Chinese tech giant Huawei said on Monday it had developed a new way of making semiconductors that could get around its U.S.-enforced lack of access to the most advanced chipmaking equipment. Huawei has in recent years been at the centre of a geopolitical standoff after Washington warned its
World Tarot Day 2026: The most misunderstood tarot cards and what they actually meanPeople tarot as entertainment or fear it because of the dramatic social media readings. But tarot was never meant to work through fear; it is a symbolic tool. Updated on: May 25
From mirrors to mood lighting, these 5 budget-friendly decor tricks can make small homes look surprisingly luxuriousWant to upgrade your home into a luxurious space? Here are some budget-friendly decor ideas you can consider for a beautiful home. Published on: May 25
A Bahraini court sentenced nine defendants to life in prison and two others to three years in jail for collaborating with Iran’s Revolutionary Guard Corps (IRGC) to carry out what it described as “hostile and terrorist acts” against Bahrain
Tarot vs Astrology: Which one can predict your future better? An expert breaks it downAstrology explains cosmic timing and patterns. Tarot explains your emotional experience of those patterns. One gives you the map, the other acts like a mirror. Updated on: May 25
The Japanese fruit ‘sando’ is becoming India’s favourite summer dessert; take a look With fluffy milk bread, clouds of whipped cream, and jewel-like slices of fresh fruit tucked inside, the Japanese sando has become India’s go-to dessert Updated on: May 25
Madhuri Dixit serves ‘a little bit of drama’ as she gives classic white saree a modern twist with chic jacketMadhuri Dixit proves age is just a number as she stuns in ivory saree with floral prints, layered with a sleek jacket, blending elegance with modern drama. Published on: May 25
3 elephant calves die within 17 days in Chhattisgarh’s DharamjaigarhEight elephant calves have died in Dharamjaigarh forest division over the past five months due to drowning, getting trapped in marshland, etc Published on: May 25, 2026 1:27 PM IST By Ritesh Mishra Share via Copy link Three
New ITR Deadlines, STT Hike, Revised Return Window Extended: Know Key Income Tax Changes From April 1
New ITR Deadlines, STT Hike, Revised Return Window Extended: Know Key Income Tax Changes From April 1
Income Tax Changes From April 1, 2026: Several key changes in India’s direct tax framework will come into effect from April 1, 2026, with the Income-tax Act, 2025, replacing the six-decade-old Income-tax Act, 1961. The new law introduces simplified language and the proposals announced in the Union Budget 2026 will remain the same.
Tax experts say the changes aim to simplify compliance, rationalise timelines and modify certain tax provisions affecting investors, businesses and individuals.
“The Income-tax Act, 2025 introduces structural, conceptual and procedural changes across the direct tax framework," chartered accountant Suresh Surana said.
One of the key changes under the Income-tax Act, 2025, is the introduction of the concept of a ‘Tax Year’, which will replace the earlier distinction between the ‘previous year’ and the ‘assessment year’ under the Income-tax Act, 1961. According to Surana, this move is intended to simplify the tax framework by aligning the period of income earning and taxation under a single terminology.
Under the new Act, the existing income tax slab rates for individuals under both the old and the concessional tax regime will remain unchanged, ensuring continuity in the personal tax burden.
Another important change relates to the revision of due dates for filing income tax returns. The government has proposed extending the deadline for taxpayers engaged in business or profession whose accounts are not subject to audit, as well as partners of such firms and certain trusts.
Under the revised structure, the due date for these taxpayers will be extended from July 31 to August 31. However, individuals filing simple returns such as ITR-1 and ITR-2 will continue to have a July 31 deadline.
The revised due date framework will broadly be as follows: November 30 for assessees covered under special provisions such as Section 172 cases; October 31 for companies and taxpayers whose accounts require audit; August 31 for business or professional taxpayers not requiring audit; and July 31 for all other taxpayers.
These amendments will apply from Tax Year 2026-27 under the Income-tax Act, 2025, while similar provisions will also take effect from March 1, 2026 under the existing law for Assessment Year 2026-27.
The new law will also extend the time limit for filing a revised return. Currently, taxpayers can revise their return within nine months from the end of the relevant tax year or before completion of assessment, whichever is earlier. The new framework proposes extending this limit to 12 months from the end of the tax year.
However, a fee will apply if the revised return is filed after nine months. A fee of Rs 1,000 will be payable where total income does not exceed Rs 5 lakh, while Rs 5,000 will apply where income exceeds Rs 5 lakh.
The government has also proposed an increase in Securities Transaction Tax (STT) rates, citing rapid growth in derivatives trading and rising speculative activity in the futures and options segment.
Under the revised structure effective April 1, 2026, the STT rate on sale of options will increase from 0.10% to 0.15%, while the tax on sale of options where the contract is exercised will rise from 0.125% to 0.15%. The STT on sale of futures will increase from 0.02% to 0.05%.
Another set of changes involves rationalisation of Tax Collected at Source (TCS) rates on certain transactions. According to Surana, the objective is to simplify the levy and align it with evolving economic and compliance considerations.
