Daily Headlinez Top News Updates
The Income Tax Act, 2025 came into force from April 1, marking a major overhaul of India’s tax framework, with the Central Board of Direct Taxes (CBDT) describing it as a step towards simplified compliance and a “new chapter” in tax administration, according to PTI.The new law replaces the six-decade-old Income Tax Act, 1961, and…
The Income Tax Department is likely to notify the draft Income Tax Rules, 2026 and the accompanying forms in the first week of March, Central Board of Direct Taxes (CBDT) sources told ET.The new rules are aligned with the Income Tax Act, 2025, which is scheduled to come into force from April 1, 2026, and…
Putting speculations to rest, Budget 2026 has brought an important clarification regarding pre-construction period housing loan interest.Aligning the new Income Tax Act, 2025 which will come into effect from April 1, with the existing Income Tax Act 1961, the budget has proposed that pre-construction period interest on housing loans will qualify for deduction from the…
Finance minister Nirmala Sitharaman unveiled the Union Budget 2026 on February 1, setting out a clear roadmap for individual taxpayers. While personal income tax rates and the broader structure of taxation stays untouched, the Budget introduced a range of reforms to further simplify the process for taxpayers. The measures focus on easing return-filing timelines, reducing…
Budget 2026 income tax expectations (AI image) By Surabhi MarwahThe Union Budget 2026 comes at an important moment, as taxpayers prepare for a major shift—the introduction of the Income-tax Act, 2025 (ITA 2025), effective April 1, 2026. This is one of the most significant updates in decades, and many individuals are hoping that the Budget…
Current provisions permit filing of modified returns following a business reorganisation only where the original return has already been filed before the reorganisation order. By Shaily Gupta and Aanchal Jain As the Union Budget 2026 approaches, expectations are running high across corporate India. This year’s budget assumes added significance as it precedes the implementation of…
EY India has recommended to extend the existing Production-Linked Incentive (PLI) scheme to new technology sectors such as AI, space, and robotics, while urging the FY27 Budget to focus on sustaining growth and ensuring tax certainty through a dedicated Customs dispute resolution mechanism. The firm said a forward-looking policy approach would be key to strengthening…
Dinesh Kanabar, Chairman & CEO, Dhruva Advisors The Income-tax Act, 2025, which is slated to come into force from 1 April 2026, is the product of an extensive consultative exercise, involving a Parliamentary Committee, wide-ranging stakeholder representations, and detailed deliberations before its eventual enactment. Against this backdrop, it would ordinarily be expected that the forthcoming…
CBDT Chairman Ravi Agrawal has said that the government will notify the new income tax return forms and rules under the simplified Income Tax Act, 2025, by January 2026, giving taxpayers sufficient preparation time before the law comes into effect on April 1,. Speaking at the inauguration of a taxpayers’ lounge at the India International…
