Income Tax Department website revamp: Site offers links for new ITR forms, e-pay tax, e-verification, e-PAN, payment status and many other tasks

The Income Tax Department has launched a revamped e-filing portal to support the transition to the new Income Tax Act, 2025. Taxpayers can now make payments and file forms under both old and new tax laws from a single platform, with new forms and challans available from April 1, 2026.

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New income tax rules from April 1, 2026: From HRA relief to new ITR deadlines, key changes explained

New income tax rules: Significant income tax changes are coming from April 1, 2026, with the Income Tax Act of 2025 replacing the 1961 act. Expect revised TDS/TCS rules, updated ITR filing deadlines, and changes to buyback taxation. Key benefits include expanded HRA exemptions and increased meal card tax benefits, aiming for a simpler tax regime.

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Capital gains on share buyback get new surcharge twist; income tax dept explains what it means for you

The Income Tax Department has clarified a new 12% surcharge on capital gains from share buybacks, specifically for promoters. This change, part of the Finance Bill 2026, impacts promoters' additional income tax. Non-promoter shareholders will continue to be taxed under normal surcharge provisions based on their income. This move standardizes tax treatment for buyback transactions.

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Pay Rs 62,400 extra income tax if you are using tax harvesting with Rs 12.75 lakh salary; Here’s what to do

Salaried employees may face an additional Rs 62,400 in income tax if they engage in tax harvesting with a Rs 12.75 lakh salary. This occurs because long-term capital gains, though exempt up to Rs 1.25 lakh, push total income above the Rs 12 lakh threshold, disqualifying them from the Section 87A tax rebate.

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I am an OCI cardholder, will I need to pay tax on inherited assets in India?

​I am a German citizen, and have an OCI card. How will inheritance of assets located in India be taxed for me? Is the inheritance itself taxable in India, or only the income generated from the inherited assets?

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ITR filing 2026: Government releases ITR forms for AY 2026–27; check details of ITR-U and ITR-V

New Income Tax Return forms are now available for Assessment Year 2026-27. The updated ITR-U form allows taxpayers to correct past filings. This updated return can be filed for up to four years. Penalties apply based on the filing timeline. The ITR-V form serves as verification for filed returns.

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ITR filing season starts: Income Tax Return forms ITR-1, ITR-2, ITR-3 and others notified

The government has released income tax return forms for AY 2026-27, allowing taxpayers to file by July 31, 2026. However, ITR-1 is not for everyone. Individuals with business profits, short-term capital gains, certain long-term capital gains, income from multiple house properties, or specific 'other sources' income like lottery winnings cannot use this simplified form.

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NRIs tax alert: March 31, 2026 is the deadline to claim foreign tax credit using Form 67 for income earned in FY 2024–25

Non-Resident Indians earning income abroad in FY 2024-25 have a crucial deadline. They must file Form 67 by March 31, 2026. This form is essential for claiming foreign tax credit in India. Filing on time prevents double taxation and ensures benefits are secured. Missing this deadline can lead to tax complications. The process involves detailing foreign income and taxes paid.

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Income Tax Act: As the 2026 tax transition nears, taxpayers may have to navigate two legislations concurrently for next few years

The Income Tax Act, 2025 modernises the law while preserving continuity, ensuring that taxpayers are not forced into uncertainty during transition. Income earned up to financial year 2025- 26, which ends on 31 March, 2026, is governed by the Income Tax Act, 1961; income earned in financial year 2026-27, which starts on 1 April, 2026, comes under the new Act.

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Tax harvesting before March 31, 2026? Watch these three hidden costs that can reduce your tax savings

Tax harvesting strategies can save income tax. However, three hidden costs can reduce these savings. Investors must analyze Securities Transaction Tax, Stamp Duty, Transaction Charges, Exit Loads, Expense Ratios, and Account Maintenance Charges. Understanding these expenses is crucial for effective tax planning before March 31, 2026. This ensures investors retain more money after all costs.

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Tax harvesting before March 31, 2026? Watch these 6 hidden costs that can reduce your tax savings

Tax harvesting strategies can save income tax. However, six hidden costs can reduce these savings. Investors must analyze Securities Transaction Tax, Stamp Duty, Transaction Charges, Exit Loads, Expense Ratios, and Account Maintenance Charges. Understanding these expenses is crucial for effective tax planning before March 31, 2026. This ensures investors retain more money after all costs.

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Old vs new income tax rules: Which set of rules will apply when you file your ITR for FY 2025-26?

Taxpayers filing returns in 2026 will use the old Income Tax Act, 1961. The new Income-tax Act, 2025, takes effect from April 1, 2026, for income earned in FY 2026-27. The new law simplifies tax codes and modernizes compliance. An online tool helps compare old and new provisions. The Income Tax Department aims for a clearer, more accessible tax system.

