BIG BREAKING
New Income Tax Rules 2026 Notified
Effective: April 1, 2026
The Central Board of Direct Taxes (CBDT) has officially notified the Income-tax Rules, 2026. This landmark update establishes a procedural framework for the Income-tax Act, 2025, focusing on simplification, governance, and dispute reduction.
🚀 Major Shift: Unified Tax Year
Replaces the existing Financial Year (FY) and Assessment Year (AY) with a single, streamlined Tax Year.
Revised ITR Filing Deadlines
| Category | Deadline |
|---|---|
| Salaried & Simple Cases (ITR-1, ITR-2) | July 31 |
| Business/Profession (Non-Audit) | August 31 |
| Companies & Audit Cases | October 31 |
Key Tax Rate Adjustments
- TCS on Education/Medical: Reduced from 5% to 2% (for remittances above ₹10 lakh).
- Overseas Tour Packages: Uniform 2% TCS applicable.
- STT on Options: Increased from 0.10% to 0.15%.
- STT on Futures: Increased from 0.02% to 0.05%.
- Buyback Taxation: Share buyback income now taxed as capital gains.
- NRI Property Purchases: Simplified PAN-based challan system for TDS.
0 Discussion Comments
No comments yet
Be the first to share your thoughts on this article.