Income Tax News

Experts highlight that home buying decisions still depend on larger factors like property prices and interest rates. Tax changes can support intent, but they do not alter these fundamentals. 

The AI chatbot, Kar Saathi, is expected to provide round-the-clock assistance to taxpayers via the department’s website.

Under the new reform, a unified ‘Tax Year’ will come into effect which will replace the long standing distinction between the assessment year (AY) and previous year (PY).  

The new financial year FY 2025-2026 has kicked in from today. Check key financial and regulatory changes.

On April 1, India will introduce the new Income Tax Act, 2025, marking the end of the Income Tax Act, 1961. While it will not change the tax rates or deductions, it simplifies, streamlines and increases transparency.  

The Financial Year 2025-26 closes on 31st March, 2026 (Tuesday), which is a Closed Holiday on the occasion of Mahavir Jayanti.

India will see a slew of financial and regulatory changes with the beginning of the new fiscal year on April 1, 2026, affecting taxes, fuel, banking and rail travel. 

The reassessment pertains to Tata Capital Financial Services Limited, which has since been merged with Tata Capital Limited with effect from April 1, 2023.

In India, there are no prescribed limits on the amount of gold that an individual or family possesses as long as it has been accumulated through declared sources of income. 

In a post on X social media platform, the tax department said it has received reports from taxpayers about inaccurate information included in the communications and acknowledged the error.

This guide breaks down what professional tax is, who must pay it, where it's applicable, and how it affects your cost-to-company (CTC) and take-home pay.  

New Income Tax 2026: The final regulations will be forwarded to Parliament and if approved, these changes will apply from 1 April 2026.

Can Income Tax Department access your social media, emails, other digital platforms from 1 April 2026 using AI? Here's all you want to know

The draft rules, released with new form templates, replace legacy form numbers that evolved over decades and will reduce ambiguity and duplication in filings for taxpayers, experts said.

Under the current income tax rules, salaried individuals can claim the standard deduction under whichever tax regime they opt for. In the new tax regime, a salaried person can claim a standard deduction of up to Rs 75,000 in a financial year. 

Budget 2026: The budget failed to bring any cheer for the income tax payers as Finance Minister Sitharaman put more emphasis on the economy, manufacturing, infrastructure and import-export ecosystem and left the income tax slabs untouched.

The tribunal held that loose sheets of paper, personal diaries and WhatsApp chats cannot be treated as valid evidence unless they are properly verified and supported by strong proof.  

The Finance Act 2025 introduced comprehensive changes to the Personal Income Tax structure under the New Tax Regime (NTR), leaving more money in taxpayers’ hands.

Whether you opt for the old tax regime with deductions or the new simplified regime, NPS contributions can help you reduce your tax liability while building a retirement corpus.  

The incidence comes as an unexpected surprise to many taxpayers since many of them had not received any notice or were unaware of the assessment orders at the time.