Direct Taxes

  • New Tax Act: Income Tax Act, 2025 effective April 2026; simplified forms/rules and exemption of interest on Motor Accident Claims.
  • TCS & TDS Rationalization: Overseas tours, medical, and education LRS reduced to 2%; staggered filing timelines; return revision extended to March 31; NRI property transactions now PAN-based (no TAN).
  • Compliance & Decriminalization: 6-month foreign asset disclosure scheme; updated returns allowed after reassessment (+10% tax); decriminalization of non-production of books/TDS in kind; immunity for non-immovable foreign assets <Rs.20 lakh.
  • Cooperatives: Deductions extended to cattle feed/cotton seed supply; inter-cooperative dividend deductions allowed; 3-year exemption for national cooperative federation dividends.
  • IT Sector Support: Unified "IT Services" category ....
Do You Want to Read More?
Subscribe Now
To get access to detailed content

Already a Member? Login here

Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material since 2018 of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Be an Annual Subscriber

Budget 2026-27