maintaining proper documentation for cash transactions and property ownership to avoid disputes with tax authorities.

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Indians working in UK: Per diem paid by Indian company may be tax-free in India if these conditions are met

Indians working in the UK may receive per diem payments from their Indian employers. However, these payments are generally taxable in the UK and not in India under specific conditions. The taxability in India depends on the employee's residential status and where the employment is exercised. A recent ITAT Delhi case illustrates the application of the India-UK DTAA in determining taxability.

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Widow gets income tax notice over Rs 60 lakh 'unexplained' cash deposit; she fights back and wins in ITAT Pune - know how

Ms Parve’s counsel argued in ITAT Pune that she is a housewife and never filed her income tax return (ITR) as she had no independent source of income. To support her claims, Ms Parve also filed Form 26AS, an affidavit, the husband’s death certificate, computation sheet, bank statements between 24.08.2015 and 30.09.2015.

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Can income tax officials take your PPF savings for unpaid tax dues? Know what the law says

Dealing with a tax demand? It's essential to grasp how the Income Tax Department can seize dues from different assets, while your PPF account holds particular protections. Funds within a PPF account are shielded from attachment; yet, withdrawing them can put them at risk.

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Own property in UAE? Income Tax Department nudges taxpayers to declare undisclosed assets under FAST-DS 2026, know who needs to act and what they can do

UAE property owners have received communication from the income tax department regarding undisclosed assets. Taxpayers are prompted to assess their foreign assets in relation to their tax status. Those eligible can use the FAST-DS 2026 scheme before the deadline. Failure to disclose such assets may result in severe penalties or taxation. It is important to review and act upon this nudge to avoid repercussions.

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Rs 1.79 lakh US tax credit under India-US DTAA denied over late Form 67 filing; ITAT Bangalore rules in man’s favour

An Indian taxpayer from Bangalore faced a setback when his foreign tax credit was denied due to late submission of Form 67. However, the ITAT clarified that such delays shouldn't negate the entitlement to foreign tax credits. This pivotal decision, which takes into consideration recent legal interpretations on procedural mistakes, will now be forwarded to the Assessing Officer to reassess the claim.

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Retired bank employee claims tax exemption on Rs 9.53 lakh leave encashment, faces income tax notice and wins full relief at ITAT Jaipur

After retiring from the State Bank of India, Chhaju found himself facing a tax exemption cap of Rs 3 lakh on his leave encashment totaling Rs 9.53 lakh. Determined to secure his rightful benefits, he appealed to the ITAT Jaipur, which sided with him and extended full tax exemption. The tribunal admired prior cases that upheld similar claims from fellow retirees, proving advantageous for Chhaju.

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Rs 4.29 crore commodity trading turnover, no books of accounts, Rs 3.42 lakh income declared in ITR; Income Tax Dept imposed Rs 25,000 penalty, but he wins case in ITAT Jaipur

Rs 4.29 crore commodity trading turnover, no books of accounts, Rs 3.42 lakh income declared in ITR, Income Tax Dept imposed Rs 25,000 penalty; he wins tax penalty case in ITAT Jaipur.

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Rs 4.29 crore MCX commodity trading turnover, no books of accounts, Rs 3.42 lakh income declared in ITR; Income Tax Dept imposed Rs 25,000 penalty, but he wins case in ITAT Jaipur

Rs 4.29 crore MCX commodity trading turnover, no books of accounts, Rs 3.42 lakh income declared in ITR, Income Tax Dept imposed Rs 25,000 penalty; he wins tax penalty case in ITAT Jaipur.

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Income tax audit report deadline today: How to check whether your CA has uploaded report on e-filing portal

Don’t miss the deadline on October 21, 2026, for filing tax audit reports for Assessment Year 2026-27! Taxpayers can verify their report uploads on the e-filing portal. To complete the filing, they must collaborate with their chartered accountant to fill out Form 3CA-3CD or 3CB-3CD. After completion, the report needs to be accepted and e-verified from the Worklist to guarantee timely filing and acknowledgment receipt.

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