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Tax

One of the most notable changes is the introduction of a single “Tax Year”, replacing the earlier distinction between the “previous year” and “assessment year”.
Updated : Mar 15, 2026

Tax for you: Major tax changes taking effect from 1 April 2026 under new Income-tax Act, 2025

According to CA Dr Suresh Surana, the Income-tax Act, 2025 (ITA 2025) aims to simplify compliance, rationalise procedures and align the tax framework with current economic realities. Several key changes will directly affect individuals, businesses, investors and companies from the new tax year.

Experts that advance tax is not limited to businesses or professionals and may also apply to salaried individuals if they have additional income.
Updated : Mar 14, 2026

Advance tax last instalment due on March 15, 2026: Can you pay tax on a Sunday?

With the deadline for the final advance tax instalment on March 15 approaching, taxpayers are rushing to clear their dues before the end of the financial year. Since the due date falls on a Sunday, experts say payments can still be made online without any disruption.

Tax benefits under NPS are available in three parts — Section 80CCD(1), Section 80CCD(1B), and Section 80CCD(2).
Updated : Mar 11, 2026

NPS and tax 2026: This hack can give you extra ₹50,000 deduction, works in both tax regimes

Contribution to the NPS remains one of the few tax-saving options available under both the old and the new tax regimes, though the benefits are higher in the old regime.

Advance tax is a system under which taxpayers pay tax on their estimated annual income in instalments during the financial year instead of making a lump-sum payment at the end.
Updated : Mar 11, 2026

Advance tax deadline on March 15: Who must pay, penalty rules, and how to avoid interest charges

The rule applies to individuals, professionals, freelancers, and businesses whose total tax liability exceeds ₹10,000 after accounting for tax deducted at source (TDS) or tax collected at source (TCS). Missing the deadline can result in interest penalties under the Income Tax Act, making timely payment essential for proper tax compliance.

Under the revised list of commonly used forms, nearly 30 forms have been renumbered, requiring taxpayers, chartered accountants, companies and trusts to use the updated formats going forward.
Updated : Mar 11, 2026

Income Tax Rules 2026: Govt renumbers key forms, Tax Audit now Form 26, PAN, TDS, ITR forms changed

One of the most significant changes is in Tax Audit reporting, where the earlier Forms 3CA and 3CB have now been replaced by Form 26. The new form reportedly contains 55 segment-wise clauses, indicating a more detailed reporting structure.

Tax experts say restaurants should carefully check billing software, POS data and reported turnover.
Updated : Mar 10, 2026

Restaurant tax probe widens, CBDT flags mismatches in 1.77 lakh cases, sends advisories

The tax department conducted an investigation in November 2025 into tax evasion patterns in the restaurant industry. The release stated that several establishments were found to be deleting bulk bills and making software modifications to suppress actual sales, resulting in under-reporting of turnover in income tax filings.

Sections 3 and 4 of the Black Money Act allow tax to be levied on the fair market value of undisclosed foreign assets in the year they are detected, instead of the year of acquisition, increasing liability.
Updated : Mar 7, 2026

Budget 2026: NRIs get relief window to disclose overseas assets under Black Money Act

The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026, aims to provide a calibrated settlement route for individuals facing potential action under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

Rental income may be treated as business income instead of house property income when the activity is commercial in nature or the taxpayer is actively engaged in real estate as a business.
Updated : Mar 7, 2026

House Property vs business income: How tax classification can change real estate returns

The way rental income is classified under the Income Tax Act can significantly change the tax liability for real estate investors. Experts say the difference between income from house property and business income can affect deductions, tax rates and overall returns.

Documents show the GST department rejected a registration application filed after a sole proprietor’s death, citing missing details on prior GST records and succession papers.
Updated : Mar 7, 2026

GST registration rejection sparks concerns over procedural hurdles, says tax expert

A GST registration rejection involving a legal heir applying after the death of a sole proprietor has highlighted procedural hurdles faced by small taxpayers. Tax expert CA Himank Singla said the case shows the need for clearer guidelines and more consistent verification by GST authorities.

The ruling highlights the importance of documentation in property transactions involving demolition or structural changes.
Updated : Mar 6, 2026

Selling land after demolishing structure? ITAT says costs before property sale may qualify as LTCG deduction

Property sellers locked in disputes over capital gains calculations may find some relief from a recent ruling by the Hyderabad Bench of ITAT. The tribunal observed that expenses incurred to demolish an existing structure on land before its sale could qualify for deduction while computing Long Term Capital Gains under Section 48 of the Income Tax Act.

Experts say the changes may restore the relevance of the Old Tax Regime, particularly for individuals earning ₹15–25 lakh annually.
Updated : Mar 6, 2026

Will Old Tax Regime regain its edge from April 1? Draft Income Tax Rules 2026 may tilt balance for salaried taxpayers

The Draft Income Tax Rules 2026 propose a significant overhaul of tax-exempt allowances for salaried individuals, potentially reshaping the old vs new tax regime debate. Higher limits for education, hostel and meal allowances, along with expanded HRA benefits, could materially reduce taxable income for many taxpayers.