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From Rs 15 lakh corpus in MF, how much tax free SWP I can have?

I am a retiree with a corpus of Rs 15 lakh in a mutual fund, earmarked for my daughter in Class 10. If I start a Systematic Withdrawal Plan (SWP), will the withdrawals be taxable? How much can I redeem without attracting tax?

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Property gifts above Rs 45 lakh to face tighter scrutiny under Income-tax Rules 2026; what taxpayers should know

Property gifts valued at ₹45 lakh and above will now face closer scrutiny under Income-tax Rules, 2026, with registrars reporting these transactions. This move aims to enhance data-driven monitoring, as non-disclosure of taxable gifts or non-genuine arrangements can lead to penalties, interest, and potential action under the Benami Property Transactions Act.

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No arrest by income tax recovery officer if you have failed to pay pending tax demands; amended Finance Bill 2026

The Ministry of Finance has removed the power of Tax Recovery Officers to arrest individuals for pending tax demands. This taxpayer-friendly initiative, detailed in the Finance Bill 2026's explanatory memorandum, aims to streamline recovery processes. While arrest is no longer an option, other methods like attaching bank accounts and seizing property remain available.

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Have income tax slabs changed for FY 26-27 from April 1, 2026? New tax regime vs old tax regime slabs explained

Taxpayers can breathe easy as income tax slabs remain unchanged for FY 2026-27. The Income-tax Act, 2025, effective April 1, 2026, brings no alterations to existing tax brackets. Both the old and new tax regimes will continue with their current structures.

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Income tax refund under new 2025 tax act can be set-off with tax refund due under old 1961 income tax act, explanatory memorandum clarifies

Taxpayers can now have their income tax refunds from the old 1961 Act set off against demands under the new 2025 Act, and vice versa. The government's explanatory memorandum clarifies this cross-law adjustment, ensuring seamless processing of refunds and tax dues between the two legislative frameworks.

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Meal cards to cut income tax by Rs 1.05 lakh? New changes for salaried taxpayers under Income Tax Rules 2026 to be effective from April this year

Salaried employees can now claim an income tax exemption of up to Rs 1.05 lakh annually on meal cards, vouchers, or subsidized canteen food. New Income Tax Rules, 2026, have increased the per-meal limit to Rs 200, potentially boosting savings under both old and new tax regimes. This benefit is calculated based on working days and employer policies.

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Invested in equities and want to cut your income tax? Use tax loss and gain harvesting before March 31, 2026

Investors can save income tax by strategically selling equity shares and mutual funds before March 31, 2026. Tax loss harvesting allows offsetting capital gains with losses, while tax gain harvesting utilizes the Rs 1.25 lakh LTCG exemption to reduce future tax liabilities. This strategy can be implemented anytime throughout the year.

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Expats staying longer in India? Here’s how residency rules can change your tax liability

Expatriates in India for extended periods face changing tax rules. Staying longer can shift residency status, impacting tax liability on worldwide income. This shift may increase compliance burdens and affect foreign income exemptions. Individuals should monitor stay durations and any government relaxations. Understanding these rules is crucial for managing tax obligations effectively.

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What is the simplest way to gift money to my daughter living abroad?

ET Wealth Reader's Query: I want to gift a large amount to my daughter living abroad for her future needs. What is the simplest way to send it?

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Man surrendered tenancy rights for Rs 11 crore flat in redevelopment project; Income Tax dept issued notice but ITAT Mumbai ruled in his favour. Here's why

A Mumbai tenant received a Rs 11 crore apartment for giving up tenancy rights during redevelopment. The Income Tax department questioned the deal, calling it a sham. However, the Income Tax Appellate Tribunal Mumbai ruled in the tenant's favour. The tribunal confirmed tenancy rights were valid and the flat was consideration for surrendering these rights. Tax exemption was allowed.

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New tax utility explained: Compare old and new Income-tax Act sections before filing

India's Income Tax Act, 1961, is set to be replaced by the Income Tax Act, 2025, effective April 1, 2026. To ease this transition, the Income Tax Department has launched an online tool. This utility allows taxpayers to compare provisions side-by-side, mapping old sections to new ones. It simplifies understanding changes in tax laws and aids informed decision-making.

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Equity shares received by private trust for relatives’ benefit is exempt from income tax, ITAT Chennai rules

A private trust received shares worth Rs 15.78 crore from its creator for family benefit. The Income Tax Appellate Tribunal ruled this transfer tax-exempt. The tribunal considered a supplemental deed that clarified beneficiaries were exclusively relatives. This decision reinforces tax exemptions for family trusts and clarifies treatment of advance tax deposits.

