Union Budget News

Belated Return Filing Now Allowed for Registered NPOs from AY 2026-27

06 February 2026 at 07:10

Amendment to Section 349 of the Income-tax Act, 2025 allows registered NPOs to file belated returns from AY 2026-27, restoring relief available under the old law.

Posted in Union Budget | 126 Views

Section 536 Amendment: Past Deductions to Be Treated as Income from AY 2026-27

05 February 2026 at 07:23

Section 536 of the Income-tax Act, 2025 is proposed to be amended to tax deductions or excluded income allowed under the repealed Income-tax Act, 1961, even without violation of conditions, from AY 2026-27.

Posted in Union Budget | 1290 Views

TDS/TCS Guidelines to Become Binding on Tax Authorities and Deductors from April 2026

05 February 2026 at 07:23

TDS and TCS guidelines issued under section 400(2) to be made binding on tax authorities and deductors from 1 April 2026.

Posted in Union Budget | 4785 Views

Penalty of Rs 200 per day for Non-Reporting of Crypto Transactions From April 2026

05 February 2026 at 07:23

Penalty proposed for non-furnishing or inaccurate reporting of crypto-asset transaction statements. Rs 200 per day and Rs 50,000 penalty from April 2026.

Posted in Union Budget | 1107 Views

Clarification on 60-Day Limit for TPO Orders to Reduce Litigation

05 February 2026 at 07:23

Clarification proposed on computation of 60 days for passing TPO orders under section 92CA. Amendment to apply retrospectively from June 2007.

Posted in Union Budget | 129 Views

TCS Rate Changes from AY 2026-27

05 February 2026 at 07:22

New TCS rates proposed under Section 394 include a flat 2% TCS on overseas tour packages without threshold and reduced rates for education and medical remittances under LRS from April 2026.

Posted in Union Budget | 1902 Views

Big Change in MAT Rules: No New MAT Credit, Rate Reduced to 14% From AY 2026-27

04 February 2026 at 08:26

Minimum Alternate Tax provisions are rationalised from AY 2026-27 with MAT rate cut to 14%, MAT becoming final tax in old regime and limited credit in new regime.

Posted in Union Budget | 1146 Views

Penalty for Under-Reporting of Income to Be Imposed in Assessment Order From AY 2027-28

04 February 2026 at 08:25

Proposed amendments to Sections 270A, 274 and 220 seek to merge assessment and penalty proceedings and defer interest till appeal disposal.

Posted in Union Budget | 1131 Views

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 | 1605 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 | 744 Views