New Delhi, March 31 (IANS) As India approaches the new fiscal year FY27, the country’s direct tax system is set for a major overhaul from April 1, 2026, with the new Income Tax Act, 2025, coming into force — replacing the six-decade-old 1961 legislation and introducing changes in compliance, terminology and taxation.Major reform under the new framework is the replacement of the ‘Financial Year’ (FY) and ‘Assessment Year’ (AY) with a single ‘tax year’, which could simplify the filing process a…
Latest Tax Collected at Source News & Updates
New Delhi, Feb 1 (IANS) Union Finance Minister Nirmala Sitharaman on Sunday announced in Union Budget 2026-27 that select outward remittances will get cheaper with Tax Collected at Source (TCS) on overseas tour packages and education and medical remittances cut to 2 per cent.Earlier, overseas tour packages used to attract TCS at 5–20 per cent, while overseas education and medical remittances (LRS) were taxed 5 per cent at source.The Budget 2026-27 cuts or exempts basic customs duties (BCD) and…
New Delhi, Dec 24 (IANS) The deadline to link Permanent Account Number (PAN) with Aadhaar is December 31, and failure to do so may result in the PAN becoming inactive after this date.Taxpayers who have not completed the linking process are advised to act promptly to avoid financial and compliance-related difficulties.According to a notification issued by the Income Tax Department on April 3, 2025, individuals who were allotted a PAN on or after October 1, 2024, are required to link their PAN wit…