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New Income Tax Act 2025: Old vs new regime debate returns as allowance hikes and HRA changes shift tax math

Indian taxpayers will transition to the new Income Tax Act, 2025, from April 1st. While the new regime offers lower rates, revised allowance exemptions under the old regime, particularly for HRA, may make it more attractive for some. Taxpayers must now recalculate to determine their optimal tax strategy.

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New tax rules notified: From HRA to company car to meal card, top 5 prominent changes which will impact salaried taxpayers

The Income Tax Rules, 2026 have been notified, introducing significant changes for salaried taxpayers. Key updates include revised motor car perquisite valuations, an increased tax-free loan limit to Rs 2 lakh, and enhanced meal voucher exemptions under the old tax regime. HRA benefits now extend to more major cities, with new disclosure requirements for landlords.

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Good news for salaried employees in these cities as they can get higher HRA exemption; disclosure of relationship with landlord a must as Income Tax Rules 2026 notified

New Income Tax Rules, 2026, offer higher HRA tax exemptions for salaried individuals in eight major cities, including Mumbai, Delhi, and Bengaluru. A key change requires disclosing relationships with landlords in Form 124, especially for family rentals, to ensure genuine transactions and enhance transparency for tax authorities.

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Property buyer deposited TDS in wrong year? How Form 71 can help sellers claim credit and rectify the error within 2 years

Property sellers can now fix TDS credit mistakes. If a buyer incorrectly deposited TDS, sellers can file Form 71 within two years. This form helps align TDS credit with the correct assessment year. The ITAT Delhi recently upheld this, ensuring sellers receive credit even if the buyer erred. This mechanism aids taxpayers in claiming their rightful TDS.

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Sold two farm lands for Rs 8.75 crore capital gains but paid no tax or filed ITR; ITAT Ahmedabad rules in favour of taxpayer

A man from Bharuch, Gujarat had sold two agricultural lands for Rs 8.75 crore capital gains to a company who subsequently used the lands for industrial purposes. This man however, paid no income tax The Income Tax Department issued a notice. The ITAT Ahmedabad ruled in his favour for this reason.

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Facing GSTR-3B filing issues despite no late invoice reporting? GSTN acknowledges problem and suggests interim workaround

GSTN has issued a new advisory for GSTR-3B filings. Starting February 2026, taxpayers must confirm the 'Tax Liability Breakup, As Applicable' section. This feature auto-populates based on previous period supplies. Taxpayers need to save this breakup before filing. GSTN acknowledges feedback and is working on a resolution for cases without prior period liabilities.

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No more double GST while filing appeals: GSTN fixes issue with new GST DRC- 03A form; what taxpayers should know

GSTN has resolved a long-standing issue where taxpayers faced double GST payments when filing appeals. The new GST DRC-03A form now allows payments made under protest via Form GST DRC-03 to be correctly adjusted against demand IDs. This ensures that pre-deposit amounts are accurately calculated, preventing taxpayers from having to pay the same GST amount twice.

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Many taxpayers are getting emails from Income Tax dept highlighting ‘significant transactions’ and missing advance tax payment; Know what to do

Taxpayers are receiving emails from the Income Tax Department about 'significant transactions' and potential shortfalls in advance tax payments. These 'nudge' emails, sent as a taxpayer service initiative, highlight financial activities that may not align with advance tax deposited. Experts advise reviewing these alerts, as they are reminders and not statutory notices, and may contain errors.

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Rs 50 lakh insurance purchase with Rs 4.8 Lakh income triggers tax trouble: ITAT rejects HUF funding claim; here's why

A woman's Rs 50 lakh insurance policy purchase was deemed an unexplained investment. She claimed HUF funding from agricultural income. The Income Tax Appellate Tribunal Chandigarh rejected this. Lack of documentary proof for the HUF's funds and a questionable Memorandum of Understanding led to the decision. The tax department's action was upheld.

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Banks to seek more details from account holders under amended Income Tax Rules, 1962; check what new information you may have to share

New Income Tax Rules, 1962, mandate banks to gather extensive details on account holders and controlling individuals. This includes self-certification status, joint account specifics, and the nature of control for entity accounts. These changes, effective January 1, 2026, align with global standards like CRS and CARF, impacting reporting of traditional and digital assets.

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Investing in foreign stocks? Missing dividend reporting in your ITR could cost you 200% penalty; here’s how to fix it before it’s too late

Indian investors buying US stocks often overlook reporting dividend income, a common tax oversight. While foreign shares must be declared in Schedule FA, dividends are taxable in India. Failure to report can lead to penalties and scrutiny. Investors can rectify omissions via updated returns, though additional tax and interest apply.

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If I gift money to my spouse, who pays tax on the interest, dividends and capital gains?

ET Wealth Reader's Query: If one spouse gifts money to the other and the recipient invests it in fixed deposits or similar instruments, the interest income is clubbed with the income of the donor spouse. However, if the same gifted amount is invested, the resulting capital gains and dividends are taxed in the hands of the recipient spouse. Kindly clarify.