The TCS rate on sale of alcoholic liquor for human consumption will increase from 1% to 2%, while tendu leaves will see a reduction from 5% to 2%. The TCS rate on sale of scrap and minerals such as coal, lignite and iron ore will rise from 1% to 2%.
For remittances under the Liberalised Remittance Scheme (LRS) exceeding Rs 10 lakh for education or medical treatment, the rate will be reduced from 5% to 2%. However, remittances for other purposes will continue to attract 20% TCS.
In the case of overseas tour packages, the current structure of 5% TCS up to Rs 10 lakh and 20% above that threshold will be replaced by a uniform 2% rate.
Importantly, TCS on sale of motor vehicles and other luxury goods will continue at 1%, Surana noted.
The new tax law also expands the scope of exemption for home-to-office commuting benefits provided by employers. Earlier, the value of a vehicle provided by an employer for commuting between residence and workplace was not treated as a taxable perquisite.
Under the Income-tax Act, 2025, the exemption will also cover any commuting expenditure incurred or reimbursed by the employer, thereby widening the scope of the benefit.
Another major change relates to taxation of share buybacks. Currently, the amount received by shareholders in a buyback is treated as dividend income, while the cost of acquisition of the extinguished shares is recognised as a capital loss.
The proposed amendment will instead treat buyback consideration as capital gains income. According to Surana, the change could result in higher effective tax liability for promoters, with an effective tax incidence of about 30%, while promoter companies may face a tax rate of 22%, excluding surcharge and cess.
The new law also proposes a tightening of rules for deducting interest expenses against dividend and mutual fund income.
Under the earlier law, taxpayers could claim a deduction of interest expenditure up to 20% of such income. However, the Income-tax Act, 2025 proposes to fully disallow interest deductions incurred for earning dividend income or income from mutual funds.
Surana said the change may increase taxable income for investors deriving passive income from dividends or mutual funds, although interest expenditure incurred for earning other taxable interest income will continue to remain deductible under general provisions.
Overall, the new tax law represents one of the most significant overhauls of India’s direct tax framework in decades, with the changes set to take effect from April 1, 2026.
Source: News18
Related Posts: Income Tax department issues draft rules for new Income Tax Act 2025 Tax Year’ Replacing ‘Assessment Year’ In New Income Tax Law From 1 April 2026 New Income Tax Draft Rules Bring Old Tax Regime Back Into Focus Slab-Wise Tax Rates If Your Income Exceeds Rs 12L In New Tax Regime How NPS Helps Lower Income Tax In Old Vs New Tax Regime Will Your Tax Slab Change Under New Income Tax Act Income tax rules set for overhaul from April 1 New income tax law from April 1 New Income Tax Rules Take Effect April 1 Income tax staff warn of nationwide agitation in April-May
The Canadian Grand Prix was the race in which the Formula 1 title battle finally came alive this year. It was also, however, the race in which it took a potentially decisive turn, putting a huge dent in George Russell's hopes of beating his 19-year-old Mercedes team-mate Kimi Antonelli to the
1 days ago
CBSE Class 12 answer sheet scanned copies application window ends today, direct link hereCBSE Class 12 answer sheet scanned copies application window will close today, May 25, 2026. The direct link to apply is given here. Published on: May 25
1 days ago
Microsoft techie couple in Noida breaks down ₹1.6 lakh monthly expenses, says city feels balanced despite rising costsA Microsoft couple in Noida revealed they spent around ₹1.6 lakh monthly while balancing work, lifestyle and family needs. Published on: May 25
1 days ago
A CBSE Class 12 student has raised serious concerns over the board’s re-evaluation process after claiming the Physics answer sheet uploaded under his roll number does not belong to him. The student shared comparisons of multiple answer sheets and demanded an urgent investigation into the alleged
1 days ago
Thyroid disorder cases have been gradually rising over the past few years, especially in younger adults and the younger working generations. Even though genes and autoimmune disorders play a role, the way we live our lives is becoming a reason for thyroid problems. We speak to Dr Aravind Badiger
1 days ago
Sandhu finishes T-63, Sterne wins after gap of 13 yearsSandhu finishes T-63, Sterne wins after gap of 13 years Published on: May 25, 2026 1:47 PM IST PTI Share via Copy link Rinkven , Indian golfer Yuvraj Sandhu endured a difficult final day to finish T-63 at the Soudal Open here
1 days ago
Mumbai's old building redevelopment market grows 16% in 2025; Momentum continues in 2026: DataMumbai real estate: A total of 1,094 development agreements (DAs) were signed between January 2020 and March 15, 2026, according to data from Knight Frank India Published on: May 25
1 days ago
New Delhi: Uttar Pradesh Chief Minister Yogi Adityanath issued statewide directions on Bakrid across the state. In a meeting with officials, Adityanath reviewed the festival’s preparedness and also looked into Ganga Dussehra arrangements and actions against illegal activities
1 days ago
