The Income Tax Department clarifies confusion regarding the new Income Tax Act, 2025, and its transition from Assessment Year (AY) to Tax Year (TY). Taxpayers will not need to file two returns for income earned between April 1, 2025, and March 31, 2026.
The Income Tax Department has introduced Form 168, an upgraded Annual Information Statement that replaces Form 26AS. This automatically generated form consolidates all tax-related and financial transaction data linked to a taxpayer's PAN, offering a comprehensive view of tax compliance.
The Income Tax Department has launched online filing and Excel utility for Income Tax Return-3 (ITR-3) for Assessment Year 2026-27. This form is for individuals and HUFs with business or professional income, with a July 31, 2026, deadline for salaried individuals.
The Income Tax Department has set July 31, 2026, as the deadline for most individual taxpayers, including the salaried class, to file their Income Tax Returns (ITR) for AY 2026-27. Non-audit businesses and professionals have until August 31, 2026.
Congress has accused the Income Tax department of unlawfully confining its Tamil Nadu president K Selvaperunthagai at his residence in Sriperumbudur, preventing him from carrying out political duties ahead of Rahul Gandhi's campaign visit to the poll-bound state. The party called the search operation a "blatant misuse" of central agencies by the BJP to intimidate and obstruct opposition leaders, describing it as an attack on democracy. The IT department is conducting the raid following complaints alleging cash intended for voter distribution was stashed at the location.