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Rs 20 LPA salary? Save up to Rs 1.25L under old tax regime as per new draft income tax rules 2026

Proposed 2026 Income Tax Rules could significantly benefit salaried individuals under the old tax regime. Key changes include expanded HRA exemptions for cities like Bengaluru and Hyderabad, potentially lowering tax liabilities. For a Rs 20 lakh salary, these revisions might offer substantial savings compared to the new tax regime, making the old system more attractive for many.

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63,000 restaurants under income tax scanner: Saksham campaign urges ITR updates by March 31, 2026

The Income Tax Department has identified 63,000 restaurants for potential income under-reporting. A nationwide survey revealed suppression of sales amounting to Rs 408 crore. Restaurants are urged to file updated returns by March 31, 2026, under the Saksham Nudge campaign. This is a chance to correct mistakes before stricter actions are enforced.

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Advance tax deadline for fourth instalment of FY 2025-26: What will be penalty if you miss March 15 due date?

The deadline for the final advance tax payment is March 15, 2026. This payment is crucial for taxpayers to avoid interest and penalties. Advance tax is paid in instalments throughout the financial year. Individuals and businesses with a tax liability of Rs 10,000 or more after TDS must pay.

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March 31, 2026 deadline: Don’t forget to make these minimum deposits in PPF, SSY, NPS to keep your accounts active

Subscribers of PPF, SSY, and NPS schemes must complete all financial year-end compliances and investments by March 31. To avoid account inactivation and maintain tax benefits, ensure minimum deposits are made. For PPF, it's Rs 500 annually; for SSY, Rs 250; and for NPS, Rs 1,000.

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Severance pay doesn't absolve you from advance tax payment; Know how much tax to pay and advance tax schedule to follow

Severance pay received after job termination is taxable. Individuals must pay advance tax by March 15 to avoid penalties. This payment is treated as salary income and taxed at normal slab rates. Ensure your employer deducts the correct tax. If not, you are liable to pay advance tax. Failure to comply can lead to interest charges.

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Man sold land for Rs 3.21 crore, denied tax relief under Section 54F: Why ITAT Pune allowed full tax exemption

A Pune man successfully challenged the Income Tax Department, securing a full tax exemption on his Rs 3.21 crore land sale. Despite a technical error of not fully depositing sale proceeds into a special account (CGAS) before filing his ITR, the ITAT Pune ruled in his favor, citing legislative intent to encourage house investment.

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Updated return vs black money law: Drafting gap may trigger 30% tax and 300% penalty under Finance Bill 2026

Pay additional tax, file an updated return—and still face 30% tax and 300% penalty under the Black Money Act? Unless Finance Bill 2026 resolves the mismatch between the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 and the Income-tax Act, this technical inconsistency could defeat the very purpose of voluntary disclosure.

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RBI deducted TDS on full interest on GOI Savings Bonds. How do I avoid double taxation?

ET Wealth Reader's Query: I had purchased GOI Savings Bonds issued by the RBI in 2018. These bonds carried a fixed interest rate of 7.75% per annum. I reported accrued interest yearly in my ITRs using the accrual method, though it never appeared in Form 26AS. Without documents to show yearly accruals, how can I explain this to the tax authorities?

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Rs 7 lakh income, Rs 2 lakh donation to a political party: How fake contributions led to Section 80GGC tax deduction claim rejection

A Mumbai man's Rs 2 lakh donation to a political party for tax deduction backfired. The Income Tax Appellate Tribunal (ITAT) Mumbai disallowed the claim, finding the party engaged in a cash-back scheme. The party, with no verifiable office, allegedly returned donations after deducting a commission, facilitating fraudulent tax claims.

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₹60 Lakh vs ₹1.20 crore: How Budget 2026’s foreign asset disclosure scheme cuts black money act risk for NRIs and residents with overseas assets

Budget 2026’s proposed Foreign Income & Assets Disclosure Scheme offers a calibrated settlement window for NRIs and residents with overseas assets facing exposure under the Black Money Act. By capping liability at ₹60 lakh instead of ₹1.20 crore in eligible cases—and ₹1 lakh instead of ₹10 lakh in technical lapses—the Scheme introduces proportionality, immunity and closure.

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You can lose your home for unpaid property taxes? Know your rights and how to fight back before it’s too late

*Homes can be legally auctioned over unpaid taxes, but the law requires a strict process of notices and appeal windows before that.*Even a small tax default can legally trigger attachment and auction, regardless of the property's market value.*If your property is auctioned, legal remedies exist, courts can overturn sales involving procedural violations, fraud, or undervaluation.*Best protection: pay taxes on time, monitor your municipal account, and verify dues before buying or inheriting property.

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