Chinese artificial intelligence startup DeepSeek will make permanent a 75% price cut on its flagship V4-Pro artificial intelligence model, keeping prices at a quarter of their original level, the company said in a statement on Saturday. DeepSeek did not disclose whether the permanent
1 days ago
For years, carbohydrates have been put on trial in the fitness world. Scroll through social media, and you will find countless posts blaming carbs for weight gain, sluggishness, and poor fitness results. Many athletes and fitness enthusiasts respond by cutting carbs drastically
1 days ago
‘Work culture is not hell’: Man who worked in Europe, UK, Canada and US says Bengaluru’s real problem is commuteA man claimed Bengaluru’s commute, not work culture, is the real reason many professionals feel exhausted. Published on: May 25, 2026 10:56 AM IST By Mahipal Singh Chouhan Share
1 days ago
Sunrisers Hyderabad’s victory over Royal Challengers Bengaluru in their last league outing has brought the curtain down on the top-two battle in IPL 2026, with both finalists now officially confirmed. Although RCB walked away on the losing side
1 days ago
, which has a global market capitalisation of $343 billion, has advocated modernising India’s power grid to help drive the country’s AI dream, underscoring the intricate linkages and dependencies across multiple domains and utilities crucial to acing the technology that's now grabbing 80% of
1 days ago
Aishwarya Rai's stylist gets emotional about dressing 'icon' for her high-stakes Cannes return: 'What a week it’s been'Stylist Mohit Rai hails Aishwarya Rai as Cannes ‘legend’, silencing critics with a masterclass in avant-garde couture: ‘Showing the children how it’s done’
1 days ago
Uttar Pradesh groom murder main accused killed in police ‘encounter’Police said Ravi Yadav, the accused, who carried a reward of ₹1 lakh on his head, was on a motorcycle when he was asked to stop during vehicle checking Published on: May 25, 2026 10:54 AM IST By HT Correspondent Share via
1 days ago
Girls Aloud star Nicola Roberts has announced the birth of her first child. In a social media post, the singer, 40, said her daughter had "arrived healthy and content a couple of weeks ago at 38 weeks" and was "thriving". Photos from her Instagram account show the star holding her baby
1 days ago
Uber's board met on Saturday to discuss raising its offer for after a major shareholder rebuffed Uber's bid that would value the German food delivery group at over 11.5 billion euros ($13.39 billion), the Financial Times reported on Sunday
1 days ago
Editorial independence is core to our work. Some links may earn us a commission, without influencing our opinions.Looking for a compact bedroom air purifier? Here's why Qubo R250 is a solid choiceThe compact Qubo R250 punches above its weight with rapid HEPA filtration and smooth smart controls
1 days ago
May 25 Birthday Horoscope: Here's what the tarot cards have in store for you this yearIf your birthday falls on May 25, here’s what your year ahead looks like, as per Tarot. Published on: May 25, 2026 11:00 AM IST By Kishori Sud Share via Copy link If you were born on May 25
1 days ago
Opposition parties in Kerala accused the Congress of double standards after Kerala’s former chief electoral officer assumed charge as the secretary to Chief Minister VD Satheesan on Sunday, PTI reported. Rathan U Kelkar, a 2003-batch Kerala cadre Indian Administrative Services officer
1 days ago
In late April, India's Sun Pharmaceuticals agreed to pay $11.75bn (£8.59bn) to acquire New York-listed women's health and biosimilars firm Organon & Co. It marked the biggest overseas acquisition by an Indian company in nearly two decades and followed a string of high-profile international deals
1 days ago
‘Laughed at me, called me stupid’: Founder of AI data collection firm on Pronto CEO Anjali SardanaHuman Archive founder Rushil Agarwal has taken a swipe at Pronto's Anjali Sardana amid the row around the Bengaluru startup recording inside customers’ homes Updated on: May 25
1 days ago
In the English translation of Franz Kafka’s short story, Metamorphosis, published in 2007, Michel Hofmann translated the famous opening line (which included the German word “Ungeziefer”, generically meaning insect) in this manner: “When Gregor Samsa awoke one morning from troubled dreams
1 days ago
Marco Rubio visits Taj Mahal in Agra with wife Jeanette | VideoAfter the Agra visit, he is scheduled to continue his trip to Jaipur later in the day. Updated on: May 25, 2026 10:46 AM IST By HT News Desk Share via Copy link US secretary of state Marco Rubio visited the Taj Mahal in Agra on Monday
1 days ago
Full Moon May 2026: Astrologer shares how this intense Blue Moon might impact your zodiac signAccording to astrologer Sidhharrth S Kumaar, every zodiac sign could experience this lunar energy differently. Here's what this Blue Moon may mean for you. Updated on: May 25
1 days ago
Cardiologist reveals the real cause of heart attacks that most people overlook and it’s not just ‘bad cholesterol’Could your gut health be affecting your heart? A cardiologist explains how inflammation, poor sleep, stress, and unhealthy habits may raise heart attack risk. Published on: May 25
1 days ago
Turkish riot police fired tear gas and forced their way into the main opposition party’s headquarters to evict its ousted leadership on Sunday (May 24, 2026), deepening a crisis at the heart of Turkiye’s democracy. Clouds of tear gas billowed within the Republican People’s Party
1 days ago
