#Income Tax

Section 87A Rebate AY 2026-27: Rs. 60,000 New Regime, Rs. 12,500 Old Regime, Marginal Relief & Capital Gains Exclusion Decoded

Priya Sharma · 4d

Income Tax

Section 87A rebate AY 2026-27 (FY 2025-26): Rs. 60,000 up to Rs. 12 lakh new regime per FA 2025, Rs. 12,500 up to Rs. 5 lakh old regime. Marginal relief math, why STCG 111A and LTCG 112A are excluded, and 8 worked examples decoded.

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Tax Audit Limit AY 2026-27: Section 44AB, 44AD, 44ADA Thresholds, Cash-Receipts Test & Basic Exemption Limit Decoded

Priya Sharma · 6d

Income Tax

Tax audit applicability AY 2026-27: Section 44AB (Rs. 1 Cr / Rs. 10 Cr under 5% cash test), 44AB profession Rs. 50 L, 44AD presumptive Rs. 2 / 3 Cr, 44ADA Rs. 50 / 75 L, new-regime BEL Rs. 4 lakh per FA 2025, plus the 44AD(4) five-year lock-in rule and flowchart corrections.

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FAST-DS 2026: Foreign Assets of Small Taxpayers Disclosure Scheme (Finance Bill 2026) — Two Categories, 6-Month Window, Pending Commencement

Vikram Mehta · Apr 23

Income Tax

FAST-DS 2026, introduced via the Finance Bill 2026, gives small taxpayers a one-time 6-month window to disclose unreported foreign assets/income with immunity under the Black Money Act, 2015. The scheme has two categories (up to Rs. 1 cr and up to Rs. 5 cr). Commencement date is yet to be notified.

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When NOT to File ITR-U: Revised Return vs Updated Return Decision Tree (2026)

Priya Sharma · Apr 21

Income Tax

ITR-U is the wrong tool more often than practitioners realise. Decision tree covering revised returns, belated returns, rectification u/s 154, Section 148A interaction, and the 139(8A) provisos. When doing nothing is the right call.

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ITR-U Penalty Ladder: Section 140B 25%/50%/60%/70% Explained with Worked Examples (2026)

Priya Sharma · Apr 21

Income Tax

Section 140B ladder for ITR-U: 25/50/60/70% of tax + interest, slab set by month of filing from end of AY. Three worked examples, the Part B-ATI base, challan 280 heads, and when doing nothing beats filing.

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Form 116 Replaces Form 36A: How to File ITAT Cross-Objections Under Section 362(4) of the Income-tax Act, 2025

Rakesh Gupta · Apr 21

Income Tax

Form 36A is gone. From 1 April 2026, ITAT cross-objections must be filed in Form 116 under Section 362(4) of the Income-tax Act, 2025 and Rule 193(2) — within 30 days of notice of appeal, with no fee. CBDT has clarified the procedure through its FAQs.

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How to File ITR-U: Step-by-Step Guide for the Updated Return (2026)

Priya Sharma · Apr 19

Income Tax

Complete step-by-step guide to filing an ITR-U (updated return) under Section 139(8A): decision checklist, numbers to keep ready, choosing the ITR form, Part A reason codes, Part B head-wise adjustment, Section 140B additional tax, challan 280 payment, JSON upload, and verification.

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"Taxpayer is Not Your Adversary": FM Sets New Tone for Income Tax Administration from April 2026

Sanjay Patel · Apr 12

Income Tax

FM Nirmala Sitharaman urged Income Tax officers to treat taxpayers as partners, not adversaries, under the new law effective 1 April 2026. She emphasized empathy, fairness, and a fresh mindset to build a trust-based, taxpayer-friendly administration.

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Think You Don't Need to File ITR? These Hidden Rules Might Surprise You

Sanjay Patel · Apr 12

Income Tax

ITR filing is not only based on income. High-value transactions like foreign travel, large deposits, or foreign assets can make filing mandatory even below ₹2.5 lakh. Check your obligations to stay compliant and avoid notices.

