From April 1, 2026, India’s new Income Tax Act and Rules will reshape ITR filing for Tax Year 2026-27. Some taxpayers get extended ITR due dates, while deadlines for updated and revised returns are revised. The rules also expand where PAN quoting becomes mandatory, aiming to improve compliance and streamline filing.
The Income Tax Department has launched Form 141, a consolidated challan-cum-statement that merges four earlier TDS forms. The change is designed to simplify reporting for common transactions such as rent, property purchases, professional payments and TDS linked to virtual digital assets. Officials say it will improve clarity and cut duplicated entries for taxpayers.
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From Assessment Year 2026-27, India’s new income tax return forms will ask for extra details when claiming deductions for political donations under Section 80GGC. Taxpayers must disclose the political party’s name and PAN, including for donations made via banking channels or UPI, to improve transparency and traceability of contributions.
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