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Ahead of Budget 2026, investors and tax experts are seeking capital gains reforms, including a cut in LTCG rates to 10 percent, higher exemption limits, uniform holding periods, and restoration of indexation benefits.
An individual is required to pay advance tax if the net tax payable, after adjusting for tax deducted or collected at source, exceeds Rs 10,000
If implemented it will lead to reduced compliance burden, lower cost of tax filing, and significant savings in time and effort.
As India prepares for the Union Budget 2026, here’s a quick run-down of income tax slabs under both old and new regimes— highlighting key differences in rates, exemptions, and deductions for taxpayers to make informed decisions.
After death, a legal heir must file the deceased’s final ITR. A foreign citizen can obtain a PAN (Aadhaar not required) to register as legal representative, with a notarised affidavit supporting sole heir status.
The moves come as California weighs a ballot measure that would impose a one-time 5 percent tax on individuals worth more than $1 billion. Sergey Brin has a net worth of about $250 billion, while Larry Page's net worth is $271 billion.
The oil and gas industry urges reforms in cess, GST, duties and incentives to improve upstream earnings, reduce costs, promote natural gas, boost domestic production and enhance investment
Under Section 60 of the Income Tax Act, transferring rental income to HUF without the property leads to clubbing, so rent and capital gains remain taxable in the daughter-in-law’s hands.
Equity investors seek predictability and lower friction as tax costs weigh on post-tax returns
For returns filed for FY25, the department has time till December 31, 2026 to process returns under Section 143(1) of the Income Tax Act
Under the new tax regime, home loan interest can be claimed only against rental income after the 30 percent standard deduction and losses cannot be set off or carried forward.
Stakeholders have also called for rationalisation of customs duties on critical raw materials, extension of concessional tax regimes for new units
If an employee anticipates that their claims cannot be substantiated, they should consider filing an Updated Return (ITR-U) under Section 139(8A)
For income not subject to TDS such as capital gains from shares or mutual funds taxpayers are required pay advance tax in instalments during the year. Delays can attract interest under Sections 234B and 234C.
Expert explains that where an inherited property is mutated in one heir’s name, tax liability on long-term capital gains generally rests with the registered owner.
Verify that salary income and TDS from all employers appear correctly in Form 26AS and AIS, as employers calculate tax independently
India’s tax framework has shifted. If retirement is close, the choice between the old and new regimes can materially change how much you keep and how long your savings last.
Cleartax annual report for 2025 suggests that tax filers are no longer relying on a single source of earnings. They are building a portfolio by combining salary with capital gains, trading, and business income.
Expert advises that NRIs should invest directly from an NRE account, instead of routing funds through an NRO account, as this helps avoid complications when repatriating money outside India.
The key is to ensure that income is correctly disclosed and that high-value transactions are explainable and consistent with reported income.
The new Act reduces complexity by cutting sections from 819 to 536 and chapters from 47 to 23. It applies to income earned from FY26 on
ELSS allows up to Rs 1.5 lakh tax deduction under Section 80C of the Income Tax Act, with a three-year lock-in. Switching plans counts as redemption and fresh investment, but gains above Rs 1.25 lakh are taxed at 12.5 percent.
Section 80CCD allows taxpayers to claim deductions on amounts they contribute to government-backed pension schemes such as the NPS, UPS and the Atal Pension Scheme.
Your liability to service the home loan is independent of your inability to take possession of the property due to a legal dispute or the builder’s default. Banks do not take responsibility for delays or defaults by builders for any reason.
Under FEMA, you become a non-resident when leaving India for work or business, and your existing account can simply be converted to NRO. Taxability depends on your stay in India and salary credit.
