From April 2026, India’s ITR assessment process will shift under the Finance Bill 2026. Four amendments will reshape how tax notices are issued, introduce DIN in communications, tighten timelines for completing assessments, and update how block assessments are handled. The changes are designed to improve efficiency and transparency, potentially affecting how taxpayers respond to notices during AY 2026-27.
The Income Tax Department has clarified that capital gains from share buybacks will attract a new 12% surcharge for promoters, introduced under the Finance Bill 2026. For non-promoter shareholders, the surcharge treatment remains tied to their normal income-based rules. The clarification aims to standardize how buyback transactions are taxed across categories.
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