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Tax Year 2026-27

Steady2 stories1 sourcesLast updated: 2d ago

Related TopicsTDS TRACES portal Income Tax Department challan correction Income Tax Act, 1961 Income Tax Act, 2025 meal card tax benefit income tax exemption

Latest Stories

Taxpayers Must Correct TDS Challans on Old TRACES Portal for Tax Year 2026-27

Business·2d agoAI summary

Taxpayers Must Correct TDS Challans on Old TRACES Portal for Tax Year 2026-27

Taxpayers must use the old TRACES portal to correct TDS challans mistakenly filed under FY 2025-26 for Tax Year 2026-27. The new portal lacks this functionality. Failure to correct will prevent TDS credit and increase tax liability.

Meal Card Tax Benefits: Complete Guide for Salaried Employees for AY 2026-27 and Tax Year 2026-27

4/24/2026AI summary

Meal Card Tax Benefits: Complete Guide for Salaried Employees for AY 2026-27 and Tax Year 2026-27

Salaried employees can claim meal card tax benefits under both old and new tax regimes from Tax Year 2026-27 onwards. For AY 2026-27, the benefit is restricted to the old tax regime with a Rs 50 per meal limit, while Tax Year 2026-27 allows Rs 200 per meal under both regimes. Proper ITR reporting and documentation are essential for claiming these exemptions.