ITR Filing: 7 Major Changes Coming from April 1, 2026; Know What's New
Personal Finance
C
CNBC Awaaz•01-02-2026, 17:20
ITR Filing: 7 Major Changes Coming from April 1, 2026; Know What's New
- •New Income Tax Act and simplified rules, along with new ITR forms, will be effective from April 1, 2026.
- •Deadline for filing revised ITR extended to March 31 (from December 31) with a nominal penalty.
- •ITR-1 and ITR-2 filing deadline remains July 31; non-audit businesses and trusts can file until August 31.
- •Share buybacks will now be taxed as capital gains for all shareholders, with varying effective tax rates.
- •Taxpayers can file an Updated Return to reduce losses shown in original ITR, effective April 1, 2026; a new automated NIL Deduction Certificate scheme and a 6-month foreign asset disclosure scheme for small taxpayers have also been introduced.
Why It Matters: Significant changes to ITR filing, including new forms, extended deadlines, and tax rule updates, are coming from April 1, 2026.
✦
More like this
Loading more articles...
