Income Tax News
New ITR-2 Form Notified for AY 2026-27
31 March 2026 at 09:26CBDT notifies revised ITR-2 form under Income Tax (Third Amendment) Rules 2026. Check key changes, disclosures, and applicability for AY 2026-27.
Fugitive Economic Offenders Act Strengthens Crackdown: Rs 15,183 Crore Returned to Banks, FM Tells Lok Sabha
31 March 2026 at 09:23FM Nirmala Sitharaman informs Lok Sabha: Rs 64,920 crore attached in 1,105 bank fraud cases, Rs 15,183 crore returned to banks under FEOA and PMLA crackdown.
No TDS Below Threshold: CBDT Clarifies Banking Provisions Under Income Tax Act, 2025
31 March 2026 at 09:23CBDT clarifies that banks and specified institutions remain exempt from TDS on interest below threshold under the Income-tax Act, 2025, ensuring no change from Section 194A provisions.
CBDT Issues New UIN Procedure for Form 121 Declarations from 1st April 2026 Under IT Act 2025
30 March 2026 at 09:30CBDT Notification 01/2026 introduces mandatory UIN generation for Form 121 and quarterly reporting rules for payers under the Income Tax Act 2025, effective April 1, 2026.
CBDT Extends TDS Certificate Deadline for Dec 2025 Quarter to 31st March 2026
28 March 2026 at 09:25CBDT extends the due date for issuing TDS certificates for Q3 FY 2025–26 to March 31, 2026, citing technical glitches on the income tax portal.
Finance Bill 2026: Relief and Clarity on Buyback Taxation for Promoters
28 March 2026 at 09:24Finance Bill 2026 clarifies that the 12% surcharge applies only to additional Income Tax payable by promoters on capital gains from share buybacks. Read full details.
FM Sitharaman in Lok Sabha: Facilitate First, Enforce Where Necessary
27 March 2026 at 09:27FM Nirmala Sitharaman outlines ‘facilitate first’ tax philosophy in Budget 2026. TCS cuts, MSME relief, cooperative tax benefits and fisheries export boost announced.
New Income Tax Act 2025 to Simplify Compliance; Appeal Limits Raised, Says FM in Lok Sabha
27 March 2026 at 09:24FM Nirmala Sitharaman says New Income Tax Act 2025 will simplify tax filing and reduce forms. Government raises appeal limits for ITAT, High Court and Supreme Court.
ITR Refund Delays in FY 2025-26: Over 27 Lakh Returns Still Pending Despite High Processing Rate
27 March 2026 at 09:24Income tax refund delays persist in FY 2025-26 with over 27 lakh ITRs still unprocessed. AI-based checks, AIS mismatches and system validations are slowing refunds.
Big Relief for Taxpayers: FM Sitharaman Allows ITR Updates Even After Reassessment Proceedings
26 March 2026 at 09:29Finance Minister Nirmala Sitharaman announces major taxpayer relief measures, including updated ITR filing after reassessment, NRI foreign asset disclosure scheme, and simplified travel and TDS rules in Finance Bill 2026.
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