The draft rules propose adding Bengaluru, Hyderabad, Pune and Ahmedabad to the 50% category, reflecting rising rental costs and their emergence as major employment hubs
Updated : Feb 27, 2026

Explainer: Draft Income-Tax Rules 2026 to expand HRA relief, tighten scrutiny on rent claims, FTC, audit disclosures

Currently, salaried employees residing in Mumbai, Delhi, Kolkata and Chennai can claim HRA exemption of up to 50% of salary under the old tax regime. For other cities, the limit is capped at 40%. The draft rules propose adding Bengaluru, Hyderabad, Pune and Ahmedabad to the 50% category, recognising their rising rental costs and status as major employment hubs. Employees elsewhere will continue under the 40% ceiling.

GST compliance means registering under GST, issuing correct invoices, filing GSTR-1 and 3B on time, reconciling ITC, and paying taxes promptly to avoid penalties, interest, or cancellation.
Updated : Feb 26, 2026

GST compliance is killing profits: Taxes aren't a problem, execution is, expert warns small businesses

GST compliance may look like routine paperwork, but for many small businesses, it is quietly eroding profits. CA Nitin Kaushik warns that execution errors — not high tax rates — are costing founders up to 5–10% of their margins every year. From missed Input Tax Credit to wrong GST rate mapping, small compliance gaps are turning into major financial leaks.

Under the Draft Income-tax Rules from April 1, 2026, tax-free allowances and perquisites have been revised to align with current market rates and inflation.
Updated : Feb 24, 2026

Draft Income Tax Rules 2026: With HRA, allowances revised, is any tax relief in sight for salaried earning up to Rs 2 lakh?

As India prepares to roll out the new Income-tax Act and Draft Income-tax Rules from April 1, 2026, experts say the changes are more structural than rate-driven. While tax slabs remain untouched,major revisions in compliance formats, renamed forms, expanded HRA eligibility and significantly higher tax-free allowances under the old regime are proposed. The moves aimed at aligning exemptions with inflation and simplifying reporting through stronger digital integration.

Sanjay Kathuria stressed that all these provisions are 100% legal under the Income Tax Act—the real gap, he said, is awareness, as most salaried individuals don’t even know these structures exist.
Updated : Feb 24, 2026

Why salaried professionals pay 30% tax while the wealthy often pay less -- expert shares clever tip

Why do salaried professionals routinely fall into the 30% tax bracket while many wealthy individuals report far lower effective tax rates? The answer, experts say, lies less in evasion and more in how income is structured under existing provisions of the Income Tax Act. As India’s tax base widens, the contrast between fixed salaried taxation and flexible wealth structuring is drawing sharper scrutiny.

As per experts, the scam begins with a message informing the recipient of a “pending refund” that requires urgent verification.
Updated : Feb 21, 2026

Tax refund scam alert: How one taxpayer lost Rs 1.5 lakh to fake ‘refund delay’ message

The Income Tax Department has warned taxpayers about a surge in fake “refund delay” messages designed to steal sensitive financial information. The alert follows a case highlighted by Tax Buddy in which a taxpayer lost Rs 1.5 lakh after responding to a fraudulent verification link.

Section 247 also outlines the procedure for accessing digital infrastructure.
Updated : Feb 20, 2026

Income-tax Act 2025: Section 247 allows digital searches, but not AI scrutiny, clarifies govt

The Finance Ministry has clarified that Section 247 does not reference AI and does not create any new or blanket powers. According to the ministry, the provision is confined strictly to authorised search and survey operations and cannot be used for routine assessments or broad-based data collection exercises.

The I-T Department noted that victims are requested to submit personal information, bank account data, PAN numbers and OTPs. However, it is to extract confidential data.
Updated : Feb 20, 2026

Income Tax Dept warns of fake refund SMS scams targeting taxpayers awaiting payouts, urges portal verification

According to the department, fraudsters are targeting individuals by sending convincing fake communications that closely resemble genuine tax notifications. These messages include links to counterfeit websites designed to harvest sensitive personal and financial details.

Several deductions and exemptions under the old tax regime remain particularly relevant, over and above the allowances and reporting changes proposed under the draft rules.
Updated : Feb 19, 2026

Old vs New Tax Regime: How Draft Income Tax Rules 2026 impact Rs 15-25 lakh salaried taxpayers

By proposing higher exemption limits across several key allowances, such as house rent allowance (HRA), children’s education benefits, transport allowance and employer-provided meals, the draft rules revive the relevance of the old tax regime, which has steadily ceded ground since the new regime became the default.

The new Income Tax Act, 2025 relocates LTC provisions to Schedule III, with detailed conditions laid out under Rule 278 of the draft Income-tax Rules, 2026.
Updated : Feb 18, 2026

Leave Travel Concession rules: How draft Income-tax rules will calculate LTA from 2026

Under the draft rules, air travel exemption is limited to the fare admissible for the entitled class by the shortest route. For places connected by rail, AC First Class rail fare by the shortest route applies when travel is not undertaken by air.

Salaried employees in Mumbai, Delhi, Kolkata and Chennai can claim HRA tax exemption up to 50% of salary, while those in other cities are eligible for up to 40%.
Updated : Feb 17, 2026

HRA tax rule tweak explained: What salaried people should know on changes from April 1

The government has proposed changes to House Rent Allowance (HRA) rules that could allow salaried employees in more cities to claim higher tax exemption on rent. The draft Income-tax Rules, 2026 aim to update HRA limits in line with rising housing costs and expanding job hubs across India.

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