Union Budget & Policy News

Finance Bill 2026: Key Penalties Converted into Mandatory Fees from AY 2026-27

04 February 2026 at 08:25

Finance Bill 2026 proposes converting audit, transfer pricing and SFT penalties into graded mandatory fees from April 1, 2026, aiming to reduce litigation and ease income tax compliance.

Posted in Union Budget & Policy | 2025 Views

FAST-DS 2026: Proposal of One-Time Disclosure Scheme for Foreign Assets of Small Taxpayers

03 February 2026 at 09:11

FAST-DS 2026 proposes a one-time disclosure scheme for small taxpayers to declare undisclosed foreign assets with tax payment and limited immunity under the Black Money Act.

Posted in Union Budget & Policy | 1803 Views

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 | 1596 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 | 1908 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 | 657 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 | 774 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 | 1350 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 | 2289 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 | 4002 Views