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ITR-U Window Stretched to 48 Months: New Penalty Ladder and When Voluntary Correction Still Makes Sense

Karan Malhotra · Apr 10

Income Tax

Finance Act 2025 extends the Section 139(8A) ITR-U filing window from 24 to 48 months, effective 1 April 2025, with a revised CBDT form. The Section 140B additional-tax ladder now runs 25/50/60/70% across four buckets; provisos and the bar on refund/loss claims are unchanged.

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Gujarat HC Pulls Up Income Tax Dept — ITR Forms Still Not Available on April 1st Despite 11-Year-Old Court Order

Rakesh Gupta · Apr 9

Income Tax

Gujarat HC directs Income Tax Department to file affidavit with measures to resolve ITR form delays. CAAS petition highlights 11-year non-compliance with 2015 court order directing forms be available on April 1st. Next hearing 27 April 2026.

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Meal Vouchers Just Got 4x Better: Rs 200 per Meal Tax-Free Under Income-tax Rules 2026

Sanjay Patel · Apr 9

Income Tax

The Income-tax Rules, 2026 raise the tax-free meal voucher ceiling from Rs 50 to Rs 200 per meal, expected under both old and new regimes from 1 April 2026. Two meals over 22 working days is roughly Rs 1.05 lakh a year, with conditions, payroll restructuring, and common errors.

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Goodbye Previous Year and Assessment Year: How the 'Tax Year' Concept Works From 1 April 2026

Priya Sharma · Apr 8

Income Tax

From 1 April 2026, the Income-tax Act, 2025 replaces the twin previous year / assessment year convention with a single Tax Year label — TY 2026-27 covers 1 April 2026 to 31 March 2027. Income up to 31 March 2026 stays under the 1961 Act as AY 2026-27; later income moves to the new Act.

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TDS Timing Rules for Cross-Year Transactions: Old Act vs New Act 2025

Priya Sharma · Apr 8

Income Tax

With the Income Tax Act 2025 taking effect from FY 2026-27, cross-year transactions create TDS timing complexity. This article covers 5 common scenarios and clarifies which Act governs TDS in each case.

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Old vs New Income Tax Forms: Complete Mapping of What Changes from April 2026

Vikram Mehta · Apr 7

Income Tax

CBDT has notified new income tax form numbers under IT Rules 2026. Forms 26QB/QC/QD/QE merge into Form 141, tax audit forms 3CA/3CB/3CD become Form 26, and more. Complete old-to-new mapping inside.

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Section 87A Rebate AY 2026-27: Rs. 60,000 New Regime, Rs. 12,500 Old Regime, Marginal Relief & Capital Gains Exclusion Decoded

Tax Audit Limit AY 2026-27: Section 44AB, 44AD, 44ADA Thresholds, Cash-Receipts Test & Basic Exemption Limit Decoded

FAST-DS 2026: Foreign Assets of Small Taxpayers Disclosure Scheme (Finance Bill 2026) — Two Categories, 6-Month Window, Pending Commencement

When NOT to File ITR-U: Revised Return vs Updated Return Decision Tree (2026)

ITR-U Penalty Ladder: Section 140B 25%/50%/60%/70% Explained with Worked Examples (2026)

Form 116 Replaces Form 36A: How to File ITAT Cross-Objections Under Section 362(4) of the Income-tax Act, 2025

How to File ITR-U: Step-by-Step Guide for the Updated Return (2026)

"Taxpayer is Not Your Adversary": FM Sets New Tone for Income Tax Administration from April 2026

Think You Don't Need to File ITR? These Hidden Rules Might Surprise You

ITR-U Window Stretched to 48 Months: New Penalty Ladder and When Voluntary Correction Still Makes Sense

Gujarat HC Pulls Up Income Tax Dept — ITR Forms Still Not Available on April 1st Despite 11-Year-Old Court Order

Meal Vouchers Just Got 4x Better: Rs 200 per Meal Tax-Free Under Income-tax Rules 2026

Goodbye Previous Year and Assessment Year: How the 'Tax Year' Concept Works From 1 April 2026

TDS Timing Rules for Cross-Year Transactions: Old Act vs New Act 2025

Old vs New Income Tax Forms: Complete Mapping of What Changes from April 2026

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