Budget 2026: ITR Deadlines, Cloud Tax Holiday, and Stricter Compliance Unveiled
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Storyboard•01-02-2026, 12:25
Budget 2026: ITR Deadlines, Cloud Tax Holiday, and Stricter Compliance Unveiled
- •ITR-1 and ITR-2 filing deadline remains July 31; revision window extended to March 31 with a small fee.
- •Penalty for misreporting income raised to 100% of tax amount; non-disclosure of non-immovable assets now penalised.
- •Six-month foreign asset disclosure scheme for small taxpayers and TDS on non-resident immovable property sales introduced.
- •TCS on overseas tour packages reduced to 2%; share buybacks taxed as capital gains for all shareholders.
- •Cloud tax holiday till 2047 for foreign companies with Indian data centers, serving customers via local resellers.
Why It Matters: Budget 2026 introduces tax reforms with extended ITR revision, stricter penalties, and cloud tax holiday.
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