CAclubindia News

Big Relief for Taxpayers: Criminal Liability Rationalised in Income Tax Act, 2025

03 February 2026 at 08:23

Budget 2026 proposes major relief for taxpayers by reducing imprisonment, introducing graded penalties and decriminalising procedural offences under tax law.

Posted in Union Budget & Policy | 1434 Views

Income Tax Act 2025 Amendment: Taxpayers Can File Updated Returns Even After Reassessment Notice

03 February 2026 at 08:23

Budget 2026 proposes amendments to the Income Tax Act, 2025, allowing taxpayers to file updated returns even after reassessment notices under Section 280, promoting voluntary compliance and reducing litigation.

Posted in Union Budget & Policy | 1800 Views

TAN Exemption for Resident Individuals & HUFs on Immovable Property Purchases from 1st Oct 2026

03 February 2026 at 08:23

Resident individuals and HUFs buying immovable property from non-residents will no longer need to obtain TAN for TDS deduction from October 1, 2026, reducing compliance burden.

Posted in Union Budget & Policy | 483 Views

Electronic Application for Lower or Nil TDS Certificates from 1st April 2026

03 February 2026 at 08:23

Electronic filing for lower or nil TDS certificates under Section 395 to be introduced from April 1, 2026, easing compliance and enabling faster digital approval for taxpayers.

Posted in Union Budget & Policy | 699 Views

Updated Return Rules Amended: Filing of Loss-Adjusted Returns Allowed from FY 2026-27

02 February 2026 at 10:12

Finance Ministry amends Section 263 of the Income Tax Act 2025 to allow filing of updated returns for reducing previously claimed losses. Effective FY 2026-27, this change eases compliance and provides flexibility for taxpayers.

Posted in Union Budget & Policy | 1179 Views

Revised ITR Filing Period Extended from 9 to 12 Months for FY 2026-27

02 February 2026 at 10:04

Taxpayers can now file revised ITRs within 12 months from the end of the tax year, easing compliance under the Income Tax Act 2025. Effective FY 2026-27.

Posted in Union Budget & Policy | 2100 Views

Income Tax Act 2025: ITR Filing Deadlines Rationalised for FY 2026-27

02 February 2026 at 09:55

The Government proposes rationalisation of Income Tax Return due dates under the IT Act, 2025, extending deadlines for non-audit businesses and trusts to ease compliance, reduce grievances, and allow more time for account preparation.

Posted in Union Budget & Policy | 3801 Views

Finance Bill 2026 Introduces Key Excise Duty Amendments

02 February 2026 at 09:41

Finance Bill 2026 proposes targeted excise duty changes covering tobacco NCCD, green fuel incentives and diesel duty deferment.

Posted in Union Budget & Policy | 348 Views

Custom Law Amendments in Finance Bill 2026

02 February 2026 at 09:32

Finance Bill 2026 proposes key customs law amendments, focusing on duty rationalisation, tariff simplification and trade facilitation.

Posted in Union Budget & Policy | 342 Views

GST Law Amendments in Finance Bill 2026

02 February 2026 at 09:19

Finance Bill 2026 proposes key amendments to the CGST and IGST Acts, including relief on post-sale discounts, faster refunds, export benefits, and a major change in place of supply rules for intermediary services.

Posted in Union Budget & Policy | 2607 Views