Section 139(8A) now permits filing of ITR-U within 48 months from the end of the assessment year. However, it cannot be used to reduce tax liability, claim refunds, or bypass departmental ...

India’s income tax system will undergo a major overhaul from April 1, 2026, according to various reports. The Income Tax ...

Tax authorities initiated scrutiny and proposed addition solely because share acquisition details were not properly disclosed in the ITR. The case reinforces that for directors, the ITR functions as a ...

New income tax rules for 2026-27 propose redesigned ITR forms with more pre-filled details, aiming for simplification.

However, from April 1, 2026, transactional forms such as tax deducted at source statements, remittances, Form 60, and Form 15G/15H would operate under the new simplified framework.

Taxpayers would continue to use existing income tax return (ITR) forms to report income for 2025-26 (FY26), even as revamped ...

Missed filing your ITR ? The deadline may be over, but the law still gives you a chance to come clean with extra cost. Today's Ask Wallet Wise query decodes how to file the missed return for FY25 The ...

From April 1, 2026, India’s new Income-tax Act, 2025 will reshape how taxpayers file their returns. While ITR-1 to ITR-7 remain, the draft Income-tax Rules, 2026 tighten eligibility for simplified ...

The Income Tax Department is expected to release updated Income Tax Return (ITR) forms for the financial year 2025–26 in the coming weeks. This move comes ahead of the implementation of the new Income ...

Budget 2026 brings major relief to taxpayers by allowing revised and updated ITR filing, reduced penalties, and immunity from prosecution, easing stress for those facing income tax notices.

Budget 2026 reshapes taxation of unexplained income. Self-reporting undisclosed income now attracts a 30% tax rate. This is a ...